Total's Profits Bolstered by Refining

Before you go, we thought you'd like these...
Before you go close icon

Oil pumpjackTotal S.A. (NYSE: TOT) reported fourth-quarter and full-year 2012 results before markets opened this morning.

For the quarter, the French oil giant posted adjusted diluted earnings per share (EPS) of $1.76 on revenues of $64.66 billion. In the same period a year ago, the company reported adjusted EPS of $1.85 on revenues of $62.38 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.68 and $62.79 billion in revenues.

For the full year, EPS totaled $7.01 on revenues of $257.04 billion, compared with a consensus estimate for EPS of $7.25 on revenues of $251.89 billion.

The company's CEO said:

In 2012, Total again delivered solid performance with net income of 12.4 billion euros and reinforced its strong financial position. The environment remained favorable in the Upstream, with Brent prices above 110 $/b and, in the Downstream, refining margins benefited from a temporary rebound at mid-year.

The refining margin the CEO mentioned averaged $33 per metric ton in the fourth quarter, more than double the margin of $15.1 per ton in the same period a year earlier. Third quarter 2012 refining margins came in at $51 a ton.

But, as with all major integrated oil companies, it is the upstream segment that controls revenues and profits, and Total's upstream net income fell by more than €200 million in the fourth quarter and by about €20 million for the year. Those third-quarter refining margins generated €646 million in downstream operating income, more than the segment's total operating income in 2011.

The consensus estimate calls for first quarter EPS of $1.70 on revenues of $66.33 billion. For the full year, EPS is estimated at $7.22 on revenues of $257.14 billion.

Total's American depositary receipts (ADRs) are trading up about 1.2% in the premarket this morning, at $52.00. The 52-week range is $41.75 to $57.06. Thomson Reuters had a consensus analyst price target of around $56.90 before today's report.


Filed under: 24/7 Wall St. Wire, Earnings, International Markets, Oil & Gas Tagged: TOT
Read Full Story

Markets

S&P 500 2,348.69 -7.15 -0.30%
DJIA 20,547.76 -30.95 -0.15%
NASDAQ 5,910.52 -6.26 -0.11%
DAX 12,048.57 21.25 0.18%
NIKKEI 225 18,620.75 190.26 1.03%
HANG SENG 24,042.02 -14.96 -0.06%
USD (per EUR) 1.07 0.00 0.03%
USD (per CHF) 1.00 0.00 0.02%
JPY (per USD) 109.07 0.01 0.00%
GBP (per USD) 1.28 0.00 0.04%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big Man Finds 5 Abandoned 'Puppies' In His Garden - Then Quickly Realizes He Made A Big
15 Recall the Kindest Thing a Stranger Ever Did for Them 15 Recall the Kindest Thing a Stranger Ever Did for Them
Man's Wife Leaves Him And Their Kids After A Fight - Two Days Later He Posts This Man's Wife Leaves Him And Their Kids After A Fight - Two Days Later He Posts This