TotalEnergies sheds Canadian oil sands, boosts output in lower-price environment
The company initially planned to spin off the business but said the sale to Suncor would be more straightforward and the price tag was comparable to its own valuations for a listing of the business.
TotalEnergies said its first-quarter adjusted net income fell 27% to $6.5 billion - in line with analyst expectations - due to lower energy prices.It is sticking with plans for a share buyback of up to $2 billion in the second quarter, as it did in the first quarter. It also confirmed it expected net investments of $16-18 billion this year, including $5 billion for low-carbon energies.
Margins on refining diesel, however, will drop as Chinese exports increase and energy from Russia findsUnlike many peers, TotalEnergies has kept some of its investments in Russia. However, it bookedTotalEnergies said on Thursday it expects its gas production and sales to increase as projects start up in Oman and Norway, and as the Freeport liquefied natural gas export terminal in the United States comes back online.
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