TTE TotalEnergies SE

By Giulia Petroni

TotalEnergies SE reported a rise in first-quarter profit despite a softening oil-and-gas price environment and confirmed an increase in the interim dividend.

The French energy major said that quarterly net profit came in at $5.56 billion, up from $4.94 billion for the same period last year. On an adjusted basis, net profit was $6.54 billion.

TotalEnergies' hydrocarbon production was 2.52 million barrels of oil equivalent a day in the quarter, down 11% on year. Excluding Russia's Novatek, production was up 1% on year as it benefited from start ups and ramp ups notably in Brazil and Nigeria, as well as the increase in OPEC+ production quotas.

In the second quarter, production is expected at around 2.5 million boe/d, benefiting from the restart of U.S. liquefied natural gas company Freeport LNG and a utilization rate in refineries up to more than 80% given the end of strikes in France.

Sales decreased to $62.60 billion in the first quarter from $68.61 billion for the year-earlier period.

The first interim dividend for 2023 was set at 0.74 European cents ($0.82) a share, an increase of more than 7% compared to 2022 and in line with the shareholder return policy, TotalEnergies said.

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

(END) Dow Jones Newswires

April 27, 2023 03:01 ET (07:01 GMT)

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