TotalFinaElf profit rises

May 17, 2001
Web posted at: 1017 GMT

LONDON (CNN) -- The No. 4 oil company TotalFinaElf said first-quarter profit rose 33 percent as oil majors benefit from rising refining margins and sales.

Chief Executive Thierry Desmarest told shareholders at the French company's annual meeting in Paris on Thursday that net profits in the quarter grew to 2.2 billion ($1.9 billion).

European rival BP, the world's third-largest oil company, earlier this month reported its seventh successive record quarter of profits, and Royal Dutch/Shell, the No. 2 major, reported a fifth straight record quarter.

Desmarest said the earnings growth at TotalFinaElf was helped by an average price of crude of $26 a barrel, refining margins of $15 a tonnne and the strength of the dollar against the euro.

The second quarter has also begun well, said Desmarest, and the business environment remains favourable as operations continue to develop in a satisfactory manner.

He said the merger of Totalfina and Elf Acquitaine last year was reaping benefits, and the realization of the first synergies confirmed the potential of the alliance.

TotalFinaElf (PFP) plans an investment programme this year amounting to 9.4 billion, he said.

The company's stock rose 0.2 percent to 170.1 in midday trade in Paris.

TotalFina net profit doubles – Jan. 31, 2001

TotalFinaElf

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