The record oil prices have yielded the highest ever net yearly profit in the history of French energy sector - in the name of France's oil giant, Total! Despite an 8 percent fall in its fourth-quarter profits, Total posted the record figures of annual net profit of 13.9 billion euros. Excluding one-time items and changes in the value of inventories, the underlying net profit figures for the fourth quarter stood at 2.873 billion euros.

Though Total's profits saw a decline in the fourth quarter, largely because of credit crunch hitting demand and nose-diving crude prices, the company's huge earnings in the first three quarters enabled it end the year on a momentous note. As the figures reported by France's largest company by market value, exceeded the analysts' estimates, the company is upbeat about continuing investment in the hope of a demand upturn.

The company, with nearly 100 billion euros market capitalization, reiterated its intention of investing about $18 billion in projects in the current year, as against $19 billion worth of investments last year.

Highlighting the fact that Total persisted with its investment in new fields and exploration contracts despite "unprecedented volatility" in the market environment, CEO Christophe de Margerie said: "Total demonstrated in the fourth quarter its strong resistance to the weakened environment!"