Total's Refining Margins Rise 88% in Third Quarter

By Tara Patel

Oct. 15 (Bloomberg) -- Total SA, Europe's largest oil refiner, said third-quarter profit from producing gasoline, diesel and other fuels increased 88 percent.

Refining margins climbed to $45 a ton from $23.90 a year earlier, the Paris-based company said today in a statement on its Web site. The average liquids price advanced to $107.80 a barrel from $71.40 a barrel, while the average price of natural gas rose to $8.05 a million British thermal units from $4.83.

Crude oil averaged $118.22 a barrel in New York during the third quarter, compared with $75.15 a barrel a year earlier, according to Bloomberg data.

Crude oil in New York was little changed at $78.70 a barrel as of 9:21 a.m. London time today. Prices are down 46 percent from July's record of $147.27 a barrel. Total will release third-quarter earnings on Nov. 5.

Total refining margins in the third quarter were 12 percent higher than the $40.20 a ton reported in the second quarter and 83 percent higher than $24.60 a ton during the first three months of the year, the statement said.

The French oil company has said second-quarter maintenance led to a complete shutdown of the Leuna refinery and partial shutdowns of the Normandy and Grandpuits refineries.

``The second quarter 2008 utilization rate based on crude throughput was 85 percent, stable compared to the second quarter 2007 and lower compared to the first quarter 2008,'' Total said in its Aug. 1 earnings statement. The lower quarter-on-quarter rate was due to the Leuna plant shutdown.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net