TotalEnergies reports 2023 Q3 net income down 35%

TotalEnergies on October 26 posted a 35% fall in its third quarter adjusted net income compared to a year ago, hurt by a drop in energy prices from highs hit following Russia’s invasion of Ukraine.

A logo of TotalEnergies is seen at an electric vehicle fuelling station in the La Defense business district in Courbevoie near Paris, France, February 8, 2023.

The French energy company’s Q3 adjusted net income stood at $6.5 billion. That compared to a record adjusted net income of $10 billion for the 2022 third quarter but beat the $5 billion posted in the second quarter of 2023.

Analysts had forecast $6.4 billion in adjusted net income, according to a consensus established by LSEG data.

TotalEnergies also confirmed $9 billion in share buybacks for the full year.

Oil prices remained buoyant at around $90 per barrel at the beginning of the fourth quarter, it said. A 2 million barrel per day increase in petroleum products this year was driven by emerging countries, notably due to a recovery in the aviation sector and demand from China’s petrochemical industry, TotalEnergies added.