Monday, February 14, 2011

Total’s Q4 and Year End results were better than expected; plan to invest $20 billion in FY 2011

Total S.A. (Total) reported strong financial numbers for the financial year end 2010. The company attributed its results to the increase in oil prices. Total also planned to start up production at a number of new projects in Canada, Australia, China and Russia from mid 2011.

-          4.3% increase in production, mainly from LNG growth

-          124% proved reserve replacement rate

-          32% increase in adjusted net income to €10.3 billion, reflecting both improving environment and operational performance

-          Increasing upstream capex to $16 billion in 2011 to sustain growth

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