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Total Stock Fell on Dull First-Quarter Performance

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Total’s first-quarter segmental earnings

Total (TOT) posted earnings on April 26, 2019. The company’s adjusted earnings fell during the quarter.  Total’s Exploration and Production (or E&P) earnings decreased from $1.8 billion in Q1 2018 to $1.7 billion in Q1 2019. This fall was due to the fall in realizations partly offset by the rise in volumes year-over-year in Q1 2019. Total’s average liquids realization fell by 2% YoY, and natural gas realizations dropped by 6% YoY. However, hydrocarbon production rose by 9% YoY to 2.9 million barrels of oil equivalent per day. The rise was due to the start-up of new projects and the ramp-up of existing projects, partly offset by natural declines.

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However, Total’s integrated Gas, Renewables and Power (or iGRP) segment earnings rose by 23% YoY to $592 million. The rise was due to higher LNG sales volumes partly offset by lower natural gas prices.

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Refining and Marketing earnings

Total’s Refining and Chemicals (or Refining) earnings rose by 5% YoY to $756 million in Q1 2019. The rise was due to better volumes and a higher refining margin. Total’s throughput rose by 2% YoY. Plus, the European Refining variable cost margin rose by 11% YoY to $33 per metric ton. However, Total’s Marketing and Services (or Marketing) earnings fell by 7% YoY to $343 million.

Overall, Total’s net adjusted operating income stood at $3.4 billion in Q1 2019.

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