Totalenergies Share Discussion Threads

[grupo guitarlumber] 10/11/2021 14:02

Tullow Pushes Ahead With Plan to Sell Oil Assets in Kenya, Latam

Ben Bartenstein, Bloomberg News



(Bloomberg) -- Tullow Oil Plc is pushing ahead with plans to sell stakes in energy deposits in East Africa and Latin America.

“We have pretty significant positions in emerging basins in Guyana and Argentina and we’re looking at farm-down opportunities there,” Chief Executive Officer Rahul Dhir said in an interview in Dubai, where he attended a conference.

In Kenya, Tullow and its partners, including TotalEnergies SE, are considering selling more than 10% of their project in the country.

“We’re willing to dilute ourselves materially,” he said. “Material isn’t 5% or 10%. It’s more than that. But we’re pretty open to what exactly that percentage is. We’re looking for someone who will add value to the group, someone with an understanding of the region.”

The $3.4 billion project in north-east Kenya will include a pipeline to the coast for exports and an estimated output of 120,000 barrels a day. The fields are expected to produce 585 million barrels over their lifetimes.

Hedging Loss

London-based Tullow is recovering after the coronavirus pandemic hammered its business last year and its shares dropped 54%. Its stock is up almost 60% in 2021 thanks largely to crude’s rebound to more than $80 a barrel.

That rise has led to hedging losses, after the company bought derivatives to protect itself against prices falling. Tullow will announce the exact figure in a statement next week, Dhir said.

“With hedging, in hindsight you always get it wrong,” he said. “We had a couple-hundred million dollars of gain on the hedge portfolio last year. As a business person, you want to protect the $55-a-barrel mark. That really secures our capex program.”

Tullow has no plans to raise additional money from capital markets after its largest-ever bond sale earlier this year, he said.

The push among Western banks and governments to transition to cleaner forms of energy means funding is more difficult to obtain, according to Dhir.

“The reality is that access to capital will change,” he said. “We’re recognizing that a lot of OECD institutions and banks won’t be active in the sector, so we’re already pro-actively looking at other sources of capital.”

[grupo guitarlumber] 07/11/2021 12:04

Summary

TotalEnergies' revenues came in at $54.73 billion (including the excise taxes) or $49.07 billion net, up significantly from the $27.22 billion generated in the year-ago quarter.

Total hydrocarbon production during the second quarter of 2021 averaged 2,814K Boep/d, up from 2,715K Boep/d in the same quarter the previous year.

I expect TTE to retrace between $48 and $47, where I see an excellent opportunity to accumulate again.

Looking for a helping hand in the market? Members of The Gold And Oil Corner get exclusive ideas and guidance to navigate any climate.





France-based TotalEnergies SE (NYSE:TTE) released its third-quarter 2021 results on October 28, 2021.

3Q results snapshot

TotalEnergies reported third-quarter 2021 adjusted earnings per share of $1.76 (€1.49), beating analysts' expectations. It was well above the year-ago $0.29 per share. The total revenues came in at $54.73 billion, up 65.1% from $33.14 billion made in the year-ago quarter.

Third-quarter upstream equivalent production averaged 2,814k Boep/d, up 3.65% year over year. The increase was due to startups, the ramp-up of new projects, more significant demand for natural gas, and an increase in OPEC production quotas.
Investment Thesis

The investment thesis is the same quarter after quarter. TotalEnergies SE is one of my long-term oil investments especially adapted to savvy investors interested in a steady income through dividends. One rare European oil major has paid a stable dividend even during the last oil painful black swan.

However, oil stocks are challenging for long-term investment and, in general, underperformed the broad market. TTE is not different. TTE is down 2.5% from its price ten years ago, and Exxon Mobil (NYSE:XOM) is down 17%, while SPDR S&P 500 Trust ETF (NYSEARCA:SPY) is up 273%.

