Quarter Financial Highlights - Total 3Q Highlights

Source: www.gulfoilandgas.com 11/7/2006, Location: Europe

The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on November 7, 2006 to review the consolidated accounts for the third quarter 2006, in line with the level of the third quarter 200. Commenting on the Results, Thierry Desmarest said:

“ After a long period of advances, oil prices lost ground during the third quarter, following a slowdown in demand growth and as perceptions in the market about the risks related to global oil supplies eased. Refining margins were lower than the very high levels reached in 2005 following hurricanes in the gulf of mexico, but market conditions for petrochemicals improved as the cost of naphtha fell near rhe end of the quarter.

Expressed in dollars, the 4% increase in adjusted net income reflects the benefits of a slihtly more favorable environment, which were partially offset by an increase in UK petroleum taxes and lower production volumes. Nonetheless, the profitability of Total, 29% for the 12 months ended September 30, is still at the level of the best among the majors. This performance reflects the quality of the Group’s portofolio of activities and the benefit of continud capital discipline.

Total is continuing to implement is investment program, designed in particular to generate production growth of close to 4% per year on average for the period 2005 to 2010. Notably with the start-up of the giant Dalia fied in Angola anticipated next month, the return to a period of strong growth is confirmed for 2007. The interim dividend was raised by 16 %, a large increase than the increase in net income, and this demonstrates that the company is confident of its ability to return to sustainable long-term strong production growth.”

Highlights since the start of the thrid quarter 2006
  • Continuing exploration success
  • Positive results in the Gulf of Mexico, Congo, Libya Nigeria, Angola, Indonesia and UK North Sea
  • New acreage in Nigeria, Indonesia, Colombia, Gulf of Mexico and the Netherlands
  • Entry in two major LNG projects: Brass LNG in Nigeria and Ichthys LNG in Australia
  • Lauched dveelopment of the Tempa Rossa field in Italy
  • Start-up of phase I Joslyn field SAGD (steam-assisted gravity drain)
  • Acquisitaion of 4.35% of Cespa for 4.54 €/share as per the agreement with Santander to settle the arbitration process
  • Agreement on new contractual framework in Bolivia and an increase in the share of block XX to 75%


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    Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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