By Adam Whittaker

TotalEnergies is scheduled to report results for the first quarter on Wednesday. Here is what you need to know.

NET INCOME FORECAST: Analysts expects TotalEnergies to report $4.24 billion in quarterly net profit, according to a Visible Alpha consensus. This would compare with the $3.96 billion it reported in the prior quarter.

Adjusted net profit is expected to be $3.89 billion compared with $4.41 billion in the fourth quarter of 2024.

PRODUCTION FORECAST: TotalEnergies said in its first-quarter trading update that it expects hydrocarbon production to be at the high end of its 2.5 million to 2.55 million barrels of oil-equivalent a day guidance range. This would be an increase on the 2.43 million oil-equivalent barrels a day it produced in the fourth quarter of last year.

TotalEnergies' shares are down 2% in the year do to date and down more than 24% over the past 12 months.

--SHAREHOLDER RETURNS: A weaker macroeconomic backdrop and lower oil prices will test TotalEnergies' commitment to buy $2 billion of shares a quarter, BofA analysts wrote. In October, TotalEnergies said its buyback assumed reasonable market conditions and investors will be looking for signs the commitment is coming under pressure. However, TotalEnergies' strong balance sheet and lower oil price breakeven point means its shareholder returns are amongst the safest across the sector, the analysts write.

--NET DEBT: TotalEnergies' net debt is likely to rise sequentially after it flagged a fairly typical $4 billion to $5 billion working capital build over the period but this is likely to revert later in the year, RBC Capital Markets analyst Biraj Borkhataria wrote. At the end of 2024, the company had net debt of $10.93 billion.

--REFINING MARGINS: Global refining margins recovered slightly over the quarter and European margins ticked up 14%, Goldman Sachs analysts wrote. TotalEnergies said its refining margin is expected at $29.4 a metric ton, up from $25.9 a ton in the fourth quarter of last year but well down from the $71.7 a ton it reported in the first quarter of 2024. Investors will be looking for commentary on the outlook for a sustained recovery in TotalEnergies' refining margin.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

April 29, 2025 07:55 ET (11:55 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.