TotalEnergies’ Q4 profit surges, LNG sales rise

France’s TotalEnergies said Thursday its fourth-quarter earnings surged on the back of higher oil and gas prices, while the energy giant’s LNG sales also improved when compared to the same period last year.

Adjusted net income surged to $6.83 billion from $1.30 billion last year. It also improved compared to the previous quarter of $4.8 billion.

For the entire year of 2021, adjusted net income reached $18.1 billion, compared to $4.06 billion in the year before. TotalEnergies also logged a net loss of $7.2 billion in 2020.

“In the fourth quarter, oil prices continued to rise, up 9 percent compared to the previous quarter, while gas prices in Europe and Asia, driven by increasing demand, hit all-time highs above $30/Mbtu and sent European power prices to record levels,” chief executive Patrick Pouyanne, said.

“In this context, TotalEnergies’ multi-energy model demonstrated its ability to take full advantage of the very favorable environment, particularly in the LNG and electricity sectors, with adjusted net income of $6.8 billion and cash flow (DACF) of $9.8 billion,” he said.

LNG sales up

The company’s integrated gas, renewables and power segment reported adjusted net operating income of $2.8 billion and cash flow of $2.4 billion in the fourth quarter, bringing full-year results and cash flow to $6.2 billion and $6.1 billion, respectively.

“These historic results build on the globally integrated LNG portfolio, leveraging rising oil and gas prices and outperformance in the gas and LNG trading business,” Pouyanne said.

LNG sales increased 16 percent to 11.6 million tonnes in the fourth quarter when compared to the same period last year. Sales also rose from 10 million tonnes in the third quarter.

TotalEnergies said LNG sales increased 10 percent in the January-December period to 42 million tonnes.

The energy giant attributed the increase to higher production from Cameron and Freeport LNG export terminals in the US.

Also, the company said last month its average price for equity LNG sales in the fourth quarter reached $13.12/MMBtu, logging a rise when compared to the previous three-month period but also year-on-year.

Most Popular

BGN delivers its first LNG cargo to Germany, secures Egypt deal

Switzerland-based energy trader BGN has completed its first LNG delivery to Germany, while simultaneously securing a deal to supply Egypt with LNG.

Samsung Heavy wins contract for Eni’s Coral Norte FLNG

South Korean shipbuilder Samsung Heavy has secured a preliminary contract for Eni's second FLNG project in Mozambique, Coral Norte (Coral North), according to shipbuilding sources.

Excelerate’s FSRU launched in South Korea

South Korean shipbuilder HD Hyundai Heavy Industries has launched Excelerate Energy’s new floating storage and regasification unit (FSRU).

More News Like This

Argentina’s Enarsa to spend $567 million on LNG purchases

Argentina's state-owned LNG importer, Energia Argentina (Enarsa), will spend $570 million to purchase 22 liquefied natural gas (LNG) cargoes from BP and TotalEnergies this year.

TotalEnergies expands in Malaysia with Petronas deal

French energy giant and LNG player TotalEnergies has entered into a deal with Petronas to buy stakes in multiple blocks offshore Malaysia and one block offshore Indonesia.

Argentina’s Enarsa gets offers for new LNG cargo tender

Argentina's state-owned LNG importer Energia Argentina (Enarsa) has received six offers for its third LNG cargo tender in 2025.

TotalEnergies seals Ksi Lisims LNG deal

French energy giant TotalEnergies has signed a 20-year deal with Ksi Lisims LNG to buy LNG from the latter's planned export project in Canada. In addition, TotalEnergies will acquire a 5 percent stake in Houston-based Western LNG, the developer, shareholder, and future operator of the Ksi Lisims LNG project.