TotalEnergies says oil production to hit high end of Q2 guidance
French oil major TotalEnergies said on Tuesday its 2Q hydrocarbon production levels will hit the top end of its guidance range, while pressure on refining margins will be partly alleviated by higher refinery utilization.
TotalEnergies quarterly earnings are due on July 25, and investors are closely watching the company and its peers as refining margins are dragged down by softening gasoline demand. London-listed bp earlier this month released a profit warning.
Total expects fossil fuel production to reach the high end of a previously announced range, at close to 2.45 mboe (thousand barrels of oil equivalent) per day.
Its Integrated Power business is expected to post earnings of around $500 MM, with quarterly cash flow seen in line with $2.5 B to $3 B guidance. LNG results are seen broadly in line with the first quarter.
TotalEnergies shares were down by around 0.8% in early trade on Tuesday, in line with the broader market.
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