France’s Total Q1 refining and chemicals profit surges to €383m

26 April 2013 08:19  [Source: ICIS news]

SINGAPORE (ICIS)--French oil and gas major Total said on Friday its refining and chemicals business’ adjusted net operating income surged to €383m ($497m) in the first quarter of this year from €64m in the same period in 2012 on better margins and improved operational performance of its facilities.

The European refining margin indicator averaged $26.90/tonne in the first quarter of this year, representing a 29% increase from the same period a year earlier, the company said in a statement.

The company’s overall adjusted net income was down by 7% year on year at €2.86bn, with sales falling by 6% to €48.1bn, it added.

“Refinery throughput in the second quarter will be impacted by a turnaround at Carling and scheduled maintenance at Antwerp,” Total said.

“Since the beginning of the second quarter of 2013, European refining margins and petrochemical margins have been trending favourably,” it added.

($1 = €0.77)

By: Nurluqman Suratman

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