The global oil market looks set to recover from the deepest price crisis in more than ten years, while French oil giant Total is also poised to rise from the battle. Today, the company published its 2017 report, achieving a USD 8.3 billion result, double that of the 2015 result and an increase of 33 percent in relative to 2016.
The adjusted EBIT sat at USD 11.9 billion, and unsurprisingly, the company's exploration and production division for oil and gas performed best. The key figure increased 86 percent year to year to USD 5.9 billion in total.
Many oil companies including Total have been able to get small boosts in growth from their refineries during the era of low oil prices, but the adjusted EBIT will fall by 10 percent to 3.7 billion in 2017.
The graph shows the spot price for a barrel of Norwegian reference oil, Brent, in US dollars from the past four years.
Total revealed in the report that on average, it has realized an average oil price of USD 54 per barrel of Brent against USD 44 in 2016, and CEO Patrick Poyanné adds that "the Group demonstrated its ability to capture the benefit of higher prices..."
He also nods to the USD 7.4 billion acquisition of Denmark's Maersk Oil, "preparing for future growth...strengthening its position in the North Sea."
While the Danish acquisition is included in Total's investments in 2017, total investments for the year declined by 18 percent from USD 20.5 billion to USD 16.8 billion in total.
Total adds that besides the report, it has a share buyback program and dividend increases will be proposed over the next three years.
English Edit: Lena Rutkowski
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