By Christian Moess Laursen


TotalEnergies expects its second-quarter oil-and-gas output at the high end of it guidance range, but said weak refining margins will hamper downstream results.

The French energy major said Tuesday that it expects quarterly earnings from its exploration and production division to be boosted by oil-and-gas production coming in at the high end of its guided range and by oil prices rising since the first quarter.

In the first quarter, the unit--which is usually the company's main profit driver--reported $2.55 billion in adjusted net operating profit.

However, it also expects downstream results to suffer from decreasing refining margins in Europe and the Middle East, echoing a similar message from BP last week.

This will be partially compensated by a higher utilization of TotalEnergies' refineries and an increase in marketing results, it said.

Meanwhile, it expects its integrated liquefied natural-gas results to be broadly in line with the first quarter, when it booked $1.22 billion.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

07-16-24 0300ET