French oil major TotalEnergies on Wednesday reported a sharp drop in full-year earnings, against a backdrop of lower crude prices and weak fuel demand.

French oil major TotalEnergies reported a 15% drop in fourth quarter earnings on Wednesday, closing out a year marked by low oil prices and weak fuel demand which were partially offset by higher electricity sales and liquefied natural gas (LNG) trading.

The oil-and-gas company reported a 72% rise in net profit on strong earnings in its integrated LNG and integrated power divisions, but missed analyst expectations.

Egypt has signed deals worth ~$3B with Shell (SHEL) and TotalEnergies (TTE) to secure 60 cargoes of liquefied natural gas to cover most of the country's demand for 2025.

Egypt has secured 60 cargoes of liquefied natural gas (LNG) for 2025 through agreements with Shell and TotalEnergies valued at approximately $3 billion, Reuters reported on Thursday. Egypt, the Arab world’s most populous nation,