French supermajor TotalEnergies NYSE TTE reported lower-than-expected net income for the second quarter of the year amid lower LNG sales and prices and weaker refining margins. TotalEnergies reported on Thursday an adjusted net income of $4.7 billion for the second quarter, down by 9% from the first quarter and also down from the $4.96 billion earnings for the second quarter of 2023. The Q2 2024 adjusted net income missed the analyst consensus estimate of a net profit of $4.96 billion.
In the LNG division, the company – which is the world’s second-largest LNG trader after Shell – saw LNG sales falling by 18% sequentially in the second quarter, “notably due to lower spot purchases, in a context of lower LNG demand in Europe.” Adjusted net operating income at the Integrated LNG division slipped by 6% from the first quarter, due to lower LNG prices and sales.