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According to a report from the ICIS-MRC website in Moscow on May 27, Total's upstream oil and gas business recovered strongly in the first quarter.
Total also announced that the adjusted operating profit of the "Integrated Natural Gas Renewable Energy and Electricity" division, including the LNG business, hit a record high.
Although the oil and gas production in the first quarter fell by 7% year-on-year to 2.
Total said that the reason for the decline in upstream production is the reduction in production under the OPEC+ agreement, which limits production in Kazakhstan, Nigeria and the UAE, as well as unplanned maintenance in Norway.
The company's chief executive officer Patrick Pouyanne emphasized that the adjusted profit for the quarter was higher than the same period in 2019, enhancing the hope for economic recovery.
Total said that the European refining profit margin fell by 80% from the same period last year to 5.
In short, Total's adjusted net profit for the quarter increased 69% year-on-year to $3 billion.
Hao Fen translated from ICIS-MRC
The original text is as follows:
Total operating profit in upstream oil and gas business almost triple in Q1
Total has reported a strong first-quarter recovery in its upstream oil and gas business, with higher prices leading to almost triple the level of adjusted operating profit in the segment compared to a year ago, but also noted continued market volatility and "very poor" refining margins.
Total also reported record-high adjusted operating profit from its'integrated gas renewables & power' division, which includes its LNG business.
The French major forecast its oil and gas production would remain stable in 2021 compared with 2020 levels, even though first-quarter hydrocarbon production was down 7% on the year at 2.
The fall in upstream output was due to reductions under the OPEC+ agreement, which crimped volumes from Kazakhstan, Nigeria and the UAE, as well as unplanned Norwegian maintenance, Total said.
CEO Patrick Pouyanne highlighted that adjusted profit for the quarter was higher than the same quarter two years earlier, in 2019, reinforcing hopes for recovery.
Underlining the precarious state of European refining, Total said European refining margins were 80% lower than a year earlier, at USD5.
Overall, Total reported a 69% year-on-year increase in adjusted net profit, to USD3 billion for the quarter.
