TotalEnergies expects hydrocarbon production to be at the top of its guidance range for Q1
In a trading update, TotalEnergies said that it expects hydrocarbon output to be at the upper end of its range for the first three months.
It said that the hydrocarbon production for the first quarter 2025 will be between 2.5 and 2.55 millions barrels of oil-equivalent per day (Mboe/d), an increase of 4% on a year-on-year.
"Exploration-Production results should reflect this growth in production and the slightly more favourable price environment than in the fourth quarter of 2024," Total added.
Total's European refinery margin was $29.4 per ton, a slight increase from $25.9 per ton in the previous quarter.
Last week, British rival BP stated that it expected higher refining margins would contribute between $100 and $300 million in its first quarter earnings. This was similar to comments made by U.S. companies Occidental, and Exxon Mobil.
Total's fourth-quarter results, released in February, stated that it expects higher gas prices and upstream production, as well as power sales, in early 2025.
Total announced on Tuesday that the Integrated LNG results in the liquefied gas business should show higher LNG prices compared with the same period last year, but a slight drop compared with the previous quarter.
The company will report its first-quarter earnings on April 30, 2019. Reporting by Anna Peverieri in Gdansk and Alban Kachcher, with editing by Milli Nissi
(source: Reuters)
