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Oil group Total Q4 profit falls 19 pct on refining
February 12, 2014 / 7:11 AM / 4 years ago

Oil group Total Q4 profit falls 19 pct on refining

PARIS, Feb 12 (Reuters) - French oil company Total posted a 19 percent drop in fourth-quarter adjusted net profit to 2.47 billion euros ($3.38 billion) on Wednesday, hit by shrinking refining margins and delays at key oil fields such as Kazakhstan’s Kashagan.

The group confirmed its free cash flow and long-term production targets and raised its quarterly dividend to 0.61 euros per share from 0.59 euros the previous quarter.

The Paris-based group said production reached 2.299 million barrels a day in 2013, down 0.04 percent from a year ago, while revenue dropped 4 percent from the same period a year ago to 47.8 billion euros.

Total last year dropped an earlier target for 2-3 percent growth in oil and gas output, saying it still expected an increase depending on production at the much-delayed Kashagan field in Kazakhstan.

The group will start tapering its large investment programme, with organic capital expenditure seen falling to $26 billion in 2014 from a peak of $28 billion in 2013.

Brent crude oil prices have been on a downward trend since September, averaging $108.8 per barrel in 2013, almost $3 down from the average of the previous year, and were last trading near $109.

Analysts on average expected adjusted net profit of 2.69 billion euros on revenue of 39 billion with a dividend of 0.61 euros per share, according to Thomson Reuters I/B/E/S. ($1 = 0.7312 euros) (Reporting by Michel Rose; Editing by James Regan)

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