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TotalEnergies Turns To Profit In Q2

French energy major TotalEnergies (TTA.L, TTFNF.PK, TOT), formerly called as Total SA, reported that its net income attributable to the company for the second-quarter was $2.21 billion or $0.80 per share, compared to a loss of $8.37 billion or $3.27 per share in the prior year.

TotalEnergies reported $3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment.

Sales for the second-quarter grew to $47.05 billion from $25.73 billion in the prior year.

Tthe Board of Directors decided to distribute a second interim dividend for 2021, stable at 0.66 euros per share.

The company noted that the start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

TotalEnergies expects cash flow generation (DACF) of more than $25 billion in 2021 and a return on capital employed of more than 10%.

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