1054 GMT - TotalEnergies's upstream strength and renewable growth cushioned the blow from falling liquefied natural gas earnings AlphaValue analyst Isabelle Zhang writes in a research note. The French giant's "consensus-beating 1Q Ebitda was bolstered by cost-efficient, liquid-heavy upstream production and ongoing growth in renewables, which helped counterbalance the anticipated decline in Refining & Chemicals and LNG," Zhang says. TotalEnergies' low-cost, liquid-heavy production, and its planned 2%-3% hydrocarbon production growth to 2028, growing revenue from low-carbon renewables as well as an expected LNG-price rebound toward the winter period look positive, according to AlphaValue. Shares are up 0.1% at EUR69.55. (christian.moess@wsj.com)
(END) Dow Jones Newswires
April 29, 2024 06:54 ET (10:54 GMT)
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