TotalEnergies' quarterly profit drops 23% on lower oil and gas prices
Adjusted net income fell to $3.6 billion for the three months to June 30, down from $4.7 billion a year earlier and $4.2 billion in the first quarter.
Shares were down 1.4% to 52.59 euros at 0715 GMT.
Brent crude prices have fallen 20% from a year ago as OPEC+ producers - 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 (EQNR.OL), opens new tab on Wednesday reported a 13% drop in second-quarter profit, hit by lower oil prices.
TotalEnergies' net debt leapt 89% year-on-year to $25.9 billion, pushing gearing - a measure of debt to equity - to 22.6% including leases, as the company made $2 billion of acquisitions and spent heavily on projects - even as it extended a $2 billion share buyback into the third quarter.
"We do not expect investors to reward buybacks that are paid out of balance sheets indefinitely," RBC analyst Biraj Borkhataria said in an investor note.
Refining and chemicals earnings fell 39% from a year ago, the company said.
TotalEnergies' margin for refining crude into fuels dropped 21% from a year ago to $35.3 per ton, 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.
The company said it expected refining margins to rise above $50 per ton in the third quarter due to increased fuel demand during Europe's summer driving season.
Profit from its integrated liquefied natural gas unit was down 9.6% year-on-year and 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 beat forecasts, however, with a 14% rise in profit to $574 million.
TotalEnergies also forecast a 3% increase in hydrocarbon output in the third quarter against the same period a year ago.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
13 minutes ago
- Daily Mail
The Lionesses are on the brink of glory at the Euros... and so is their market value! Brand expert reveals how women's team are entering their 'influencer' era - and the one thing the men's team MUST learn from them
Should the Lionesses beat Spain in the Euros final on Sunday, they won't just be bringing football home, they'll be opening the door to a commercial future once thought to be intangible for the women's game. Their 2022 Euros triumph broke many preconceptions of what is achievable in the sport, and the top tier of women's football is fast becoming a goldmine for brands seeking authenticity, relatability and reach. The Lioness stars have become more than just athletes. They are style icons, social trailblazers and marketable personalities with growing influence that's not gone unnoticed by big player brands. 'They're doing more outside the sport than the men's team ever have,' says Hayley Knight, Co-Founder and Director of Comms for BE YELLOW, a leading PR and Media Relations Agency. 'They're more human. They're more accessible. They're pushing for equal access in sport for schools and they're influencing policy. 'And the one wonderful thing about the Lionesses in particular and this particular team is that there's no scandal, they're very open and honest. There's LGBT representation. It's very diverse. 'So there are a lot more brands that can invest and there's a lot more brand trust that they can hook onto. And the contracts will be longer because of that. 'Plus they have access to social media and influencer marketing in a way that previous teams and the men's team have never had access to.' Lucy Bronze's on-field heroics and social media visibility have landed her lucrative endorsements with the likes of VISA, Spotify, and recently, Rexona, that have seen her rake in the big bucks, amassing a whopping £3.5m net worth. Fashion house Gucci swooped up the ascendant Leah Williamson as a brand ambassador – and along with other deals with big players like Nike and Pepsi – the England captain has a staggering £4m net worth. And they're not the only millionaires in the squad - Chloe Kelly, Lauren James, and Alessia Russo can all boast at least six-figure values from their deals with industry giants like Calvin Klein, Google Pixel and Adidas, to add to their wages. Growing viewerships have seen the Lioness stars begin to bridge the chasm to the men's when it comes to earning away from the pitch, but that's not the only magnet for advertisers. 'They have different audiences, and more diverse audiences, than the men's teams,' Knight explains. 'They also have access to the women and girls market, which is a very underserved demographic, especially in sports. And that can be incredibly valuable to brands in order to help target them. Williamson, pictured stripping down to her underwear while modelling for Calvin Klein, has a staggering £4m net worth - thanks to sponsorship deals with big players like Nike and Pepsi 'A lot of brands' main focus is on Gen Z and the younger audience, and the Lionesses will allow them to access that.' With further Euro glory on the horizon, the already burgeoning market for England's female football stars could find a second, third, even fourth, wind in the coming years. 