Overview

• Adjusted net income fell 23% year-on-year to $3.6 billion in the second quarter, marking the company’s weakest quarterly performance since mid-2021.
• Brent crude prices slid 20% from a year ago after OPEC+ began unwinding 2.17 million barrels per day of output cuts, weighing on oil and gas revenues.
• Refining margins contracted 21%, driving a 39% plunge in refining and chemicals earnings compared with the same period last year.
• Higher upstream production and a 14% jump in integrated electricity unit profit to $574 million partly offset losses in the oil, gas and refining businesses.
• TotalEnergies confirmed a $2 billion share buyback for the third quarter and forecasts a 3% increase in hydrocarbon output for the coming quarter.