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TotalFinaElf Profits Soar on Oil Prices; Changes Name to "Total"
AP ^ | May 6, 2003

Posted on 05/06/2003 12:31:33 PM PDT by Shermy

PARIS - French oil giant TotalFinaElf reported Tuesday a 48 percent jump in profit in the first quarter, boosted by high oil prices, and said it was changing its name to Total in an effort to revamp its image.

Chairman Thierry Desmarest also said the group stands "a good chance" of taking part in the future development of Iraqi oil fields despite Paris' opposition to the U.S.-led invasion that toppled Saddam Hussein's regime.

Speaking at the annual shareholders' meeting in Paris, Desmarest conceded that TotalFinaElf will find it harder to secure contracts than its American and British rivals.

But, he said, the sheer scale of investments needed in Iraq requires the participation of all of the world's largest oil companies.

Analysts have said TotalFinaElf, which for years negotiated with Saddam's regime to develop two vast new oil fields, could be excluded from postwar Iraq due to strained diplomatic relations between Paris and Washington.

The company, meanwhile, said that net profit for the first three months of 2003 was 2.12 billion euros (US$2.39 billion), well ahead of forecasts and last year's 1.43 billion euros.

Revenue rose to 28.30 billion euros ($31.96 billion) from 23.78 billion euros ($26.86 billion) in the first quarter of 2002.

The sharp increase in crude prices — Brent oil prices rose 49 percent — helped counter the impact of an 18 percent decline in the value of the dollar to the euro during the first quarter, TotalFinaElf said.

Operating profit rose to 3.92 billion euros ($4.43 billion) from 2.43 billion euros.

The group's shareholders also approved a management resolution to change the company's name to Total, a move aimed at improving the company's image battered by a major 1999 oil spill, alleged human rights abuses in Myanmar and ongoing political scandals in France surrounding former state-owned Elf Aquitaine.

The name change is part of wider management program that includes an ethics review to recast TotalFinaElf as an environmentally and socially conscious global company.


TOPICS: Business/Economy; Canada; Extended News; Foreign Affairs
KEYWORDS: chretien; france; oil; total; totalfinaelf

TotaFinaElf SA's chairman and chief executive Thierry Desmarest poses in front of the company's new name and new logo, Tuesday, May 6, 2003 in Paris. Shareholders approved Tuesday a resolution to change the company's name to Total SA, a new name aiming at improving the company's image.
1 posted on 05/06/2003 12:31:33 PM PDT by Shermy
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To: Grampa Dave; marron; gubamyster; mafree; Dog; Registered; Paul Atreides; Fred Mertz; mrustow; ...
Ping.

Chretien must be smiling today.

Note the nifty new "Total" logo. Evocative of total global reach or control I'd say.

2 posted on 05/06/2003 12:33:37 PM PDT by Shermy
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To: Shermy
The oil companies and the government of the EU rape the people. I don't hear the left complain about that.
3 posted on 05/06/2003 12:39:05 PM PDT by bmwcyle (Semper Gumby - Always flexible)
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To: Shermy; BOBTHENAILER
Well, I hope they enjoy that great quarter. They ain't going to be having any more.

My dead dog (dead for 15 years) has more of a chance getting involved in the Free Iraqi oil than Elf/Total does.
4 posted on 05/06/2003 12:41:55 PM PDT by Grampa Dave (Free Republic, where leftist liars are exposed 24/7!)
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To: Shermy
I wonder if they're taking "Elf" out of the name because of the current Elf Aquitaine trial.

"Total" is arguably appropriate. It was a favorite word of the Nazis ("Wollt ihr den totalen Krieg?", e.g.)

5 posted on 05/06/2003 12:42:02 PM PDT by aristeides
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To: Shermy
Shareholders approved Tuesday a resolution to change the company's name to Total SA, a new name aiming at improving the company's image.

And in related news, the third world nation, formerly known as France, was renamed Franco-Arabia to improve trade relations with their Middle Eastern allies.

6 posted on 05/06/2003 12:43:38 PM PDT by johniegrad
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To: Shermy
TotalFinaElfSurrenderMonkey
7 posted on 05/06/2003 12:44:35 PM PDT by commandante_zero (Zut Alors!)
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To: Grampa Dave; Shermy
My dead dog (dead for 15 years) has more of a chance getting involved in the Free Iraqi oil than Elf/Total does.

Perfect description of the "lost business plan".

Check out johniegrad's post above, its hilarious.

