Dip in gas prices takes its toll on profit but multi-energy recipe still comes through for TotalEnergies

As the energy transition intricacies keep spreading their wings over the global decarbonization stage, France’s energy giant TotalEnergies has set its cap on pursuing a balancing act between hydrocarbons and low-carbon and green sources of supply, as hammered home by its performance during the first quarter of 2024. While this endeavor appears to be working for the oil major, as it cushioned the fall in profit driven by the downward trend in gas prices, the firm’s adjusted net profit still experienced a 22% drop year-over-year (y-o-y).