French oil company Total said on Thursday that its second quarter profit dropped by 30 percent when compared to the same period last year.
Namely, the company reported a net income of $2.09 billion in 2Q 2016, compared to $2.97 billion for the corresponding period in 2015.
Total’s hydrocarbon production was 2,424 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2016, which is an increase of more than 5% compared to the second quarter 2015, due to new project start ups and ramp ups, and due to the PSC price effect and performance, net of normal field decline.
Commenting on the results, Total Chairman and CEO Patrick Pouyanné, said: “In the Upstream, production increased by more than 5% compared to the second quarter 2015. Obtaining a 30% interest in the Al-Shaheen concession in Qatar for 25 years was a major success, strengthening our presence in the Middle East on a giant field with a long plateau and low technical costs.
Pouyanné also added: “Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4 billion cost reduction target for this year.”