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TotalEnergies has reported net income of $6.67bn (€6.33bn) in the third quarter of 2023, a marginal 1% increase compared with $6.62bn in the same period a year ago.

In the July–September quarter of 2023, the French oil and gas company reported $54.41bn in revenue from sales, a 16% decline from $64.92bn in Q3 2022.

During the period under review, hydrocarbon production (excluding Novatek) was 2.48 million barrels of oil equivalent per day (boed), up by 5% year-on-year (YoY).

Start-ups and ramp-ups, such as Absheron in Azerbaijan, Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil, Ikike in Nigeria and Bloc 10 in Oman, were credited with improving production.

Additional reasons that led to higher output included less scheduled maintenance, fewer unforeseen outages, and better conditions in Nigeria and Libya.

In the quarter that ended 30 September 2023, exploration and production-adjusted net operating income was $3.13bn, down 26% YoY.

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By GlobalData

With the exception of Novatek, hydrocarbon production for liquified natural gas (LNG) increased by 18% to 433,000boed.

Integrated LNG (excluding Novatek) adjusted net operating income for the third quarter of 2023 was $1.34bn, a 53% fall from the previous year, mostly as a result of lower LNG prices.

For the fiscal year 2023, TotalEnergies announced the third interim dividend of €0.74 per share, an increase of 7.25% in comparison with the three interim dividends paid last year.

TotalEnergies CEO Patrick Pouyanné said: “While implementing its balanced transition strategy that combines oil and gas and integrated power, TotalEnergies demonstrates once again this quarter its ability to leverage a supportive price environment, generating adjusted net income of $6.5bn and return on average capital employed of over 20%. During the quarter, confirmation of exploration successes in Suriname and Namibia opened the way to new oil developments contributing to future cash flow growth.”