[ariane] 04/11/2021 12:02

argumedia.com


CNOOC gives green light to Uganda crude project

Published date: 04 November 2021


China's state-controlled CNOOC has taken a final investment decision (FID) on the Kingfisher crude project in Uganda.

The firm's local president Chen Zhuobiao said the firm is ready to offer $460mn in contracts to Ugandan companies in the coming months as work gets under way at the long-delayed project in the Lake Albert basin near Uganda's border with Democratic Republic of Congo.

CNOOC will proceed with development of a central processing facility, the Petroleum Authority of Uganda's executive director Ernest Rubondo said. This will be capable of processing the 40,000 b/d to come from Kingfisher at capacity. The government said it has completed construction of a power line to facilitate development.

First oil is scheduled for the first half of 2025, from Kingfisher and the adjacent 190,000 b/d Tilenga discovery being developed by TotalEnergies. China's Sinopec International Petroleum Service and US-based McDermott International signed conditional development contracts in June.

The project has been mired in bureaucracy for several years following protracted negotiations over upstream contract terms, tax disputes, disagreements over the pipeline route and uncertainty over the economics of the proposed refinery. More recently, the pipeline has attracted strong opposition from environmental campaigners.

The bulk of production will be exported to Tanga on Tanzania's coast via the heated East Africa Crude Oil Pipeline (EACOP), with the remainder feeding a refinery to be built in Uganda. TotalEnergies, the lead operator of the project is awaiting an enabling law being enacted by the Ugandan government to kick start the pipeline construction process. Uganda's energy minister Ruth Nankabirwa said the bill is being debated in parliament and will be passed before the end of the year.

By Mercy Matsiko

[waldron] 02/11/2021 20:05

TotalEnergies Wants More Libyan Exposure. Whilst Libya’s stability is continuously on the brink of collapse, French major TotalEnergies (NYSE:TTE) is reportedly nearing the purchase of Hess Energy’s 8.2% stake in the Waha Oil consortium, a deal that will probably be announced in late November when Total’s CEO visits Tripoli.





By Tom Kool for Oilprice.com

[grupo guitarlumber] 31/10/2021 17:02

Oil Majors Are Eyeing Big Payouts In Africa

By Felicity Bradstock - Oct 31, 2021, 10:00 AM CDT

Several major international players have shown interest in the West African region, hoping to develop the region’s oil industry before the global demand for oil decreases.

It’s not just the Ivory Coast that we’re seeing develop its oil and gas industry, as several countries across the continent are going full steam ahead with oil projects this year.

These emerging economies will reap the rewards of a newly developed oil and gas industry.


The optimistic response to a recent discovery in the Ivory Coast by Italian oil giant Eni, the first big find in the country in two decades, suggests that many African states are not yet ready to give up on fossil fuels and make the shift to renewables.

In September, Côte d’Ivoire announced a major offshore oil and gas discovery, following initial exploration success in 2014. The positive outlook led several international oil firms to battle over the country’s oil reserves. A 2019 licensing round saw the government sell exploration blocks for a total of $185 million, with Italy’s Eni taking a major stake, with two exploration blocks- CI-501 and CI-504, as well as France’s Total taking on exploration and production activities in the country.

Britain’s Tullow Oil had previously won licenses in the region in 2017.

Oil major Eni stated last month that it had discovered up to 2 billion barrels of oil and an additional 2.4 trillion cubic feet of associated gas from the Baleine well, located about 60km off the coast. The well offers the first deepwater commercial discovery in over 20 years.

The discovery adds to the Ivory Coast’s proven reserves, which previously stood at around just 100 million barrels. Eni shares the newfound reserves with the state government, which holds a 10 percent stake. While the country’s output is significantly lower than Africa’s biggest oil producers, at just 50,000 bpd, the discovery offers optimism around potential new finds in unexplored areas.

Several major international players have shown interest in the West African region, hoping to develop the region’s oil industry before the global demand for oil decreases. West Africa’s upstream oil and gas market is expected to achieve a CAGR of around 6.7 percent between 2020 and 2025. Underexplored oilfields and low production costs are two of the main drivers for oil firms investing in the region.

