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1 month ago
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Source: AFP
TotalEnergies said Wednesday that its nett net fell successful the archetypal 4th contempt expanding production, arsenic a descent successful planetary crude lipid prices penalises the fiscal show of energy firms.
The French radical said that its first-quarter nett net came successful astatine $3.9 billion, a 3rd little than the aforesaid play successful 2024.
However, the institution noted that effect was broadly successful enactment with the last 4th of past year.
TotalEnergies boosted crude lipid accumulation by 2 percent from the archetypal 4th of 2024, but that wasn't capable to compensate for 9 percent driblet successful the planetary notation price.
Global crude prices person slid successful caller months arsenic stiff tariffs introduced by US President Donald Trump's medication person sparked concerns astir a slowdown successful the planetary economy that could interaction demand.
Gas accumulation climbed by six percent, with prices rising by astir 30 percent. The summation for liquefied earthy state (LNG) was lone 4 percent, however.
TotalEnergies boosted energy accumulation by 18 percent.
Chief enforcement Patrick Pouyanne said that "despite a softening terms situation with Brent beneath $70 per tube since the opening of April and an uncertain geopolitical and macroeconomic context," TotalEnergies had decided to boost its archetypal 4th interim dividend by 7.6 percent and proceed with up to 2 cardinal dollars successful stock buybacks during the existent quarter.
The institution maintained its outlook for betwixt $17 and $17.5 cardinal successful nett investments this year.
Given the economical uncertainty and OPEC+ nations boosting output it said lipid prices were volatile "between $60 and $70 per tube and refining and petrochemical margins are expected to stay weak".
Source: AFP
