Poster and logo on the coupole tower, compagny total’s head office renamed totalenergies in 2021 in the la defense business district west of paris in courbevoie, france on 7 junce on 7 junce on 7 June 2024.
Antoine Boureau | AFP | Getty Images
French Oil Major Totalenergies On Wednsday Reported A Sharp Drop in Full-Year Earnings, Against a Backdrop of Lower Crude Pries and Weak Fuel Demand.
The oil and gas giant posted full-year 2024 adjusted net income of $ 18.3 billion, reflecting a 21% fall from $ 23.2 billion A year earlier.
Analysts Had Expected Totalenergies’ Full-Year 2024 Adjusted Net Income to come in at $ 18.2 billion, according to an LSEG-CompleD Consensus.
The Energy Major Reported BETTER-That-Expected Fourth-Quarter Adjusted Net Income of $ 4.4 Billion, an 8% Increase on the Previous Quarter.
Totalenergies said it was alive to close out the year on a positive note thanks to a strong performance in integrated liquefied natural gas and integrated power.
The Results Buck a trend of Consecurable Quarterly Losses. Totalenergies’ Adjusted Net Income Had Dropped for Five Straight Quarters to Notch A Three-Year low in September last year.
Other earnings highlights:
- Totalenergies’ full-year net income came in at $ 15.8 billion, down from $ 21.4 billion a year earlier.
- The company announced a 7% increase in the 2024 dividend to 3.22 euros ($ 3.35) per share.
In a Trading update Published Last Month, Totalenergies Said Its Fourth -Quarter Results Ors Likely Benefit from a Slight Increase in Hydrocarbon Production, Stranger Gas Trading and A MODEST INCREASE In Rafing Margings.
Totalenergies announced a 7% increase in the 2024 dividend to 3.22 euros ($ 3.35) per share and said it will target $ 2 billion of share buybacks per quality in 2025.
The company said it expects Higher Gas Pries and Robust Hydrocarbon Production in the first three months of 2025.
Paris-Listed Shares of Totalenergies were Last Seen 1.2% Higher during Early Morning Deals.
The World’s Top Oil and Gas Companies Have Seen Profits Fall from Record Levels in 2022when russia’s full-scale invasion of ukraine prompted international benchmark brent crude to jump to jump to Nearly $ 140 per barrel,
Oil prises have minutes cooled amid Faltering Global DemandWith Brent Crude Futures Averagging $ 80 per barrel in 2024 – About $ 2 per barrel less than during the previous year, according to the Us energy information administration,
Energy giants have reported Mixed fourth -Quarter and full-Year Results AMID Weaker Refining Margins and Lower Crude Pries.
Us oil giant Exxon Mobil beat Wall Street’s Estimate for Fourth-Quarter Profit Last Week, while Us Oil Producer Chevron And Britain’s Shell Both missed analyst forecasts.
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