It’s not just the Ivory Coast that we’re seeing develop its oil and gas industry, as several countries across the continent are going full steam ahead with oil projects this year, attempting to strike while the iron is still hot.

Another West African country looking to luck out on recent discoveries in Senegal. Between 2014 and 2017, several major oil and gas finds were made in region, with discoveries of 1 billion barrels of oil and over 40,000 billion cubic feet of gas.

Within the same region, BP is expected to commence drilling operations in the Mauritania, Senegal, The Gambia, Guinea-Bissau, and Guinea-Conakry (MSGBC) basin at the beginning of 2022. BP hopes to develop its Greater Tortue Ahmeyim LNG gas project, expecting to produce 2.5 million tonnes of LNG annually. Australian firm Woodside Energy will commence output of both oil and gas in the region’s Sangomar oilfield by 2023.

This month, Norwegian firm BW Energy also announced ventures in West Africa, gaining two blocks near its Dussafu asset in Gabon's 12th licensing round, which has been repeatedly delayed since 2019 due to the pandemic. BW will work in partnership with Vaalco Energy and Panoro Energy as the operator of the G12-13 and H12-13 blocks for an exploration period of eight years. At present, Gabon is thought to have 2 billion barrels of proven oil reserves, but once again, there is significant potential in the exploration of underdeveloped oilfields.

Beyond West Africa, Tanzania in the east of the continent is racing to develop its natural gas reserves. Following the halting of talks with international companies in 2019, President Samia Suluhu Hassan aims to start development on the country’s LNG industry by 2023. With an estimated 57 trillion cubic feet of gas reserves, Tanzania is eager to commence operations before the global demand for oil and gas begins to wane as the energy transition picks up momentum.

Not forgetting the East African state of Uganda’s modern success story, with its first commercially viable oil discoveries in the Lake Albert Rift Basin taking place in 2006 and 2009, the country has gradually developed its national oil and gas industry. It is now expecting to boast a major oil pipeline, the East African Crude Oil Pipeline (EACOP), which will be capable of transporting 210,000 bpd from two national oilfields, operated by TotalEnergies and CNOOC, to the Tanga port in Tanzania for export. Despite several hold-ups, Uganda hopes the EACOP will be operational by 2025

While many African countries need to attract the investment of international oil majors to develop their burgeoning oil sectors, these emerging economies will nevertheless reap the rewards of a newly developed oil and gas industry, at a time when many western states are turning their backs on fossil fuels and where demand is still high. The untapped oil and gas potential of several African oil regions and the low-cost production prospective is winning the favor of several major international players, who are shifting their focus to Africa and the Caribbean.

By Felicity Bradstock for Oilprice.com

[sarkasm] 30/10/2021 22:02

Oil Majors Won’t Come Running to Help World Facing Energy Crunch

Kevin Crowley and Laura Hurst, Bloomberg News

(Bloomberg) -- The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter.

Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the most part, they’ll spend their windfall profits on share buybacks and dividends. Capital expenditures will rise next year, but the increases come off 2021’s exceptionally low base and within frameworks established before the recent surge in fossil-fuel prices.

It’s a step-change from previous energy rallies, such the early 2010s when emerging U.S. shale plays and fears over fossil fuel shortages prompted a massive upswing in capital spending. That boom ended painfully for the industry, with overproduction and a lack of cost control. This time around, Big Oil appears content to take the cash and hand it over to shareholders, who are both weary of poor returns over the last decade and concerned about the companies’ significant climate risk.

“It’s not so long ago they got creamed by prices collapses so it’s not surprising they’re a bit gun shy on capex,” said Stewart Glickman, a New York-based analyst at CFRA Research. “It’s almost like they’re stuck between two extreme populations — the ESG crowd and cash-flow hungry shareholders.”

