French energy major Total said its net profit for the first three months of the year fell four per cent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output. The adjusted net profit was nevertheless slightly above average analysts’ forecast of $2.7 billion, while Total also raised its dividend. Natural gas prices slumped in Europe by 11 per cent, and in Asia by 30 per cent, Total said. The company said an increase in the net cost of its net debt compared with last year, mainly due to the rise in U.S. dollar interest rates, had also weighed on its profits. Oil and gas output reached a record level in the quarter at 2.95 million barrels of oil equivalent per day, up 9 per cent year-on-year.

Source: The Star April 26, 2019 12:45 UTC