TotalEnergies 1Q Profit Rose Despite Softening Prices
27 Aprile 2023 - 9:16AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE reported a rise in first-quarter profit despite
a softening oil-and-gas price environment and confirmed an increase
in the interim dividend.
The French energy major said that quarterly net profit came in
at $5.56 billion, up from $4.94 billion for the same period last
year. On an adjusted basis, net profit was $6.54 billion.
TotalEnergies' hydrocarbon production was 2.52 million barrels
of oil equivalent a day in the quarter, down 11% on year. Excluding
Russia's Novatek, production was up 1% on year as it benefited from
start ups and ramp ups notably in Brazil and Nigeria, as well as
the increase in OPEC+ production quotas.
In the second quarter, production is expected at around 2.5
million boe/d, benefiting from the restart of U.S. liquefied
natural gas company Freeport LNG and a utilization rate in
refineries up to more than 80% given the end of strikes in
France.
Sales decreased to $62.60 billion in the first quarter from
$68.61 billion for the year-earlier period.
The first interim dividend for 2023 was set at 0.74 European
cents ($0.82) a share, an increase of more than 7% compared to 2022
and in line with the shareholder return policy, TotalEnergies
said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 27, 2023 03:01 ET (07:01 GMT)
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