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Investing.com -- TotalEnergies (EPA:TTEF) reported a 23% drop in second-quarter earnings on Thursday, marking its weakest quarterly performance in four years, as lower oil and gas prices outweighed gains from increased upstream production.
Adjusted net income fell to $3.6 billion in the quarter ended June 30, down from $4.7 billion a year earlier and $4.2 billion in the first quarter. The result was in line with analyst forecasts compiled by LSEG.
Despite the earnings slide, the French energy giant said it would continue its $2 billion share buyback program into the third quarter.
Earnings from the refining and chemicals segment fell 39% year-on-year, while profits from its integrated LNG business declined nearly 10% from the prior year and were 20% lower than the previous quarter. TotalEnergies said the drop was due to lower prices and reduced market volatility, which limited trading opportunities.
On a more positive note, the company’s integrated power division posted a 14% rise in profit compared to the same period last year, reaching $574 million and beating expectations.
Looking ahead, TotalEnergies expects hydrocarbon production to rise 3% in the third quarter versus the same period in 2024, consistent with its full-year target of over 3% output growth.
Full-year net investments are projected to remain within the previously guided range of $17–17.5 billion.