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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.24 | -1.81% | 67.35 | 67.34 | 67.35 | 67.93 | 66.26 | 67.74 | 2,133,755 | 15:19:39 |
By Giulia Petroni
TotalEnergies SE said Thursday that it swung to profit in the second quarter of the year as business benefited from a progressive recovery in oil demand and OPEC+ supply discipline.
The French oil-and-gas major posted a quarterly net profit of $2.21 billion from a net loss of $8.37 billion in the year-earlier period, when it booked exceptional impairments. On an adjusted basis, profit came in at $3.46 billion.
Hydrocarbon production for the quarter decreased 3% on year to 2.75 million barrels of oil equivalent a day compared with 2.85 million BOE/D in the year-earlier period. The company said it expects production to be around 2.85 million BOE/D in the full year.
Sales in the second quarter amounted to $47.05 billion, compared with $25.73 billion a year earlier.
TotalEnergies said it generated net cash flow of $3.15 billion in the quarter, which covered the interim dividend and allowed continued reduction of debt. Gearing fell to 18.5%, below the company's goal of 20%.
The company also said it will distribute a second interim dividend for 2021, stable at 66 European cents ($0.78) a share. TotalEnergies said it has decided to allocate up to 40% of the additional cash flow generated above $60 a barrel to share buybacks.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 29, 2021 03:05 ET (07:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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