TotalEnergies' Profit Drops More Than Expected in Third Quarter Amid Sharp Drop in Refining Margins [Financial Post (Toronto, Ontario, Canada)]
TotalEnergies SE (TTE)
Company Research
Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — TotalEnergies SE reported a bigger-than-expected drop in profit for the third quarter as refining margins and oil prices fell. Following a period of unusually high oil and gas prices in recent years, earnings at the French energy giant and its peers are now normalizing as weak economic growth in Europe and China undermines demand. That's putting pressure on the balance sheets of these companies, which have been rewarding investors with hefty payouts. TotalEnergies' adjusted net income was $4.07 billion in the quarter, down from $6.45 billion a year earlier, it said Thursday. Analysts had expected profit of $4.27 billion. The results reflect the “very sharp decrease in refining margins in Europe and the rest of the world,” Chief Executive Officer Patrick Pouyanne said in a statement. He also said gas trading hasn't been “fully benefiting from markets characterized by low
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- TotalEnergies declares $0.79 dividend [Seeking Alpha]Seeking Alpha
- TotalEnergies third-quarter income drops as refining margins collapse [Yahoo! Finance]Yahoo! Finance
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- 10/31/24 - Miss
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Sec Filings
- 10/31/24 - Form 6-K
- 10/1/24 - Form 6-K
- 9/26/24 - Form SD
- TTE's page on the SEC website