TotalEnergies is in the green, up nearly 1%, with favorable comments from Barclays, which reaffirmed its 'overweight' recommendation and 72 euro price target, welcoming the previous day's publication of its refining margin.
As a reminder, its margin on variable costs, Refining Europe (refining margin), stood at 73.6 dollars per tonne in the last quarter of 2022, compared with 99.2 dollars in the previous quarter, but 16.7 dollars a year earlier.
The oil and gas company also indicated on this occasion that its share buy-backs amounted to two billion dollars in the fourth quarter of 2022 "and should continue at the same rate in the first quarter of 2023".
Cash flow should benefit from the realization of hedges, offsetting lower realizations in gas. Downstream, volatility has offset lower margins to some extent', Barclays points out.
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TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (42.7%): refining of petroleum products (operated, at the end of 2023, 16 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (37.9%): at the end of 2023 operated 14,571 service stations worldwide;
- electricity generation (11.5%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (44.3 million tonnes sold in 2023), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2023;
- other (0.1%).
Net sales are distributed geographically as follows: France (23.4%), Europe (41.2%), North America (9.4%), Africa (9.2%) and other (16.8%).
TOTALENERGIES SE 
