Paris, April 26 - Neftegaz.RU. French energy giant Total said today that its 1st quarter profits were lifted by record production.
Total CEO, Patrick Pouyanné, said: «1st quarter production reached a record level of more than 2.7 Mboe/d, an increase of more than 5% from a year ago, despite the expiration of the Mahakam permit in Indonesia.»
The company’s net income decreased by 7% to a $2.6 billion from $2.8 billion in the Q1 of 2017. On the other hand, Total’s adjusted net income was $2.9 billion in the Q1 of 2018, an increase of 13% compared to $2.6 billion adjusted net income a year ago.
The increase was due to the performance of the segments which increased by a 22%. The net cost of the net debt increased compared to last year, mainly due to the increase in dollar interest rates. Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value. Total adjustments affecting net income were -248 million dollars in the Q1 2018.
Revenues from sales for the Q1 of this year amounted to $43.3 billion from $36.1 billion in the same period of 2017.
Hydrocarbon production rose by 5% to 2,703 kboe/d in 1Q 2018, compared to 1Q 2017 and production of 2,569 kboe/d. This was due to a 7% increase due to new start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-GIenIivet, Kashagan, Fort Hills and Libra; 0% portfolio effect.
The integration of Al-Shaheen in Qatar, the assets of Maersk Oil, Waha in Libya and Lapa and Iara fields in Brazil were offset by the expiration of the Mahakam permit in Indonesia at the end of 2017; +1 % related to improved security conditions in Libya and Nigeria; -3% due to the PSC price effect, natural field decline and production quotas.