TotalEnergies quarterly net profit rises to $5.7 bn
Chief executive Patrick Pouyanne said in a statement that TotalEnergies was "delivering strong results and an attractive shareholder return" that were "in line with its ambitious 2024 objectives".
Chief executive Patrick Pouyanne said in a statement that TotalEnergies was "delivering strong results and an attractive shareholder return" that were "in line with its ambitious 2024 objectives".
The Norwegian oil and gas producer's adjusted earnings before tax for January-March fell to $7.53 billion from $11.92 billion a year earlier amid lower gas prices, beating the $7.2 billion seen in a poll of 22 analysts compiled by Equinor.
Most of the high-quality US drilling prospects are in the Permian "so it is unsurprising the prolific basin was yet again the primary driver for M&A within oil and gas," said Andrew Dittmar, Enverus Intelligence Research's principal analyst.
Brent futures were up 10 cents, or 0.11%, at $87.39 a barrel, while U.S. crude futures traded 2 cents higher at $82.71 a barrel at 0053 GMT. The two benchmarks slid 3% in the previous session on demand worries.
Before the weekend attack, prices for West Texas Intermediate crude hovered between $85 and $90 per barrel, inclusive of a $5 risk premium due to anticipated hostilities. Analysts now predict this could increase by an additional $5, pushing prices to between $90 and $95 per barrel.
Brent, the international crude benchmark, has sprinted to USD90 per barrel from USD80 in just about a month on escalating tensions between Iran and Israel.
India is heavily dependent on oil imports, sourcing about 85% of its crude oil primarily from the Middle East. This dependency makes India highly vulnerable to disruptions in oil supply and price volatility.
Brent crude climbed above $92 for the first time in nearly six months on Friday. It has since pulled back to $90.30
Brent futures for June delivery fell 24 cents to $90.21 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 38 cents at $85.28 a barrel by 1256 GMT
Irrespective of the volatility in global oil prices, domestic retail prices of petrol, diesel and cooking gas are unlikely to rise for the next two months due to elections, industry executives said.
The global Brent oil benchmark last week was trading above $91 a barrel, while in the US, West Texas Intermediate (WTI) futures were over $86 a barrel, their highest since October.