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TOTAL reports nine-month 1998 consolidated sales of 121.8 billion French francs |
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| Nov. 17, 98 |
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TOTAL reported consolidated sales for the first nine months of 1998 of 121.8 billion French francs (FF) compared to 143.3 billion FF reported for the first nine months of 1997, a decrease of 15 percent. Excluding the merged TOPNA unit, consolidated sales declined by 8.5 percent.
| Million of French francs |
9 Mos 1998 |
9 Mos 1997 |
% |
| UP STREAM (1) |
22,679 |
26,381 |
- 14.0% |
| DOWNSTREAM |
86,223 |
109,856 (3) |
- 21.5% |
| CHEMICALS |
23,906 |
21,381 |
+ 11,8% |
| Holding |
1,566 |
1,398 |
n.m |
| Consolidation elimination of internal sales (2) |
(12,597) |
(15,700) |
n.m |
| CONSOLIDATED SALES |
121,777 |
143,316 |
- 15,0% |
CONSOLIDATED SALES
(excluding TOP NA) |
121,777 |
133,149 (3) |
- 8.5% |
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(1) Upstream sales include external sales primarily of natural gas and LPG, and internal sales to the Downstream segment of crude oil produced by the company and generally sold through the Trading Division.
(2) The consolidation eliminations represent primarily the sales of crude oil by the Upstream segment to the Downstream segment.
(3) TOTAL Petroleum North America (TOPNA) was merged with Ultramar Diamond Shamrock in September 1997 and TOTAL ceased to consolidate TOPNA on the same date. TOPNA had sales of 10,167 million FF in the first nine months of 1997.
The 8.5% decrease in the Group's consolidated sales (excluding TOPNA/UDS) resulted primarily from a drop in Brent crude oil prices ($13.24/barrel versus $19.22/barrel, a decline of 31 percent), partially offset by an increase in the dollar exchange rate (6.01 FF versus 5.82 FF) and volume growth in all the segments.
Upstream sales declined by 14.0 percent, with production growth and the stronger dollar partially compensating for the effect of lower oil and gas prices.
Excluding TOPNA, Downstream sales declined by 13.5%, with the impact of lower crude oil and petroleum product prices being partially offset by a stronger dollar and increased sales volumes.
Chemicals sales rose by 11.8 percent. The increase was primarily due to growth, both internal and external, in the different specialty sectors with the remaining increase resulting from positive foreign currency effects. |
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