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.
“A unified legislative response” is needed to address the complex issues surrounding the West’s drought problem, Energy and Natural Resources Committee Chairman Sen. Lisa Murkowski, R-Alaska, said at a hearing Thursday, E&E reports.
For the second time, FutureGen Industrial Alliance is trying to get its Illinois clean coal project revived, and has engaged former Sen. Mary Landrieu to lobby to restore federal backing, The Hill reports.
Oil prices gained 9 percent on the week after holding relatively steady Friday. Light, sweet crude for November delivery finished 20 cents higher to settle at $49.63 a barrel on the Nymex, while in London, Brent lost 40 cents to $52.65, Dow Jones reports.
Oil prices may be rebounding but it will take time for demand to pick up again, Bernard Deroc-Danner, chief of oil field services company Weatherford International, told The Wall Street Journal, as he defended the firm’s job cuts.
Google's Nest Labs, Commonwealth Edison, and several other utility partners have launched a program aiming to get 1 million smart thermostats into homes in Northern Illinois in the next five years, E&E reports.
The SunPort, which plugs into outlets and gives the users access to solar energy through solar credits, has won startup PlugSolar an award from the Consumer Electronic Association, opening the door to more investment funding, Albuquerque Business First reports.
Calling Petrobras’ April move to write down 6.2 billion reais lost to corruption as just “the tip of the iceberg,” a prosecutor said Friday the scandal may end up costing the company more than 20 billion reais—$5.3 billion at the current exchange rate, Reuters reports.
A planned debate between Republican presidential candidates on energy and environment issues in New Hampshire this week was cancelled after only two agreed to come, and a similar forum for Democrats has been postponed, The Huffington Post reports.