(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 1997 first quarter sales of 3,081 million FF.
The 7.6% decrease in the Group's consolidated sales (excluding TOPNA/UDS) resulted primarily from a drop in Brent crude price ($ 14.03/barrel versus $ 21.19 barrel, a decline of 34 percent), partially offset by an increase in the dollar exchange rate (6.09 FF versus 5.60 FF in the first quarter 1997) and volume growth in all the segments.
Upstream sales decreased by 10.7 percent. The decrease is due to lower oil and gas prices partially compensated for by production growth and the stronger dollar.
Downstream sales (excluding TOPNA) decreased by 13,2 percent, the lower prices for crude oil and refined product only partially offset by the stronger dollar, increased sales volumes and higher trading activity.
Chemicals sales rose by 15,3 percent. About 80 percent of the increase was due to a combination of internal and external growth in the different specialty sectors, with the balance resulting from positive foreign currency effects.
