On Friday, TotalEnergies reported a 22% decline in first-quarter adjusted net income, while citing a "solid" performance in line with its targets for the 2024 financial year.

Despite a 3% year-on-year rise in Brent crude oil, the group posted adjusted net income of $5.1 billion for the first three months of the year, compared with $6.5 billion a year earlier.

According to consensus, analysts were on average expecting adjusted net income in the region of $5 billion.

The group's hydrocarbon production reached 2.46 million barrels of oil equivalent per day, down 3% year-on-year.

The energy group said in a statement that its operating cash flow, meanwhile, fell by 58% to $2.2 billion over the past quarter.

At $8.2 billion, its cash flow from operations (CCFO) nevertheless exceeded analysts' average forecast of $8 billion.

The company intends to propose an initial interim dividend of 0.79 euros per share for the 2024 financial year, up almost 7% on 2023.

Despite the downturn in its results, Total also states that it is targeting the equivalent of two billion dollars in share buybacks for the second quarter.

Following this slightly better-than-expected publication, TotalEnergies shares were up 0.2% on Friday morning in early trading on the Paris Bourse.

The share is up 10.5% since the start of the year.

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