29 Apr

Total Stock Fell on Dull First-Quarter Performance

WRITTEN BY Maitali Ramkumar

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.

Total Stock Fell on Dull First-Quarter Performance

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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.

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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