TotalEnergies to report higher Q2 profit on war-driven price rally
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TotalEnergies forecasts a rise in second-quarter profit, citing a war-related rally in oil and gas prices. The French energy giant said on Thursday that higher commodity prices would boost earnings. The company is set to release full results on July 28.
Profit Forecast
TotalEnergies expects its second-quarter adjusted net income to rise, driven by a war-related surge in energy prices. The company cited a 10% increase in Brent crude prices and a 15% jump in European gas benchmarks during the period. The forecast comes amid ongoing conflict in Ukraine, which has disrupted global energy supplies.
Market Context
The rally in oil and gas prices has boosted profits across the energy sector, with BP and Shell also reporting higher earnings. TotalEnergies' upstream production remained stable at around 2.8 million barrels of oil equivalent per day. The company's refining margins also improved, supported by tight product markets.
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