How do you say, "another oil giant is hit by the steep decline in oil prices" in French? We have no idea. We do know this:
, the largest French oil company, today posted a 36% decline in the first quarter.
The news comes after
reported a 58% nosedive in first quarter earnings last week, its lowest level in over five years.
was also down 80%, while Europe's
Royal Dutch Shell
both declined 62%.
Total said it earned 2.29 billion euro from 3.6 billion euro in the year-ago period. Its sales fell 32% to 30 billion euro.
Replacement cost profit, a key measure of oil companies, depreciated 43% to $2.8 billion from $4.9 billion.
Brent crude averaged $96.48 a barrel in the first quarter of 2008 and reached almost $150 a barrel in July. Since then, however, prices have dropped steeply and at one point were $50.
On Wednesday oil prices traded above $54 a barrel.
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