Le Monde (France); Record profits for Total (Le prix du petrole a permis a Total de degager un profit de 9 milliards d'euros en 2004) “Mr Desmarest also said that, thanks to its exploration efforts, Total should be able to achieve more than 100 per cent replacement of its oil and gas reserves.” (ShellNews.net) 18 Feb 05

Feb 18, 2005

Total, the French oil group, yesterday followed in the footsteps of the oil industry's three biggest players - Exxon-Mobil, Shell and BP - by announcing record profits for 2004. Its net profit for the year shows a rise of 23 per cent, at 9.04bn euros, on turnover of 122.7bn euros (up 17 per cent). While unveiling the group's results, Total's chairman, Thierry Desmarest, attributed the improvements to a combination of high refining margins, an upturn in the petrochemical sector and, most importantly, the very high price of crude oil. He forecast what he called vigorous demand in 2005, albeit at a less sustained level.

Mr Desmarest also said that, thanks to its exploration efforts, Total should be able to achieve more than 100 per cent replacement of its oil and gas reserves. In view of its profit growth, the group intends to invest 9.2bn euros in 2005, compared with 8.7m euros. Seventy per cent of the funds will be spent on exploration and production.

Original article by Jean-Michel Bezat