Total’s LNG sales rise as profit plunges

France-based Total logged a 22 percent rise in its LNG sales as it reported a 96 percent drop in second-quarter net profit.

Total reported a net income of $126 million, hit by lower oil and gas prices and the effects related to the Covid-19 coronavirus pandemic.

However, Total still managed to post a profit in the second quarter as its peers like Shell and Chevron posted huge losses due to impairments.

Furthermore, the company’s LNG sales increased to 10.4 million tonnes compared to 8.5 million tonnes in the second quarter last year.

In the January-June period, Total sold 20.2 million tonnes of LNG, a rise of 24 percent year-on-year.

Total attributed the rise to higher trading activities but also due to ramp-up of Novatek’s Yamal LNG project in Russia and the Inpex-operated Ichthys development in Australia.

Additionally, the rise in LNG sales was due to the start-up of first two trains at Sempra’s Cameron LNG plant in the US.

Total said its second-quarter LNG prices averaged 4.40/MMBtu, dropping 30 percent compared to the previous quarter and 23 percent year-on-year.

Looking ahead, the energy giant said it expects “significant” deffered LNG liftings from long-term buyers in the third quarter.

Total also added that it anticipates the decline in oil prices in the second quarter to have an “impact” on long-term LNG contract prices in the second half.

Most Popular

Yang Ming books LNG-powered containerships in South Korea

Taiwan’s Yang Ming Marine Transport has decided to order LNG dual-fuel container vessels from South Korea's Hanwha Ocean as part of its ongoing fleet optimization plan.

Sabah to take stake in Petronas’ third FLNG

SMJ Energy, owned by the Sabah government, has signed a heads of agreement with Malaysian energy giant Petronas to take a 25 percent stake in the latter's third floating LNG production unit.

Japan’s LNG imports drop in June

Japan’s liquefied natural gas (LNG) imports dropped by 2.8 percent in June compared to the same month last year, according to provisional data released by the country’s Ministry of Finance.

More News Like This

TotalEnergies: average LNG price down in Q2

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

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.

TotalEnergies targets Mozambique LNG restart by mid-year, CEO says

France's TotalEnergies and its partners in the giant Mozambique LNG project are planning to restart construction on the 12.8 mtpa project by the middle of this year, according to Patrick Pouyanne, CEO of TotalEnergies.