'I think over the next 12 to 24 months, merchandising growth could lead to about a £10 to 20m increase,' predicts Knight. 'I'd say we'll see about a 20 to 30% increase across endorsement deals. If the players go above and beyond the sport, they're probably looking to make about £20,000 to £60,000 per sponsored post. 'I think they could even exceed a 50% increase over the next few years.' Those endorsement premiums will almost certainly bleed into the salaries seen in the Women's Super League. At present, Chelsea forward Sam Kerr is reportedly the highest earner in the league, taking home a considerable £400k a year. That dwarfs the average annual salary of women footballers globally per FIFA's annual report, a measly £8k per year, which increases just under £18k when only the 41 clubs designated as Tier 1 are taken into account. Spain superstar Ainata Bonmati broke records last year by coming the first women's footballer to earn a salary of €1m a year (around £835k) - a record broken in the men's game in 1979 Still, even a superstar like Kerr would have to work roughly 385 years to make what Cristiano Ronaldo does in one – the Portuguese legend snaps up an unconscionable £153.5m a year in his new Al Nassr contract. Ainata Bonmati broke records last year by coming the first women's footballer to earn a salary of €1m a year (around £835k) - as a point of comparison, Trevor Francis became the first men's footballer to earn £1m when he joined Nottingham Forest in 1979 – 46 years ago. 'I don't think the ceiling will ever be as high as men's sports, unfortunately, and I hate to say that. But I think that the women will swiftly increase and bridge the gap. 'There's more growth potential for the Lionesses. 'I think [Switzerland star] Alisha Lehman is a really interesting example. She's positioning herself as an Instagram influencer beyond a top level player. And she's not just influencing football, she's also getting brand deals for fashion and beauty and lifestyle. And I think that we've only really seen that in the past with big fashion advertising campaigns for the likes of Beckham. But these women that already have that platform and work as influencers, become a lot more accessible to smaller brands.' The nation will be behind the Lionesses on Sunday, as they look to add to their growing trophy cabinet, but even if they don't succeed, Knight reckons their commercial value won't diminish.
Daily Mail
16 minutes ago
- Daily Mail
Could Britain's most popular car of all time return?
It was officially axed only two years ago but speculation has been brewing that Britain's most popular car name of all time could make a comeback. Almost five million examples were snapped up by UK drivers during its 47-year availability between its arrival in 1976 to the end of its production in July 2023. So, it's unsurprising to see numerous reports talking up a return for Ford's Fiesta. And despite gradually disappearing from showrooms over the last 24 months, roughly 1.5 million are still used on our roads today - more than any other motor. Loved by learners, collected by enthusiasts and popular among senior motorists; this is a name that is deeply ingrained in hearts of drivers of all ages and passion levels for cars. If the nameplate is to make a dramatic reappearance, it will surely be stamped onto a very different vehicle to the one we've known and loved for decades. Without question, if Ford is to bring the Fiesta name back, it will not be used for a combustion-engine model. And the brand's existing deal with another car-making giant could fast track its return as it has done former iconic names associated to the brand with the blue oval badge. Ford-VW deal could be key to Fiesta comeback Ford and Volkswagen currently have an agreement in place. It sees Volkswagen granted access to its rival's commercial vehicle platforms - like that of the Transit - in return for sharing its electric vehicle architecture. The tie-up has already sparked the return of the Explorer nameplate as well as the highly-contentious return of the Capri badge in 2024 after a near 40-year hiatus. Both are underpinned by VW platforms, with the pair sharing DNA with the Volkswagen ID.4 and ID.5 respectively. Volkswagen's head of sales and marketing, Martin Sander, who left Ford to join the German automotive powerhouse, told Auto Express that the collaboration with Ford on EVs has