TotalEnergies SE reported a big jump in net debt in the second quarter as the French energy major posted falling profit and pointed to an oil market that’s being hurt by slower economic growth.
Net debt rose 29% from the previous quarter to $25.9 billion and nearly doubled from a year earlier as the company raised spending including on acquisitions and working capital increased. Its adjusted net income dropped to $3.58 billion, a 23% decline from a year earlier, missing the average analyst estimate of $3.67 billion.