TotalEnergies reported a 2.4% drop in third-quarter earnings on Thursday, meeting expectations as the French oil major raised upstream production and achieved improved…
TotalEnergies reported a 2.4% drop in third-quarter earnings on Thursday, meeting expectations as the French oil major raised upstream production and achieved improved crude refining margins to help offset lower oil prices.
Adjusted net income slipped to $4.0 billion from $4.1 billion a year earlier, in line with an analysts' consensus compiled by LSEG - though Total had flagged a slight earnings rise in a trading update earlier this month.
Shares were down 1.7% at 53.24 euros at 1450 GMT, with analysts citing lower liquefied natural gas earnings and saying Total should sell more assets to cut debt.
"Some people are worried we are borrowing, but we are borrowing for the good. Cash flow is up," CEO Patrick Pouyanne told analysts on a results call, adding that acquisitions would boost production.
While oil prices LCOc1 in July-to-September were down about 14% from a year earlier, European margins on refining fuels have soared more than 300% to $63 per ton as the EU's ban on fuel imports made from Russian oil restricted supply just as diesel demand rose during the holiday driving season.
That boosted Total's downstream results by $462 million versus a year earlier.
Total also increased its hydrocarbon production by
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