Total Profits Up 14% on Production Growth
PARIS (
) --
Total
(TOT) - Get Report
, the French oil company, said first-quarter earnings rose 14% to 2.61 billion euros ($3.47 billion) on higher oil prices and production growth.
Total said production growth in the first quarter was 4.5% to 2.43 million barrels a day.
"With the benefit of growing production, we will remain committed to improving profitability and pursuing ongoing development," said Total CEO Christophe de Margerie, in a statement Friday.
Total said it expects output to continue to grow this year, fueled by new projects that came on stream in 2009 as well as a new liquefied natural gas plant in Yemen.
Higher production and rising oil prices helped Total offset a steep decline in its downstream operations during the quarter. Operating profit in Total's downstream operations fell 74% in the first quarter.
-- Reported by Joseph Woelfel in New York.
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