Paris (Reuters) -Totalenergies published a net result adjusted in net decline in the first quarter of 2025 on Wednesday and slightly below expectations, due to the drop in oil prices and refining margins, while maintaining its action buyout program.
The oil and gas group, also very present in renewable energies, stressed in a press release that the oil markets remained volatile in a context of uncertainties linked to the customs rights of US President Donald Trump and that the refining and petrochemical margins were still “depressed”.
Totalnergies, however, benefits from European gas prices “supported” in a context of stock reconstruction.
The group recorded an adjusted net profit of $ 4.2 billion (-18%), an adjusted ebitda of 10.5 billion (-9%) and hydrocarbons production of 2.558 million barrels (+4%) over the January-March.
According to a consensus carried out by LSEG Refinitiv, analysts awaited an adjusted net profit of $ 4.3 billion.
The total action action ceded 3.67% to 50.43 euros at 8:35 am GMT, while RBC and Jefferies analysts underlined the increase in group debt of the group, which stood at $ 20.1 billion at the end of March against 14.2 billion a year earlier.
“If the current environment persists, we expect the company to revive its distribution rate (to shareholders), either in the second quarter, or during the investor day in September, with a possible reduction in share buybacks later this year,” RBC wrote in a note.
Totalnergies offers a dividend deposit of 0.85 euros per share under the first quarter, up 7.6%.
His CEO, Patrick Pouyanné, said that the Board of Directors had decided to continue share buybacks, at a level of up to two billion dollars for the second quarter, “despite an environment down under 70 dollars (61.45 euros) a barrel of Brent since the beginning of April and an uncertain geopolitical and macroeconomic context”.
The group has also confirmed for 2025 its forecasts to increase its production of hydrocarbons of more than 3% and net investments between 17 and 17.5 billion dollars, including 4.5 billion dedicated to low carbon energy, essentially to electricity.
(Written by Benjamin Mallet, with America Hernandez; edited by Kate Entringer and Augustin Turpin)
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