TotalEnergies posts 23% drop in quarterly income as oil, gas prices sag
Adjusted net income fell to $3.6 billion for the three months to June 30 from $4.7 billion a year earlier, matching analyst expectations in an LSEG consensus, and down from $4.2 billion in the first quarter.
Brent crude prices have fallen 20% from a year ago, as OPEC+ producers - including members of the Organization of the Petroleum Exporting Countries and allies such as Russia - started to unwind output cuts of 2.17 million barrels per day in April.
Norway's Equinor on Wednesday reported a 13% drop in second-quarter profits, impacted by lower oil prices.
Total's margin for refining crude into fuels is down 21% from a year ago, despite a slow recovery in the first half of 2025 from a collapse last year due to sagging demand and an increase in global competition.
Its refining and chemicals earnings fell 39% compared to a year ago, the company said.
Profit from its integrated liquefied natural gas (LNG) unit was down 9.6% year-on-year, but 20% lower than the first quarter of 2025, as lower prices and less volatility meant traders could not profit from price changes.
The integrated power unit posted a higher-than-expected profit, however, up 14% from a year ago to $574 million.
Total confirmed it would continue to offer share buybacks of $2 billion in the third quarter.
It also forecast a 3% increase in hydrocarbon output in the coming quarter against the same period a year ago.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
8 hours ago
- Business Recorder
Oil steady after big gains on Trump's Russia ultimatum
BEIJING: Oil prices ticked up in early trading on Wednesday after rising more than 3% in the previous session as potential supply shortages came into focus after U.S. President Donald Trump gave Moscow an abbreviated deadline toward ending the war in Ukraine. Brent crude futures rose 14 cents, or 0.19%, to $72.65 a barrel by 0048 GMT while U.S. West Texas Intermediate crude climbed 2 cents, or 0.03%, to $69.23 a barrel. Both contracts had settled at their highest since June 20 on Tuesday. On Tuesday, Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war within 10-12 days, moving up an earlier 50-day deadline. 'Effective secondary 100% tariffs would lead to a dramatic shift in the oil market. A number of key buyers of Russian oil would likely be reluctant to continue purchases, particularly large U.S. trading partners,' ING analysts said in a note. 'While this gives OPEC+ room to start unwinding additional tranches of supply cuts, it would still leave the market in deficit under a worst-case scenario.' The U.S. had warned China, the largest buyer of Russian oil, that it could face huge tariffs if it continues buying, Treasury Secretary Scott Bessent told a news conference in Stockholm where the U.S. was holding trade talks with the EU. JP Morgan analysts said in a note that while China was not likely to comply with U.S. sanctions, India has signaled it would do so, potentially putting 2.3 million barrels per day of Russian oil exports at risk. The U.S. and EU averted a trade war with a deal that included 15% U.S. tariffs on European imports, easing concerns about the impact of trade tensions on economic growth and offering further support to oil prices. In Venezuela, foreign partners of state oil company PDVSA are still waiting for authorisations from the U.S. to operate in the sanctioned country after talks on the subject last week, which could return some supply to the market, potentially easing pressure for prices to rise.
