TotalEnergies Swung to 2Q Profit
29 July 2021 - 5:17PM
Dow Jones News
By Giulia Petroni
TotalEnergies SE said Thursday that it swung to profit in the
second quarter of the year as business benefited from a progressive
recovery in oil demand and OPEC+ supply discipline.
The French oil-and-gas major posted a quarterly net profit of
$2.21 billion from a net loss of $8.37 billion in the year-earlier
period, when it booked exceptional impairments. On an adjusted
basis, profit came in at $3.46 billion.
Hydrocarbon production for the quarter decreased 3% on year to
2.75 million barrels of oil equivalent a day compared with 2.85
million BOE/D in the year-earlier period. The company said it
expects production to be around 2.85 million BOE/D in the full
year.
Sales in the second quarter amounted to $47.05 billion, compared
with $25.73 billion a year earlier.
TotalEnergies said it generated net cash flow of $3.15 billion
in the quarter, which covered the interim dividend and allowed
continued reduction of debt. Gearing fell to 18.5%, below the
company's goal of 20%.
The company also said it will distribute a second interim
dividend for 2021, stable at 66 European cents ($0.78) a share.
TotalEnergies said it has decided to allocate up to 40% of the
additional cash flow generated above $60 a barrel to share
buybacks.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 29, 2021 03:05 ET (07:05 GMT)
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