Oil Company Total 2Q Profit Up 12 Pct.
Thursday August 3, 5:38 pm ET
Rise in Oil Prices Offsets Production Decline for French Oil Company Total

PARIS (AP) -- French oil company Total SA reported a 12 percent jump in net profit for the second quarter Thursday as a rise in oil prices offset a sharp decline in production due to disruptions in Nigeria and maintenance projects.

Last week, five of the world's largest oil companies -- BP PLC, Chevron Corp., ConocoPhillips, Exxon Mobil Corp. and Royal Dutch Shell PLC -- reported combined earnings in the second quarter of $34.6 billion, up 36 percent from a year earlier.

The average price for crude oil was $69.90 per barrel during the second quarter -- up 35 percent from last year, Total said. Overall output slid 9 percent during the quarter to 2.29 million barrels of oil equivalent per day due to disruptions in Nigeria and Venezuela, as well as maintenance projects, the company said.