TotalEnergies: Main Indicators
TotalEnergies (Paris:TTE) has reported a significant increase in its first quarter 2022 results. Key highlights include a Brent price rise to $102.2/b, compared to $79.8/b in Q4 2021, with average liquids prices increasing to $90.1/b from $72.6/b. The average gas price also rose to $12.27/Mbtu from $11.38/Mbtu. The European refining variable cost margin surged to $46.3/t, up from $16.7/t in Q4 2021. Sensitivities indicate that a $10 increase in average liquids prices could boost adjusted net income by approximately $2.7 billion.
- Brent price increased to $102.2/b, a significant rise from $79.8/b in Q4 2021.
- Average liquids price rose to $90.1/b compared to $72.6/b in Q4 2021.
- Average gas price increased to $12.27/Mbtu from $11.38/Mbtu.
- European refining variable cost margin significantly improved to $46.3/t from $16.7/t.
- None.
1Q22 |
4Q21 |
3Q21 |
2Q21 |
1Q21 |
||
| €/$ | 1.12 |
1.14 |
1.18 |
1.21 |
1.20 |
|
| Brent | ($/b) | 102.2 |
79.8 |
73.5 |
69.0 |
61.1 |
| Average liquids price* | ($/b) | 90.1 |
72.6 |
67.1 |
62.9 |
56.4 |
| Average gas price* (1) | ($/Mbtu) | 12.27 |
11.38 |
6.33 |
4.43 |
4.06 |
| Average LNG price** (1) | ($/Mbtu) | 13.60 |
13.12 |
9.10 |
6.59 |
6.08 |
| Variable Cost Margin, European refining*** |
($/t) | 46.3 |
16.7 |
8.8 |
10.2 |
5.3 |
* Sales in $ / Sales in volume for consolidated affiliates.
** Sales in $ / Sales in volume for consolidated and equity affiliates.
(1) Does not take into account gas and LNG trading activities, which results are expected to be high and comparable to the fourth quarter 2021, capturing optimization opportunities generated by the large LNG trading portfolio in the prevailing high gas spot price environment.
*** This indicator represents the average margin on variable costs realized by TotalEnergies’ European refining business (equal to the difference between the sales of refined products realized by TotalEnergies’ European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons). The European refining Variable Cost Margin increased significantly, notably due to sharply higher distillate cracks, but continues to be affected by high energy costs.
2022 Sensitivities*
| Change | Estimated impact on adjusted net operating income |
Estimated impact on cash flow from operations | |
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price** | +/- 10 $/b | +/- 2.7 B$ | +/- 3.2 B$ |
| European gas price - NBP | +/- 10 $/Mbtu | +/- 3.0 B$ | +/- 3.0 B$ |
| Variable cost margin, European refining (VCM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2022. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** In a 60 $/b Brent environment.
____
Disclaimer
Data is based on TotalEnergies’ reporting and is not audited.
To the extent permitted by law,
View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005513/en/
TotalEnergies
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FAQ
What are TotalEnergies' latest quarterly results for Q1 2022?
How much did the average gas price increase for TotalEnergies in Q1 2022?
What is the European refining variable cost margin for TotalEnergies in Q1 2022?
What impact could a $10 increase in average liquids prices have on TotalEnergies?
