By Giulia Petroni

TotalEnergies SE on Tuesday said the average margin on variable costs realized by the group's European refining business jumped in the first quarter.

The French oil-and-gas major said in its release of main indicators that the European refining variable cost margin was $87.8 a metric ton in the quarter compared with $46.3 a ton in the previous-year period. Results in refining and chemicals results are expected to be higher given sustained margins during the quarter.

Hydrocarbon production is expected to have exceeded 2.5 million barrels of oil equivalent a day in the first quarter, benefiting from the start-up of gas production on Block 10 in Oman and the acquisition of an interest in the SARB and Umm Lulu oil concession in the United Arab Emirates.

The company said the integrated liquefied natural gas segment should bring significant results, but it will be affected by lower demand for LNG in Europe due to mild weather and high inventory levels, the company said.

TotalEnergies is set to release its first-quarter results on April 27.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 18, 2023 05:53 ET (09:53 GMT)

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