TotalEnergies’ TTEF.PA European refining margin indicator more than halved to $42.7 a tonne in the second quarter of 2023 from the previous three months, the company said on Tuesday.

The second-quarter average margin veriable was more than two thirds lower than a year earlier, when global refining profits surged in the wake of Russia’s invasion of Ukraine.

The French energy company also said its oil and gas production was expected at nearly 2.5 million barrels of oil equivalent per day in the quarter, down by about 50,000 boed from the previous quarter due to planned maintenance in North Sea facilities.

TotalEnergies reports its second quarter results on July 27.
Source: Reuters (Reporting by Ron Bousso, Editing by Louise Heavens)