already proven to be 'very, very, very successful,' and suggested the partnership could extend into the future. During a recent interview, he told the automotive title that he did 'not want to rule out' any future opportunities to 'share technology again'. And VW's plans for smaller models could potentially instigate a return of the Fiesta nameplate. Volkswagen's 2026 EV the ideal Fiesta candidate Volkswagen is due to launch a compact ID.2 in 2026 - and a year later, an even smaller ID.1 is scheduled to follow. While Ford itself has not signalled the possibility of building a new entry-level electric hatchback smaller in dimension to its Puma Gen-E, Auto Express has hinted that the Fiesta name would be a logical option if the larger of these two EVs were part of the shared-platform arrangement. Ford has also said it is 'confident in its ability to compete in the right segments' - and currently with no small models at all, this could be a possibility. The ID.2 - based on the ID.2all Concept revealed in 2023 - is a mere 18mm longer than the last-generation Fiesta sold in Britain and too shares a practical five-door layout. As such, it seems the perfect fit for a reborn battery-powered Fiesta. The VW ID.2all concept was unveiled in Germany in 2023. It previewed the ID.2, which bosses said will cost no more than €25,000 - that's £22,000 - when it hits showrooms in 2026 Should Volkswagen and Ford's collaboration continue, the ID.2 appears to be the ideal fit for a rebadged Ford carrying the Fiesta name The ID.2 - based on the dimensions of the ID.2all Concept revealed in 2023 (left) - is a mere 18mm longer than the last-generation Fiesta sold in Britain (right) and too shares a practical five-door layout The specs: VW ID.2all concept However, questions will remain around whether VW is willing to let a genuine rivals take sales away from its own cars - as well as spin-off variants with other Volkswagen Group brands, with the Cupra Raval and Skoda Epiq also utlising the ID.2's ingredients. We put the question to Ford, who delivered a rather blunt - but inconclusive - response. 'We don't comment on any future product programs,' a spokesperson told us. Ford has only one model that could qualify for UK's new Electric Car Grant What could also accelerate Ford's appetite to bring smaller EVs to market is the recent announcement of the UK Government's Electric Car Grant. This will be available to models priced under £37,000. However, brands also need to meet specific manufacturing emissions criteria in order to qualify for the full £3,750 subsidy - and even a lower £1,500 allowance. While Chinese brands are expected to be excluded due to their heavy reliance on coal power stations for manufacturing, there are some European marques that are expected to have a number of eligible vehicles below this price point. Not Ford, though. Only the Puma Gen-E is listed below the £37k threshold. Explorer, Capri and Mustang Mach-E are all steeper. It is currently unknown which EV models will be accepted into the scheme, though the DfT exclusively revealed to This is Money that the initial list of eligible battery-powered cars would be shared before 11 August. Farewell Fiesta: Ford made its last Fiesta in the summer of 2023 as the US brand signalled the end of the road for Britain's most-bought car of all time that has been in production for 47 years The Ford factory in Cologne (pictured left) produced its final Fiesta on 7 July 2023. Images of the last car built have circulated on social media. Every member of the team on the assembly line and working on Fiesta at the Ford factory signed the model Former Ford Europe GM - now Volkswagen's head of sales and marketing - Martin Sander (centre) is seen here with workers on the Fiesta production line in Cologne the day before assembly of the small hatchback ended Do you want to see the Fiesta nameplate make a comeback? Let us know your thoughts in the comments below... The final Ford Fiesta emerged from the brand's Cologne factory in Germany on 7 July. Having first arrived in 1976 and been sold across seven different generations, the plucky small car has topped Britain's annual sales chart 16 times and leads the Cortina and Escort as the nation's all-time favourite model. It is still the most common car on our roads today and remains a staple of Britain's streets. Ford confirmed to This is Money in summer 2023 that the last two Fiestas off the line have been kept by the company. One - which was signed by the whole factory workforce when it came off the assembly line - is retained in its international fleet in Germany while the final right-hand-drive model has formed part of Ford UK's heritage collection.
