
TotalEnergies SE said Wednesday it would repurchase up to $2 billion worth of shares in the second quarter (Q2), even as its Q1 earnings dropped.
The French energy giant redeemed 33.3 million shares in the January-March 2025 quarter for $2 billion, according to quarterly results it published online.
TotalEnergies’ board also approved a first interim dividend for 2025 of EUR 0.85 per share ($0.97). That is the same as the prior quarter’s rate but up 7.6 percent from the first three interim dividends of 2024.
Chief executive Patrick Pouyanne said the newly declared payouts reflect TotalEnergies’ confidence in its balance sheet despite “a softening price environment with Brent below $70/b [per barrel] since the beginning of April and an uncertain geopolitical and macroeconomic context”.
Adjusted net income declined 18 percent against Q1 2024 to $4.19 billion as weaker oil prices offset higher natural gas and liquefied natural gas prices, as well as higher production. Adjusted net profit per share post-dilution was $1.83. TotalEnergies opened lower at EUR 51.19 in Paris on results day.
Hydrocarbon output totaled 2.56 million barrels of oil equivalent a day (MMboed), up 4 percent year-over-year thanks to “the continued ramp-up of projects in Brazil, the United States, Malaysia, Argentina and Denmark”, Pouyanne said. Production comprised 1.36 MMbd of oil including bitumen and 1.2 MMboed of gas including condensates and associated natural gas liquids.
“The start-ups of the Ballymore offshore field in the United States during the second quarter and Mero-4 in Brazil expected in the third quarter will continue to add high-margin barrels and further reinforce the Company’s 2025 hydrocarbon production growth objective of more than 3 percent”, Pouyanne added.
The exploration and production segment generated $2.45 billion in adjusted net operating profit, down 4 percent year-over-year.
Integrated LNG logged $1.29 billion in adjusted net operating profit, up 6 percent year-on-year despite LNG sales slipping 1 percent to 10.6 million metric tons thanks to higher prices.
“LNG trading results were in line with expectations for 2025 while gas trading encountered the unexpected downturn of European markets following new heightened uncertainties on the evolution of the Russian-Ukrainian conflict”, Pouyanne said.
Integrated power recorded $506 million in adjusted net operating profit, down 17 percent year-on-year despite net power production growing 18 percent to 11.3 terawatt hours. TotalEnergies reached 27.8 gigawatts of installed renewable generation capacity.
The refining and chemicals segment registered $301 million in adjusted net operating profit, down 69 percent year-on-year as a 59 percent fall in the European Refining Margin Marker offset higher processing volumes.
The marketing and services segment contributed $240 million in adjusted net operating profit, down 6 percent year-on-year as sales decreased 4 percent.
Total net profit before adjustments for extraordinary items landed at $3.85 billion, down 33 percent year-on-year. Adjusted earnings before interest, taxes, depreciation and amortization came at $10.5 billion, down 9 percent. Cash flow from operating activities was $2.56 billion, up 18 percent.
TotalEnergies ended the quarter with $97.13 billion in current assets including $22.84 billion in cash and cash equivalents. Current liabilities stood at $90.46 billion including $13.13 billion in current borrowings.
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