Producers can satisfy both groups by simply not ramping up spending on fossil fuels. But that’s bad portent for consumers crying out for more supply. Europe and Asia are currently competing for natural gas, sending prices to record levels, while the U.S. and India have asked OPEC+ to produce more oil. China has called on state-owned companies to secure energy supplies at any cost.

Chevron is perhaps the best example of a company turning away from the punch bowl. The California-based oil giant generated the most free cash flow in its 142-year history during the third quarter but intends to keep capital spending 20% below pre-Covid levels next year while increasing share buybacks. Its 2022 capital budget will come in at the low-end of its $15 billion to $17 billion range, according to Chief Financial Officer Pierre Breber, some 60% below 2014 levels.

Low-Carbon Pivot

“Over time the vast majority of the excess cash will return to shareholders in the form of higher dividends and the buyback,” he said Friday on a conference call with analysts.

Even Exxon, until last year the poster child for doubling down on fossil fuels, is now more reticent with its cash. The Texas-based energy giant announced a surprise stock buyback Friday and locked in long-term annual spending in the low $20 billion range, a cut of more than 30% from before the pandemic.

Furthermore, almost 15% of Exxon’s budget will go toward low-carbon investments, a significant departure from its previous strategy and just months after activist investor Engine No. 1 persuaded investors to replace a quarter of its board. The clean energy spending provides “optionality and builds resiliency into our plans,” CEO Darren Woods said.

Shell -- which faces pressure from an activist investor as well after Dan Loeb’s Third Point LLC revealed this week it took a stake in the company -- is even more reluctant about spending on its traditional oil business. Less than half of its capital spending will go toward oil, with the bulk directed at gas, renewables and power.

“We will not double down on fossil fuels,” Shell CEO Ben Van Beurden said this week.

[adrian j boris] 30/10/2021 16:36

Summary and outlook



The steady recovery in oil demand to pre-crisis levels, except for aviation fuel, led to nearly continuous price increases that reached $85/b in mid-October, close to a 7-year high. Controlled production increases from OPEC+, the continued draw-down of crude inventories and the strong investment discipline in oil & gas supported the increase. In addition, an increase in fuel demand from the aviation sector is beginning to materialize, also supporting high prices.



The increase in gas markets, which began in the first half of the year, accelerated considerably in the third quarter, reaching record levels in Europe and Asia. Barring an exceptionally mild winter, the low inventory level for gas and expected sustained demand are likely to keep gas prices in Europe and Asia at high levels until the second quarter 2022.



Given the outlook for OPEC+ quotas and seasonal gas demand in the fourth quarter of 2021, TotalEnergies expects fourth quarter 2021 hydrocarbon production to be in the range of 2.85-2.9 Mboe/d.



TotalEnergies anticipates that 2021 oil price increases will positively impact its average LNG selling price for the next six months, given the lag effect on price formulas. It is expected to be above $12/Mbtu in the fourth quarter 2021.



TotalEnergies maintains its cost discipline, with net investments expected to be close to $13 billion in 2021, including $3 billion dedicated to renewables and electricity.



The Company confirms its cash flow allocation priorities: investing in profitable projects to implement TotalEnergies' transformation strategy into a sustainable multi-energy company, linking the growth of its dividend to its underlying cash flow growth, maintaining a strong balance sheet and a long-term debt rating with a minimum "A" level by anchoring gearing below 20%, and allocating up to 40% of the surplus cash generated above $60/b to share buybacks.

[adrian j boris] 30/10/2021 16:24

Next dividend

Type Quarterly


Per share 66¢


Ex-div date 03 Jan 2022 (Mon)

Pay date 13 Jan 2022 (Thu)

[waldron] 30/10/2021 09:42

In a research note published by James Hubbard, Deutsche Bank advises its customers to buy the stock. The target price continues to be set at EUR 48.30.

[waldron] 30/10/2021 09:31

In a research note published by Jon Rigby, UBS gives a Neutral rating to the stock. The target price remains set at EUR 42.

