TotalEnergies saw its first-quarter adjusted net income drop by 22% from a year ago, but the French supermajor's adjusted earnings beat the consensus estimate.
TotalEnergies NYSE TTE saw its first-quarter adjusted net income drop by 22% from a year ago, but the French supermajor’s adjusted earnings beat the consensus estimate. Stable oil prices and healthy refining margins failed to fully offset a decline in natural gas prices, but helped TotalEnergies beat analyst forecasts as it reported Q1 earnings on Friday. The company announced additional share buybacks and an increase in the first interim dividend for 2024.
46 million barrels of oil equivalent per day boe/d, benefiting from 6% quarter-to-quarter production growth in LNG and from start-ups at Mero 2 in Brazil and Akpo West in Nigeria. The output, however, is expected to slightly drop in the second quarter to between 2.4 million boe/d and 2.45 million boe/d, due to planned maintenance that will be partially offset by ramp-ups of Mero 2 in Brazil and Tyra in Denmark. TotalEnergies’ Board of Directors decided to pay a first interim dividend of 0.
France Fuel Fuel Prices Earnings Refining Oil Renewables LNG
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