TotalEnergies Flags Slight Recovery in Fourth-Quarter Refining Margins
01.16.2025 By Tank Terminals - NEWS

January 16, 2025 [Reuters]- TotalEnergies expects fourth-quarter 2024 downstream results to have benefited from a slight increase in refining margins, the French oil major said in a trading update on Thursday.

 

Its European refining margin marker stood at $25.90 per metric ton in the fourth quarter of last year, up from $15.40 in the previous quarter.

Exploration and Production results in the fourth quarter are expected to be hurt by a $5 per barrel fall in oil prices, it noted.

Total’s adjusted net income has dropped for five straight quarters, hitting a three-year low at end-September reflecting a combination of upstream outages and a collapse in European refining margins.

BP, Shell and Exxon issued profit warnings this month, as lower seasonal natural gas demand drags on trading results.

Global demand for gasoline and diesel has also fallen short of expectations, while the launch of new oil refineries in Asia and Africa has resulted in oversupply.

The world’s top oil and gas companies saw profits decline throughout 2024 following record earnings in the previous two years, as global oil demand faltered and energy prices steadied after jumps triggered by Europe’s loss of Russian gas supply following Moscow’s invasion of Ukraine.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

ORLEN Discovers a New Gas Field in the Province of Poznan
02.18.2025 - NEWS
February 18, 2025 [ORLEN]- Nearly a quarter of a billion cubic meters of gas – this is the size... Read More
Commonwealth LNG Eyes Q3 for FID as US Government Grants Non-FTA Authorisation for Exports
02.18.2025 - NEWS
February 18, 2025 [Gas Strategies]- Commonwealth LNG’s developers said they aim to reach fi... Read More
Australia's Woodside in Talks with at Least Three Partners for Louisiana LNG, Sources Say
02.18.2025 - NEWS
February 18, 2025 [Reuters]- Woodside Energy has held talks with several potential buyers of sta... Read More
KKR to Buy Additional 5% Stake in Eni Biofuel Business
02.18.2025 - NEWS
February 18, 2025 [Reuters]- U.S. fund KKR has signed an agreement with Italy’s Eni to bu... Read More