TotalEnergies Eyes Massive Profit Windfall as Refining Margins Soar

TotalEnergies expects to report strong third-quarter results later this month as the Middle East conflict has driven up refining margins and LNG prices in a bull market, the French oil and gas supermajor said on Thursday. TotalEnergies said in a trading update its European refining margin soared to as much as $33.20 per barrel in the third quarter, nearly tripled from $13.50 for the second quarter, and quadrupled from the $8.40 refining margin in the third quarter last year. “Downstream results and cash flow are expected to reach exceptional…