Total SA (FP) ’s first-quarter profit fell 10 percent as refining margins and output slumped at France ’s largest oil producer. Profit excluding changes in inventories dropped to $3.33 billion from $3.7 billion a year earlier, the Courbevoie, France-based company said today in a statement. The result compared with the $3.39 billion average of 10 analyst estimates compiled by Bloomberg. Production slid 6 percent to 2.179 million barrels of oil equivalent a day. Total declined 0.5 percent to 51.26 euros by 9:53 a.m. in Paris trading, paring gains for the year to 15 percent. The company follows BP Plc (BP/) and Italy ’s Eni SpA (ENI) in reporting lower first-quarter earnings. As the biggest refiner in western Europe , where it operates eight plants, Total has been hurt by lower crude-processing margins caused by overcapacity. Oil output fell after the loss of concessions in Abu Dhabi. Since the start […]