Higher Oil And Gas Prices Boost Profit For French Multinational TotalEnergies

Written by Roberta Souza

Published on 10/02/2022 at 20:20

Foto Reprodução Google Imagens / kabumdigital

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The French Energy Company TotalEnergies Saw Its Quarterly Profit Surge at the End of Last Year, Powered by Higher Oil and Gas Prices

The company recently reported a net profit of US$ 5.8 billion in Q4 2021 and US$ 16 billion for the entire year of 2021 from oil and gas. This compares to a profit of US$ 891 million in Q4 2020 and a loss of over US$ 7.2 billion in 2020.

TotalEnergies’ Exploration and Production business benefited from higher oil and gas prices with an adjusted net operating profit of US$ 10.4 billion and was a strong contributor to the company’s net cash flow of US$ 12.2 billion. In other words, in 2021, the company generated cash flow of US$ 30.7 billion, an increase of US$ 13 billion compared to 2020.

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In line with its strategy to invest in low-cost and low-emission projects, TotalEnergies has increased its presence in Brazil by entering the giant Atapu and Sépia fields, launched the Lake Albert Resource Development Project in Uganda, while divesting from mature asset stakes in Angola as well as several non-operated licenses in Gabon and a minority stake in the Greater Laggan area in the UK.

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Start-Ups of Projects to Increase Production in 2022

Looking ahead, TotalEnergies projects a growth in oil and gas production in 2022 of about 2%, driven by the start-ups of Mero 1 in Brazil and lkike in Nigeria, the entry into the production units of Atapu and Sepia in Brazil starting in May 2022, but impacted by the sales of mature assets completed in 2021, as well as the exit from Myanmar starting in July 2022.

Continuing the momentum that has been taking place for several years, TotalEnergies is implementing its integrated growth strategy in LNG, which will generate structural cash flow growth of US$ 1 billion in 2022.

Furthermore, given the evolution of oil and gas prices in recent months and the lagged effect on pricing formulas, TotalEnergies anticipates that its average LNG sales price should remain high at least US$ 12/Mbtu in the first half of 2022.

Its cash flow allocation priorities for the year include investing in profitable projects to implement its transformation strategy, linking dividend growth to structural cash flow growth, maintaining a strong balance sheet and a long-term debt rating with a minimum “A” leverage anchor below 20% and allocating a portion of excess cash flow from high oil and gas prices to share buybacks.

Higher Oil And Gas Prices Boost Profit For French Multinational TotalEnergies

The French Energy Company TotalEnergies Saw Its Quarterly Profit Surge at the End of Last Year, Powered by Higher Oil and Gas Prices

More News:

Start-Ups of Projects to Increase Production in 2022

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