“Total Energy’s First Quarter 2023 Business Results Show Significant Decline Amidst Oil Price Drop”

The results of Total Energy’s business in the first quarter of 2023 showed a significant decline, which the French energy company attributed to the recent decline in oil and gas prices.

Adjusted net income decreased by 27% year-on-year; To record $6.541 billion, compared to $8.977 billion in the first quarter of 2022.

Net cash flow amounted to $3.201 billion in the first quarter of 2023, a decline of 63% compared to the same quarter of 2022, which amounted to $8.723 billion, according to the statement. Total Energy business results which was viewed by the specialized energy platform.

This is due to a decrease in cash flow of $2.005 billion, and an increase in net investment which was estimated at $3.517 billion to $6.420 billion this quarter.

Total Energy business results in the first quarter of 2023

Total Energy’s net income increased to $5.6 billion, up 20% compared to the same quarter of 2022, and up 70% compared to the fourth quarter of 2022.

While the adjusted net operating income from business segments decreased to $6.993 billion in the first quarter of 2023.

This represents a decline of 26% year-on-year, as the company recorded $9.458 billion in the first quarter of 2022, according to Total Energy’s statement of business results in the first quarter of 2023.

Cash flow from operations was $5.133 billion, compared to $9.621 billion in operating cash flow before working capital changes, reflecting a $4.5 billion increase in working capital requirements.

The French company decided to pay an interim initial dividend of €0.74 ($0.82) per share for fiscal year 2023, an increase of 7.25% compared to the 3 interim dividends paid for fiscal year 2022, and identical to the final ordinary dividend for fiscal year 2022.

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