Business Recorder
13 hours ago
- Business Recorder
Pre-departure ceremony held for Erasmus Mundus scholars
ISLAMABAD: As many as 114 Pakistani students, including 66 females-representing nearly 58 per cent of the cohort-are all set to pursue their dream studies at top universities across Europe. Pakistan has once again topped the list of Erasmus Mundus Scholarship Programme recipients for 2025, marking the fourth consecutive year of this remarkable achievement. To celebrate this milestone, the delegation of the European Union (EU) in Pakistan, in collaboration with the French Embassy, organised a pre-departure ceremony to honour the awardees. The event brought together Erasmus+ scholars, alumni, dignitaries, and institutional partners to recognise the growing success of the programme in Pakistan. Higher Education Commission (HEC) Pakistan has played a vital role in facilitating the Erasmus+ Programme since it began operations in Pakistan in 2014, with HEC's support formally offered in 2016. Through strategic partnerships, awareness campaigns, and dedicated assistance, HEC has promoted Erasmus+ as a flagship initiative for international academic mobility. The HEC exercised active collaboration with the EU delegation, higher education institutions, and alumni to encourage participation and strengthen Pakistan's academic presence on the global stage. The HEC promotes various Erasmus+ actions by organising information sessions for Pakistani universities and their faculty including deans, heads of departments, international offices, registrar offices, students, and related organisations. These sessions cover Erasmus Mundus Joint Masters (EMJM), including scholarships, Erasmus Mundus Design Measures (EMDM), International Credit Mobility (ICM), Capacity Building in Higher Education (CBHE), and Jean Monnet (JM) activities. Dr Riina Kionka, EU ambassador to Pakistan, emphasised the EU's commitment to youth empowerment, educational collaboration, and Erasmus+ as a bridge between Europe and Pakistan. She briefed the audience on the evolution of the Erasmus+ Programme, which began within Europe and later expanded globally. She expressed her delight that Pakistan has continued to secure the highest number of scholarships for four consecutive years and praised the dedication of programme alumni in mentoring and guiding new awardees, calling it a commendable example of solidarity. Dr Kionka noted that Erasmus+ is more than just a scholarship programme it is a platform for cultural exchange and mutual learning. She highlighted that it provides a legal pathway for young Pakistani students to pursue higher education abroad. Urging the scholars to embrace every learning opportunity, she emphasized the importance of mutual respect and shared values. She also extended her gratitude to all institutional partners, particularly HEC and the EU member states hosting the students. Speaking at the ceremony, Nicolas Galey, French ambassador to Pakistan, reiterated France's commitment to academic excellence and intercultural dialogue. He emphasised France's popularity as a destination for Pakistani students and expressed hope that the success of this programme would pave the way for Pakistani universities to join the Erasmus Mundus consortium. He added that this milestone should inspire the next step deeper institutional partnerships. Ambassador Galey commended the students for their achievements and encouraged them to fully embrace the academic and cultural diversity they would encounter in Europe. He advised them to make the most of their scholarship opportunities in service of Pakistan and urged them to keep their 'eyes and hearts open' to learning and cultural exchange. 'I am highly hopeful about your excellent future,' he concluded. Pakistan's participation in Erasmus+ has grown significantly over the years. To date, more than 2,500 Pakistani students have benefited from Erasmus+ scholarships, with over 200 students selected annually in recent years. In 2024, a record 189 Pakistani students were awarded Erasmus Mundus scholarships. For 2025, Pakistan has once again secured the top global ranking. Copyright Business Recorder, 2025
Business Recorder
19 hours ago
- Business Recorder
Oil prices rise 1% on trade war relief, US pressure on Russia
NEW YORK: Oil prices rose on Tuesday, extending the previous day's rally, on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Brent crude futures were up 95 cents, or 1.36%, at $70.99 a barrel at 12 p.m. EDT (1600 GMT), having touched their highest since June 23, while U.S. West Texas Intermediate crude was at $67.70, up 99 cents, or 1.48%. Both contracts settled more than 2% higher in the previous session. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. Oil rises on US-EU trade deal 'There is definitely some optimism around the trade deals,' said Bob Yawger, director of energy futures at Mizuho. 'It's not perfect, especially for the Europeans, but it is better than it could have been by a long shot.' The agreement also calls for $750 billion of EU purchases of U.S. energy over the next three years, which analysts say the bloc has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over Trump's second term. Top economic officials from the U.S. and China finished meetings in Stockholm that were aimed at resolving longstanding economic disputes and stepping back from an escalating trade war between the world's two biggest economies. Trump set a new deadline on Monday of '10 or 12 days' for Russia to make progress toward ending the war in Ukraine. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made. 'Oil prices rallied after President Trump said he would shorten the deadline for Russia to come to a deal with Ukraine to end the war, raising supply concerns,' ING analysts said in a note. Market participants are also waiting to hear the outcome of the U.S. Federal Open Market Committee meeting on Tuesday and Wednesday. The Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
