11% Increase in Oil Prices Reflected in Total's 2007 Income
In Total's full year report on 2007, the increase in oil prices through the entire year was reflected in both the operating and net incomes.
The group's adjusted operating income was $34.9 billion, a 4% increase from the business segments.
Total's 2007 adjusted net income was $16.7 billion, an increase of 6% from 2006.
The group's effective tax rate was 56% in 2007, holding stable from the previous year.
Total bought back 32.4 million shares for $2.6 billion with adjusted fully-diluted earnings per share at $7.35 per share, an increase from 2006 of 8%.
"In 2007, market conditions for the petroleum industry were generally favorable," Christophe de Margerie, Total's CEO, said.
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