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French energy giant and LNG player Total saw its 2018 adjusted net profit climb 28 percent during the year 2018.
The company recorded a full-year adjusted net profit of $13.6 billion with the increase attributed to the rise of oil prices to an average of $71/barrel in 2018, compared to $54/b in 2017.
“These excellent results reflect the strong growth of more than 8 percent for the group’s hydrocarbon production, which reached a record level of 2.8 mboe/d in 2018 and led to a 71 percent increase in exploration and production’s adjusted net operating income,” Total’s chairman and CEO Patric Pouyanne said.
Total’s liquefied natural gas (LNG) sales during the period under review declined 1 percent compared to 2017.
LNG sales were at 11.07 million tons, compared to 11.23 million tonnes in 2017.
Looking to benefit from the current favorable cost environment, Total aims to launch a number of projects in 2019, including the Arctic LNG 2 project in Russia in which it purchased a 10 percent stake in May 2018.