TotalEnergies Q1 profits fall on lower oil prices, weak refining margins

By America Hernandez

PARIS -French oil major TotalEnergies reported a 17% drop in adjusted net income for the first quarter to $4.2 billion on Wednesday, after oil prices fell and margins for refining fuels in Europe struggled to recover from a steep collapse in 2024.

Analysts had expected $4.3 billion, according to a consensus compiled by LSEG Refinitiv.

(Reporting by America Hernandez, Editing by Louise Heavens in Paris)