Wednesday, July 9, 2014

Poor refining margins drive profit down at Total

October 31. 2013 3:36AM
Associated Press

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(AP) French oil company Total says net income fell 10 percent in the first quarter of the year, partially due to poor refining margins amid a sluggish European economy.

The company said Thursday that profit was 2.8 billion euros ($3.9 billion) in the July-to-September period. Revenue was 46.7 billion euros, a drop of 6 percent. Still, both figures were above consensus expectations of analysts surveyed by FactSet.

While Brent crude oil prices were fairly stable in the quarter, refining margins the profit from converting oil into useable fuel plummeted 79 percent, as a poor economy cuts into energy demands. The company said its profit was also hit by higher exploration costs.

Associated Press

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