Total Focuses on Africa, British Shale Only Bet in Europe

France’s Total reported a 10% decrease in adjusted net income for the first quarter, mainly betting on Africa to offset lower European refining margins.

European investments seem marginal. Shale gas in the UK and oil shale in Russia are the only two investments listed amongst the ‘main events since the start of the first quarter 2014.’

The Upstream segment was the one that registered the best results. Adjusted net operating income from Upstream declined 5% compared to the first quarter of 2013, while the other two business segments (Refining & Chemicals, Marketing & Services) plunged by 21%.

“In all the segments, our teams are working to translate our announced cost reduction commitment into tangible targets and are ready to participate in making the company more efficient, while keeping safety and the environment as our highest priorities,” Chairman and CEO Christophe de Marger commented in the press release.