TotalEnergies released its third quarter results of 2024 (Q3 2024), reporting $4.1 billion in adjusted net income, the lowest in three years due to weak refining margins and upstream outages.

TotalEnergies recorded a 37% decline in adjusted net income from the previous year and 12.7% lower than the previous quarter’s $4.7 billion, just missing analyst expectations of $4.2 billion.

Additionally, adjusted EBITDA fell 23.6% year on year to $10 billion.

TotalEnergies stated earlier this month that its financial results would take a hit as its margin for converting crude oil into refined fuels tumbled 65%.

According to Reuters, global refining margins have dropped sharply in recent months in the face of weaker economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter, the largest quarterly decline in a year.

Despite the challenging quarter, the company confirmed $2 billion in share buybacks for the fourth quarter and decided on a third interim dividend of €0.79 per share for 2024.

Besides an 83% drop in quarterly refining and chemicals division profits year-on-year, TotalEnergies’ integrated LNG division also made 21% less than in the third quarter last year.

The company said that low gas market volatility hindered trading profits.

Quarterly hydrocarbon production of 2.4 million barrels of oil-equivalent per day was at the low end of guidance given at mid-year due to security-related disruptions in Libya and an outage at the Ichthys LNG plant in Australia.