TotalEnergies recorded a 95% jump in net income with its Integrated Gas, Renewables and Power (iGRP) division in 2022 on the back of strong LNG sales and regasification capacity in Europe.
LNG sales totalled 48Mt, up 15%, and 4Mt more than objectives. Overall the energy company recorded $20.5bn net income in 2022 with LNG sales remaining strong into Q4, rising by 22%, and reported ‘record’ cash flows (iLNG up 80% to $10bn).
Patrick Pouyanné, CEO, said, “While down from the previous quarter highs due to uncertainties about the demand outlook, fourth quarter oil and gas prices as well as refining margins remained strong in supply-constrained markets.”
Looking at this year’s demand drivers, he said China’s reopening was offset by the risk of global economic slowdown, while supply was being impacted by Russian sanctions, OPEC+ discipline, headwinds for US shale growth and low inventories.
... to continue reading you must be subscribed