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TotalEnergies says strong trading, high oil prices will boost Q1 ...
TotalEnergies said stronger trading, higher oil prices and resilient production should lift first-quarter earnings, with downstream results also helped by refineries running above 90%.
- On Thursday, TotalEnergies reported stable first-quarter production despite the Middle East war shutting down roughly 15 percent of output, while anticipating significantly increased earnings from higher oil prices.
- The conflict in Iran triggered closure of the Strait of Hormuz in late February, stranding energy supplies and sending Brent crude prices soaring to near $120 a barrel by March.
- TotalEnergies compensated for the shutdown by launching production at sites in Brazil and Libya, while the company expects a $5 billion working capital build for the quarter.
- Strong trading around market volatility significantly boosted liquefied natural gas earnings, and European refining margins reached $11.40 per barrel; the company releases official results on April 29.
- Integrated Power results are expected to be around $500 million, roughly flat compared to a year ago, while Marketing and Services remain in line with prior-year performance.
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TotalEnergies says was able to maintain production despite war
French oil and gas giant TotalEnergies said Thursday its production in the first quarter of the year was expected to have remained stable despite the Middle East war hitting its output in the region.
TotalEnergies Sees Q1 Profit Surge on High Prices, Strong Trading
Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its global oil and gas output, while the now-offline barrels account for about 10% of the supermajor's upstream c…
Despite production losses in the Middle East, TotalEnergy anticipates stable activity and rising results. ...
The French tanker has unveiled preliminary indicators for the first three months of the year and they point to a sharp increase in the group's profits. Gains in trading are high-flying.
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