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October 29, 2021

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

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

By Archana Rani

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.

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