TotalEnergies has become the latest supermajor to flag weak refining margins as the key drivers of expected lower third-quarter results. The downstream earnings of TotalEnergies are expected “to sharply decrease given much lower refining margins” in Europe and in the rest of the world, the French oil and gas giant said in a preview of its Q3 earnings to be published on October 31.
4 million barrels of oil equivalent boe/d, as the ramp-up of the Mero 2 project in Brazil partially offsets unplanned shutdowns at Ichthys LNG for maintenance and security-related disruptions in Libya. TotalEnergies is the latest supermajor to warn of lower Q3 earnings, due to falling refining margins and a decline in oil prices. Last week, BP said that weak refining margins and weaker oil trading results are expected to dent the firm’s third-quarter profit.
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