TotalEnergies has agreed to buy a 42.5% operated interest in Namibia’s PEL104 offshore exploration licence from Eight Offshore Investments Holdings (Eight) and Maravilla Oil & Gas. The acquisition will make TotalEnergies the operator of the PEL104 licence, which spans approximately 11,000km² in the Lüderitz basin. Following the completion of the transaction, which remains subject to regulatory approvals from Namibian authorities and joint venture partners, the ownership structure will comprise TotalEner ...

Core Viewpoint - TotalEnergies reported disappointing second-quarter earnings, with a significant decline in net income and a drop in stock price following the announcement [1][4]. Financial Performance - TotalEnergies' net revenue for the second quarter was slightly under $44.7 billion, down from nearly $49.2 billion in the same period of 2024 [2]. - The company's non-GAAP adjusted net income fell by 21% year over year to $3.6 billion, translating to $1.57 per share, which was below the consensus estimate of $1.67 [4]. Market Conditions - The company experienced a general decline in oil prices, which fell by 10% during the quarter [5]. - TotalEnergies expressed a bearish outlook for the third quarter, citing volatility in oil prices due to geopolitical and economic factors, along with an "abundant" supply in the market [5]. Investment Strategy - TotalEnergies plans to spend a net amount of $17 billion to $17.5 billion on investments throughout the year but did not provide specific revenue or profitability guidance in its earnings release [6].