French oil giant TotalEnergies (TTE.US) indicated in a trading update on Thursday that downstream performance is expected to benefit from a slight increase in refining margins in the fourth quarter of 2024.
According to Zhitong Finance App, French oil giant TotalEnergies (TTE.US) stated in a trading update on Thursday that it expects downstream performance in the fourth quarter of 2024 to benefit from a slight increase in refining margins. In the fourth quarter of last year, the company's refining margin Indicators in Europe reached $25.90 per ton, an increase from $15.40 per ton in the previous quarter. The company noted that it expects exploration and production performance in the fourth quarter to be impacted by a $5 per barrel decline in oil prices.
TotalEnergies’ adjusted Net income has declined for five consecutive quarters, hitting a three-year low at the end of September, reflecting the dual impact of disruptions in upstream Business and a sharp decline in European refining margins.
Due to a seasonal decline in Henry Hub Natural Gas demand impacting Trade performance, BP PLC (BP.US), Shell (SHEL.US), and Exxon Mobil (XOM.US) all issued profit warnings this month. Global demand for RBOB Gasoline and diesel also fell short of expectations, while new refineries coming online in Asia and Africa have resulted in an oversupply.
In light of weak Global oil demand and the stabilization of Energy prices following Europe’s loss of Russian Henry Hub Natural Gas supplies due to the Russia-Ukraine conflict, profits for the world's largest Oil & Gas companies are declining throughout 2024, after two years of record earnings.
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