8 posted on 05/06/2003 12:46:27 PM PDT by BOBTHENAILER (FReepers discover the TRUTH, and distribute it.)
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To: johniegrad
That's too funny.
9 posted on 05/06/2003 12:46:55 PM PDT by BOBTHENAILER (FReepers discover the TRUTH, and distribute it.)
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To: aristeides
I wonder if they're taking "Elf" out of the name because of the current Elf Aquitaine trial.

Bingo!

10 posted on 05/06/2003 12:48:41 PM PDT by 1rudeboy
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To: Shermy
But does it still offer 100% of my daily vitamins and minerals?
11 posted on 05/06/2003 12:50:48 PM PDT by July 4th
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To: BOBTHENAILER
Last night while preparing dinner, I listened to a CD I have of Camille Saint Saens Organ Symphony #3 and realized just how far their current crop of midgets has fallen from the past.
12 posted on 05/06/2003 12:51:33 PM PDT by johniegrad
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To: Shermy
Follow the money...

From the Mark Steyn column Welcome to Anglo-Saxon reality:

France, Germany, Russia, Belgium and Canada are not on the side of peace or morality or the Iraqi people. The pictures from the streets of Baghdad make that plain. But we are on the side of TotalFinaElf. Twice in recent columns, Diane Francis has mentioned, almost en passant, a curious little fact:

The Western oil company with the closest ties to the late Saddam is France's TotalFinaElf. That's not the curious fact, that's just business as usual in the Fifth Republic. This is the curious fact: As Diane wrote in February and again last week, "Total's biggest shareholder is Montreal's Paul Desmarais, whose youngest son is married to Prime Minister Jean Chrétien's daughter."

Let's see if I've got this straight: TotalFinaElf's largest shareholder is a subsidiary of Montreal's Power Corp, whose co-chief executive is Jean Chrétien's son-in-law, Andre Desmarais. Mr. Desmarais' brother, Paul Desmarais Jr., sits on the Total board.

For months, the anti-war crowd has insisted that "it's all about oil," that the only reason the Iraqi people were being "liberated" was so that the second biggest oil reserves in the world could be annexed in perpetuity by Dick Cheney and Halliburton and the rest of Bush's Texas oilpatch gang. Instead, it turns out that, if it is all about oil, then the principal North American beneficiary of the continued enslavement of the Iraqi people is the family of the Canadian Prime Minister -- that's to say, his daughter, France Chrétien, and his grandchildren.

-PJ

13 posted on 05/06/2003 12:51:50 PM PDT by Political Junkie Too (It's not safe yet to vote Democrat.)
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To: johniegrad
This is great! In related news, the third world nation, formerly known as France, was renamed Franco-Arabia to improve trade relations with their Middle Eastern allies.
14 posted on 05/06/2003 12:54:38 PM PDT by Grampa Dave (Free Republic, where leftist liars are exposed 24/7!)
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To: Shermy
Chretien and Chirac are salivating on this one. Since they both have a stake in the company.
15 posted on 05/06/2003 12:55:18 PM PDT by lilylangtree
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To: lilylangtree
Time to kill two frogs with one stone.
16 posted on 05/06/2003 1:50:51 PM PDT by johniegrad
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To: Shermy
What is it with the French, constantly changing their names? The conservative party in France just did it (RpR or whatever they are now), and TFE is doing it... they're fickle little cheese-monkeys.
17 posted on 05/06/2003 2:17:26 PM PDT by xm177e2 (Stalinists, Maoists, Ba'athists, Pacifists: Why are they always on the same side?)
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To: Shermy
PARIS - French oil giant TotalFinaElf reported Tuesday a 48 percent jump in profit in the first quarter, boosted by high oil prices, and said it was changing its name to Total in an effort to revamp its image.

Is that dateline really . . . Paris? But I thought it was the U.S. that went to war for oil. /sarcasm

18 posted on 05/06/2003 3:21:59 PM PDT by fightinJAG
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To: aristeides
They are taking "Elf" out because, in light of Dubya's great military success, they are afraid they might be associated with L'il Tommy Dasshole's "failed diplomacy" remarks.
19 posted on 05/06/2003 3:23:15 PM PDT by fightinJAG
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To: fightinJAG
Franco-Arabia bump!!
20 posted on 05/06/2003 6:04:33 PM PDT by johniegrad
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To: Shermy
Whats the SA at the end of their name mean? Sucks Anal hairs?
21 posted on 05/06/2003 9:05:05 PM PDT by JHrules
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To: Shermy
Follow da oil. Or since its name was changed to "Total," is it now "follow da cereal?"
22 posted on 05/08/2003 1:17:53 PM PDT by mafree
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