TotalEnergies Q2 Earnings and Revenues Lag Estimates Brent, Shell Plc, ExxonMobil, TotalEnergies SE, U.S. Gulf of Mexico, Occidental Petroleum by https://www.benzinga.com/
AI Insights:
Simple Explanation:
A big company called TotalEnergies reported that they made less money than expected in the last three months. They made $1.98 for each share of the company, which is less than the $2.11 that people thought they would make. They also made less money than they did in the same period last year. The company makes money from producing and selling oil and gas, but also from other things like electricity and power. They sold some assets and bought others, and they think they will invest about $17 billion this year. The company expects to make more money in the next quarter. Read from source...
Critical Perspective:
- The article title is misleading and clickbaity: "TotalEnergies Misses EPS Estimates" but doesn't mention the market
- The article doesn't provide any comparison with the market or the sector, which is essential for understanding the performance
- The article focuses on the negative aspects of TotalEnergies' results, without acknowledging the positive aspects, such as the increase in realized price for Brent and LNG
- The article uses the word "misses" instead of "fails to meet" or "falls short of", which implies a
Sentiment Analysis:
Neutral
Summary:
- TotalEnergies reported Q2 2024 earnings of $1.98 per share, missing the consensus estimate of $2.11 by 6.2%
- Revenues of $53.7 billion were down 4.5% YoY
- Hydrocarbon production averaged 2,441 thousand boe/d, down 1% YoY due to planned maintenance outage
- Realized price for Brent was up 9% YoY to $85 per barrel
- TTE acquired assets worth $544 million and sold assets worth $324 million in the quarter
- TTE expects hydrocarbon production in the range of 2,400-2,450 thousand boe/d in Q3 2024
- TTE anticipates investing in the range of $17-$18 billion in 2024
Investment Analysis:
We are not financial advisors. It's always essential for you to consult with a financial advisor and do your research before making any decisions about investments.
- TotalEnergies' second-quarter 2024 earnings missed the Zacks Consensus Estimate by 6.2%.
- Revenue, production, and earnings declined year over year.
- The company continued with its multi-energy strategy, focusing on renewable energy and acquisitions in Malaysia and deep offshore Congo, and divestments of mature assets.
- TotalEnergies expects third-quarter 2024 hydrocarbon production in the range of 2,400-2,450 thousand barrels of oil equivalent per day.
- TotalEnergies has a Zacks Rank #3 (Hold).