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TotalEnergies’ variable cost margin for Europe refining business rises in Q1

In a preliminary release of main indicators published Tuesday, TotalEnergies said that the variable cost margin for its European refining business had risen to $87.8 per tonne in the first quarter.

The latter compares with $46.3 per tonne in the same period a year earlier.

The company also said its hydrocarbon production would probably exceed 2.5 thousand barrels of oil equivalents per day, as it benefits from the beginning of gas production on Block 10 in Oman and the acquisition of a stake in the SARB and Umm Lulu oil fields in the United Arab Emirates.

The oil giant is expected to report first-quarter results on April 27th.

The shares of TotalEnergies SE (TTEF) were last losing 0.73% (EUR 0.43) to trade at EUR 58.22 in Paris, while extending a loss from the prior session.

The energy giant’s total market cap now stands at EUR 143.284 billion.

The shares of TotalEnergies SE went up 31.41% in 2022, compared with a 9.50% loss for the benchmark index, CAC 40 (FCHI).

The shares have retreated 0.73% so far this year.

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