TotalEnergies Reports Sharp Decline in Third Quarter Profits

The oil giant attributes the 39% drop to declining refining margins and volatile oil prices amid global economic slowdown.

TotalEnergies' net profit fell to $2.3 billion in the third quarter, marking a 65% decrease from the same period in 2023.
The company's nine-month net profit for 2024 dropped by 28%, totaling $11.8 billion, due to reduced production and economic challenges in China and Europe.
Despite the profit slump, TotalEnergies increased its dividend by 7% and plans $8 billion in stock buybacks for the year.
The company highlighted its growth in renewable energy, with a 23% increase in green electricity production in the third quarter.
Global oil prices have reached their lowest in three years, driven by geopolitical tensions in the Middle East and economic uncertainty.