There are a lot of things going in Motley Fool Income Investor recommendation Total SA's (NYSE:TOT) favor. It's a global giant in energy with a diversified production base and relatively low production costs. That, in turn, has fueled a pretty good total return story for investors. That's all nice and boring, but things have recently gotten a bit more interesting . and "interesting" isn't always good news.

First things first. This quarter was solid. Revenue was up 25%, while adjusted net income rose 16% and adjusted operating profits rose 24% (all growth rates measured in euro). That was achieved with mixed results in the upstream business -- a 5% decline in production, but higher prices leading to segment income growth of 33% -- and generally tough times in the refinery business. Speaking of the latter, earnings were down 4% as the company saw lower throughput and pressure on margins.

On the upstream side, Total has had to deal with disruptions in Nigeria, but that's not the high-profile trouble. The more attention-grabbing news has come from Bolivia, where Chavez-wannabe Evo Morales is putting the squeeze play on foreign energy companies. Luckily for Total, its presence in Bolivia is pretty minor, although the same cannot be said for Petrobras (NYSE:PBR) or Repsol-YPF (NYSE:REP).

On a more positive note, shareholders can look forward to the spinout of the Arkema chemical business. Generally overshadowed by Total, Arkema is actually a pretty solid chemical company in its own right, with leading positions in many markets and a pretty good arrangement with Total. The bad news, though, is that Arkema looks like it will be traded as a Level 1 ADR in the U.S., meaning that it'll be on the Pink Sheets, where it's often a bit more challenging to get information, price quotes, and solid execution on trades.

I'm still a fan of this oil company, and it seems like it's still a good place to sit during this energy boom. That said, global energy politics are getting a bit more "interesting," and that's not especially good news for a company like Total that has to go overseas for its products. Still, what's the stock market without a little excitement every now and then, right?

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).