PARIS, July 25 - French oil major TotalEnergies

reported a worse than expected 6% fall in

second-quarter earnings on Thursday, driven by weaker refined

product and gas sales.

Adjusted net income for the three months to June 30 was $4.7

billion, down from $4.96 billion a year earlier and $5.1 billion

in the first quarter, the company said.

Analysts had expected income to be flat at $4.96 billion in

a consensus of estimates compiled by LSEG.

Total, which generates most of its income from oil and gas

production and sales, is the first Western oil major to report

first-half results.

Biraj Borkhataria, head of global energy transition research

at RBC Europe, said the results were "modestly disappointing".

Earnings in recent quarters have fallen from 2022 records

when they were buoyed by a spike in energy prices following

Russia's invasion of Ukraine but they remain above pre-pandemic

levels as demand continues to rise, in particular for seaborne

liquefied natural gas (LNG).

However, lower demand for refined products is weighing on

profits.

Low diesel demand in Europe continues to impact refining

margins, the company said in a statement, coupled with lower

prices as market volatility from the Russian supply disruption

normalises.

The company said however it would buy back up to $2 billion

in shares in the third quarter. It confirmed net investment

guidance of between $17 billion and $18 billion for the year.