France-based TotalEnergies, one of the world’s largest LNG players, reported a jump in its average price for equity liquefied natural gas sales in the third quarter.
TotalEnergies said on Friday the average LNG price had reached $21.51/MMBtu in the July-September period, logging a significant rise when compared to the previous three-month period but also year-on-year.
The price rose about $7.55/MMBtu compared with the previous quarter, while it more than doubled when compared to $9.10/MMBtu in the same period in 2021.
LNG volumes for the third quarter are not available yet as the Paris-based firm will release its quarterly results on October 27.
“LNG assets performance is expected to increase strongly as a result of higher average LNG price, up 50 percent,” TotalEnergies said.
“Performance of the gas, LNG, and power trading activities is expected to remain high, our integrated portfolio enabling to capture opportunities in a volatile and dislocated environment,” the firm said.
The company’s integrated gas, renewables, and power segment reported adjusted net operating income of $2.55 billion in the second quarter, nearly triple year-on-year due to higher LNG prices.
Also, TotalEnergies’ LNG sales increased 11 percent to 11.7 million tonnes in the second quarter when compared to the same period last year. Sales dropped from 13.3 million tonnes in the prior quarter.