LA DEFENSE (dpa-AFX) - TotalEnergies SE (TTE.PA) said on Thursday that second-quarter hydrocarbon production is expected to be nearly 2.4 million barrels of oil equivalent per day (Mboe/d), supported by strong organic growth in line with its quarterly guidance of 4%. The impact of the Middle East conflict eased during the quarter, reducing production by about 210,000 boe/d, well below the 360,000 boe/d impact previously expected.
The company said the improvement was driven by the ramp-up of offshore production in the United Arab Emirates and the restart of production in other countries across the region during June.
TotalEnergies also expects a decrease in working capital of between $1 billion and $1.5 billion during the quarter, mainly reflecting the effect of lower hydrocarbon prices at the end of the period on inventory values.
The company said net investments remain on track to meet its full-year guidance of $15 billion.
Currently, TotalEnergies shares are trading flat at €70.64 in Paris
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