French energy giant TotalEnergies posted a 22% decline in first-quarter earnings versus a year earlier on Friday as higher refining margins only partly offset a steep decline in natural gas profits.
Adjusted net income for the three months to end-March came to $5.1 billion, slightly above the $5 billion in a consensus estimate of analysts forecasts compiled by LSEG.
Natural gas prices in Europe have tumbled 45% in the last year due to mild winter weather and easing worries over supplies.
Less volatility in the market also eroded trading opportunities though Total managed to offset those lower earnings with better margins in refining. Cash flow from operations came to $2.2 billion versus $5.1 billion a year earlier.
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Hydrocarbon production was roughly stable versus the prior quarter at 2.46 million barrels of oil equivalent per day, as the startup of new liquefied natural gas (LNG) projects Mero 2 in Brazil and Akpo West in Nigeria offset the sale of Canadian oil sands assets in late 2023.
The company also confirmed it plans $2 billion in share buybacks in the second quarter.
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