TotalEnergies climbs as strong trading offsets Middle East output hit
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TotalEnergies expects a boost in Q1 earnings due to strong trading and higher oil and gas prices, despite production losses in the Middle East. The company's shares rose 3% in premarket trading after the announcement.
TotalEnergies SE expects a significant boost to its first-quarter earnings due to higher oil and gas prices and strong trading activity. The French energy major's U.S.-listed shares rose about 3% in premarket trading. First-quarter output is expected to remain roughly flat at around 2.55 million barrels of oil equivalent per day, with new project startups offsetting lost production in the Middle East. Exploration and production earnings are expected to rise, with higher hydrocarbon prices adding $2 billion to $2.5 billion to working capital. Liquified natural gas results are also expected to be higher than the fourth quarter, driven by 10% production growth and strong trading activity. TotalEnergies is due to report full first-quarter results on April 29.
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