TotalEnergies says average LNG price climbs in Q4

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

TotalEnergies said on Tuesday the average LNG price was $10.28/MMBtu in the October-December period, up by 7 percent compared to $9.56/MMBtu in the previous quarter.

However, the price declined compared to $14.83/MMBtu in the fourth quarter of 2022, when European demand was high as European countries worked to replace pipeline gas supplies with LNG.

TotalEnergies said in its third-quarter report that its average LNG selling price should be above $10/MMBtu in the fourth quarter.

The company’s integrated LNG adjusted net income reached about $1.34 billion in the third quarter, a drop of 61 percent when compared to the third quarter in 2022, and a slight rise when compared to $1.33 billion in the previous quarter.

Also, TotalEnergies sold 10.5 million tonnes of LNG in the third quarter, slightly up when compared to 10.4 million tonnes in the same period last year, and a drop compared to 11 million tonnes in the prior quarter.

TotalEnergies said on Tuesday that in the fourth quarter the “integrated LNG results will reflect the positive evolution of prices and production volumes.”

Also, the French firm said that it expects its oil and gas production will reach about 2.45 million barrels of oil equivalent per day in the fourth quarter, benefiting from LNG production growth, partially compensating for the Canadian oil sands assets disposals, effective this quarter.

TotalEnergies plans to release its results for the fourth quarter on February 7.

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