TotalEnergies has reported a 31% fall in adjusted net income for the fourth quarter of 2023, dropping to $5.2 billion, primarily due to lower oil prices and refining margins. Despite the earnings decline, the company has raised its dividend by 7.1% and announced $2 billion in share buybacks for the quarter. TotalEnergies has also indicated plans to maintain this level of share buybacks in future quarters. The firm's strong LNG volume growth has helped offset some of the weakness in refining and chemicals.
WATCH: TotalEnergies warned that weakness in refining margins would impact its 2024 results after lower oil prices drove a 31% decline in its adjusted income for the fourth quarter of 2023 https://t.co/yPJlCybxxM https://t.co/5InkHfJkYb
TotalEnergies said its adjusted income fell 31% in the fourth quarter of 2023, mainly due to lower oil prices and refining margins, and detailed plans to return excess capital to shareholders https://t.co/BEMWFnz0p6 https://t.co/LjkRd5N4yF
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TotalEnergies Hikes Dividend, Shrugs Off Profit Drop Payout up 7.1%, to buy back $2 billion of shares this quarter Strong LNG volume growth offset refining, chemicals weakness #oott https://t.co/WT8juZ1EqQ
TotalEnergies raises its dividend and continues share buybacks, shrugging off a 31% drop in fourth-quarter earnings https://t.co/uUMyPixkLC
BIG OIL 4Q EARNINGS: TotalEnergies misses (slightly) the consensus, reporting adj earnings of $5.2 billion. But it still raises the dividend (+7.1%) and announces $2 billion in quarterly buybacks, and promises to keep share purchases at that level in future quarters | #OOTT $TTE
⚠️ TOTALENERGIES ADJUSTED NET INCOME DOWN 31% IN Q4 (Reuters) TotalEnergies said on Wednesday its net adjusted income fell to $5.2 billion in the fourth quarter of 2023, down 31% compared to the same period a year ago, mainly due to lower oil prices and refining margins. The… https://t.co/vHEiqTyZbr