French oil major TotalEnergies expects hydrocarbon production to come at the higher end of its guidance range for the first quarter, it said in a trading update.
Hydrocarbon production in the first quarter of 2025 is expected to come between 2.5 million and 2.55 million barrels of oil equivalent per day (Mboe/d), up 4 per cent year-on-year, it said.
"Exploration-Production results should reflect this growth in production and the slightly more favourable price environment than in the fourth quarter of 2024," Total added.
Total's European refining margin marker stood at $29.4 per tonne, slightly up from $25.9 per tonne in the previous quarter.
Last week, British peer BP said it expected stronger refining margins to contribute between $100 million and $300 million to its first-quarter earnings, echoing earlier comments from US firms Occidental and Exxon Mobil.
When it reported fourth-quarter results in February, Total said it expected higher gas prices, upstream production and power sales in early 2025.
In the liquefied natural gas business, Integrated LNG results should reflect higher LNG prices year-on-year, but with a slight decrease compared to the previous quarter, Total said.
The company is due to report first-quarter results on April 30. -Reuters