PARIS (AP) — French energy giant Total SA says its net profit slid 4 percent in the second quarter as higher production helped offset a steep drop in the price of oil.
Total on Wednesday reported a net profit of $2.97 billion, down from $3.1 billion a year earlier. Underlying replacement cost profit, which strips out one-time items and changes in the value of inventories, fell 2 percent to $3.1 billion in the quarter.
Deals signed by Rosneft CEO Igor Sechin in St. Petersburg Friday –- including the sale of a Siberian field to BP and the purchase of a German refinery stake from Total -– illustrate the limits of Western sanctions against Russia, The Wall Street Journal reports.
PARIS (AP) — A French court has cleared 14 companies accused of bribing the Iraqi government under Saddam Hussein in exchange for contracts as part of the U.N. oil-for-food program.
French companies, including Renault Trucks, Schneider Electric and Legrand, and several managers were acquitted on Thursday of bribery, corruption and misuse of company assets. It was the second trial involving allegations that companies circumvented the embargo imposed on Saddam's government from 1990-2000.
Although Western bankers and other top business chiefs are staying away from the St. Petersburg International Economic Forum for a second year in a row, top officials from major oil companies like BP, Royal Dutch Shell and Total are planning to attend this week, Reuters reports.
Total CEO Patrick Pouyanne has warned the new provincial government in Alberta that any move to increase taxes on the energy sector could dent future investment in oil sands production, The Globe and Mail reports.
NICOSIA, Cyprus (AP) — Cyprus and French oil and gas company Total have signed an agreement to extend a search for natural gas off the east Mediterranean island's southern coast after disappointing results from an initial exploration round.
Cyprus' energy ministry said in a statement Wednesday that Total will continue its search in one of two areas where it's already licensed to drill.
The continuing protests against shale gas drilling in Algeria reflect population concerns about the use of water for fracking in a desert, as well as lingering anti-colonial resentment focused on French oil company Total, The New York Times reports.
PARIS (AP) — French energy producer Total wrote down the value of oil and gas fields in Canada and the United States and said it would slash investment after the collapse in market prices led to a net loss of $5.66 billion for the fourth quarter.
Total SA said Thursday its earnings were weighed down by $6.5 billion in charges, mainly against the value of oil sands in Canada and unconventional gas fields in the United States.
The latest round of sanctions against Russia over its actions in Ukraine have major energy companies -- including BP and Total -- thinking again about the way they do business with Moscow, The New York Times reports.
Major oil companies like Royal Dutch Shell and BP have joined environmental groups in backing carbon tax proposals, but their motivation lies in the boost such plans would give to their natural gas business, The Wall Street Journal reports.
A federal judge ruled Monday that Anadarko Petroleum Corp. must pay $159.5 million in fines for its share in the Macondo well blowout in the Gulf of Mexico in 2010, less than the amount the government was seeking and a fraction of what BP has had to pay, FuelFix reports.
As the permitting process gets underway for Northshore Mining Company’s requested expansion of a taconite mine in northeastern Minnesota, Native American tribes and environmentalists are concerned about the lack of limits for the levels of metals in water leaving the area, MinnPost reports.
The Alberta Securities Commission has ruled that Canadian Oil Sands Ltd. shareholders have until Jan. 4 to decide on a hostile takeover bid from Suncor Energy Inc., a month later than the deadline that Suncor had tried to impose, The Wall Street Journal reports.
A report from the Intergovernmental Panel on Climate Change says that since 1993, sea levels have been rising an average of 3.2 millimeters a year, nearly twice the rate seen during the 20th century, The New York Times reports.
A paper published in the journal Nature Climate Change identified 164 organizations and 4,556 individuals affiliated with them as the primary drivers of doubt in the U.S. over climate science, Bloomberg reports.
Republican presidential candidate Sen. Rand Paul has included in his regularly issued “Waste Report” a grant of $450,000 from the Department of Energy for a video game designed to make students more aware of the effects of climate change, The Hill reports.