French energy giant TotalEnergies reported a 37% year-over-year decline in adjusted net income to $4.1 billion in the third quarter, marking a three-year low, the company said on Thursday.
TotalEnergies' net adjusted income was impacted by lower refining margins and reduced drilling activities, the company said in a statement regarding its financial results.
While this figure reflects a 37% decline from the same period last year, it is the lowest level seen in the past three years.
TotalEnergies' adjusted net income decreased by 12.7% compared to the previous quarter.
The company's adjusted net income of $4.1 billion fell short of analyst consensus estimates of $4.2 billion.
Earlier this month, TotalEnergies issued a warning that a significant 65% decline in refining margins would have a detrimental impact on its financial performance.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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