The TotalEnergies logo sits on the company’s headquarters skyscraper in the La Defense business district near Paris, France, June 26, 2023. REUTERS
PARIS, July 24 (Reuters) – TotalEnergies (TTEF.PA), reported a 23% fall in second-quarter earnings on Thursday, the French oil major’s worst performance in four years, as higher upstream production failed to offset lower earnings from oil, gas, and refined fuels.
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.
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, though the integrated electricity unit posted a higher-than-expected profit, up 14% on a year ago to $574 million.
Total confirmed it would continue to offer share buybacks of $2 billion in the third quarter.
It also guided for a 3% increase in hydrocarbon output in the coming quarter versus the same period a year ago.
Reporting by America Hernandez. Editing by Dominique Patton
