TotalEnergies to Buy Back $2 Billion of Shares After Net Profit Rises — Update

By Pierre Bertrand

TotalEnergies reported an increase in net profit in the first three months of the year, exceeding analysts' expectations, and said it would buy back $2 billion of shares this quarter.

The French oil and gas company said net profit was $5.72 billion compared with $5.56 billion a year ago. On an adjusted basis, net profit came to $5.1 billion, a 22% on-year decrease.

The result compares with analysts' expectations of $4.88 billion in net profit, according to Visible Alpha consensus.

In addition, TotalEnergies said it would pay a first interim dividend of 0.79 euros ($0.85) a share for 2024.

Sales in the period came to $56.28 billion, compared with $62.60 billion a year prior, as hydrocarbon production fell 2% on year to 2.46 million barrels of oil equivalent a day and prices for crude oil rose but natural gas prices fell.

The company had previously anticipated first-quarter hydrocarbon production higher than 2.4 million boe/d.

TotalEnergies said average brent crude prices came to $83.2 a barrel, a 3% on-year increase, while Henry Hub gas prices fell 22% in the quarter.

The oil major said that it anticipated lower hydrocarbon production in the second quarter compared with the first quarter due to planned maintenance.

In the second quarter, TotalEnergies said it expects hydrocarbon production to be between 2.4 million and 2.45 million barrels of oil equivalent a day.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 26, 2024 02:52 ET (06:52 GMT)

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