TotalEnergies (TTE.US) Q4 refining margins saw a slight rebound, which is expected to positively impact downstream performance.
1min read French oil giant TotalEnergies (TTE.US) stated in its trading update on Thursday that it expects downstream performance in the fourth quarter of 2024 to benefit from a slight increase in refining margins. The company's refining margin indicator in Europe reached US$25.90 per ton in the fourth quarter of last year, up from US$15.40 in the previous quarter. It noted that the exploration and production performance in the fourth quarter would be affected by a US$5 drop in oil prices per barrel.Total's adjusted net profit has fallen for five consecutive quarters, hitting a three-year low in September, reflecting the impact of disruptions in its upstream business and a sharp decline in refining margins in Europe.British oil major BP (BP.US), Shell (SHEL.US) and Exxon Mobil (XOM.US) all issued profit warnings this month, citing weaker-than-expected demand for gasoline and diesel, as well as oversupply due to the commissioning of new refineries in Asia and Africa, and a seasonal drop in gas demand.The world's largest oil and gas companies have seen profits fall throughout 2024 after hitting record highs in the previous two years, amid weak global oil demand and stabilizing energy prices after the loss of Russian gas supplies to Europe following the conflict between Russia and Ukraine.
