TotalEnergies' third-quarter income hits three-year low as refining margins plunge [Globe and Mail, The (Toronto, Canada)]
TotalEnergies SE (TTE)
Company Research
Source: Globe and Mail, The
Log in or create a free account to listen to this article. French oil major TotalEnergies TTE-N decrease third-quarter profit hit a three-year low of $4.1-billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings. Adjusted net income was down 37 per cent from a year earlier and 12.7 per cent lower 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 per cent year-on-year to $10-billion. Earlier this month, TotalEnergies warned its financial results would take a hit as its margin for converting crude oil into refined fuels declined 65 per cent. Global refining margins have dropped sharply in recent months in the face of weaker economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17 per cent in the quarter – the largest quarterly decline in
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- 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
- TotalEnergies third-quarter income drops as refining margins collapse [Yahoo! Finance]Yahoo! Finance
TTE
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- 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