TotalEnergies SE (NYSE: TTE) reported Q2 EPS of $1.98, $0.15 worse than the analyst estimate of $2.13. Revenue for the quarter came in at $49.18 billion versus the consensus estimate of $53.47 billion.

OUTLOOK

Brent prices remain above $80/b at the start of the third quarter, with the OPEC+ countries having declared in early June 2024 the intention to continue their policy to sustain a stable oil market.

Given the lower seasonal demand in Europe, European gas prices are expected to be between $8 and $10/Mbtu in the third quarter 2024. However, in a context of supply tensions, Asian LNG prices are above $12/Mbtu, supported by higher demand, notably in China and India. Given the evolution of oil and gas prices in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu in the third quarter 2024.

The Company confirms net investments guidance of $17-$18 billion in 2024, of which $5 billion are dedicated to Integrated Power.

For earnings history and earnings-related data on TotalEnergies SE (TTE) click here.