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.
In an Op-Ed for National Review, Florida Sen. Marco Rubio, a Republican presidential hopeful, said he would end the ban on crude oil exports, halt the Environmental Protection Agency's Clean Power Plan and leave energy regulation to the states if elected.
President Barack Obama wants Congress to pass legislation commemorating the centennial anniversary of the National Park Service, approve new infrastructure updates and set up an endowment for future projects, The Hill reports.
Rival factions in OPEC are split over whether the cartel should include oil-price forecasts in its imminent long-term strategy report, pitting Saudi Arabia and its allies, who wish to exclude price assumptions, against Iran and other members, Bloomberg reports.
The White House on Wednesday announced a set of actions aimed at supporting Alaskan communities impacted by climate change, including $17.6 million in grants for rural water infrastructure, new relocation funding and improved coordination between the state and federal governments, The Hill reports.
Shell CEO Ben van Beurden said the company's newly approved takeover of BG Group would allow it to become a "simpler and more profitable company" during a prolonged period of low oil prices, Platts reports.
Oil prices continued their downward slide Wednesday morning on news that U.S. crude stocks increased last week, Reuters reports. U.S. crude for October fell $1.93 to $43.48 per barrel, a 4.25 percent decline, while Brent crude dipped $1.51, or 3 percent, to $48.05 per barrel.
The European Union is poised to extend until March 15 a set of sanctions aimed at specific Russian and Ukrainian-separatist firms and individuals in an effort to press Russia to fully implement a ceasefire in Ukraine by the year's end, The Wall Street Journal reports.
A Dutch court ruled that a joint natural gas venture operated by Royal Dutch Shell and Exxon Mobil in the Netherlands must compensate homeowners for declining property values linked to drilling-induced earthquakes, Reuters reports.
Hitachi Ltd. is looking to expand its research into offshore wind energy and is considering development of a new manufacturing line that would produce parts for 5-megawatt systems by March 2016, Bloomberg reports.