TotalEnergies Q1 Earnings Drop 22%

Declining natural gas revenues dampened TotalEnergies' performance in the first quarter of 2024, with earnings down 22% due to shrinking natural gas profits, Indrabati Lahiri reported for Euronews.

While TotalEnergies' adjusted net income for the first quarter of the year surpassed market expectations, it was still 22% less than the $6.5 billion seen in Q1 2023. I Photo: TotalEnergies Facebook

However, a stronger-than-expected oil market did manage to offset this somewhat, although increasing crude oil prices could pose a problem for refining margins in the next few months, according to TotalEnergies.

Adjusted net income for the first quarter of the year surpassed market expectations, coming in at $5.1 billion (€4.75 billion), more than the $5 billion previously anticipated by London Stock Exchange Group (LSEG) analysts.

However, it was still 22% less than the $6.5 billion seen in Q1 2023.

Adjusted EBITDA came in at $11.5 billion for the quarter, a 19% drop from the $14.2 billion seen in the first quarter of 2023.

Cash flow from operating activities clocked in at $2.2 billion, a 58% plunge from Q1 2023’s $5.1 billion. The company also announced that it would be rolling out share repurchase programs worth around $2 billion this quarter.