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Total Q1 adjusted profit surges 69% to $3.34bn

30 Apr 2021 (Last Updated April 30th, 2021 12:44)

Total has reported an adjusted net income of $3.34bn for the first quarter of 2021, a surge of 69% year-on-year, bolstered by a rebound in global oil and gas prices.

Total Q1 adjusted profit surges 69% to $3.34bn
Total’s sales in the first quarter stood at $43.74bn. Credit: Kristina Kasputienė from Pixabay.

Total has reported an adjusted net income of $3.34bn for the first quarter of 2021, a surge of 69% year-on-year, bolstered by a rebound in global oil and gas prices.

Adjusted net operating income of $3.49bn was 52% more than $2.3bn reported a year ago.

Total chairman and CEO Patrick Pouyanné said: “In the first quarter, the group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to-quarter, and its strategy to grow liquefied natural gas (LNG) and renewables and electricity.”

The French energy company’s sales in the first quarter stood at $43.74bn, marginally lower than last year’s figure of $43.87bn.

For the three months to March, revenues from sales increased to $38.63bn from $38.58bn a year earlier.

Hydrocarbon production in the first quarter saw a decrease of 7% year-on-year to 2.86 million barrels of oil equivalent per day (boe/d), within which liquids output fell 11% to 1.51 million boe/d.

Total’s LNG sales during the quarter increased by 1% year-on-year to 9.9 million mt.

However, the company more than doubled its installed renewable power generation capacity in the last year from 3GW to 7.8GW.

The company’s Board of Directors has approved a first interim dividend of 0.66 euro per share for the fiscal year 2021.

The French group said it expects stable hydrocarbon production in 2021 compared to 2020, aided by the resumption of production in Libya.

The company unveiled an operating cost savings target of $500m in 2021 and production costs close to $5/boe.