Operating profit, which excludes non-recurring items, decreased by 14% to $4.7 billion (approximately €4.1 billion), the French oil company announced today.
Despite a 4% increase in production to 2,558 barrels of oil, results were affected by a 9% decline in oil prices (Brent).
Overall, the oil and gas exploration and production business achieved earnings of $2.4 billion (around €2.1 billion) in the first three months of this year, marking a 4% decrease compared to the same period in 2024, but a 6% increase from the last quarter of the previous year.
The operating profit from the liquefied natural gas (LNG) segment grew by 6% compared to the first quarter of 2024, reaching $1.2 billion (approximately €1 billion).
In contrast, the operating profit of the electricity business fell by 17% to $506 million (€444 million).
The CEO of TotalEnergies expressed confidence in the results achieved during the quarter and reaffirmed his expectation to “reach growth targets by 2025.”
The board of directors also confirmed the distribution of an interim dividend for 2025 of €0.85 per share, representing a 7.6% increase from the 2024 value.
Furthermore, the company announced its decision to continue its share buyback program up to $2 billion (€1.7 billion) in the second quarter, despite the Brent crude oil price being below $70 since the beginning of April and an “uncertain geopolitical and macroeconomic context,” TotalEnergies emphasized.
