The French oil company TotalEnergies, which turned 100 years old on March 28 this year, increased its profit after tax to 5.7 billion dollars in the first quarter, from 5.6 billion in the same period last year. However, adjusted net profit fell from 6.5 to 5.1 billion dollars, according to the oil giant’s quarterly report on Friday.
The cash flow from operations excluding working capital is reported at 8.2 billion dollars, compared to 9.6 billion a year ago.
With the adjusted yield and cash flow, TotalEnergies itself believes that the company delivered strong results, in line with its own “ambitious” 2024 targets.
The decline in adjusted profit was also less than analysts had expected. Consensus ahead pointed to an adjusted profit of $5.0 billion, according to Bloomberg.
CEO Patrick Pouyanné attributes the profit improvement to weaker gas prices, but he also says that oil prices and refinery margins remained strong during this period.
Higher yield
The board of TotalEnergies has decided on the first shares of 0.79 euros per share. share for fiscal year 2024, an increase of nearly 7 percent compared to 2023. This was in line with expectations, according to Bloomberg.
There will also be a buy back program where the company will buy back shares for 2 billion euros in this quarter.
The company also reiterates its guidance for this year’s investments, which will amount to $17-18 billion.
The TotalEnergies sector is little changed in Paris trading on Friday morning. So far this year, the stock is up about 10 percent.
2024-04-26 08:29:30
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