.jpg)
1 hour ago
4
Article content
(Bloomberg) — TotalEnergies SE said second-quarter profit surged as the Iran war boosted prices of crude and refined products, offsetting a drop in profits in its gas business.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Adjusted net income rose 68% to $6.03 billion compared with a year earlier, the French energy major said in a statement Thursday. That about matched analyst estimates, which had been revised lower after Total flagged last week that it would it’s integrated gas unit had been hit by a significant under performance in trading.
Article content
Article content
Article content
Disruptions in the Strait of Hormuz and the conflict between Russia and Ukraine are tightening fuel supplies, boosting profits for the world’s top energy companies. TotalEnergies refining margin surged. Alongside peers including Shell Plc and BP Plc, it also has a large trading desk, which helped the company to take navigate the market upheaval.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“In a high-price environment related to the Middle East conflict, TotalEnergies is leveraging its integrated model and portfolio diversification,” Chief Executive Officer Patrick Pouyanné said in the statement.
Article content
On Wednesday, Norway’s Equinor ASA posted earnings that beat expectations as production climbed and the Iran war drove European natural gas prices higher.
Article content
Total will pay a second-quarter interim dividend of €0.90 ($1.03) a share, up 5.9% from a year earlier. It plans to repurchase as much as $1.5 billion of stock in the third quarter, in line with the previous three months. Back in February, Total said it would buy back $3 billion to $6 billion of its shares this year with oil at $60 to $70 a barrel.
Article content
While crude has since surged above these levels, the company reiterated that it would favor using extra profit to reduce the company’s debt.
Article content
Total’s gearing — the ratio of net debt to equity — fell to 13.1% at the end of the second quarter, excluding leases, from 15.5% at the end of March.
Article content
(Updates with CEO comments, details on buybacks and debt from the third paragraph)
Article content
English (US)