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.

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