TotalEnergies' profit fell by 28pc year on year, to $4.1bn, in the second quarter as it felt the effect of lower oil and gas prices.
The company's adjusted net profit, which strips out inventory effects and other one-off items, almost halved to $4.96bn.
Its realised liquids price of $72/bl was down by 30pc year on year but only 2pc on the quarter. Its realised gas price was down 46pc to $5.98/mn Btu compared with the same period last year and down by 33pc on the quarter.
Cash flow from operations for the second quarter was down by 39pc to $9.9bn on the year, and its net debt to capital ratio — or gearing — rose to 11.1pc from 9.8pc a year earlier. But the company's exit from Russian gas producer Novatek late last year is also having a sizeable effect.
Overall oil and gas production was down by 10pc year on year to 2.47mn boe/d. Liquids output increased by 6pc to 1.57mn b/d on the back of start ups and ramp ups in Nigeria and Norway and more stable production in Libya. Gas output, including Novatek, was down by a whopping 29pc to 4.845bn ft³/d. LNG sales were steady quarter on quarter at 11mn t, but down by 6pc from the same period in 2022.
Excluding the Novatek effect, output was up by 2pc on the year but down by 2pc from the first quarter of 2023. TotalEnergies expects its overall output to remain steady at 2.5mn boe/d in the third quarter.
In downstream, refinery throughput at 1.47mn b/d was down by 7pc year on year and up by 5pc on the quarter. The utilisation rate at 82pc was up by four percentage points on the January-March quarter.
The company's petrochemicals segment saw its monomer and polymers production fall by 4pc and 19pc respectively on the same period last year.
Total kept its expected capital investment spending forecast at $16-18bn for 2023, including $5bn in low-carbon energies.
