TotalEnergies : Q3 earnings in line but cash flow down and questions on cash returns – Outperform recommendation confirmed
>Q3 2024 results in line - Adjusted operating profit totalled $ 4.1bn, broadly in line with our expectations and the consensus, and down 12.8% sequentially, marked by a poor performance in R&C following the fall in refining margins.Fall in refining margins acting as a drag - In E&P, adjusted net operating profit was $ 2.48bn, in line with the consensus. Production fell slightly by 1.3% q-o-q to 2.4 Mboe/d, marked by the start-up of Mero 2 but offs...Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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