TotalEnergies' net profit collapses in 3rd quarter, weakened by lower refining profitability and oil prices

"In a bearish oil environment, with sharply declining refining margins, TotalEnergies is demonstrating the resilience of its integrated multi-energy model," said CEO Patrick Pouyanné, quoted in the results press release.

Compared to the second quarter, the world's fourth largest oil and gas major, which publishes in dollars, saw its net profit fall by 4% in the third quarter in the American currency, to 39 billion dollars. It is down 2,3% compared to the third quarter of 65.

Adjusted net income came to $4,1 billion for the period, compared with $4,3 billion expected according to the consensus calculated by FactSet and Bloomberg.

Net profit for the first nine months of the year fell by 28% to 11,8 billion dollars over a year.

"In a context of modest global economic growth and geopolitical tensions in the Middle East, oil prices are volatile," TotalEnergies points out. It also indicates that European gas prices are remaining at sustained levels, in a context of anticipation of winter consumption.

TotalEnergies has decided to distribute a third interim dividend for the 2024 financial year, in the amount of 0,79 euros per share, up nearly 7% compared to 2023. The group's Board of Directors has also authorized share buybacks of $2 billion in the fourth quarter of 2024, "in order to reach $8 billion over the year," said Patrick Pouyanné.