Total Profit Rises 47% on Production Boost

France's Total reported a rise of 47% in third-quarter earnings as production rose 4% and oil and gas prices were higher.
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Total

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, the third-largest oil company in Europe, reported a rise of 47% in third-quarter earnings as production rose 4% and oil and gas prices were higher.

France's Total said profit in the quarter was €2.8 billion euros ($3.88 billion) vs. €1.9 billion a year earlier. Adjusted profit rose 32% to €2.5 billion.

"In addition to higher oil and gas prices, these good results reflect the quality and reliability of the group's operations, the profitability of its new production and the improved performance of the chemicals segment," said Chairman and CEO Christophe de Margerie, in a statement Friday.

Total said hydrocarbon production in the quarter rose to 2.34 million barrels of oil equivalent a day.

-- Written by Joseph Woelfel

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