PARIS: French oil major TotalEnergies reported a 13% drop in fourth-quarter earnings on Wednesday, slightly missing expectations, as soaring margins on refining fuels and cash from selling stakes in renewable assets failed to offset lower oil and gas prices.
Total reported fourth-quarter adjusted net income of $3.8 billion (3.2 billion euros), versus $4.4 billion a year earlier.
Analysts had expected $3.9 billion, according to a consensus compiled by LSEG.
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