Total’s first-quarter revenue and earnings
Total (TOT) posted its first-quarter earnings results on April 26, 2019. Its revenue rose 3% YoY (year-over-year) to $51.2 billion in the quarter. However, Total’s adjusted net earnings fell 4% YoY to $2.8 billion in the quarter.
Total’s adjusted EPS stood at $1.02, 6% lower than its adjusted EPS in the first quarter of 2018.
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Total’s first-quarter earnings review
Total’s adjusted net operating earnings fell in its E&P (exploration and production) and Marketing segments. However, its iGRP (integrated gas, renewables, and power) and Refining segments’ earnings rose YoY in the quarter.
Total’s E&P adjusted operating earnings fell 5% over the first quarter of 2018 to $1.7 billion in the first quarter of 2019. Total’s E&P earnings fell due to a fall in its average liquids and gas realizations. However, its volumes rose 9% YoY in the first quarter of 2019 led by upstream project startups and ramp-ups.
Total’s adjusted operating earnings in its Refining segment rose from $720 million in the first quarter of 2018 to $756 million in the first quarter of 2019 due to higher refinery throughput and better margins. Total’s European Refining variable cost margin rose 11% YoY in the first quarter of 2019.