[waldron] 30/10/2021 09:26

WISHFUL THINKING PERHAPS FOR THE LONG LONG TERM TARGET

Should be fun to chalk it up BOX BY BOX

THE TotalEnergies WISH LIST BOXES togetherwith Broker targets thrown in for good measure to make you laugh,chuckle,smile and or smirk

34 to 36 euros
36 to 38 euros
38 to 40 euros
40 to 42 euros $$$ UBS target 42 euros

42 to 44 euros $$$ WE ARE HERE $$$$

44 to 46 euros
46 to 48 euros $$$ Jefferies target 47 euros and HSBC ups target to 47.40 euros
48 to 50 euros $$$ Deutsche Bank targetting 48.30 euros
50 to 52 euros $$$ Berenberg targets 50 euros with Morgan Stanley targeting 50.30 euros
52 to 54 euros $$$ RBC targets 54 euros and JP Morgan targeting 52 euros
54 to 56 euros $$$ Barclay target 55 euros
56 to 58 euros
58 to 60 euros $$$ Goldman Sachs target 60 euros


Mean consensus BUY

Number of Analysts 25

$$$$$$$$$$$$$$$$$$$$$$$$

Average target price 50.92 euros approx

Highest target 60 euros

Lowest target 43.40 euros approx

$$$$$$$$$$$$$$$$$$$$$$$$$



Strong supports at 41.595 euros and then 38.72 euros

Strong Resistences at 44.865 euros and then a possible gap up towards 50 euros

$$$$$$$$$$$$$$$$$$$$$$$$$

[grupo guitarlumber] 30/10/2021 09:10

[France] TOTALENERGIES SE (TTE)

Real-time Quote. Real-time Euronext Paris - 10/29 04:39:11 pm

43.37 EUR +0.17%

[grupo guitarlumber] 30/10/2021 09:08

Shell, BP, TotalEnergies take steps on greener service stations
29 October 2021 Cristina Brooks

Three oil majors have separately signed deals that could see them greening their existing networks of service stations in Europe and the US by offering electric vehicle (EV) charging, hydrogen fuel, or both.

The agreements track policy developments. In a decidedly pro-EV and hydrogen policy move, the EU last month expanded financing arrangements and also started to tender for EV charging point construction under the Alternative Fuels Infrastructure Facility. A fast-charging station will be built every 60 kilometers along highways, and a hydrogen filling station for heavy transportation will be built every 150 kilometers.

Currently, the EU offers five fast public chargers every 100 kilometers, according to Finland-based EV charging platform Virta.

The new program will allocate $1.73 billion (€1.5 billion) per year to build EV charging, LNG bunkering, and other alternative fuel infrastructure on trans-European road and rail networks.

In the US, Tesla is building a fast-charging network, and President Joe Biden has pledged that the federal government will set up 500,000 charging units in five years, though funding for that promise has yet to materialize in the spending bills that are being debated by the US Congress.
EV charging every 150 km in France

TotalEnergies plans to spend up to $230 million (€200 million) to install EV charging points at 200 of its service stations along highways in its home country of France by 2023.

By then, TotalEnergies also aims to offer to its French customers "a high-power charging station every 150 kilometers," including 100 stations in urban areas, it said on 28 October.

The move expands on its existing French and global EV charging offering. The company's portfolio includes installed or planned EV charging point networks in Paris (2,300), Amsterdam (22,000), London (1,700), and Singapore (1,500).

Not only will it build its own EV charging points in France, but it plans to compete in tenders held by French road operators to install even more chargers.

The company appears to be following the pattern it set elsewhere in Europe. In September, it won a Dutch state tender to equip the city of Antwerp with EV charging points, for which it will also provide renewable energy, for example from offshore wind farms.

Moving into renewable energy trading and generation is part of TotalEnergies' net-zero strategy, which aims for low-carbon electricity making up 40% of its sales mix by 2050.
Hydrogen network mulled in the UK

BP and the truck division of German automaker Daimler, which also owns the Mercedes-Benz brand, have agreed to study the feasibility of up to 25 hydrogen refueling stations across the UK by 2030, according to a 27 October statement.

