Latest news with #Total
Business Recorder
a day ago
- Business
- Business Recorder
TotalEnergies posts 23% drop in quarterly income as oil, gas prices sag
PARIS: TotalEnergies reported a 23% fall in second-quarter earnings on Thursday, as expected, the French oil major's worst performance in four years, as higher upstream production failed to offset lower earnings caused by the recent plunge in oil and gas prices. 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.
IOL News
3 days ago
- Business
- IOL News
Mozambique nears deal to revive Total's $20 billion LNG plan
Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies over the restart of a $20 billion (R354bn) natural-gas project. Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies over the restart of a $20 billion (R354bn) natural-gas project that halted four years ago because of an Islamic State-linked insurgency. Chapo earlier this month met with Total CEO Patrick Pouyanne to discuss resuming the project that has the potential to transform the economy of one of the world's poorest countries, he said in a July 19 interview. Mozambique's $900 million in bonds due 2031 rallied as much as 1.4% to the highest level since October, reaching 86.265 cents on the dollar by 12.28 pm in Maputo, the capital. 'I was with Mr. Pouyanne two weeks ago and things are going well,' Chapo said. 'In August, we will close our talks' about when to restart the project, he said.
BBC News
4 days ago
- Business
- BBC News
Lindsey Oil Refinery to shut after no buyer found
An oil refinery is to shut after the government said it was unable to find a buyer for Official Receiver took over the Lindsey Oil Refinery in North East Lincolnshire last month after its owner Prax went into administration, putting 420 jobs at Minister Michael Shanks said "no credible offers have been made to purchase the entire refinery and it will be winding down operations".Prax Group, which is led by chairman and chief executive Sanjeev Kumar Soosaipillai, purchased the refinery from French company Total in 2021. Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. Download the BBC News app from the App Store for iPhone and iPad or Google Play for Android devices.
Mint
4 days ago
- Business
- Mint
Mozambique Nears Deal to Revive $20 Billion Total Gas Project
(Bloomberg) -- Mozambican President Daniel Chapo said he expects to soon conclude talks with TotalEnergies SE over the restart of a $20 billion natural-gas project that halted four years ago because of an Islamist-militant insurgency. Chapo recently met with Total Chief Executive Officer Patrick Pouyanne to discuss resuming the project that has the potential to transform the economy of one of the world's poorest countries, he said in a July 19 interview. 'I was with Mr. Pouyanne two weeks ago and things are going well,' Chapo said. 'In August, we will close our talks' about when to restart the project, he said. Total halted work on Mozambique LNG, located in the northeastern Cabo Delgado province, evacuated workers and declared force majeure in 2021 after an escalation in attacks in the area by Islamic State-linked militants. The raids by the insurgents — which have since prompted the deployment of troops by both Rwanda and, for a while, Mozambique's neighbors to assist — drained momentum from the development of $50 billion worth of liquefied natural-gas projects, with Eni SpA and Exxon Mobil Corp. also developing plants. 'We have the small problem of jihad, terrorism,' Chapo said. In an earlier interview with Bloomberg in Spain, the president said that the while the region is more stable than four years ago, it isn't 'heaven,' but urged a restart nevertheless. Chapo was scheduled to meet Pouyanne in Maputo, Mozambique's capital, on July 10. Companies working on the construction of Total's plant have begun preparing to resume operations, according to people familiar with the matter, while Eni is said to have awarded a contract to Samsung Heavy Industries Co. to build its Coral North floating plant, adding to its $7 billion Coral South facility, which is already operational. The gas reserves discovered 15 years ago off Mozambique's northeastern coast are among the world's biggest. Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. --With assistance from Matthew Hill and Paul Burkhardt. More stories like this are available on
Time of India
16-07-2025
- Business
- Time of India
TotalEnergies flags lower oil, gas sales ahead of Q2 results
Lower prices for oil and liquefied natural gas will weigh on French oil major TotalEnergies' second-quarter earnings, even as its hydrocarbon production rose slightly, it said in a trading update on Wednesday. Total's hydrocarbon production in the second quarter of 2025 will show an increase of around 2.5 per cent year-on-year, it said. But a 20 per cent drop in the Brent crude price - from $85 per barrel a year ago to $67.9 per barrel in the second quarter of 2025 - means earnings for upstream will be lower. Crude oil prices fell in the second quarter as OPEC+, made up of the Organization of the Petroleum Exporting Countries and allies such as Russia, started to unwind self-imposed production cuts of 2.17 million barrels per day in April. TotalEnergies' shares were up 0.06 per cent at 0923 CET. Jefferies analyst Giacomo Romeo said the earnings preview was in line with consensus expectations. Last week BP flagged lower oil and gas sales, while Shell warned of lower gas trading earnings and a hit to its downstream chemicals business. Total said lower LNG prices and decreased price volatility resulted in its traders earning less than both last quarter and the second quarter of 2024. Downstream sales of refined fuels are expected to be flat compared to a year ago, when they earned $379 million. The integrated power business is expected to bring in between $500 million and $550 million, compared to $506 million a year ago. Refining and chemicals earnings are expected to reflect a slight climb in margins for refining crude over the first half of 2025, but overall Total's refining margin is still down 21 per cent compared to a year ago. The company is due to report second-quarter results on July 24.>
