Shocking development! An oil company made massive profits!
Associated Press is reporting that Frence oil giant Total SA is making a ton of cash due to… you guessed it… high fuel prices. Apparently the company…
“forecast higher production this year while revealing Friday that higher oil prices helped it post a 12.8 percent rise in fourth quarter profits despite a drop in output.
France’s largest company by market value reported fourth quarter profit of euro2.29 billion ($3.0 billion) from euro2.03 billion the year before.That took the full-year profit up to euro12.3 billion, 16 percent higher from euro10.5 billion in 2010.
CEO Christophe de Margerie said high oil prices helped profits on production activities in the quarter but hurt downstream operations such as refining. Upstream revenue was up 21 percent in the fourth quarter to euro2.8 billion while downstream revenue fell 7 percent, losing euro222 million.”
Maybe they can solve the Eurozone crisis.
Read more about business and profit in the latest edition of Carnet Atlantique!