Total Reports on Q4 2007 Net Income

Total S.A. released its results for the fourth quarter 2007.

Total's adjusted operating income was $9.8 billion, an increase of 38% from the fourth quarter 2006, with a net adjusted operating income coming in at $4.6 billion, a 34% increase. This increase is a result of larger contributions from the upstream segment in 2007. The average Brent price rose to $88.50/b, a 48% increase from 2006, and an 18% increase from third quarter 2007. The European refining margin indicator rose 38% from fourth quarter 2006 to $30.1/t on average.

Total's net adjusted income for the fourth quarter was $4.5 billion, an increase of 38% from Q4 2006. This figure excludes the after-tax inventory effect, special items, and Total's equity share of the paying off of intangibles from the Sanofi-Aventis merger. The company's effecting tax rate also increased to 59% from 57% in the third quarter 2007, also a result of the larger upstream contribution.

The company's adjusted fully-diluted earnings per share increased by 29% from 2006 to $1.99. Total also bought back nine million of its shares for $730 million.

"In 2007, market conditions for the petroleum industry were generally favorable," Christophe de Margerie, Total's CEO, said. "The Brent price rose by 11%, reflecting the robust demand for oil and higher project costs. The average price for natural gas declined in 2007, notably in Northern Europe.

"Confident of our ability to implement our model of sustainable growth, we have decided to propose a 11% increase in the dividend to 2.07 euros [U.S. $3.02] per share at the May 16, 2008 Annual Shareholders Meeting," de Margerie added.


We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
US Houston: Division Finance & Accounting Manager
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
SharePoint Project Manager
Expertise: IT - Programming & Database|Project Management
Location: Houston, TX
 
Commercial Director - Terminals
Expertise: Business Development
Location: South Carolina, 
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours