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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TotalEnergies SE | EU:TTE | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.05% | 64.94 | 64.84 | 65.28 | 65.35 | 64.63 | 64.93 | 3,178,823 | 16:40:00 |
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' adjusted profit has been in steady decline since the third quarter of 2022, when it peaked at almost $10 billion after a surge in oil and natural-gas prices following Russia's invasion of Ukraine earlier in the year. Natural-gas prices have fallen from record-high levels but remain volatile, particularly in Europe, and oil prices have also declined.
Still, major oil companies are continuing to post strong profits. Chevron on Sunday said it banked a $6 billion profit in the second quarter, roughly 6% higher than analysts had expected, 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 mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 27, 2023 02:54 ET (06:54 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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