TotalEnergies Q2 Earnings and Revenues Lag Estimates
TotalEnergies SE (NYSE: TTE) reported second-quarter 2024 operating earnings of $1.98 (€1.85) per share, missing the Zacks Consensus Estimate of $2.11 by 6.2%.
The bottom line declined 0.5% from the year-ago figure of $1.99 (€1.84). The year-over-year decline was due to lower refining margins.
Total Revenues
Total revenues for the second quarter were $53.7 billion, which lagged the year-ago reported revenues of $56.3 billion by 4.5%.
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Production
In the second quarter, hydrocarbon production averaged 2,441 thousand barrels of oil equivalent per day, down 1% year over year. The decline was due to a planned maintenance outage. The hydrocarbon production volumes were near the upper end of the guidance range of 2,400-2,450 thousand barrels of oil equivalent per day.
In the reported quarter, liquid production averaged 1,477 thousand barrels per day, down 6% year over year.
Quarterly gas production was 5,180 thousand cubic feet per day, up 7% year over year, attributed to higher gas output from all regions across the globe where TotalEnergies has natural gas operations.
Realized Price
Quarterly realized price for Brent was up 9% to $85 per barrel from $78.1 in the year-earlier period. The average realized liquid price was $81 per barrel, up 13% year over year.
Realized gas prices …
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