Companies TotalEnergies SE FollowPARIS, July 27 (Reuters) - French oil company TotalEnergies (TTEF.PA) posted a drop in second-quarter net income on Thursday, reflecting lower natural gas prices and slimmer refining margins in Europe as energy markets calm.
Adjusted net income fell to $5 billion compared with $6.5 billion in the first quarter, and $9.8 billion during the same period last year.
Analysts had expected $5.2 billion in net income, according to a consensus established by Eikon Refinitiv.
Total confirmed some $2 billion in share buybacks for the third quarter as expected.
The company said European refining was impacted by higher Chinese exports and a quicker-than-expected reorganisation of Russian exports following an embargo on oil and oil products imposed by the European Union.
Persons:
Eikon Refinitiv, America Hernandez, Silvia Aloisi, Jon Boyle
Organizations:
Analysts, European Union, Thomson
Locations:
PARIS, Europe, Ukraine