Profit warning

TotalEnergies sees second quarter revenue fall due to lower oil price

De downstreamactiviteiten als raffinage brengen dan weer wel meer op.

Lower oil and gas prices are having their impact on TotalEnergies’ quarterly results. The French fuel giant announced on Wednesday that it expects lower earnings in Q2 as a result.

Although TotalEnergies announced on Wednesday that it produced 2.5 per cent more hydrocarbons this quarter than the same quarter last year, it would still be left with less financially. This is due to the fall in the price for its products, which fell from $72.20 a barrel in Q1 to $65.60 in Q2. Liquid gas revenues would also reflect the drop in LNG price.

However, TotalEnergies did anticipate that its other businesses were going to benefit from higher margins for refining. That price rose from $29.40 to $35.30 per tonne between the two quarters. Integrated power unit revenues were estimated at $500 million to $550 million.

BP and Shell also already sent out warnings that they expect lower revenues from oil and gas sales.

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This article was automatically translated from the Dutch language original to English (British).

Author: Matthieu Van Steenkiste

Source: MobilityEnergy.com

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