Total SA was hit by the same mix of declining refining margins and high exploration costs that have slammed its European peers in the fourth quarter, causing its earnings to slide. The French oil major said on Wednesday that fourth-quarter net profit totaled €1.61 billion ($2.18 billion), down 31% from €2.34 billion a year earlier. When adjusted for changes in inventories, the figure dropped 19% to €2.47 billion from €3.04 billion, below the expectations of nine analysts polled by The Wall Street Journal. Total’s oil and gas output has been dented by geopolitical disruptions and technological hurdles. Weak refining conditions in Europe—where margins have dropped due to lower consumption and mounting competition from cheaper refiners in the U.S. and Middle-East—are also biting into operating income. During the quarter, the company’s hydrocarbon output fell to 2.28 million barrels of oil equivalent a day, from 2.29 million barrels a day […]