Total

Paris-based oil giant Total last Thursday reported a loss of $5.7 billion for the fourth quarter of 2014. Write-downs of about $6.7 billion, mostly on Canadian oil sands projects, shale gas operations in the United States and European refining businesses, contributed to the loss, the company said.

Net income adjusted for inventory changes and one-offs fell 17 percent in the quarter compared with the same period a year earlier, to $2.8 billion. For the year, adjusted net income fell 10 percent to $12.8 billion on revenue of $236 billion.

Total also said that it would trim investment to $23 billion from $26.4 billion, partly by stopping projects that have become less profitable. It said it would accelerate the sale of some assets, echoing plans announced by other companies.

Total also said it would continue to address the issue of too much capacity in Europe by shutting down some parts of its Lindsey refinery in Britain with the loss of about 180 jobs. The company said a new plan for its refineries in France would be presented in the spring.

SK Lubricants

SK Lubricants, the world's largest producer of Group III base oils, reported last week that its operating profit rose 26% to 71.4 billion Korean Won (US$65.1 million) in the fourth quarter of 2014 as sales surged to a record high, climbing by 8% to W799 billion. The rise in sales followed the start-up of a new 630,000 tons per year API Group III plant base oil in Spain in a joint-venture with Repsol which began operations in September.

SK Lubricants' profit margin was at 8.94 percent, up from 7.63 percent for the same period a year earlier.

Lube margins held firm as Group III base oil prices fell much less than the steep slide in crude prices during the second half of last year.