Total SA reported increases in adjusted net income for the fourth quarter and full year 2018 as production reached a record level for the year.
With a 10% increase from the previous quarter, Total reported adjusted net income of $3.2 billion in fourth-quarter 2018.
Production reached a rounded 2.88 million boe/d in the fourth quarter, an increase of 10% over the same quarter a year ago, due to start-ups and ramp-ups on new projects, notably Yamal LNG, Ichthys, Fort Hills, Kaombo North, and Kashagan, the company said. Liquids production was up 14% to 1.59 million b/d. Natural gas production increased 2% to 6.99 Mcfd.
For full-year 2018, Total reported adjusted net income of $13.6 billion—a 28% increase year-over-year attributed the rise of the average oil prices to $71/bbl compared with an average of $54/bbl in 2017.
Full-year hydrocarbon production ticked upward more than 8% over 2017 levels to reach a record-high 2.78 million boe/d, Total said.
Total expects 2019 production to increase by more than 9% with ramp-ups of Kaombo North, Egina in Nigeria, and Ichthys plus the start-ups of Iara 1 in Brazil, Kaombo South in Angola, Culzean in the UK, and Johan Sverdrup in Norway. Planned projects include Mero 2 in Brazil, Tilenga and Kingfisher in Uganda, and Arctic LNG 2 in Russia.