TotalEnergies SE (NYSE:TTE) shares are trading lower today. The company announced that it expects its hydrocarbon production levels in the second quarter to reach close to 2.45 Mboe/d, at the upper limit of its guidance range.
Also, Exploration & Production results are expected to reflect this production level and favorable oil prices, despite lower gas realizations.
Due to seasonal factors, the company anticipates Integrated Power results at about $500 million, aligning quarterly cash flow with the annual guidance range of $2.5 billion-$3 billion.
Moreover, TotalEnergies expects Integrated LNG results to remain consistent with the first quarter, reflecting stable market conditions with a slight decline in realized prices.
The company projects downstream results to show reduced refining margins in Europe and the Middle East, partly offset by higher refinery utilization and improved marketing outcomes.
Apart from this, the company formed a joint venture with SSE Plc (OTC:SSEZY) under the brand “Source,” to establish a major EV charging network in the U.K. and Ireland.
Source plans to deploy up to 3,000 high-power charge points (150 kW+) in 300 “EV hubs” over the next five years, aiming for a 20% market share.
This follows the U.K. Government’s enforcement of a zero vehicle emissions mandate for new cars and vans, highlighting a critical need to enhance power supply infrastructure for decarbonizing transport.
In Ireland, Source’s plans will support the government’s goal of nearly 1 million electric vehicles on the roads by 2030, fostering consumer confidence in EV charging infrastructure.
Investors can gain exposure to TTE via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).
Also Read: Shell, TotalEnergies, BP, Mitsui Join ADNOC’s Mega LNG Project: Report
Price Action: TTE shares are down 1.63% to $68.00 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.