Total 2010 profits jump on higher oil prices

France's Total unveiled a 32% rise in full-year profits, bolstered by stronger oil prices, and boosted its investments to USD 20 billion in 2011 to find new oil and gas projects amid flatening production.

Stripping out one-offs, Europe's third-largest oil group saw net profit rise to 10.29 billion euros (USD 14.01 billion) in 2010 from 7.78 billion euros a year ago. Sales rose 21% to 159.3 billion euros as oil prices more than doubled on the back of the global economic rebound. For the fourth-quarter alone, net income came in at 2.56 billion euros, up 23% year on year and in line with the average forecast of 2.55 billion euros of a Reuters poll. Total's annual profits are still some way off their record of 14 billion euros, which caused a political outcry and calls for a windfall tax which Total successfully resisted in 2008. Poor demand, and strikes in French refineries over pension reform and the closure of a plant in Dunkirk, pushed 2010 refinery output down 7% to 2.009 million barrels per day.