PARIS - French oil giant Total SA that, said Friday its net profit increased by half in the first quarter by recovering economies and the unrest in the Middle East has pushed the price of a barrel of crude oil of the summits of three years.
Total said in a statement he made euro3.9 billion ($5.8 billion), in the first quarter instead of euro2.6 billion a year earlier, when the Brent oil price average only $76.40 per barrel. From January to March, he averaged $105.40 per barrel and has continued to rise since then and now at the head of $120.
Most large company by market capitalization France said that it pumped 2.3% less oil in the quarter, producing an average of 2.37 million barrels per day, 2.43 million a year earlier. The persistence of the violence in Libya, causing Total and other oil companies to halt production, caused a 0.5% decline in production.
Total earnings growth was matched by its competitors more large Exxon and Royal Dutch Shell, which reported profits booming for the period from Thursday.
The French company is committed to invest $ 20 billion this year, primarily to seek new development in oil, gas and renewable energy projects.
Total Thursday launched a bid to take control of the solar panels U.S. maker SunPower Corp., a deal that values the company San Jose, California at $ 2.3 billion.
Total also continuing acquisitions in a natural gas field in the Russia to the North and has recently concluded agreements in Uganda, Bolivia, China, and Argentina.
Total said "geopolitical tensions" and after the earthquake in the Japan "will shift the balance of global energy markets."
"Total confirms its strategy to invest to increase is the production of better respond to changes in energy demand and in the energy mix," Chief Executive Christophe de Margerie said in a statement.
Shares in the company fell by 0.3% in early trading on the Paris stock exchange at euro42.89.
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