TotalEnergies 2Q Profit Falls Short of Expectations

   By Mauro Orru 
 

TotalEnergies posted a profit below analysts' expectations in a second quarter marked by a softening oil and gas environment, and said it plans to buy back $2 billion worth of shares in the third quarter.

The French oil major said Thursday that its net profit had slipped to $4.09 billion from $5.69 billion in last year's second quarter. Adjusted net profit--one of TotalEnergies' most closely watched metrics by analysts and investors--plunged 49% to $4.96 billion.

Analysts had forecast an adjusted net profit of $5.12 billion, according to FactSet.

TotalEnergies said its board of directors had approved a second interim dividend of EUR0.74 a share, up 7.25% on year.

Sales fell to $56.27 billion from $74.77 billion. Hydrocarbon production increased 2% on year to 2.47 million barrels of oil equivalent a day, in line with TotalEnergies' forecast of around 2.5 million barrels of oil equivalent a day. For the current quarter, the group is forecasting hydrocarbon production of around 2.5 million barrels of oil equivalent a day.

For the year, TotalEnergies confirmed its guidance for net investments between $16 billion and $18 billion.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

July 27, 2023 02:41 ET (06:41 GMT)

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