.jpg)
18 hours ago
3
Article content
(Bloomberg) — TotalEnergies SE said debt came down in the third quarter and will likely fall further by the end of the year as divestments bolster funds.
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
Net debt receded to $24.6 billion at the end of September from $26 billion at the end of June, the French energy major said Thursday. It also reported quarterly earnings that met analyst estimates.
Article content
Article content
Total’s shares have trailed those of US and UK peers for much of the year as debt ballooned. Investor concerns about borrowings prompted the company to reduce its quarterly share buybacks last month, and it signaled repurchases may fall further next year if oil prices continue to weaken.
Article content
Article content
Disposals including Argentine shale assets and wind and solar in France have recently helped reduce borrowings. Total’s gearing — a measure of indebtedness — was 17.3% at the end of the third quarter and is seen at 15% to 16% at year’s end.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The company reported higher oil and gas production and expects fourth-quarter output to rise more than 4% year-on-year as it benefits from the restart of the Ichthys LNG project in Australia. It also expects to complete $2 billion of divestments in the period, including in the US, Greece, Nigeria and Norway.
Article content
Lower oil prices weighed on third-quarter profit, with adjusted net income falling 2.3%. The shares slid 1.5% as of 9:56 a.m. in Paris.
Article content
The company also said its American Depositary Receipts will be converted to ordinary shares to be listed on the New York Stock Exchange starting Dec. 8. Total sought the change in an effort to reduce the discount of its stock versus US peers.
Article content
(Updates with debt in second paragraph.)
Article content
English (US)