Total profit rises 35% on the high price of oil in the output drop

April 29, 2011, 4: 11 pm EDT by Tara Patel

(Updates with comment from analyst in the third paragraph).

April 29 (Bloomberg) - oil producer Total SA second in Europe, reported first-quarter profit climbed 35 percent as higher crude oil prices offset, a decline partly due to the conflict in Libya.Profit excluding changes in stocks and the value of a stake in Sanofi-Aventis SA increased to 3.1 billion euros (4.6 billion) ($) of 2.3 billion euros a year earlier, the Paris-based company said today. That beat the average of 3 billion euro in a survey of analysts Bloomberg. Net income reached 51 per cent to 3.95 billion euros. "It is a solid set of results, Bertrand Hodee, analyst of capital markets of Kepler that shares to"hold"rate, said in an e-mail. "Total is clearly the right to regain the confidence of investors in medium term but delivery is too far".Total joins other European producers of energy in the reports of the higher earnings on the back of rising oil prices. Royal Dutch Shell Plc said yesterday that profit rose 30 percent, as the price of Brent average of $105.52 US per barrel in the first quarter, 36 per cent more than a year earlier. Total announced yesterday an agreement to buy as much as 60 percent of the second largest manufacturer of solar panel U.S. SunPower Corp. of $ 1.38 billion.Company's production output in the first quarter DropThe fell 2% to 2.37 million barrels oil equivalent per day from a year earlier. Production was interrupted in Libya during the period and has also declined due to price effects.Shares increased by 0.2% to 43.09 euros at 10: 06 pm, in Paris. The stock is up to 8.6% this year.The company said in February that it expected output to be little changed this year due to a lull in the startups and is committed to exploring more aggressively the oil and gas. The company reversed a decline that touched a nine year low in 2009 by launching new fields and liquefied natural gas projects and has forecast growth of the average production of 2% per year until 2015. "The French company expects to start production in the area of the Pazflor in Angola in the fourth quarter".Total is actively managing its portfolio, it mainly moving toward upstream, "Director General Christophe de Margerie said in the statement of income." This includes more emphasis on "new energies" and sales of assets should be approximately $ 10 billion this year.Agreement of the SunPowerTotal to buy a stake in SunPower strengthens its operations in renewable energy. This follows an agreement in February to sell a 49% Spanish refiner Cia involvement. Espanola de Petroleos SA of 3.7 billion euros. Total is in talks to sell its Lindsey refinery to the United Kingdom after the decision of a French refinery last year.The company is working on five projects of exploration and production with Russian partners and holds approximately 12 per cent in OAO Novatek, as energy companies look in Russia to increase reserves. Total has agreed to buy the game for about $ 4 billion at a ceremony attended by Prime Minister Vladimir Putin.In March last month, it purchased a stake in Ugandan exploration blocks with China National Offshore Oil Corp. of Tullow Oil Plcpaving the way for the development of the basin of Lake Albert, after the transaction was accepted by a tax dispute. "European refining margins decreased from the first quarter, mainly reflecting the impact of the strong increase in the price of oil,"said today Total.Total said above, that benefit crude turning into fuels such as gasoline and diesel in the Northwest of Europe dropped 17 percent in the first quarter of the previous year earlier this month. Margins fell as European refiners were unable to compete with cheaper fuels of their American counterparts.

-with the help of Stephen Cunningham in London, editors in Chief: Jonas Bergman, Randall Hackley

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

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

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Fall of Asian Stocks as U.S. credit Outlook cut; Oil price drop

April 18, 2011, 10: 49 am EDT by Anna Kitanaka

April 19 (Bloomberg)--Asian stocks fell, leading the benchmark index to its largest decline since March 15, after that Standard & Poor ratings Service cut the long-term prospects of credit U.S., fueling concern that a recovery in the global economy could slow.

Toyota Motor Corp., Builder of no. 1 in the world, fell by 2.8% in Tokyo. BHP Billiton Ltd., more important of the Australia oil producer, fell by 1.8 per cent after oil and metals prices declined. Samsung Electronics Co. lost 0.9% in Seoul after Apple Inc. filed a lawsuit alleging infringement of trade mark. Advantest Corp., the second manufacturer of semiconductor test equipment, collapsed 4.3% in Tokyo after Texas Instruments Inc. forecasts of revenue and profits which did not estimates of some analysts.The MSCI Asia Pacific Index fell 1.4 percent to 133.75 at 11: 41 am in Tokyo, with approximately eight shares for each abandonment which climbed on the gauge 1 023-member. The measure fell 0.5% last week, reversing three consecutive weeks of gains. "" If we get to a point where the United States has its debt downgraded, the deflationary effects will be felt in the world, "said based in Melbourne Tim Schroeders, of Pengana Capital Ltd., which manages approximately $ 1 billion. "A lot of credit is a price excluding U.S. denominated debt and these effects will be felt around the world."Nikkei 225 Stock average of the Japan fell by 1.5%. S & P/ASX 200 Index the Australia collapsed 1.3% and index of 50 of NZX lost New Zealand 0.7%. Index of the Korea of southern ABN slipped 1 percent.Hong Kong Hang Seng index fell 1.3% while Shanghai Stock Exchange index Composite China fell by 1.4%.U.S. FuturesFutures on Standard & Poor of 500 index fell 0.5% today. In New York yesterday, the S & P 500 lost 1.1%, the largest decline since March, after S & P lowered its Outlook on U.S. credit outlook to "negative".Toyota, which account in North America as its largest market, fell 2.8 percent to 3,135 yen, the biggest drag on the MSCI index of Asia Pacific. Canon Inc., manufacturer of camera more, sank from 1.9% to 3,550 yen. In Sydney, James Hardie Industries SE, the largest seller of siding home in the United States, decreased 2 percent to a risk of Government 5.88.The U.S. $ losing its AAA credit rating, unless decision makers to agree on a plan in 2013 to reduce budget deficits and national debtthe rating agency said. "Medium term" concerns & P has said there is a chance of one to three that the rating may be cut in two years and that its "basic assumption" is that the Congress and the administration of Obama will come to terms on a record deficit-reduction plan. " "It is clearly a concern about how the United States manages the debt in the medium term," said Schroeders.BHP decreased by 1.8% to $46.655, the second most large drag on the MSCI index of Asia Pacific. " Rio Tinto Group, society of second mining of the world by sales, fell by 2.2 per cent for a $82.15. Inpex Corp., of Japan more great oil and gas Explorer, dropped 2.2 percent to 585 000 yen.For may delivery slipped 2.3% to $107.38 per barrel in New York, close to a minimum of three days after China, second more large consuming nation in the world crude, increased Bank reserve requirements to cool inflationdemand of fuel traffic growth may slow down of crude oil. The London Metal Exchange Index six metals collapsed 1.9% yesterday, the lowest since March 16 the MSCI Asia Pacific Index lost 1.5 percent this year through yesterday, compared to earnings of 3.8%, the S & P 500 and 1 per cent by the Stoxx 600 Index of Europe. In the Asian benchmark stocks are valued at 13 times estimated in average earnings, compared to 13.4 times for the & S P 500 and 10.9 times for Stoxx 600.

-With the help of Norie Kuboyama in Tokyo. Editor: Nick Gentle.

To contact the reporter on this story: Anna Kitanaka in Tokyo, at akitanaka@bloomberg.net.

To contact the responsible editor of the story: Nick Gentle at ngentle2@bloomberg.net

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