Total's Second-Quarter Profit Rises 43%

PARIS (TheStreet) -- Total(TOT), France's largest oil company, said second-quarter net income rose 43% as upstream petroleum production increased 8%.

Total earned €3.1 billion ($4.04 billion) in the quarter, up from €2.17 billion a year earlier. Analysts were expecting second-quarter earnings of €2.7 billion.

Total said revenue in the quarter rose 31% to €41.3 billion.

Total CEO Christophe de Margerie said the company benefited from a favorable economic environment for the first half of this year, including higher oil prices and a rise in refinery margins, and that he was "confident" about the outlook for the rest of 2010.

De Margerie said the oil spill in the Gulf of Mexico "reminds us that security and the environment should rest absolute priorities" and said Total is reviewing its accident and drilling procedures as a result of the spill.

Total rival Exxon Mobil (XOM) on Thursday said net income nearly doubled, while Royal Dutch Shell Group (RDS.A) posted a 15% earnings increase.

-- Reported by Joseph Woelfel in New York.

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