The French energy giant faced lower fuel demand in Europe, while prices of natural gas were subdued by high stockpiles. Earnings were cushioned by gains in crude prices due to supply curbs from OPEC+ and tension in the Middle East. The weakness in refining is expected to have a similar impact on earnings from other major oil companies reporting next week.

Adjusted net income was $4.67 billion in the period, down from $4.96 billion a year earlier, the company said in a statement on Thursday. Analysts had expected profit of $4.92 billion.

Shares of the company fell 1.2% to €61.70 as of 9:43 a.m. in Paris in a broadly lower market for oil and gas producers.