EUROPE

Total beats Q1 expectations

INPEX'S Ichthys partner Total posted a $US2.6 billion ($A3.25 billion) March quarter adjusted net...

Total beats Q1 expectations

The result was above an average analyst estimate of $2.05 billion in net adjusted profit which was revealed by Thomson Reuters research.

Production reached nearly 2.4 million barrels of oil equivalent per day - with this result up 10% year-on-year.

The liquids component was up 20% year-on-year with a total of 1.24MMboepd achieved in the recent quarter.

Start ups in Angola, Norway, Nigeria, UK and Abu Dhabi helped boost output.

Total's healthy profit-making result also overcame asset impairments in war-ravaged Libya and Yemen.

On the upstream front, Total CEO Patrick Pouyanne said production growth and first positive results of a cost reduction program helped offset the impact of lower oil prices.

"All of our teams are mobilised to reduce costs, lower breakevens and deliver new projects," he said.

"With our strong balance sheet, we are confident in our ability to adapt and respond to this period of lower prices and achieve our growth targets for the benefit of our shareholders."

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