France's Total, Europe's third-largest oil company, said its second-quarter profit fell 12% as its results were hampered by a weak U.S. dollar. Total's second-quarter profit dropped to $3.89 billion from $4.46 billion a year earlier, but on an adjusted basis, the company earned $4 billion compared with $3.76 billion a year earlier.
Total (TOT) said its second-quarter output declined 2% to 2.31 million barrels a day from 2.36 million a year earlier, but the company did highlight new projects in Angola, Africa's second-largest oil producing nation behind Nigeria, and Bolivia as two outlets for future growth.
Total said it expects the first results of several ''high-potential exploration wells'' in the second half, and said it is also pursuing development in new producing areas in Australia and Russia, according to the Associated Press. As several of its rivals have done, Total cited lost production in Libya as a primary reason for slack second-quarter production.
Total said the startup of a deep offshore well in Angola in the fourth quarter ''is expected to contribute substantially'' to the company's near term production growth, the AP reported.
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