TotalFinaElf reported first quarter 2000 consolidated sales increased by 71.6% to 26.1 billion euros from 15.2 billion euros in the first quarter 1999 (proforma).
| Millions of Euros |
1 Qtr. 2000 |
1 Qtr. 1999 proforma |
% |
| UPSTREAM (*) |
5,562 |
2,958 |
+ 88.0% |
| DOWNSTREAM |
19,063 |
9,703 |
+ 96.5% |
| CHEMICALS (**) |
5,112 |
3,951 |
+ 29.4% |
| Holding |
109 |
92 |
n.s. |
| Consolidation eliminations (*) |
(3,796) |
(1,521) |
n.s. |
| Consolidated sales |
26, 050 |
15, 183 |
+ 71,6 |
(*) 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.
The consolidation eliminations represent primarily the sales of crude oil by the Upstream segment to the Downstream segment.
(**) Chemicals include the Inks division sales in the 1999 first quarter ; this division was sold at the end of 1999.
The 71.6% increase in consolidated sales, first quarter 2000 versus proforma first quarter 1999, is due primarily to :
- the sharp increase in crude oil prices ($26.9/b versus $11.3/b) and to a much lesser degree in natural gas prices ;
- and the strengthening of the dollar against the euro (1.01 euro/$ versus 0.89 euro/s).
Upstream sales rose by 88.0%, essentially due to higher hydrocarbon prices and the stronger dollar.
Downstream sales rose by 96.5%, driven by the higher oil and refined products prices as well as the stronger dollar.
The Chemical segment sales rose by 29.4%, reflecting essentially higher base petrochemical prices and growth in the different sectors. |
