Total’s Q1 profit, LNG sales up

France-based Total said Thursday its first-quarter earnings increased, boosted by higher oil and gas prices, while the energy giant’s LNG sales also improved when compared to the same period last year.

Total’s adjusted net income rose by 69 percent year-on-year to $3 billion in the first quarter, also improving on the previous quarter by 9 percent.

The company’s chief executive Patrick Pouyanne said net income was also “above the pre-crisis first quarter of 2019, despite a less favorable environment.”

In addtion, Total’s LNG sales increased 1 percent to 9.9 million tonnes when compared to the January-March period but they were slightly down from 10 million tonnes in the fourth quarter.

Total said sales rose despite a 6 percent decrease in hydrocarbon production for LNG. The shutdown of Equinor’s Hammerfest LNG plant in Norway affected the production, according to Total.

Also, the company said earlier this month its average price for equity LNG sales in the first quarter reached $6.08/MMBtu, logging a rise when compared to the previous three-month period but still down year-on-year.

Most Popular

Freeport LNG to launch Noble gas project

Freeport LNG, the operator of the 15 mtpa liquefaction plant in Texas, has won an extension of time from the US FERC to construct and place into service its Noble gas project. The LNG terminal operator plans to launch the project this month.

Excelerate’s FSRU leaves Spanish yard to start Wilhelmshaven job

Excelerate’s 138,000-cbm FSRU Excelsior has left the yard in Spain's El Ferrol. The unit will first visit the Netherlands prior to heading to Wilhelmshaven, according to state-owned German LNG terminal operator DET.

NextDecade, Aramco seal 20-year LNG SPA

Saudi Arabia’s energy behemoth Aramco has signed a 20-year deal to buy liquefied natural gas from NextDecade’s Rio Grande LNG export terminal in Texas.

More News Like This

India’s ONGC approves Mozambique LNG investment

India’s state-run ONGC has approved an investment by its unit, ONGC Videsh, into the TotalEnergies-led Mozambique LNG joint venture, which is developing a 12.8 mtpa liquefaction plant at the Afungi complex.

US approves financing for Mozambique LNG

The Export-Import Bank of the United States has approved financing for the TotalEnergies-led Mozambique LNG project.

Hudong-Zhonghua kicks off work on TotalEnergies LNG bunkering vessel

China’s Hudong-Zhonghua has officially started building one 18,600-cbm LNG bunkering vessel for French energy giant TotalEnergies.

TotalEnergies claims Asia Pacific’s first cruise ship LNG bunkering

A unit of France's TotalEnergies has completed what it says is Asia Pacific’s first LNG bunkering for cruise passenger ships.