TotalEnergies says LNG boosts Q3 profit to about $9.9 billion

France’s TotalEnergies said on Thursday its third-quarter earnings more than doubled to about $9.9 billion, boosted by higher LNG prices and sales.

Adjusted net income of $9.86 billion rose from $4.76 billion last year, while it also slightly increased when compared to the previous quarter of $9.79 billion.

Net income rose 43 percent year-on-year to $6.62 billion, as well as from $5.69 billion in the prior quarter.

“In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters,” chief executive Patrick Pouyanne said.

He said that TotalEnergies took into account a new impairment of $3.1 billion related to Russia, while the company’s cash flow was $11.7 billion.

“The iGRP (integrated gas, renewables & power) segment reported record adjusted net operating income of $3.6 billion this quarter, up $1.1 billion from the second quarter, and cash flow of $2.7 billion, driven by an average LNG selling price up more than 50 percent compared to the previous quarter and by the strong performance of its trading activities,” Pouyanne said.

Earlier this month, TotalEnergies revealed that its 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 sales up on high European demand

LNG sales increased 5 percent to 10.4 million tonnes in the the third quarter when compared to the same period last year, while production dropped 6 percent year-on-year.

The firm said LNG sales rose year-on-year due to the increase in spot LNG purchases to maximize the use of the company’s regasification capacity in Europe.

Sales dropped from 11.7 million tonnes in the second quarter mainly due to the outage at Freeport LNG in the US, planned maintenance at Ichthys LNG in Australia, and a shutdown of production at Idku LNG in Egypt due to insufficient gas supply, according to TotalEnergies.

In the January-September period, LNG sales rose 16 percent to 35.4 million tonnes.

Most Popular

Fluxys awards Zeebrugge LNG gig to Sacyr Proyecta

Belgium's Fluxys has awarded a new contract to Spain's Sacyr Proyecta for services at its LNG terminal in Zeebrugge, Belgium.

Rotterdam LNG bunkering volumes climb in H1

Liquefied natural gas (LNG) bunkering volumes in the Dutch port of Rotterdam rose in the first half of this year compared to last year, despite a drop in second-quarter volumes.

China’s gas imports up in June

China's natural gas imports, including pipeline gas and LNG, rose by 1.1 percent last month compared to June 2024, according to customs data.

More News Like This

Argentina’s Enarsa to spend $567 million on LNG purchases

Argentina's state-owned LNG importer, Energia Argentina (Enarsa), will spend $570 million to purchase 22 liquefied natural gas (LNG) cargoes from BP and TotalEnergies 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.

Argentina’s Enarsa gets offers for new LNG cargo tender

Argentina's state-owned LNG importer Energia Argentina (Enarsa) has received six offers for its third LNG cargo tender in 2025.

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.