TotalEnergies: Q2 results down

(CercleFinance.com) - TotalEnergies reported lower Q2 results on Thursday, notably penalised by a decline in its refining and chemicals performances.


Despite a 9% y-o-y rise in the price of Brent crude oil, the group's adjusted net income fell 9% to $4.7bn this quarter, whereas analysts were expecting an average of $4.8bn.

Net income, group share plunged by 34% to $3.8bn.

Hydrocarbon production reached 2.441 million barrels of oil equivalent per day, down 7% y-o-y.

In downstream activities (refining-chemicals and marketing and services), adjusted net operating income fell by 30% to around $1bn.

The oil company maintained its targets, including a refinery utilization rate above 85% in the third quarter, for net investments still expected to be $17bn to $18bn this year.

Total will also propose a second interim dividend for 2024 of E0.79 per share, up nearly 7% on 2023, and buy back up to two billion dollars' worth of shares in Q3.

Just before 10am the share was down 1.5%, slightly better than the 1.8% decline recorded in the CAC 40 index at the same time.


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