TotalEnergies says average LNG price down in Q3

French energy giant TotalEnergies, one of the world’s largest LNG players, reported a drop in its average price for equity liquefied natural gas sales in the third quarter of this year.

TotalEnergies said on Tuesday the average LNG price was $9.56/MMBtu in the July-September period, logging a decrease when compared to $9.84/MMBtu in the previous quarter.

Also, the price nosedived compared to $21.51/MMBtu in the July-September period last year, when European demand surged as European countries worked to replace pipeline gas supplies with LNG.

TotalEnergies said in its second-quarter report that its average LNG selling price should be between $9 and $10/MMBtu in the third quarter.

The company’s integrated LNG adjusted net income reached about $1.33 billion in the second quarter, a drop of 40 percent when compared to the second quarter in 2022 and also down when compared to $2.07 billion in the previous quarter.

Also, the company’s LNG sales decreased year-on-year to 11 million tonnes of LNG in the second quarter due to lower demand in Europe.

TotalEnergies said on Tuesday that in the third quarter “the integrated LNG result is expected to be in line with the previous quarter, in an overall comparable environment.”

Also, the French firm said that it expects its oil and gas production will reach about 2.5 million barrels of oil equivalent per day in the third quarter, benefiting from the start-up of Absheron in Azerbaijan and the effective entry into the Ratawi field in Iraq

TotalEnergies plans to release its results for the third quarter on October 26.

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