TotalEnergies Q1 2025: Higher Production, Mixed Refining Performance

Q1 2025 Performance Overview

• ⚡ TotalEnergies reported increased production and benefited from improved gas sales in the first quarter of 2025.
• ⚠️ The company's refining branch is still in a recovery phase following an industry-wide decline in profitability.

Upstream and Gas Sales

• 📈 Upstream oil and gas output saw a nearly 4% increase compared to early 2024.
• ⛽ While oil prices are lower year-over-year, gas prices have shown a slight increase.

Refining and Integrated Power

• 📉 European refining margins have risen over the last six months but remain 59% lower than a year ago.
• ⛽ TotalEnergies managed to produce more fuels, capitalizing on the slight recovery in refining margins.
• 🔌 The integrated power branch is projected to generate between $450 million and $500 million, a slight decrease from the previous year.

Company Resilience and Outlook

• 🌍 An analyst noted TotalEnergies as the most resilient among energy firms in a weaker macro environment, supported by diversification into LNG and renewables.
• 📊 The company did not sell minority stakes in its renewables assets this quarter, a practice that typically boosts returns.
• 📅 First quarter results are scheduled for release at the end of April.
• 📈 TotalEnergies' shares experienced a rise of almost 1.5% by mid-afternoon.