TotalEnergies posts quarterly returns of $6.5 billion

France

COURBEVOIE, April 27, 2023 – TotalEnergies has posted adjusted profits of USD 6.5 billion in Q1 2023 on the back of lowered commodity prices, the French energy giant announced on Thursday.

Adjusted profits fell by 13% from the previous quarter in 2022.

Brent prices averaged USD 81 per barrel in Q1 2023, down from an average of USD 100 per barrel in 2022.

The oil and gas operator cited a 2% growth in global production compared to the previous quarter due to the start-up of gas production on Block 10 in Oman and its acquisition of 20% interest in the Satah Al Razboot, Umm Lulu, Bin Nasher and Al Bateel offshore concession in the UAE, commonly known as SARB and Umm Lulu.

The company’s net operating income from its LNG segment fell by 34% from USD 3.1 billion in Q1 2022 to USD 2.1 billion in Q1 2023.

TotalEnergies launched FEED studies on its proposed Papua LNG project in Q1 2023.

The energy giant’s integrated power segment saw adjusted net operating income and cash flow of USD 400 million in Q1 2023, with return on average capital employed of 10%.

During the quarter the company acquired 34% interest in Brazil’s Casa Dos Ventos wind project and raised its overall renewables capacity to 18 GW.

Adjusted net operating income from its downstream segment totalled USD 1.9 billion with a cash flow of USD 2.2 billion.

In March 2023, TotalEnergies announced the full sale of retail networks in Germany and the Netherlands and the divestment of 60% equity in its retail assets in Belgium and Luxembourg to Canadian convenience store chain Couche-Tard.

TotalEnergies posted record profits of USD 36.2 million in 2022.

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