TotalEnergies 3Q Profit Jumped on Higher Energy Prices

   By Giulia Petroni 
 

TotalEnergies SE said Thursday that profit jumped in the third quarter of the year as the global economic recovery pushed energy prices sharply higher, with gas prices reaching unprecedented levels in Asia and Europe.

The French oil-and-gas major said quarterly net profit came in at $4.65 billion compared with $202 million for the same period last year. On an adjusted basis, profit was $4.77 billion, beating a FactSet-compiled consensus that had forecast the figure at $4.31 billion.

Total's hydrocarbon production increased 4% on year to 2.81 million barrels of oil equivalent a day from 2.72 million in the previous year partly due to the increase in gas demand and OPEC+ production quotas, as well as project startups and rampups. The company said it expects fourth-quarter production in the range of 2.85 million to 2.9 million boe/d.

Sales for the third quarter rose to $54.73 billion from $33.14 billion for the year-earlier period.

"Barring an exceptionally mild winter, the low inventory for gas and expected sustained demand are likely to keep gas prices in Europe and Asia at high levels until the second quarter of 2022," TotalEnergies said.

TotalEnergies maintained its third interim dividend payment at 0.66 euros ($0.77) a share and confirmed the completion of the $1.5 billion share repurchases in the fourth quarter.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

October 28, 2021 02:57 ET (06:57 GMT)

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