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Total reports 18 percent rise in profit

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May 7, 2008

PARIS—French oil giant Total SA says its first-quarter net profit jumped 18 percent amid record-high energy prices.

The world's fourth-largest oil and gas company said Wednesday that its net profit rose to euro3.6 billion (US$5.6 billion) in the first quarter from euro3.05 billion a year earlier.

Chief Executive Christophe de Margerie noted "new record highs" in oil prices, saying average Brent crude prices in the first quarter of 2008 were 67 percent higher than a year ago, and 9 percent higher than the previous quarter. Oil prices on Tuesday hit a record US$122.73 a barrel on worries about supply disruptions.

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