Total reports sharply lower profitsComment on this story
Paris - French oil company Total SA says its earnings slid nearly 30 percent in the fourth quarter as oil prices stagnated under $110 a barrel and production slipped into reverse.
The company reported fourth quarter profit of $2.18 billion, down 28 percent from $3.04 billion a year earlier.
The drop followed earnings declines at fellow European oil majors BP and Royal Dutch Shell, as falling refining margins and a sluggish European economy weighed on demand.
Total said Wednesday production slipped to 2.284 million barrels a day in the quarter, down 0.5 percent from a year earlier.
Total blamed “normal decline” and security issues in Nigeria and Libya for the drop.
Brent crude oil prices were down 1 percent at $109.2 a barrel in the quarter, Total said. - Sapa-AP