French oil company Total SA said Wednesday its first-quarter net profit jumped 18 percent as record oil prices made up for the weak dollar and a drop in refining margins.
The world's fourth-largest oil and gas company reported net profit rose 9 percent to$5.6 billion in the first quarter from 3.05 billion euros a year earlier, despite flat oil and gas production in the quarter compared to last year.
Results were driven by its upstream division which covers the exploration, recovery and production of oil and gas and new record highs in oil prices, the company's Chief Executive Christophe de Margerie said.
Oil prices rose 1.4 percent today, extending further into record territory on continued global production concerns U.S. crude leapt $1.69 to settle at $123.53 a barrel, before hitting an all-time peak of $123.89.
Total's competitors Chevron Corp., Exxon Mobil Corp., ConocoPhillips, BP PLC and Royal Dutch Shell PLC have also reported surging first-quarter earnings.
Total, which is the largest non government-controlled oil group by market value, said upstream production was stable at 2.43 million barrels of oil equivalent per day in the first quarter, the same figure as a year earlier.
The upstream business totaled 85 percent of the adjusted net operating income, contributing $4.2 billion, a 39 percent increase from a year earlier, Total said.
Total shares on the New York Stock Exchange ended down $2 or 2.35 percent to $83.07.