TotalEnergies Sees 29% Profit Slide, Rewards Shareholders with Higher Dividend

TotalEnergies reported on Thursday that its net profit fell sharply in the second quarter, despite a rise in production, as global oil and gas prices continued to decline.

The French energy giant posted a 29% year-on-year drop in net profit, reaching $2.7 billion for the quarter. Nevertheless, the company described its performance as “robust,” noting that revenue slipped by 7.6% to $49.6 billion, a smaller decline compared to the 10% drop in Brent crude oil prices. This resilience was partly due to a 2.5% increase in production, averaging 2.5 million barrels of oil equivalent during the quarter.

“TotalEnergies delivered robust financial results in the second quarter,” said CEO Patrick Pouyanne in a statement. He added that the company remains committed to its “balanced multi-energy strategy,” with steady growth in both hydrocarbon and electricity production.

The firm also announced a second interim dividend of €0.85 per share, representing a 7.6% increase from last year, along with up to $2 billion in share buybacks for the quarter.