Total has announced its fourth quarter and full-year results for 2010. The company confirmed $3.5 billion net income for the fourth quarter, up 13% on the same period in 2009. The strong quarterly performance contributed to a full-year income of $13.6 billion, up 26% on the previous year.Â
The group acheived its revenues on the back of a net hydrocarbon production figure of 2.4 million barrels of oil equivalent production in the fourth quarter alone.Â
“Beyond the more favourable environment than the one in 2009, the increase in 2010 results reflects the improvement in the Group’s performance, with production growth of more than 4% compared to 2009 and a strong rebound in chemicals,” said chairman and CEO, Christophe de Margerie.Â
He added: “Confident in a favourable environment and in the ability of our people to develop value creating projects, the Group announces a 2011 investment budget of $20 billion.”Â
Fourth quarter highlights noted by the Group included an increased share in the GLNG project in Australia, taking its holding to 27.5%.Â
The company also made two offshore discoveries, one in Congo and one in Brunei, whilst offloading its 5% interest in Block 31 Angola.Â
