TotalEnergies Sees Q3 Profit Boost as Refining Margins Nearly Quadruple
TTE sits 58% above its 52-week low of $57.44.
Summary
TotalEnergies expects a sharp Q3 profit uplift, driven by refining margins that nearly quadrupled to $33.2/bbl from $13.5 in Q2. Refining and chemicals cash flow is projected to rise $2B quarter-over-quarter, with throughput up 10%. Integrated LNG results are also expected to jump on a 20% Q/Q increase in average LNG prices. Integrated Power cash flow is guided to $750M-$800M, with a positive working capital contribution of about $3B for Q3. Hydrocarbon production is guided to 2.45M-2.50M boe/d, with underlying growth above 4% Y/Y excluding Middle East conflict impacts. Full Q3 results are due October 29.
Updated with a Benzinga report · What changed
Updates
· Benzinga — TotalEnergies guides Integrated Power cash flow of $750M-$800M and a positive working capital contribution of about $3B for Q3.
At the time of this announcement, TTE was trading at $90.90 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $200.1B. The 52-week trading range was $57.44 to $94.17. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.