BP would build, operate, and supply the stations fueled with green hydrogen, while Daimler would supply hydrogen-fuel cell trucks to its UK customers starting in 2025.

"Hydrogen is critical to decarbonizing hard-to-abate sectors—and for heavy and long-distance freight it is sometimes the only answer," said Emma Delaney, BP's executive vice president for customers and products.

BP pledged to grow its hydrogen business to a 10% share of core markets in its 2020 energy transition plan.
EV, hydrogen "opportunities" in the US

Shell Oil Products US' retail subsidiary plans to acquire 248 Timewise-brand convenience store and fueling station sites in Texas from Landmark, it said in a 26 October statement.

The acquisition will also allow Shell to grow its store sales and retail footprint in the US, where its wholesalers, dealers, and joint venture partners operate over 13,000 Shell-branded sites.

Shell said the deal would allow it to offer customers more EV charging, hydrogen, biofuels, and lower-carbon premium fuels, but it would do so "in step with society" per its Powering Progress strategy.

Under the strategy, Shell said it would invest between $1 and $2 billion every year in low-carbon energy such as charging for EVs, hydrogen, biofuels, and electricity generated by wind and solar power, depending on demand.

Shell, which has come under legal pressure to cut carbon emissions in its home country, just this week added an absolute emissions target to its existing goal of reaching net-zero emissions by 2050, covering its operations and the emissions from energy products it sells.

At the same time, the company fended off investor suggestions that it should spin-off its renewable activity. Eni appears to be starting a trend for oil majors with this month's announcement that it would sell its joined-up retail and renewable business.

Posted 29 October 2021 by Cristina Brooks, Senior Journalist, Climate & Sustainability, IHS Markit

[waldron] 30/10/2021 07:56

Analyst Christyan Malek does not change his recommendation. JP Morgan remains neutral on the matter. The price target continues to be set at 52 EUR.

[waldron] 29/10/2021 13:50

Offshore Technology


TotalEnergies Q3 profit surges to $4.8bn as gas prices soar

29 Oct 2021 (Last Updated October 29th, 2021 12:16)

The French energy giant also announced plans to buy back shares worth $1.5bn during the fourth quarter of 2021.


French energy group TotalEnergies has reported an adjusted net profit of $4.8bn for the third quarter of 2021 compared to $848m in the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) grew to $11.18bn from $5.321bn in the third quarter of 2020.

The French oil firm reported operating cash flow before working capital changes of $8.39bn, up from $4.2bn in the previous year’s quarter.

TotalEnergies CEO Patrick Pouyanné said: “The global economic recovery, notably in Asia, drove all energy prices sharply higher in the third quarter due to the interconnection of energy systems.

“Gas prices in Asia and Europe, up more than 85% from the previous quarter, reached unprecedented levels, and oil prices gained 7%, continuing their steady year-long rise.”

The firm’s adjusted net operating income surged to $5.37bn from $1.45bn a year ago.

The energy giant’s net debt stood at $24.31bn as of 30 September 2021.

For the third quarter, the company’s adjusted net operating income from exploration and production was $2.7bn against $1.73bn a year earlier.

The adjusted net operating income and cash flow from the firm’s downstream segment surged over the quarter to $1bn and $1.6bn respectively.

Pouyanné added: “Downstream took advantage of petrochemical margins that remained high and of the improvement in refining margins in Europe, although impacted by the rise in energy costs. Marketing & Services confirmed its return to pre-crisis level results.”

TotalEnergies in its earnings statement also confirmed plans to buy back shares worth $1.5bn over the final three months of the year.

[waldron] 29/10/2021 08:37

Michele della Vigna of Goldman Sachs sees the stock as a buying opportunity. The price target is raised to EUR 62 from EUR 60.

