TotalEnergies reported a sharp decline in second-quarter net profit on Thursday, as falling global oil and gas prices offset gains from increased production.
The French energy giant posted a net profit of $2.7 billion for Q2, marking a 29% year-on-year decline. Still, the company described its performance as “robust”.
Revenue also fell, dropping 7.6% to $49.6 billion — a smaller decrease than the 10% fall in Brent crude oil prices over the same period. The impact of lower prices was partially cushioned by a 2.5% rise in production, with average output reaching 2.5 million barrels of oil equivalent per day.
“TotalEnergies delivered robust financial results in the second quarter,” said CEO Patrick Pouyanné.
“The company continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production.”
TotalEnergies announced a second interim dividend of €0.85 per share—a 7.6% increase from the previous year—and confirmed up to $2 billion in share buybacks for the quarter.
