Total’s European Refining Margin Drops 21% in First QuarterTara Patel
Total SA, 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.