TotalEnergies third-quarter income drops as refining margins collapse [Yahoo! Finance]
TotalEnergies SE (TTE)
Company Research
Source: Yahoo! Finance
Adjusted net income was down 37% from a year earlier and down 12.7% from the previous quarter's $4.7 billion. The result just missed analyst expectations of $4.2 billion. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year on year to $10 billion. Earlier this month, TotalEnergies warned its financial results would take a hit as its refining margin tumbled 65%. Global refining margins have dropped sharply in recent months in the face of weaker global economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter - the largest quarterly decline in a year - on worries about the global oil demand outlook. TotalEnergies took a $1.1 billion impairment related to the August bankruptcy filing of U.S. subsidiary SunPower, and its exit of South African offshore gas field blocks 11B/12B and 5/6/7. Quarterly hydrocarbon production of 2.4 million barrels of oil-equivalent per day was at the low
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News
- Global refinery market weakness hits Parkland Corp.'s Burnaby refinery [BNN Bloomberg (Canada)]BNN Bloomberg
- TotalEnergies' third-quarter income hits three-year low as refining margins plunge [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Aduro Clean Technologies Reports Fiscal 2025 First Quarter Results [Financial Post (Toronto, Ontario, Canada)]Financial Post
- TotalEnergies' Profit Drops More Than Expected in Third Quarter Amid Sharp Drop in Refining Margins [Financial Post (Toronto, Ontario, Canada)]Financial Post
- TotalEnergies declares $0.79 dividend [Seeking Alpha]Seeking Alpha
TTE
Earnings
- 10/31/24 - Miss
TTE
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