TotalEnergies profits drop as prices slide

PARIS, Apr 30 (AFP): TotalEnergies said Wednesday that its net profit fell in the first quarter despite expanding production, as a slide in global crude oil prices penalises the financial performance of energy firms.

The French group said that its first-quarter net profit came in at $3.9 billion, a third lower than the same period in 2024.

However, the company noted that result was broadly in line with the final quarter of last year.

TotalEnergies boosted crude oil production by two per cent from the first quarter of 2024, but that wasn't enough to compensate for nine per cent drop in the international reference price.

Global crude prices have slid in recent months as stiff tariffs introduced by US President Donald Trump's administration have sparked concerns about a slowdown in the global economy that could impact demand.

Gas production climbed by six per cent, with prices rising by nearly 30 per cent. The gain for liquefied natural gas (LNG) was only four per cent, however.

TotalEnergies boosted electricity production by 18 per cent.

The company maintained its outlook for between $17 and $17.5 billion in net investments this year.