Integrated oil and gas company Total has reported net income of E3.6 billion for the first quarter of 2008, an 18% increase, compared to net income of E3.05 billion for the same period of 2007.
The company reported oil and gas production of 2.426 million barrels of oil equivalent per day for the first quarter of 2008, compared to 2.431 million barrels per day for the same period of 2007.
The company reported cash flow from operations of E5.32 billion for the first quarter of 2008, a 17% decrease, compared E6.39 billion for the same period of 2007.
Christophe de Margerie, CEO of Total, said: Since the start of the year, oil prices have reached new record highs. The Brent price averaged $96.7/b in the first quarter 2008, an increase of 67% compared to the first quarter 2007 and 9% compared to the previous quarter.
Gas prices have also increased substantially in the main markets. In contrast, refining margins in the Atlantic Basin were relatively weak at the beginning of the year. Petrochemical margins recovered slightly this quarter after a particularly difficult year-end 2007. The dollar continued to depreciate compared to the euro.