Total sheds dollars in US shale


Total takes $500 mln impairment on Barnett shale gas field

PARIS Wed Feb 12, 2014 3:39am EST

Feb 12 (Reuters) – French oil major Total said it took a $500 million hit last year on the Barnett gas shale area in Texas relating 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 said at a briefing with reporters on Wednesday. “That’s much less than our competitors.” [and he is right, BP, Shell and BHP Billiton lost much more than that in the same period]

IN SOUTH AFRICAN TERMS AND AT THE EXCHANGE RATE R/$ FEBRUARY 13 THAT IS FIVE BILLION, FIVE HUNDRED AND THIRTY MILLION RAND (R5 530 000 000)

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