TotalEnergies Expects Refining Margins to Nearly Quadruple in Q3
The French company said in a trading update that it expects third-quarter refining margins to have nearly quadrupled from a year earlier, as the Iran war lifts energy prices.
Story updates
06:07:45 AM UTC
SquawkNews
TotalEnergies flags Q3 profit surge as Iran war continues to drive energy prices
06:35:18 AM UTC
SquawkNews
By Adam WhittakerTotalEnergies said it expects to report exceptional results from its downstream business after third-quarter refining margins jumped, lifted by global conflict and export restrictions that removed millions of barrels of refined products from the market and left customers scrambling…
TotalEnergies said in a Thursday trading update that refining margins are expected to have nearly quadrupled in the third quarter from a year earlier. The French company said the Iran war continues to lift energy prices and boost profits for oil majors.