PARIS (AP) -- French oil company Total SA says its net profit rose 12 percent in the fourth quarter to euro2.29 billion and it is forecasting a return to production growth this year.
France's largest company by market value on Friday reported full-year profit for 2011 of euro12.3 billion, up 16 percent from euro10.5 billion in 2010. Profits in the fourth quarter of 2010 were euro2.03 billion.
CEO Christophe de Margerie said in a statement that high oil prices helped profits on upstream activities in the quarter.
He said the company plans euro20 billion in investments this year and that the startup of the new Pazflor field in Angola and others "will ensure a return to production growth in 2012."
The company announced a dividend of euro2.28, the same as the year before.
There are no comments yet