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TotalEnergies Q1 profits jump as Iran war pumps oil prices higher
(Sharecast News) - TotalEnergies first quarter profits jumped by almost a third on the back of higher oil prices due to the US-Israel war and despite a hit to production from the conflict. The French energy giant added that it would resume a share buyback of up to $1.5bn in the second quarter to June 30 as higher crude prices boosted cash flow.
Total in February reduced its buybacks to $750m on the back of weaker oil prices which hit earnings.
Adjusted net income for the first quarter was $5.4bn, compared to $4.2bn a year earlier and expectations of $5bn.
Reporting by Frank Prenesti for Sharecast.com
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