Total’s adjusted net income for the quarter, which is adjusted for special items and excludes the company’s share of amortization and tangibles related to the Sanofi-Aventis merger, stood at E3.10 billion, down 8% over the same period of 2006.
In the company’s downstream operations, Total’s total refinery throughput was down 3% to 2.35 million barrels per day, despite a 5% increase in refinery throughput in France. The company attributed the lower refinery throughput to heavy maintenance activity in the quarter.
However, the company saw production growth of 1.4% in the second quarter of 2007, to 2.32 million barrels of oil equivalent per day, in part due a ramp-up at its Dalia field in Angola. Total also benefited from the successful start-up of the Rosa field in Angola, and the Dolphin field in Qatar.
Total said that it expects ongoing investments and steady progress on the development of new fields, in addition to continued exploration efforts, to strengthen the company’s outlook for profitable growth in the coming years and also long term.
The company also expects to benefit from a number of recently awarded new projects, including a recently established joint venture with Russian gas monopoly Gazprom to study development of phase one of the giant Shtokman gas field in Russia.