Telegraph
2 hours ago
- Telegraph
Red Bull staff told to smile more as Christian Horner's exit papers over the cracks
Formula One is famous for making lots of noise, but the silence at Red Bull on Friday was frankly deafening. After the day of the long knives a fortnight ago – comprising the bombshell dismissal of team principal Christian Horner after 20 years and 405 consecutive races in charge, along with a couple of his senior lieutenants – this was the first real opportunity for those responsible to explain their reasoning. Oliver Mintzlaff, the former RB Leipzig chief executive who now runs the Red Bull GmBH division responsible for Formula 1, was present in the Spa paddock, along with a few of his sidekicks, including Ahmet Mercan, the global head of motorsports corporate projects. Helmut Marko, the octogenarian motorsport advisor who oversees Red Bull's junior talent programme, was also present and correct. These were the men who fired Horner in a London meeting on July 8, and who then waited in the Racing Bulls factory the following day while Horner tearfully addressed staff. No reason was given for Horner's sacking in the brief statement that followed from Red Bull Racing. Horner was not given one in person either. The Telegraph has been told that Marko was of the opinion that it had become 'more Christian Horner Racing than Red Bull Racing'. But in the statement put out, Mintzlaff merely thanked the 51-year-old for his 'tireless commitment, experience, expertise and innovative thinking', adding that Horner would 'forever remain an important part of our team history'. Cameras and notepads were therefore poised when Marko and Mintzlaff arrived in Belgium. But in the end neither man said anything. Mintzlaff apparently came close to talking a few times, but decided against it. Marko, who usually cannot resist a microphone, merely smiled and declined to speak to journalists who hovered. In that respect, the Austrian was at least following the advice he gave to Red Bull staff in a spectacularly ill-judged address the day after Horner's dismissal, when he told the stunned workforce to 'smile more' and 'work 10 per cent harder'. 'It was really awkward,' said one person who was there, adding that Marko 'completely failed to read the room'. Sources within the team suggest morale on the factory floor in those first few days after the announcement was at rock bottom. Horner has his enemies within the paddock. And despite being cleared by two internal inquiries in last year's sexting scandal, he was clearly not blameless in that affair. But he also remained immensely popular within the factory. He gave most of the people at Red Bull their jobs, growing the team from 300 to well over 1000. He signed off on their bonuses, their annual leave. He created the culture which led to 124 F1 wins and 14 titles. Senior figures were clearly blind-sided, too. The likes of chief engineer Paul Monaghan, technical director Pierre Wache and Verstappen's race engineer Gianpiero 'GP' Lambiase, recently promoted to head of racing, all stood by Horner last year. Lambiase will miss this weekend's race in Spa, as he did Austria last month, although it is understood to be for personal reasons. The Telegraph has also been told that multiple team sponsors – all of whom were brought in by Horner, or by his chief marketing officer Olly Hughes, were also shocked and upset at the manner of Horner's departure. None was consulted. It remains to be seen whether any of them says so publicly. 'Christian has been supportive,' says replacement The shock has subsided to a degree. That is understandable. If nothing else, Formula One teams adapt and move forward. The new man Laurent Mekies appears to be well-liked and is doing his best. The Frenchman made a good impression in his first FIA press conference yesterday. He was open and smiling (Marko will be happy), saying how the whole thing had been a complete surprise to him, how honoured he was to lead Red Bull, how generous Horner had been about his appointment. 'He was the first one to text, he was the first one to call,' said the 48-year-old, who was brought in by Horner and was even at the Englishman's charity clay pigeon shoot the week before replacing him. 'I think again this morning or yesterday, we texted each other. He has been nothing else than supportive, which is very impressive in the context.' But asked by the Telegraph Sport whether he had been given any reason for his predecessor's departure, Mekies admitted that he had not. 'The short answer is no, they haven't. We didn't get into the why and the why now. But they outlined the objectives they had for the team moving forward.' There may well be legal reasons for their silence. Horner's lawyers are currently negotiating a settlement that could be worth anywhere between £50m and £100m. But as long as it remains, it will be filled with speculation. Were the Verstappens behind Horner's sacking? Marko did say one thing on the record on Friday, to De Telegraaf, dismissing speculation that the Verstappens were in any way involved as 'complete nonsense'. But they must have been a factor, directly or indirectly. Were the shareholders terrified of Verstappen leaving? Intriguingly, the Telegraph understands Thai majority shareholder Chalerm Yoovidhya visited Verstappen in Monaco on the afternoon Horner was fired. Were they jealous of Horner's power and influence? The communications consultant who Marko has parachuted in for the next four races did tell the Telegraph on Thursday, when asked for the reason for his dismissal, that 'the can is the star, not the man'. Were they worried by declining performance? By the endless off-track controversy? In one possible slip of the tongue on Friday, Mekies did admit there was a desire 'to reduce the noise outside, just to concentrate on racing'. It was probably a combination of all of the above. But until someone senior at Red Bull Austria actually speaks, the speculation will continue. In the meantime, a bedraggled team soldier on, rivals no doubt circling like vultures on LinkedIn. Red Bull should be good in Spa this weekend, but will they decline as a force in the long run? Or can they rebuild for a third era of success? Wolff joked in the paddock on Friday that he would 'miss' his old sparring partner. 'He was one of the main casts [characters],' he noted. 'His track record speaks for itself.' Will Mekies be given that same autonomy to run the team how he sees fit? Will his power be diluted by Austria? There are a lot of questions still to be answered.
