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TotalEnergies Warns of Looming Oil Glut
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9 Articles
TotalEnergies Warns of Looming Oil Glut
TotalEnergies (NYSE: TTE) reported on Thursday its weakest adjusted net income for a quarter since 2021, hit by lower oil and gas prices, and warned of a coming oil glut in an unstable macroeconomic and geopolitical environment. The French supermajor booked an adjusted net income of $3.6 billion for the second quarter of the year, down by 15% on the first quarter and a 23% plunge from a year earlier, as lower oil and gas prices took their to…
The net profit of the petro-gas group fell by 29% in the second quarter, according to the figures reported on Thursday 24 July. But it maintained its production targets in both hydrocarbons and electricity.
TotalEnergies, Repsol, Halliburton: the first half-year results of heavy oil companies are down, like fossil fuel prices, which are too numerous on the market. A symptom of a gloomy economy and energy transitionThe first half-year results of oil groups fall and, for the moment, they are similar. On Thursday, it was the turn of TotalEnergies and Repsol: the French company saw its net profit fall by nearly 30%, that of the Spanish group by 36%. On…
This year, French oil giant TotalEnergies recorded a sharp decline in profits, falling by 29%. This decline was largely due to the fall in gas and oil prices on global markets.
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