He is at home the American flag on his houseSince then it is the permanent guerrillaVipi The pronunciation English initials ofIt is not restricted to the massacred valuesWhen less oil need ideas of substitutionBecause Picasso is not a monolithic beingAccording to the Financial Times News CorpFinally we focus on the hero of the story6 the month previous but less did the consensus 0As such we behave as if we were an orderOf course, there is no risk in the home. But, when a group has taken the habit of accumulating record profits, the lesser false not is an event in itself. Between July and September, Total has seen its net income fall by 34 over the same period of 2005 to EUR 2.4 billion. Without taking into account the exceptional items and the effects of stocks, its adjusted net quarterly "" is, him, folded 0.5 one year on the other, to 3.1 billion. It is the first decline recorded by the French oil tanker since the third quarter of 2002. A well dull year, in which he had experienced three consecutive quarters of declines.
The company has noted that the same result, expressed in dollars, is an increase of 4 over the period considered, its performance are clearly poor compared to its main competitors: in recent weeks, the giant ExxonMobil equalled the record profit registered end 2005 by displaying a quarterly profit of $ 10.5 billion. For its part, and despite the problems encountered this summer, the British BP reached net profit adjusted increased by 58 between July and September.
If Total disappoints, it is first that his Queen, the exploration-production activity, going through a difficult period. In the summer, its hydrocarbon production was capped at 2.3 million equivalent barrels oil per day, or 5.5 less than last year at the same time, and only 4,000 barrels more than in the second quarter, but then submitted by the group as a "low point". Most of this decline is certainly linked to the price effect, which always affects the volumes extracted under production sharing contracts when the price of a barrel is oriented on the rise.
Breath of oxygen
But Total also suffered the impact of the decisions of production due to the disturbances in Nigeria ( 2) and has not yet offset the loss of production related to disposals of assets carried out in the United States ( 1). These disappointments has come the increase in oil taxes in addition to the United Kingdom, who had already cut the result of EUR 143 million in the first half and still cost the Group EUR 60 million between July and September. In the end, adjusted net operating income from the upstream is set at EUR 2 billion in the third quarter, down 8.
Surprisingly, this decline was largely offset by the chemistry and marketing, both yet hardly accustomed to shine in recent years.
In a negative refining environment, the improvement of market conditions in the area of the distribution of fuels allowed Total to post an operating profit adjusted 13 increase in the downstream sector. Worn by comfortable petrochemical margins in a context of strong demand, the chemical sector is still better: one year on the other, its adjusted operating income flew 148, to EUR 248 million end of September. It is far from profits accumulated in the upstream sector, but, until the exploration-production activities found their cruising speed (probably as early as next year, with the entry into production of Dalia, a new giant deposit in Angola), this breath of oxygen falls to.
