LONDON (ShareCast) - High oil prices were a boon to integrated oil company Total in the fourth quarter and the high times have continued into 2012, the company said.

The French company registered a 12.8% jump in fourth quarter net income thanks to high oil prices that outweighed weakness in its downstream markets.

The company’s adjusted net income came in at €2.73bn, compared to a €2.72bn consensus estimate and €2.03bn in the corresponding quarter of 2010.

Europe’s third largest oil company, which saw interruptions to its Libyan output during that country's civil war, confirmed its 2012-2015 output average growth target of 2.5%. Over the 2012-2014 period, the group plans to invest an average net amount of €23bn per year.

"In a period of economic slowdown, ongoing tensions on the global oil supply supported the Brent price above $110 per barrel in 2011. This environment has been favourable for the upstream, but it was difficult for the downstream activities, notably in Europe," Total's Chairman and Chief Executive Officer Christophe de Margerie stated.

Total currently trades down 0.53% to €40.93

JM

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