[waldron] 28/10/2021 22:39

TotalEnergies Q3 Profit Soars 23x on Rising Gas Prices

10/28/2021 | 09:07am BST

(MT Newswires) -- TotalEnergies (TTE.L, TTE.BR, TTE.PA) on Thursday said global economic recovery, particularly in Asia, and increasing energy prices boosted its performance in the third quarter.

During the third quarter, the French energy giant saw net income hit $4.65 billion, higher than $202 million in the year-ago period.

Adjusted net income was $4.77 billion, up from $848 million in the year-ago period. Adjusted fully-diluted EPS for the quarter came in at $1.76, higher than $0.29 in the third quarter of 2020.

The company declared an interim dividend of 0.66 euro ($0.77) per share, unchanged from the prior year.

For the fourth quarter, TotalEnergies expects its hydrocarbon production to range from 2,850,000 to 2.9 million barrels of oil equivalent per day, considering seasonal gas demand and the outlook for OPEC+ quotas.

[waldron] 28/10/2021 19:10

RBC analyst Biraj Borkhataria maintains his Buy rating on the stock. The target price remains unchanged at EUR 54.

[waldron] 28/10/2021 08:43

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)

[adrian j boris] 26/10/2021 09:00

TotalEnergies SE said Tuesday that it has partnered with Plastic Energy Ltd. and Freepoint Eco-Systems LLC to build an advanced recycling plant in Texas, U.S.

The French oil-and-gas major said the plant will transform end-of-life plastic waste into a recycled feedstock that will be converted into virgin quality polymers for food-grade packaging.

The facility, which will process and convert 33,000 tons of plastic waste a year, is expected to become operational by mid-2024.

Financial details of the partnership weren't disclosed.



Write to Giulia Petroni at [e-mail]



(END) Dow Jones Newswires

October 26, 2021 03:36 ET (07:36 GMT)

[waldron] 25/10/2021 14:18

Home Saudi Arabia Aramco, TotalEnergies Launch First... 25 Oct, 2021

Dharan - SPA

Aramco, TotalEnergies Launch First Two Service Stations of their Joint Retail Network in Saudi Arabia

Aramco and TotalEnergies have launched the first two service stations of their joint retail network in Riyadh, Saudi Arabia’s capital, and Saihat, in the country’s Eastern Province. It follows the signing of a 50:50 Joint Venture (JV) Agreement between Aramco and TotalEnergies in 2019, with plans to significantly upgrade a network of 270 service stations and expand the range of quality retail services available across the Kingdom of Saudi Arabia.

This network will comprise Aramco or TotalEnergies branded stations, providing motorists with premium fuels and retail services.

Aramco's President and CEO Eng. Amin H. Nasser, said: “The opening of the first service stations marks an important milestone as we continue to expand our presence in the Kingdom’s downstream value chain. With our longstanding partner TotalEnergies, we are creating a premium network that will enhance the experience of Saudi Arabia’s motorists and travelers. As the Kingdom scales up tourism projects, we can expect domestic travel to increase, along with demand for hospitality and travel services. With our entry into retail, we aim to deliver the best experience possible for customers, while creating opportunities for Saudis to pursue careers in retail and marketing.”

For his part, Chairman and CEO of TotalEnergies Patrick Pouyanné, present at the inauguration ceremony in Riyadh, said: “We aim to provide our new Saudi customers with clean, reliable and accessible energy.’’ “The opening of these two first stations is another step forward in reaffirming our long-standing partnership with Aramco, following our joint investments in SATORP since 2008. I am delighted that this also marks a new milestone in our four decades-long presence in Saudi Arabia, contributing to the local economy of Saudi Arabia.”

Operating under both brands, customers can expect the same high level of service, including quality fuels, one-stop convenience stores, efficient automotive services such as oil change and car wash, loyalty programs and a fully digitalized customer journey. The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café, where customers can enjoy freshly baked pastries, premium coffee and relax while waiting for their vehicles. The stations are also equipped with solar panels, in line with the Saudi Green Initiative’s goals