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During the first quarter, TotalEnergies sold 10.6 million tonnes of LNG, down percent compared to 10.7 million tonnes in the same period last year, and down 2 percent compared to 10.8 million tonnes in the prior quarter.
TotalEnergies said LNG sales were globally “stable quarter-to-quarter, with increased sales from equity production offset notably by lower spot activity.”
During 2024, LNG sales decreased 10 percent to 39.8 million tonnes.
Hydrocarbon production for LNG in the first quarter was up 18 percent quarter-to-quarter to 582 kboe/d.
The production also rose 18 percent compared to the prior quarter.
LNG earnings rise
The company’s integrated LNG business logged a rise in its adjusted net operating income in the first quarter of this year.
TotalEnergies said adjusted net operating income for integrated LNG was $1.29 billion in the first quarter, up 6 percent year-on-year and down 10 percent quarter-to-quarter, in line with the evolution of the average LNG price.
Also, cash flow from operations excluding working capital (CFFO) was $1.25 billion, for the same reasons and due to a timing effect in dividend payments from some equity affiliates, it said.
Earlier this month, TotalEnergies said that it expects integrated LNG results in the first quarter to “reflect the better environment conditions year-on-year (average LNG price of $10/MMBtu vs $9.58/MMBtu) but lower than fourth quarter 2024 ($10.37/MMBtu).”
Net income
Overall, TotalEnergies reported adjusted net income of $4.2 billion in the first quarter.
This is a drop of 5 percent compared to the prior quarter and a drop of 18 percent compared to the same quarter in 2024.
“In a price environment globally similar to the fourth quarter 2024, TotalEnergies delivered strong results in the first quarter 2025 that are in line with the positive results of the fourth quarter 2024, reporting $4.2 billion of adjusted net income and $7 billion of CFFO,” chief executive Patrick Pouyanne, said.
Pouyanne said that LNG trading results were “in line with expectations for 2025 while gas trading encountered the unexpected downturn of European markets following new heightened uncertainties on the evolution of the Russian-Ukrainian conflict.”
“Confident in the company’s ability to reach its 2025 underlying growth objective and taking into account the strength of its balance sheet, the board of directors has confirmed the distribution of the first interim dividend of €0.85/share for fiscal year 2025, an increase of 7.6 percent compared to 2024 and consistent with the attractive dividend growth guidance announced in February,” he said.
“Furthermore, it has also decided to again continue share buybacks for up to $2 billion in the second quarter despite a softening price environment with Brent below $70/b since the beginning of April and an uncertain geopolitical and macroeconomic context,” Pouyanne said.
Average LNG selling price to be between $9 and $9.5/MMBtu in Q2
In the context of geopolitical and macroeconomic uncertainties following the introduction of trade tariffs by the United States, the oil demand outlook has softened and meanwhile OPEC+ countries have announced the unwinding of some of the voluntary production cuts beginning in the second quarter of 2025., accorind to TotalEnergies.
Consequently, oil prices remain volatile between $60 and $70/b and refining and petrochemical margins are expected to remain weak, the firm said.
TotalEnergies noted that forward European markets expect gas prices to remain elevated in the second quarter of 2025, in a context of inventory replenishment in Europe.
“Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be between $9 and $9.5/MMBtu in the second quarter 2025,” it said.
Moreover, hydrocarbon production in the second quarter 2025 will be impacted by more planned maintenance than during the first quarter 2025 (50 kboe/d) and second quarter 2024, according to the firm.
As a result, second-quarter hydrocarbon production is expected to grow 2 to 3 percent year-on-year.
Given the growth of nearly 4 percent in the first quarter, the company confirmed its target to grow hydrocarbon production by more than 3 percent in 2025 versus 2024.
For 2025, TotalEnergies reiterated net investments guidance of $17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly integrated power.