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July 30, 2021

TotalEnergies reports strong results in Q2 as fuel prices improve

TotalEnergies’ adjusted net income was $3.5bn in Q2 2021, compared to $126m in the prior year quarter.

By Aninda Chakraborty

TotalEnergies has reported strong results in the second quarter of 2021, benefitting from growing crude demand and improved hydrocarbon prices.

The French oil and gas company reported an adjusted net income of $3.5bn for the three months ending June 2021. The figure was $126m in the same quarter a year ago.

The company recorded the growth despite booking a loss of $1.38bn incurred by selling its stake in Petrocedeño to PDVSA in Venezuela.

Adjusted fully diluted earnings per share stood at $1.27 at the end of Q2 2021.

In the second quarter of 2021, the company’s adjusted EBITDA was nearly $8.7bn, recording a 2.2-fold increase from the prior year’s period.

Adjusted net operating income from business segments was $4.03bn in the quarter.

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However, TotalEnergies’ hydrocarbon production in the quarter dropped 3% to 2.747 million barrels of oil equivalent per day (boe/d). The figure also represents a 4% decrease from the first quarter 2021.

TotalEnergies chairman and CEO Patrick Pouyanné said: “In the second quarter, thanks to the progressive recovery of global demand and OPEC+ discipline, TotalEnergies benefited from oil and gas markets that were 13% and 28% higher respectively quarter to quarter.

“In this context, TotalEnergies reported $3.5bn of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment, notably thanks to the action plans implemented during the crisis.”

The company rebranded itself from Total to TotalEnergies during the quarter. The French firm has announced allocating part of surplus revenues to share buybacks.

Recently, TotalEnergies secured approval to develop the Ratawi natural gas project in Iraq. The company also reported another successful well in offshore Block 58 off the coast of Suriname.

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