Total’s European Refining Margin Drops 21% in First Quarter

Total SA (FP), Europe’s biggest refiner, reported a 21 percent drop in first-quarter European refining margins compared with the final three months of 2012.

The European indicator fell to $26.90 a ton from $33.90 a ton in the previous quarter, according to data published on the Paris-based oil explorer’s website.

The average selling price for liquids was $106.70 a barrel while the average price for gas was $7.31 million British Thermal Units.

Refining margins are the profit from turning a barrel of oil into fuel.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.