Oil giant TotalEnergies reports sharp rise in profits on high oil and LNG prices

TotalEnergies reported record refining margins of $33.20 per barrel in Q3, up from $13.50 in Q2, due to Middle East conflict disruptions. The company expects a $2 billion increase in cash flow from refining and chemicals operations. LNG prices rose 20% from Q2, boosting trading opportunities. Full Q3 results are due October 29.

TotalEnergies anticipates strong Q3 profits due to a near quadrupling in refining margins to $33.2 per barrel and a rise in LNG income. The company expects hydrocarbon production of 2.5 million boed and a 10% increase in refining throughput. Shares rose 0.7% to €80.7, up 45.2% year-to-date. The Iran war has boosted energy prices, benefiting major energy firms.

TotalEnergies (NYSE:TTE) stock rose in premarket trading after forecasting stronger Q3 performance in LNG and refining. Higher LNG prices and refining margins are expected to boost results. The company projects Refining Margin Marker to increase to $33.2 per barrel, up from $8.4 a year earlier. TotalEnergies anticipates production growth exceeding annual guidance and stronger cash flow. Analysts expect Q3 earnings of $3.40 per share, up from $1.77 a year ago.

TotalEnergies anticipates a significant third-quarter profit increase due to higher refining margins and LNG income, driven by the US-Israeli war with Iran. The company expects a refining margin of $33.2 per barrel, up from $8.4 a year ago. Shares rose 0.7% to €80.7, outperforming the broader market. TotalEnergies estimates a 5% impact on upstream output from the conflict, with downstream profits reaching 'exceptional levels'.

TotalEnergies (TOT) reported a surge in Q3 profits due to higher refining margins and throughput. Refining margins reached $33.2 per barrel, up from $8.4 a year earlier. The company expects a $2 billion cash flow boost from refining and chemicals. TOT's P/E ratio is 23.81, but its GF Score™ is 0/100, indicating potential financial concerns. No insider trading activity was reported.

TotalEnergies anticipates strong Q3 results due to higher refining margins, elevated oil prices, and increased gas prices. The company expects its European refining margin to rise to $33.2 per barrel, up from $13.5 in the prior quarter. Global conflicts and export restrictions have disrupted energy markets, reducing supplies and boosting prices. TotalEnergies' refining output increased 10% over the quarter, and its LNG business is expected to see a sharp rise in earnings.