TotalEnergies Eyes Massive Profit Windfall as Refining Margins Soar

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TotalEnergies expects exceptional third-quarter downstream results and cash flow as Middle East conflict boosts refining margins and LNG prices. Its European refining margin reached $33.20 per barrel, nearly three times the previous quarter and about four times the level a year earlier.

TotalEnergies expects to report strong third-quarter results later this month as the Middle East conflict has driven up refining margins and LNG prices in a bull market, the French oil and gas supermajor said on Thursday. TotalEnergies said in a trading update its European refining margin soared to as much as $33.20 per barrel in the third quarter, nearly tripled from $13.50 for the second quarter, and quadrupled from the $8.40 refining margin in the third quarter last year.   “Downstream results and cash flow are expected to reach exceptional…