Total Takes $500 Million Impairment on Barnett Shale Gas Field
French oil major Total said it took a $500 million hit on the Barnett gas shale area in Texas in 2013, due to the drop in gas prices in North America, where it has a joint venture with Chesapeake Energy Corp.
"We passed a $500 million impairment on the Barnett shale gas field in 2013," Total investor relations head Martin Deffontaines told journalists. "That's much less than our competitors," he added.
Adjusted net profit of the oil and petrochemicals producer fell 19 percent to €2.47 billion in Q4 2013, missing analysts' forecast of €2.69 billion. Management blamed shrinking refining margins, lower oil prices and delays at key fields such as Kashagan in Kazakhstan.