The French oil and gas company TotalEnergies more than doubled its net profit in the second quarter, whilst its adjusted figure was in line with analysts’ expectations.
According to a press release, net profit for April–June stood at $5.44 billion, compared with $2.59 billion for the same period last year.
Adjusted profit rose to $6.03 billion from $3.58 billion a year earlier. Analysts had also forecast an average of around $6 billion, according to LSEG.
Revenue rose by 28.3 per cent to $57.33 billion.
Hydrocarbon production in the last quarter fell by 4.3 per cent to 2.395 million barrels of oil equivalent per day, compared with 2.503 boe/d for the same period a year earlier.
Excluding the impact of the conflict in the Middle East, production rose by more than 4 per cent, the report notes.
TotalEnergies’ Board of Directors recommended increasing the dividend by 5.9 per cent year-on-year to $0.9 per share and approved a further share buyback of up to $1.5 billion in the third quarter.