TotalEnergies (-4.06% to 59.95 euros) occupies last place in the CAC 40 due to the fall in its refining margins in the third quarter and the acceleration of the fall in black gold prices since yesterday evening. The oil group thus indicates that its European refining margin indicator stood at $15.4 per ton over this period compared to $100.6 per ton a year earlier. In the second quarter it amounted to 44.9 dollars per tonne. During this third quarter, the average “liquid” sales price increased from 78.9 to 77 dollars per barrel over one year.
At the same time, over this quarter, TotalEnergies reports that the average price of Brent stands at 80.3 dollars compared to 85 dollars in the previous quarter and 86.7 dollars a year ago during the same period.
In the third quarter, TotalEnergies’ hydrocarbon production is expected at 2.4 million barrels of oil equivalent per day, “benefiting from the ramp-up of the Mero 2 project in Brazil, partially offsetting unplanned outages on Ichthys LNG and for security reasons in Libya.
“The results of exploration-production will reflect the drop in the valuation of liquids offset by the increase in gas prices,” specified the group led by Patrick Pouyanné.
The average gas sales price increased from $5.47 to $5.78 per Mbtu in one year. Downstream results are expected to decline sharply due to “the very sharp drop in refining margins in Europe and the rest of the world”.
Integrated LNG’s results are anticipated at more than $1 billion, in a context of low market volatility and a drop in production due to unplanned maintenance on Ichthys LNG.
Integrated Power’s results are expected to be broadly in line with those of the second quarter.
In addition, the conflict in the Middle East continues to impact Total Energies shares like other oil stocks (Esso, Shell, BP). According to information released by the Washington Post on Monday evening, Israel should not strike oil installations in its response to the Iranian attack.
On the raw materials market, Brent fell by 1.41% to more than 74 dollars and WTI lost more than 1.80% to more than 70 dollars.
source: AOF
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