The French oil company TotalEnergies, which turned 100 years old on March 28 this year, increased its profit after tax to 5.7 billion dollars in the first quarter, from 5.6 billion in the same period last year. However, the adjusted net result fell from 6.5 to 5.1 billion dollars, according to the oil giant’s quarterly report on Friday.
The cash flow from operations excluding working capital is stated at 8.2 billion dollars, compared to 9.6 billion a year ago.
With the adjusted result and cash flow, TotalEnergies itself believes that the company delivered strong results, in line with its own, “ambitious” 2024 targets.
The decline in adjusted profit was also lower than analysts had expected. Consensus ahead pointed to an adjusted profit of $5.0 billion, according to Bloomberg.
CEO Patrick Pouyanné explains the profit development with weaker gas prices, but also points out that oil prices and refinery margins remained strong during the period.
Higher yield
The board of TotalEnergies has decided on a first dividend of 0.79 euros per share. share for fiscal year 2024, an increase of nearly 7 percent compared to 2023. This was in line with expectations, according to Bloomberg.
There will also be a buyback program where the company will buy back shares for 2 billion euros in the current quarter.
The company also reiterates its guidance for this year’s investments, which will amount to USD 17-18 billion.
The TotalEnergies share is little changed in Paris trading on Friday morning. So far this year, the stock is up around 10 percent.
