Oil Giant Total Adjusted Earnings Fall 54%

Updated from 2:27 a.m. EDT

PARIS (TheStreet) -- French oil giant Total(TOT Quote) said second-quarter adjusted earnings fell 54% to 1.72 billion euros ($2.43 billion) as weak demand caused declines in natural gas and refining margins.

Sales in the quarter fell 35% to 31.43 billion euros from 48.2 billion euros a year earlier. Net income in the quarter was 2.17 billion euros vs. 4.73 billion euros.

Total said it would pay an interim dividend of 1.14 euros a share, the same as a year earlier, as it was "confident in its outlook and financial strength."

Total said second-quarter production fell 7.3%.

European oil companies Royal Dutch Shell (RDS.A Quote) and BP(BP Quote) also reported second-quarter earnings declines as oil prices fell and demand was weak.

-- Reported by Joseph Woelfel in New York.