French oil firm Total today reported a 9 per cent jump in underlying first-quarter profit to €2.3 billion, in line with analysts' forecasts, as higher oil prices outweighed the impact of refining strikes.
Total's result was also boosted by a 4.5 per cent rise in production compared with the first quarter of 2009, to 2.43 million Boepd (Barrels of Oil Equivalent Per Day).
Total's underlying or adjusted net income excludes unrealised inventory gains and one-off items..
The company said operating income at its refining division fell 74 per cent, while a big jump in oil prices boosted the core oil and gas production unit by 33 per cent.
Reuters