TOTAL will own 50% of the $1.7 billion project.Įxploration & Production’s operating income was $1,382 million, compared with $386 million in first-quarter 2016.
#Tot sa stock cracker
The joint venture is aimed at building a 1 million ton-per-year ethane steam cracker in Port Arthur, TX. Net cost of debt in the reported quarter was $259 million, up from $210 million in the year-ago quarter.Īdjusted net income in the reported quarter was $2,558 million, up 56% from the year-ago quarter.ĭuring the quarter, TOTAL announced that it will form a joint venture with Borealis and Nova to expand its petrochemical business in the U.S. The higher contribution from Exploration & Production segment boosted the operating income. Operating income in the reported quarter was $2,767 million, up 47% from the year-ago period. Realized hydrocarbon prices gained 44% to $37.9 per barrels of oil equivalent (boe) from $26.4 in first-quarter 2016. Realized gas prices in first-quarter 2017 improved 18% year over year to $4.10 per one thousand Btu (Mbtu).
The average realized liquid price improved 59% to $49.2 per barrel from the year-ago level of $31.0. In first-quarter 2017, the realized price for Brent was up 58% to $53.70 per barrel from $33.90 in the year-ago quarter. Price, Consensus and EPS Surprise | TotalFinaElf, S.A.
Soft performance in Asia Pacific, Middle East & North Africa was more than neutralized by an increase in production in Africa, Europe & Central Asia and Americas. Gas production during the quarter was 6,894 thousand cubic feet per day, up 7% year over year. In the first quarter, liquids production averaged 1,303 thousand barrels per day, increasing 1% from the year-ago period. The increase was due to higher contribution from its Kashagan, Laggan-Tormore, Surmont, Incahuasi and Angola LNG projects, partially offset by natural field decline. Total hydrocarbon production during first-quarter 2017 averaged 2,569 thousand barrels of oil equivalent (kboe) per day, up 4.0% year over year. Total revenue in the reported quarter came in at $41.18 billion, up 25.4% from $32.84 billion in the year-ago quarter. The year-over-year improvement in earnings was due to good operational performance, steadily decreasing breakeven production costs and a gradual improvement in the realized prices of commodities. reported first-quarter 2017 operating earnings of $1.01 per share (€0.95 per share), beating the Zacks Consensus Estimate of 95 cents by 6.3%.įirst-quarter operating earnings improved 49% from the year-ago figure of 68 cents per share (€0.62 per share). Integrated oil and gas company, TOTAL S.A.
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