Total Gives Its Assets a Makeoverhttp://www.fool.com/investing/general/2012/11/05/total-gives-its-assets-a-makeover.aspx Tyler Crowe
November 6, 2012
French oil giant Total (NYSE: TOT ) had a comme ci, comme aa earnings report, with strong sales but a weak bottom line. While investors may not be encouraged with the results, the company gave no reason to wave the white flag.
By the numbers
If investors were to look at the sales year over year, they might get discouraged to see that there was a 4% decrease in the quarter. When considering currency changes, though, Total increased sales by 8% in euros. For a French company, it's more important to look at earnings in euros, since the company bases its operations in that currency.
In the company's press release on Oct. 31, Total director general Christophe de Margerie commented on Total's increased exploration in the past quarter. In these past few months, the company has made headway on projects in the Gulf of Mexico, Iraq, the Ivory Coast, Kenya, and Gabon. Total also announced the sale of its stake in pharmaceutical company Sanofi Aventis (NYSE: SNY ) . So far this year, the company has made 4 billion euros in sales of its current assets and has committed 16 billion euros in investments and acquisitions to increase its reserves.
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