April 16, 2007
Citi expects Total to impress
Total, the French oil group, today published its quarterly market indicators, a table of numbers that show the general price environment in which the company, and indeed the industry, operated from January until March 2007. Earlier this month, BP did the same, using slightly different benchmarks. Oil and gas prices dropped, while European refining margins rose, Total showed. But, in contrast to its peers, Total is expected to impress with its volume growth when it announces its quarterly earningson May 4, analysts at Citigroup said in a note today. That is good news for Total, which has been in the news recently mainly because of investigations into its alleged corruption in Iran and Iraq. Another bit of good news for the company today was Iran’s announcement that it had extended the company’s deadline to decide whether it to embark on the multi-billion-dollar South Pars gas project. The managing director of Iran’s national oil company told wires in Dubai that Total is likely to make up its mind within 3-4 months.
