TotalEnergies’ Q2 Results Impacted by Lower LNG Sales, Prices and Weaker Refining Margins

SEATTLE (Oil Monster): The French energy major TotalEnergies declared results for the second quarter of 2024. The company reported subdued income, mainly on account of lower LNG sales and price along with weaker refining margins.

The company reported adjusted net income of $4.7 billion for the quarter, down from the earnings of $4.96 billion reported during the corresponding second quarter in 2023. The adjusted income missed consensus estimates by analysts.

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The company press release noted that its average upstream production for the quarter stood at 2.44 million barrels of equivalent per day (boepd), down marginally from the prior quarter, mainly due to planned maintenance activities. Meantime, the oil and gas output recorded growth by 3% in Q2 this year.

The adjusted net operating income of the Exploration & Production division surged higher by 5% over the prior quarter to $2.7 billion. On the contrary, the adjusted net operating income from the integrated LNG division saw notable decline by 18% quarter-on-quarter, as spot purchases continued to remain weak on lower LNG demand in Europe. Also, the Refining & Chemicals segment operating income plummeted 34%.

TotalEnergies anticipates oil and gas production to range between 2.4 million boepd and 2.45 million boepd in Q3 this year.