TotalEnergies profits surge 68 percent

Total Energies announced that its profits in the second quarter increased by 68%, reaching $6.03 billion. This rise was driven by higher oil and petroleum product prices due to the war in Iran and disruptions in the Strait of Hormuz, which boosted the company's earnings despite a decline in the gas sector. Refining margins improved, and solid results were achieved from trading activities. The company's leverage ratio decreased to 13.1%. Total Energies plans to increase dividend payments and buy back $1.5 billion worth of shares in the third quarter, with a focus on using profits to reduce debt.

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