TotalEnergies’ Q3 profit jumps, LNG sales up

France’s TotalEnergies said Thursday its third-quarter earnings jumped, boosted by 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 $4.8 billion from $848 million last year. It also improved 38 percent compared to the previous quarter.

“The global economic recovery, notably in Asia, drove all energy prices sharply higher in the third quarter due to the interconnection of energy systems. Gas prices in Asia and Europe, up more than 85 percent from the previous quarter, reached unprecedented levels, and oil prices gained 7 percent, continuing their steady year-long rise,” chief executive Patrick Pouyanne, said

He said the company’s adjusted net income had benefited from its multi-energy model, and, particularly this quarter, from its position as a “world leader in LNG.”

TotalEnergies generated cash flow of $8.4 billion, up nearly 25 percent compared to the previous quarter, and adjusted EBITDA of $11.2 billion.

“The integrated Gas Renewables & Power (iGRP) segment generated adjusted net income of $1.6 billion and cash flow of $1.7 billion, both new record highs, thanks to an outperformance of its trading activities, which leveraged its integrated worldwide LNG portfolio,” Pouyanne said.

Pouyanne confirmed TotalEnergies’ plans to buy back $1.5 billion worth of shares in the fourth quarter.

LNG sales rise

LNG sales increased 24 percent to 10 million tonnes when compared to the same period last year but they dropped from 10.5 million tonnes in the second quarter.

TotalEnergies said LNG sales increased 7 percent in the January-September period to 30.4 million tonnes.

Also, the company said earlier this month its average price for equity LNG sales in the third quarter reached $9.10/MMBtu, logging a rise when compared to the previous three-month period but also year-on-year.

TotalEnergies expects that 2021 oil price increases would positively impact its average selling LNG price in the next six months, given the lag effect on price formulas.

It anticipates its average LNG price to reach above $12/MMBtu in the fourth quarter.

Most Popular

McDermott bags Monkey Island LNG gig

Houston-based McDermott has secured a contract from Monkey Island LNG for its planned natural gas liquefaction facility in Cameron Parish, Louisiana.

Gazprom supplying gas from Kaliningrad FSRU

Gas giant Gazprom has completed tests at its 174,000-cbm FSRU Marshal Vasilevskiy off Russia's Kaliningrad, located between Lithuania and Poland. The firm said...

GTT develops new LNG fuel tank

French LNG containment giant GTT has developed a new cubic-shaped LNG fuel tank for commercial vessels, with a particular focus on LNG-fueled container vessels.

More News Like This

NextDecade takes FID on fourth Rio Grande LNG train

US LNG firm NextDecade has made a final investment decision on the fourth train at its Rio Grande LNG facility in Texas.

TotalEnergies pens LNG supply deal with South Korea’s Kogas

French energy giant TotalEnergies has entered into a long-term agreement with South Korean LNG importer Kogas to supply the latter with liquefied natural gas.

Santos CEO expects Papua LNG FID in early 2026

France's TotalEnergies and its partners plan to take a final investment decision on the Papua LNG export project in Papua New Guinea in the first quarter of 2026, according to Santos CEO Kevin Gallagher.

NextDecade secures equity commitments for fourth Rio Grande LNG train

US LNG firm NextDecade has secured up to $1.8 billion in equity commitments from TotalEnergies and Global Infrastructure Partners to finance the construction of the fourth train at its Rio Grande LNG facility in Texas.