TotalEnergies SE ( TTE Quick Quote TTE - Free Report) reported first-quarter 2022 operating earnings of $3.40 (€3.03) per share, beating the Zacks Consensus Estimate of $2.79 by 21.9%. The bottom line also improved 209.1% from the year-ago figure of $1.10 (€0.91) per share. This year-over-year improvement was due to an increase in commodity prices. Total Revenues
Total revenues for the first quarter came in at $68.6 billion, up 56.9% from $43.73 billion generated in the year-ago period.
First-quarter hydrocarbon production averaged 2,843 thousand barrels of oil equivalent per day (kboe/d), down 0.7% year over year. This decline was due to price effect, the natural decline of fields, the end of Qatargas 1 operating license and the Utica asset sale.
For the reported quarter, liquids production averaged 1,527 thousand barrels per day, up 1% from the year-ago period. Quarterly gas production was 7,162 thousand cubic feet per day, down 3% year over year due to lower gas output from all regions except Europe and Central Asia. Realized Price
First-quarter realized price for Brent was up 67.3% to $102.2 per barrel from $61.1 in the year-ago period. The average realized liquid price was $90.1 per barrel, up 59.8% from the year-ago figure.
Realized gas prices improved 202.2% from the prior-year quarter to $12.27 per thousand British thermal units (Btu). Realized LNG prices improved 123.7% from the prior-year quarter to $13.6 per thousand Btu. Highlights of the Release
Operating income was $9,458 million, up 171.2% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $462 million, down 0.9% from $466 million in the year-ago period. In first-quarter 2022, TotalEnergies acquired $1,400 million worth of assets and sold assets valued at $478 million. Segment Details Exploration & Production’s operating earnings were $5,015 million, up 153.9% from $1,975 million in the year-ago period. Integrated Gas, Renewable & Power’s operating income was $3,051 million, up 24.1% from $2458 million in the year-ago quarter. Refining & Chemicals’ operating income was $1,120 million, up 360.9% from $243 million in the year-ago quarter. Marketing & Services’ operating income was $272 million, down 4% from $284 million in first-quarter 2021. Financial Update
Cash and cash equivalents as of Mar 31, 2022 were $31.3 billion compared with $21.3 billion as of Dec 31, 2021. Net debt to capital was 12.5% at the end of first-quarter 2022, down from 23.7% at the end of first-quarter 2021.
Cash flow from operating activities at first quarter-end was $7,621 million, up 36.1% year over year. Guidance
TotalEnergies expects second-quarter production to improve from an increase in production from Brazil, with the startup of Mero 1 and its entry into Atapu and Sepia.
TTE expects average LNG prices to remain at a high level of $14 per thousand Btu in second-quarter 2022. TotalEnergies expects to invest $15 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity. TotalEnergies expects the ongoing conflict between Russia and Ukraine to result in a loss of 2,000-3,000 barrels of oil production per day from Russia and lower production from Russian refineries. Zacks Rank
Currently, TotalEnergies sports a Zacks Rank #1 (Strong Buy). You can see
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