TotalEnergies Reports 2023 Q3 Net Income Down 35%

(Reuters) TotalEnergies on Thursday posted a 35% fall in its third-quarter adjusted net income compared to a year ago, hurt by a drop in energy prices from highs hit following Russia’s invasion of Ukraine.

The French energy company’s Q3 adjusted net income stood at $6.5 billion. That compared to a record adjusted net income of $10 billion for the 2022 third quarter but beat the $5 billion posted in the second quarter of 2023.

Analysts had forecast $6.4 billion in adjusted net income, according to a consensus established by LSEG data.

TotalEnergies also confirmed $9 billion in share buybacks for the full year.

Oil prices remained buoyant at around $90 per barrel at the beginning of the fourth quarter, it said. A 2 million barrel per day increase in petroleum products this year was driven by emerging countries, notably due to a recovery in the aviation sector and demand from China’s petrochemical industry, TotalEnergies added.