PARIS, July 25 French oil major TotalEnergies reported a 6 fall in secondquarter earnings on Thursday, worse than analysts expected, hurt by lower refined product and gas sales and as European refining margins tumbled.

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.

Still, Total confirmed it would buy back up to 2 billion in shares in the third quarter.

Biraj Borkhataria, head of global energy transition research at RBC Europe, said the results were modestly disappointing.

Shares in the company were down 1.7 at 61.4 euros as of 0805 GMT.

Total, which generates most of its income from oil and gas production and sales, is the first Western oil major to report firsthalf results.

Still, Total confirmed it would buy back up to 2 billion in shares in the third quarter.

Biraj Borkhataria, head of global energy transition research at RBC Europe, said the results were modestly disappointing.

Shares in the company were down 1.7 at 61.4 euros as of 0805 GMT.

Total, which generates most of its income from oil and gas production and sales, is the first Western oil major to report firsthalf results.

Earnings in recent quarters have fallen from 2022 records when they were buoyed by a spike in energy prices following Russia39;s invasion of Ukraine but they…