(MENAFN- Kuwait News Agency (KUNA)) French oil company Total on Tuesday announced its first quarter net profit in 2015 had fallen 22 percent to USD 2.6 billion from a year earlier, largely due to a sharp fall in oil prices.
Total said in a statement that revenues in the January-to-March period declined to USD 42.3 billion from USD 60.7 billion in the first quarter of 2014. Revenues were reported at USD 52.5 billion in the fourth quarter of 2014.
Nevertheless, the company said that its net investments, excluding acquisitions, had risen above USD 6.0 billion, a rise of 17 percent over the same period in 2014.
Total's oil and gas production rose 10 percent to 2.395 million barrels per day (mbpd) in the first quarter of 2015 compared with the like period a year earlier, the statement said.
Oil production at 1.240 mbpd accounted for just over 50 percent of overall output and was up 20 percent from the first quarter of 2014. Gas production at 6.312 billion cu.ft/day was stable over the same period.
Total CEO Patrick Pouyanne (*** Pouyannay for the Arabic Desk) said that "against a backdrop of lower oil prices" the company had made significant progress in all segments of its operations and would continue with cost reductions this year.
"With our strong balance sheet, we are confident in our ability to adapt and respond in this period of lower prices and achieve our growth targets for the benefit of shareholders," the CEO said.
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