Total's Chemical Earnings Slump on Lower Petchem Margins

Adjusted net operating income at Total's chemicals business slumped 70% in the fourth quarter of 2011 compared with the corresponding period of 2010, to €51 million on sales up 5%, to €4.4 billion. Total's base chemicals business, consisting mainly of petrochemicals, swung to a €15-million, fourth-quarter net operating loss compared with a €67-million profit one year earlier and a €137-million profit in the previous quarter, on sales up 10% year on year, to €2.8 billion. "In the fourth quarter 2011, the environment for...

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