BAKU, Azerbaijan, November 7. In the third quarter of 2023, TotalEnergies' adjusted net operating income for exploration and production reached $3.138 billion, Trend reports.
This marked a substantial 34-percent increase compared to the previous quarter ($2.349 billion).
According to the company, this significant uptick can be attributed mainly to the rise in oil prices and a reduction in the effective tax rate, particularly stemming from the North Sea operations, where tax rates are traditionally higher. This area now comprises a smaller portion of the overall portfolio mix.
However, TotalEnergies' adjusted net operating income for exploration and production in the reporting period of 2023 decreased year-on-year by 26 percent from $4.217 billion in 3Q2022.
Furthermore, over the last nine months of 2023, the company's adjusted net operating income for exploration and production totaled $8.140 billion - down by 42 percent, compared to $13.951 billion in 9M2022.
Meanwhile, during the initial nine months of 2023, TotalEnergies' daily hydrocarbon production averaged 2.49 million barrels oil equivalent per day (mboe/d). This represents a decline of 9 percent in comparison to the same period in 2022 when the company's daily hydrocarbon production reached 2.75 mboe/d.
