TotalEnergies Expects Flat Third-Quarter Hydrocarbon Output After Net Profit Slips — Update

By Pierre Bertrand

TotalEnergies said it expects third-quarter hydrocarbon production to remain largely unchanged from the second quarter, as it reported a fall in net profit for the three months to the end of June.

The French oil-and-gas major said it expects to produce between 2.4 million and 2.45 million barrels of oil equivalent a day in the third quarter, after posting output of 2.44 million boe/d in the second quarter. It had previously guided for second-quarter oil and gas production of close to 2.45 million boe/d.

Its exploration and production unit, responsible for the bulk of the company's coffers, benefited from the high availability of production facilities, TotalEnergies said Thursday. The unit posted a 5% on-quarter rise in adjusted net operating income, driven by higher oil prices that were partially compensated by lower gas realizations and production.

TotalEnergies said net profit fell to $3.79 billion from $4.09 billion a year earlier. On an adjusted basis, profit came to $4.67 billion.

Sales fell 4.5% to $53.74 billion.

Analysts had expected net profit of $4.96 billion, according to Visible Alpha consensus.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 25, 2024 03:35 ET (07:35 GMT)

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