TotalEnergies SE

TTE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€93.00	Kxmb	Mcgqdlwm

TotalEnergies Earnings: Lower Commodity Prices Weigh on Results, but Power Segment Building Momentum

Allen Good

Jul 27, 2023

No-moat TotalEnergies' second-quarter adjusted net income results fell to $5.0 billion from $9.8 billion in second-quarter 2022 due to lower oil and gas prices and weaker refining margins. Excluding Novatek volumes, production increased 2% from the year before to 2,471 mboed. Our fair value estimate is unchanged.

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