TotalEnergies Says Oil Production to Hit High End of Q2 Guidance

French oil major TotalEnergies said its second-quarter hydrocarbon production levels will hit the top end of its guidance range.
The company expects pressure on refining margins to be partly alleviated by higher refinery utilization.
TotalEnergies expects fossil fuel production to reach the high end of a previously announced range, at close to 2.45 million barrels of oil equivalent (mboe) per day.
The company’s Integrated Power business is expected to post earnings of around $500 million, with quarterly cash flow seen in line with $2.5 billion to $3 billion guidance.
TotalEnergies’ LNG results are seen broadly in line with the first quarter.
The company’s shares were down by around 0.8% in early trade on Tuesday, in line with the broader market.
Jefferies analyst Giacomo Romeo said the trading update looks overall in line and should trigger limited changes to consensus earnings.