TotalEnergies: Q3 refining margin plunges

(CercleFinance.com) - TotalEnergies announces that its European refining margin indicator plunged sequentially to $15.
4 per tonne in Q3 2024, about a third of the $44.9 in Q2.

The sharp drop in refining margins should lead to a sharp decline in downstream results for the quarter, while exploration & production results will reflect lower liquids valuations offset by higher gas prices.

Hydrocarbon production is expected to reach 2.4 Mboe/d, benefiting from the ramp-up of the Mero 2 project in Brazil, and partially offsetting unplanned shutdowns at Ichthys LNG and for safety reasons in Libya, it says.

Finally, TotalEnergies expects its integrated power division's results to be broadly in line with those of Q2, and estimates that those of its integrated LNG division should be in excess of $1bn.


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