TotalEnergies 1Q Profit Rose on High Energy Prices, Takes $4.1 Billion Charge Over Arctic LNG 2 Project
April 28 2022 - 3:22AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE on Thursday said that profit rose in the first
quarter on soaring oil-and-gas prices but recorded a $4.1-billion
impairment charge over a liquefied natural gas project under
development in the Russian Arctic.
The French energy major said that quarterly net profit came in
at $4.94 billion, up from $3.34 billion for the same period last
year. On an adjusted basis, net profit was $8.98 billion, above a
FactSet-compiled consensus that had the figure at $8.07
billion.
TotalEnergies' hydrocarbon production was 2.84 million barrels
of oil equivalent a day in the quarter, down 1% on year, while
sales increased to $68.61 billion from $43.74 billion for the
year-earlier period.
Late on Wednesday, the oil major said the $4.1 billion writedown
was tied to Arctic LNG 2 as the company will longer count on
anticipated reserves from the project following Western sanctions
against Russia.
The company said it is planning additional investments to
support short-term gas production in the North Sea in the context
of high and volatile gas prices across Europe and Asia. It also
said it anticipates its average LNG selling price above $14/Mbtu in
the second quarter.
The first interim dividend for 2022 was set at 69 European cents
($0.73), which represents a 5% increase on the previous year,
TotalEnergies said. The company was authorized by the board to
buyback up to $3 billion of its own shares in the first half of the
year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 28, 2022 03:07 ET (07:07 GMT)
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