TotalEnergies Warns of Looming Oil Glut

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TotalEnergies (NYSE: TTE) reported on Thursday its weakest adjusted net income for a quarter since 2021, hit by lower oil and gas prices, and warned of a coming oil glut in an unstable macroeconomic and geopolitical environment.     The French supermajor booked an adjusted net income of $3.6 billion for the second quarter of the year, down by 15% on the first quarter and a 23% plunge from a year earlier, as lower oil and gas prices took their toll on price realizations and cash flows.  The Q2 earnings, which also missed…