Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.</li>
<li>TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.</li>
<li>In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.</li>
</ul>


TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.
TotalEnergies' hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.
In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.


[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

<ul>
<li>TotalEnergies' robust hydrocarbon production in Q2 2024 will be offset by lower gas realizations and refining margins.</li>
<li>Higher utilisation rates are expected to partially mitigate reduced refining margins in Europe and the Middle East.</li>
<li>Seasonal factors are expected to lower the Integrated Power segment's adjusted net operating income by 18.2% QoQ to USD 500 million.</li>
</ul>


TotalEnergies' robust hydrocarbon production in Q2 2024 will be offset by lower gas realizations and refining margins.
Higher utilisation rates are expected to partially mitigate reduced refining margins in Europe and the Middle East.
Seasonal factors are expected to lower the Integrated Power segment's adjusted net operating income by 18.2% QoQ to USD 500 million.


TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>TotalEnergies, in its Q1 2024, demonstrated firm progress in implementing its two-pillar strategy.</li><li>First, oil and gas production, most notably in Liquid Natural Gas (LNG), aims to responsibly address rising demand through ongoing development.</li><li>Second, investments in integrated power for the future hold the promise of achieving net cash positive status by 2028.</li></ul>

TotalEnergies, in its Q1 2024, demonstrated firm progress in implementing its two-pillar strategy.First, oil and gas production, most notably in Liquid Natural Gas (LNG), aims to responsibly address rising demand through ongoing development.Second, investments in integrated power for the future hold the promise of achieving net cash positive status by 2028.

TotalEnergies SE: Can They Capitalize On The LNG Market Opportunities in Asia & The US? - Major Drivers

<ul><li>TotalEnergies's latest earnings indicates a strong balance.</li><li>By executing their two-pillar strategy consistently, the firm has demonstrated a significant increase in cash flows compared to the previous year, offering a capacity for growth in energy production.</li><li>TotalEnergies recorded an adjusted net income shareholder share of $23 billion and an IFRS net income above $21 billion in 2023.</li></ul>

TotalEnergies's latest earnings indicates a strong balance.By executing their two-pillar strategy consistently, the firm has demonstrated a significant increase in cash flows compared to the previous year, offering a capacity for growth in energy production.TotalEnergies recorded an adjusted net income shareholder share of $23 billion and an IFRS net income above $21 billion in 2023.

TotalEnergies SE: Securing Drilling Costs Through Innovative Solutions! - Major Drivers

Commodities

<ul>
<li>For the week ending 13/Dec, US crude inventories fell by 0.9m barrels, missing forecasts. Gasoline stocks rose more than anticipated, while distillate inventories declined more than expected.</li>
<li>US natural gas inventories fell by 125 Bcf for the week ending 13/Dec, beating analyst expectations of a 123 Bcf drawdown. Inventories are 3.8% above the 5-year seasonal average.</li>
<li>Major analysts lowered their 12-month PTs on Exxon, SLB, Halliburton, and Occidental. Also, Barclays downgraded its rating on Halliburton to Equalweight from Overweight.</li>
</ul>


For the week ending 13/Dec, US crude inventories fell by 0.9m barrels, missing forecasts. Gasoline stocks rose more than anticipated, while distillate inventories declined more than expected.
US natural gas inventories fell by 125 Bcf for the week ending 13/Dec, beating analyst expectations of a 123 Bcf drawdown. Inventories are 3.8% above the 5-year seasonal average.
Major analysts lowered their 12-month PTs on Exxon, SLB, Halliburton, and Occidental. Also, Barclays downgraded its rating on Halliburton to Equalweight from Overweight.


[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

France

TotalEnergies SE operates as an energy company. The Company produces, transports, and supplies crude oil, natural gas, and low carbon electricity, as well as refines petrochemical products. TotalEnergies owns and manages gasoline filling stations worldwide.

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TotalEnergies (TTE US)

[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

TotalEnergies missed revenue & EPS estimates by 7.3% and 7.2% respectively. Lower refining margins negatively impact profitability. Upstream...

Mint Finance

TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

Lower gas realisations and refining margins to eat up gains from healthy hydrocarbon production in Q2. Revenue expected to rise YoY and QoQ, but...

Mint Finance

TotalEnergies SE: Can They Capitalize On The LNG Market Opportunities in Asia & The US? - Major Drivers

TotalEnergies, in its Q1 2024, demonstrated firm progress in implementing its two-pillar strategy. First, oil and gas production, most notably in...

Baptista Research

TotalEnergies SE: Securing Drilling Costs Through Innovative Solutions! - Major Drivers

TotalEnergies's latest earnings indicates a strong balance. By executing their two-pillar strategy consistently, the firm has demonstrated a...

Baptista Research

[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Review] TotalEnergies Misses Estimates on Lower Sales and Shrinking Margins

TotalEnergies missed revenue & EPS estimates by 7.3% and 7.2% respectively. Lower refining margins negatively impact profitability. Upstream...

Mint Finance

TotalEnergies Hits Roadblock with Lower Gas Prices and Refining Margins

Lower gas realisations and refining margins to eat up gains from healthy hydrocarbon production in Q2. Revenue expected to rise YoY and QoQ, but...

Mint Finance

TotalEnergies SE: Can They Capitalize On The LNG Market Opportunities in Asia & The US? - Major Drivers

TotalEnergies, in its Q1 2024, demonstrated firm progress in implementing its two-pillar strategy. First, oil and gas production, most notably in...

Baptista Research

TotalEnergies SE: Securing Drilling Costs Through Innovative Solutions! - Major Drivers

TotalEnergies's latest earnings indicates a strong balance. By executing their two-pillar strategy consistently, the firm has demonstrated a...

Baptista Research

[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

​US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...

Mint Finance

US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...