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 including Chevron, BP and Total are cutting or delaying expensive megaprojects because costs are outstripping expected return, and they’re trading blame with oilfield services companies about what’s causing the cost inflation, The New York Times reports.
Proponents of a carbon tax -– which had been killed on the national level -– are hoping to revive the strategy in state capitals on the back of the Obama administration’s Clean Power Plan, National Journal reports.
Incumbents in swing states – like Sens. Kelly Ayotte, R-N.H., Mark Kirk, R-Ill. and Michael Bennett, D-Colo. – may have a tough time in their re-election campaigns staking out a position on climate change and the Obama administration Clean Power Plan, National Journal reports.
Regardless of changes made by the Pennsylvania Department of Environmental Protection to proposed new rules regulating gas and oil drilling, the Conventional Oil and Gas Advisory Committee says it will reject them, the Pittsburgh Post-Gazette reports.
A study published in Energy Science & Engineering says the techniques used to analyze methane emissions may be substantially underestimating the quantity in the atmosphere because of problems calibrating the equipment, The New York Times reports.
After reaching a six-month low, oil prices rebounded early Tuesday amid continuing concerns about high global production and China's economy. Brent crude rose 79 cents to $50.31 in London, while U.S. crude jumped 75 cents to $45.92 in trading on the Nymex, Reuters reports.
The move by NextEra Energy Partners LP to buy the privately owned pipeline company NET Midstream for $2.1 billion brings the wind and solar power generator the capacity to move large quantities of Texas natural gas, FuelFix reports.
Ameren Missouri is abandoning plans to build a new reactor at its Callaway County nuclear plant, citing frustrations with the Nuclear Regulatory Commission, a lower assessment for future power demand and falling prices for alternative technologies, Platts reports.
A number of companies that sought to shield themselves from declining crude prices with long-term contracts will start feeling the pinch as those deals expire, and that—combined with more stringent lending standards from banks—will likely see more firms defaulting on their debt in the coming months, according to predictions from Moody’s Investors Services, FuelFix reports.