TotalEnergies (EURONEXT:TTE) reports Q2 hydrocarbon output near 2.4m boe/d with ~4% organic growth and a $1bn upstream profit lift, while facing a $4.89B Kazakh environmental arbitration, a Port Arthur refinery reformer outage limiting runs, and the sale of its 30% Block 30 stake in Mexico.
Previous Week Recap
- TotalEnergies Q2 Output Growth: TotalEnergies expects Q2 hydrocarbon output ~2.4m boe/d (~4% organic growth). Middle East conflict impact trimmed to ~210k boe/d. Q2 oil trading strong; gas trading weak. Upstream profit +$1bn vs Q1.
- TotalEnergies, NCOC Face Arbitration: TotalEnergies, NCOC partner at Kazakhstan’s Kashagan field, is named in an arbitration challenge in Washington to a 2.3 trillion tenge (~$4.89B) environmental fine; joint venture partners included.
- Port Arthur Reformer Repair: TotalEnergies cut output at its Port Arthur, TX refinery (238,000 bpd) to repair a 35,000 bpd reformer after a June 19 lightning-caused outage; refinery not yet at full runrate.
- Sale Of Block 30 Stake: TotalEnergies sells its 30% stake in Mexico’s shallow-water, light-crude Block 30 to Grupo Carso. Harbour Energy remains operator with 70% after closing. Block 30 under 25-year contract since 2018.
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