TotalEnergies posts 23% drop in quarterly income as oil, gas prices sag
Adjusted net income fell to $3.6 billion for the three months to June 30 from $4.7 billion a year earlier, matching analyst expectations in an LSEG consensus, and down from $4.2 billion in the first quarter.
Brent crude prices have fallen 20% from a year ago, as OPEC+ producers - including members of the Organization of the Petroleum Exporting Countries and allies such as Russia - started to unwind output cuts of 2.17 million barrels per day in April.
Norway's Equinor on Wednesday reported a 13% drop in second-quarter profits, impacted by lower oil prices.
Total's margin for refining crude into fuels is down 21% from a year ago, despite a slow recovery in the first half of 2025 from a collapse last year due to sagging demand and an increase in global competition.
Its refining and chemicals earnings fell 39% compared to a year ago, the company said.
Profit from its integrated liquefied natural gas (LNG) unit was down 9.6% year-on-year, but 20% lower than the first quarter of 2025, as lower prices and less volatility meant traders could not profit from price changes.
The integrated power unit posted a higher-than-expected profit, however, up 14% from a year ago to $574 million.
Total confirmed it would continue to offer share buybacks of $2 billion in the third quarter.
It also forecast a 3% increase in hydrocarbon output in the coming quarter against the same period a year ago.
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