Why Is TotalEnergies Stock Sliding Today?

Lekha Gupta

October 15, 2024

TotalEnergies SE (NYSE:TTE) shares are trading lower premarket on Tuesday. The company announced that it expects its hydrocarbon production levels in the third quarter to be around 2.4 Mboe/d, led by the ramp-up of the Mero 2 project in Brazil.

TotalEnergies expects this to offset unplanned shutdowns at Ichthys LNG and security disruptions in Libya.

Exploration & Production results are anticipated to reflect lower liquid prices, offset by higher gas prices.

TotalEnergies projects Integrated LNG results to exceed $1 billion despite reduced production from Ichthys LNG maintenance and low market volatility.

Also, the company expects Integrated Power to remain steady with the second quarter levels, while Downstream results are expected to decline significantly due to lower refining margins in Europe and globally.

This month, the company stated that it plans annual net investments of $16 billion – $18 billion from 2025 to 2030, with around $5 billion for low-carbon energies, allowing for a $2 billion reduction in case of significant price declines.

Last week, the company agreed to acquire a 50% stake in two offshore wind projects in the North Sea from RWE AG, specifically N-9.1 and N-9.2, each with a capacity of 2 GW.

TotalEnergies expects to report third quarter 2024 results on October 31.

Investors can gain exposure to the stock via Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA) and Octane All-Cap Value Energy ETF (NASDAQ:OCTA).

Price Action: TTE shares are down 3.99% at $65.39 premarket at the last check Tuesday.

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TotalEnergies Locks In Renewable Electricity Supply Deal With Saint-Gobain

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