Friday July 31, 08:58 AM
Total Q2 net profit down 54 pct as oil prices fall
PARIS (AFP) - French oil giant Total said on Friday that its second quarter net profit fell 54 percent from a year earlier to 1.7 billion euros (2.38 billion dollars) as crude prices tumbled.
The results were marginally above analyst forecasts for a quarterly net profit of 1.89 billion euros and were largely in line with those of other oil majors who have all been hit by the sharp decline in oil prices since mid-2008.
Oil prices hit a record 147 dollars per barrel in July 2008 but then fell steadily before recovering in the past few months to around 65-70 dollars.
Total said its production was down seven percent, reflecting lower output levels agreed by OPEC, and a decline in demand due to the global economic downturn.
Total's daily output during the three months was 2.18 million barrels.
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