Total earnings slip on lower oil, gas prices

AP News
Posted: Jul 26, 2013 3:49 AM

PARIS (AP) — Total SA said core earnings slid 3 percent in the second quarter as lower oil and gas prices offset slightly higher production.

The French oil giant's adjusted net income slipped to 2.7 billion euros from 2.8 billion euros a year earlier.

The average price of Brent crude oil fell 5 percent in the quarter to $102.40 per barrel. Total's oil and gas production meanwhile rose 1 percent to 2.29 million barrels a day.

Total's actual net profit — including one-off charges and profits or losses on the value of held assets — rose 67 percent to 2.54 billion euros in the second quarter. The gain was attributed to a lower after-tax inventory effect as well as a large gain on the sale of its stake in an Italian oil field.