Earnings for Big Oil backpaddle as natgas prices tumble [Reuters]
TotalEnergies SE (TTE)
Company Research
Source: Reuters
In the U.S., missed Wall Street earnings targets on larger-than-forecast drop in natural gas earnings and Chevron beat tempered expectations with better-than-expected U.S. oil production. French oil major also slightly beat analysts forecasts as good refining margins partially offset a steep drop in profits from natural gas. CEO Patrick Pouyanne, however, warned that the higher oil prices that have offset weak natural gas profits could cut into refining margins later this year. Exxon's profit fell 28%, Chevron decreased 16% and TotalEnergies was down 22% year-on-year, with the two U.S. oil majors also taking a toll from weaker profits from gasoline and fuels. Profits at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine. Reuters Graphics , the benchmark for U.S. gas, has been trading below $1.70 per million British thermal unit (mmBtu),
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TTE
Earnings
- 4/26/24 - Beat
TTE
Sec Filings
- 5/2/24 - Form 6-K
- 4/29/24 - Form F-3ASR
- 4/26/24 - Form S-8
- TTE's page on the SEC website