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.
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“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.
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.
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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.
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“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.
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.
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By AFP