Total's third quarter adjusted net income increased by 48 percent to $4 billion compared to the same period of last year, the energy giant said Friday. During the same period, oil prices increased by 44 percent to $75 per barrel supported by supply tensions and the geopolitical context, said CEO Patrick Pouyanne in a written statement.
"Debt-adjusted cash flow increased by 37 percent to 7.5 billion and return on equity rose to 11.9 percent over the last 12 months. These results confirm the Group's ability to take full advantage of the favorable environment and to deliver on its objectives for production growth and cost discipline thanks to very good operational efficiency," he added.
Exploration and production also doubled its adjusted net operating profit to $2.9 billion in the third quarter. Production rose to 2.8 million barrels of oil equivalent per day, an increase of 8.6 percent compared to a year ago, with the help of major project startups including Kaombo in Angola, Ichthys in Australia, and the second train of Yamal LNG in Russia. Pouyanne said production growth for 2018 would be close to 8 percent.
- Acquisition of Engie's LNG business, Direct Energie
During the third quarter, Total finalized the acquisition of Engie's LNG business for an overall value of $1.49 billion to become the second-largest publicly-traded LNG player in the world.
The group also acquired 73.04 percent of the share capital of French Direct Energie for approximately €1.4 billion, accelerating the growth of its low-carbon electricity business.
- Cooperation with Saudi Aramco, Adani
Pouyanne said the group also continued to implement its petrochemicals growth strategy by launching a major project in cooperation with Saudi Aramco in Saudi Arabia. "Total continues to expand in fast-growing markets by partnering with the Adani group to develop its liquefied natural gas (LNG) business and a retail network in India," he added.
