ReutersCodex · 实盘不做把握 7/10
北京时间·🕒 发布 15:16:26时区推断·⟳ 抓取 15:45:33·⚡ 决策 07-23 15:51:54 +6m21s·96.2 天前
TotalEnergies二季度调整后净利同比增长67%但符合预期
TotalEnergies二季度调整后净利60亿美元，同比增67%，受油价和炼油利润率推动。
📄 原文Reuters↗ 原文
French oil major TotalEnergies (TTEF.PA) reported a 67% rise in second-quarter earnings on Thursday, its best quarter i…
不做 TotalEnergies（TTEF.FR）
二季度利润同比大增但符合LSEG一致预期，回购规模未上修，油价与炼油利润率已是行业已知变量，缺少短线超预期edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-23 · 扩散 high · price-in 风险 high ↗
关键理由
- TotalEnergies二季度调整后净利60亿美元，同比增67%，受油价和炼油利润率推动。
- LSEG一致预期同为60亿美元，利润大增主要来自油价、炼油利润率和地缘供给扰动，属于市场可预期的能源价格传导。
- 公司宣布三季度15亿美元回购延续上一季度规模，未形成超预期资本回报增量。
主要风险
- 财报核心利润符合预期，追多缺少超预期差。
- 强油价和炼油利润率属于行业beta，若油价回落会快速削弱利润弹性。
原文全文
展开原文 · 1,584 字
French oil major TotalEnergies (TTEF.PA) reported a 67% rise in second-quarter earnings on Thursday, its best quarter in nearly three years, buoyed by higher oil prices and strong profit margins for refining fuels due to the war in Iran.
Adjusted net income was $6 billion, in line with expectations, according to a consensus of analysts polled by LSEG. That compares with $3.6 billion in the second quarter of 2025 and $5.4 billion in the first quarter of 2026.
The U.S.-Israeli war on Iran, which led to Iran effectively shutting the Strait of Hormuz, disrupted global supplies and pushed crude oil and gas prices to multi-year highs, delivering a windfall for major energy companies.
Global benchmark Brent crude prices averaged around $97 per barrel during the April-to-June quarter, up 45% from $67 per barrel a year earlier.
TotalEnergies announced a $1.5 billion share buyback scheme for the third quarter, maintaining the same amount as for the second quarter.
Exploration and production earnings reached $3.2 billion, a 64 % rise from the same period a year ago and 25% higher than the first quarter of 2026, as production in the Middle East slowly comes back online.
Refining and chemicals income soared 362% to $1.8 billion as margins on refining fuels rose and as Total continued to trade profitably on rising oil and fuel prices caused by the shortages due to the paralysed Strait of Hormuz.
Its liquefied natural gas division earned $807 million, a 22% drop that Total said in last week's trading statement was due to weak LNG demand in Europe.
Adjusted net income was $6 billion, in line with expectations, according to a consensus of analysts polled by LSEG. That compares with $3.6 billion in the second quarter of 2025 and $5.4 billion in the first quarter of 2026.
The U.S.-Israeli war on Iran, which led to Iran effectively shutting the Strait of Hormuz, disrupted global supplies and pushed crude oil and gas prices to multi-year highs, delivering a windfall for major energy companies.
Global benchmark Brent crude prices averaged around $97 per barrel during the April-to-June quarter, up 45% from $67 per barrel a year earlier.
TotalEnergies announced a $1.5 billion share buyback scheme for the third quarter, maintaining the same amount as for the second quarter.
Exploration and production earnings reached $3.2 billion, a 64 % rise from the same period a year ago and 25% higher than the first quarter of 2026, as production in the Middle East slowly comes back online.
Refining and chemicals income soared 362% to $1.8 billion as margins on refining fuels rose and as Total continued to trade profitably on rising oil and fuel prices caused by the shortages due to the paralysed Strait of Hormuz.
Its liquefied natural gas division earned $807 million, a 22% drop that Total said in last week's trading statement was due to weak LNG demand in Europe.
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。