Energy
TotalEnergies’ Profit Drops More Than Expected as Oil Prices Fall
- CEO also cites lower gas trading revenue as a factor
- Company keeps pace of quarterly share buybacks at $2 billion
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TotalEnergies SE reported a bigger-than-expected drop in profit for the third quarter as refining margins and oil prices fell.
Following a period of unusually high oil and gas prices in recent years, earnings at the French energy giant and its peers are now normalizing as weak economic growth in Europe and China undermines demand. That’s putting pressure on the balance sheets of these companies, which have been rewarding investors with hefty payouts.