Total Posts Drop In Q3 Adjusted Profit

Total SA

reported a drop in its adjusted net profit for the third quarter. Total's adjusted net profit declined 2% to $3.56 billion, versus $3.63 billion in the year-ago period. Analysts were expecting a profit of $3.26 billion. Its revenue declined 2% to $60.36 billion. Adjusted cash flow from operations slipped 7% to $6.74 billion in the quarter. Operating profit at Total's upstream division fell 10%, while adjusted net profit surged 70% at the refining and chemicals unit. Adjusted net profit declined 16% in the marketing and services unit. Its oil and gas production dropped 8% to 2.122 million barrels a day in the quarter. Average Brent crude prices declined 5.6% y/y to $103.46 a barrel in the quarter. Total kept its dividend unchanged at 61 euro per share versus the second quarter. By the end of the year, Mr. de la Chevardière said he projects average daily output to increase to 2.2 million barrels of oil equivalent a day, compared to 2.12 million barrels in the third quarter. Total shares gained 1.02% to $58.68 in pre-market trading.