Total Q2 profits surge 43%
French oil company Total SA has today announced second quarter profits soared 43% due to increasing production.
The oil giant said profits reached €3.1 billion (£2.6 billion) for the April to June period, compared to €2.17 billion in the same period a year earlier, when earnings were hit by weak demand and prices amid the recession.
The company exceeded analysts’ expectations of a rise to around €2.7 billion.
However, the company remained cautious about the outlook and said the remainder of the year remained difficult because of unpredictable refining margins.
The figures were published in the same week that Exxon Mobil, which is the world’s largest oil company, announced profits nearly doubled in the April to June period – easily exceeding analysts’ expectations.
Meanwhile, Royal Dutch Shell announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule.
Shell posted profits of $4.5 billion (£2.9 billion) – a rise of 94% on the $2.3 billion reported a year ago.
However, BP reported a $17 billion loss but this was primarily due to the costs related to the oil spill in the Gulf of Mexico.
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