TotalEnergies SE (NYSE:TTE) reported an adjusted EPS of $1.98, missing the consensus of $2.09. Sales of $53.74 billion topped the consensus of $46.35 billion.

Hydrocarbon production fell 1% Y/Y to 2,441 kboe/d, benefiting from the high availability of production facilities.

Notably, last week, the company disclosed that it expects its hydrocarbon production levels in the second quarter to reach close to 2.45 Mboe/d, at the upper limit of its guidance range.

Apart from this, the company witnessed a 4% Y/Y decline in Exploration & Production and a 14% Y/Y increase in Integrated LNG businesses. Refinery throughput was up 3% Y/Y.

Also Read: TotalEnergies Drills Deeper into Africa, Secures Stake In Promising São Tomé Block

Adjusted operating income increased 14% Y/Y to $2.67 billion in Exploration & Production, declined 13% Y/Y to $1.15 billion in Integrated LNG, and decreased 36% Y/Y to $639 million in Refining & Chemicals segments.

Read: TotalEnergies Stock Gains Traction On Finnish Used Oil Reprocessing Acquisition: Details

Adjusted EBITDA stood at $11.1 billion, almost flat y/y, in the quarter. Operating cash flow stood at $9.0 billion, down 9% Y/Y in the quarter.

Dividend & Repurchase: The Board has decided to keep the second interim dividend at €0.79 per share for fiscal year 2024, a nearly 7% increase from 2023.

TotalEnergies repurchased 28.1 million shares in the second quarter of 2024 for $2 billion. The company has approved a $2 billion share buyback for the third quarter of 2024.

Outlook: For the third quarter of FY24, the company anticipates hydrocarbon production of 2.4 and 2.45 Mboe/d, reflecting the start-up of Anchor in the U.S. Gulf of Mexico.

Also, TotalEnergies expects a utilization rate in refineries above 85%, benefiting from the restart of the Donges refinery in France in the third quarter.

The company anticipates the average LNG selling price to be around $10/Mbtu in the third quarter.

For FY24, the company reaffirmed net investments of $17 billion-$18 billion, including $5 billion for Integrated Power.

This week, TotalEnergies agreed with German developer RWE AG (OTC:RWEOY) to acquire a 50% stake in OranjeWind, a 795 MW offshore wind project in the Netherlands.

Also, TotalEnergies approved a 100 MW / 200 MWh battery storage project in Dahlem, North Rhine-Westphalia.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).

Also Read: TotalEnergies Sells Nigerian Oil Assets for $860M: Focus Shifts to Gas

Price Action: TTE shares are down 2.32% at $65.70 premarket at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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