Profit rose in the first quarter compared to the same period of the previous year for French energy and petroleum company TotalEnergies SE, it reported on Wednesday.
TotalEnergies reported that its first-quarter net income-group share increased 3% to $5.72 billion from last year's $5.56 billion.
Earnings per share were $2.40, higher than last year's $2.21.
Adjusted net income-group share was $5.1 billion or $2.14 per share, compared to last year's $6.5 billion or $2.61 per share.
In euro terms, adjusted earnings per share were €1.97, compared to €2.43 a year ago.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 19% to $11.49 billion from last year's $14.17 billion.
Sales for the quarter fell to $56.28 billion from prior year's $62.6 billion.
Revenues from sales were $51.88 billion, down 11% from prior year's $58.31 billion. Sequentially, revenues from sales fell 5%.
Further, the company said its board of directors decided the distribution of a first interim dividend of €0.79 per share for fiscal year 2024, an increase of 6.8% compared to 2023.
The board also authorized he company to buy back shares for $2 billion in the second quarter of 2024. These are in line with TotalEnergies' ambitious 2024 objectives, it said.
Looking ahead for the second quarter, hydrocarbon production is expected to be between 2.4 and 2.45 thousand barrels of oil equivalent per day (MBOE/d), impacted by planned maintenance that is partially compensated by ramp-ups of Mero 2 in Brazil and Tyra in Denmark.
The company confirmed net investments guidance of $17 billion to $18 billion in 2024, of which $5 billion is dedicated to Integrated Power.
