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TotalEnergies net profit drops as oil prices fall
Economy

TotalEnergies net profit drops as oil prices fall

by  AFP
1 min read
A boost in output helped cushion a drop in global oil prices
A boost in output helped cushion a drop in global oil prices. Photo: Christophe ARCHAMBAULT / AFP/File
Source: AFP

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TotalEnergies said Thursday its net profit plunged in the second quarter despite increased output as global oil and gas prices dropped.

Despite the 29 percent year-on-year drop in net profit in the second quarter to $2.7 billion, the French firm called its performance "robust".

It kept its revenue drop to 7.6 percent, to $49.6 billion, below the 10 percent fall in the price of Brent crude oil, the international benchmark.

That was thanks in part to a 2.5 percent boost in output, to an average 2.5 million barrels of oil equivalent in the second quarter.

“TotalEnergies delivered robust financial results in the second quarter," chief executive Patrick Pouyanne said in a statement.

"TotalEnergies continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production," he added.

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The company confirmed a second interim dividend of 0.85 euros per shares, an increase of almost 7.6 percent from last year, and up to $2 billion in share buybacks in this quarter.

Source: AFP

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