By Giulia Petroni

 

TotalEnergies increased shareholder distribution after its third-quarter profit rose, boosted by a supportive price environment.

The French oil-and-gas major said quarterly net profit came in at $6.68 billion compared with $6.63 billion in the same period last year. On an adjusted basis, profit was $6.45 billion.

Hydrocarbon production was 2.48 million barrels of oil equivalent a day from 2.67 million boe/d in the previous year. Excluding Russia's Novatek, production was up 5% on year boosted by the start-up of several projects.

The company expects fourth-quarter production of between 2.4 million boe/d and 2.5 million boe/d, reflecting the impact of the sale of oil sands assets in Canada.

Quarterly sales fell to $59.02 billion from $69.04 billion in the year-earlier period.

TotalEnergies said it anticipates cash proceeds of around $4.1 billion in the fourth quarter from the Canadian assets divestments, which could bring gearing below 8%. It plans net investments of between $16 billion and $17 billion for the current year.

The company will distribute a third interim dividend of 0.74 European cents ($0.78) a share for 2023, up 7.25% on year. Shareholder distribution is close to 43% of cash flow from operations at the end of September, in line with annual guidance of more than 40%.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

October 26, 2023 02:51 ET (06:51 GMT)

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