Total Profit Drops 7% on Lower Oil Price as Production Falls
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Total SA, Europe’s third-largest oil producer, reported a 7 percent decline in earnings as output fell and weakening fuel demand pushed down the price of crude.
Profit excluding changes in inventories retreated to 2.9 billion euros ($3.8 billion) in the first quarter from 3.1 billion euros a year earlier, the Paris-based company said today in a statement. That met the 2.92 billion-euro average estimate of 14 analysts surveyed by Bloomberg.