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TotalEnergies SE (TTE - Free Report) has reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
Further, the bottom line improved 195.3% from the year-ago figure of $1.27 (€1.06) per share. The year-over-year improvement was due to an increase in commodity prices.
Total Revenues
Total revenues for the second quarter were $74.8 billion, up 58.9% from $47.04 billion generated in the year-ago period.
TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise
Second-quarter hydrocarbon production averaged 2,738 thousand barrels of oil equivalent per day (kboe/d), down 0.3% year over year. The decline was due to the price effect, the natural decline of fields, the end of Qatargas 1 operating license and security-related production cut in Libya and Nigeria.
For the reported quarter, liquids production averaged 1,483 thousand barrels per day, up 1% from the year-ago period.
Quarterly gas production was 6,835 thousand cubic feet per day, down 3% year over year due to lower gas output from Africa, and the Middle East and North Africa.
Realized Price
Second-quarter realized price for Brent was up 67.3% to $113.9 per barrel from $69 in the year-ago period. The average realized liquid price was $102.9 per barrel, up 63.6% from the year-ago figure.
Realized gas prices improved 148.5% from the prior-year quarter to $11.01 per thousand British thermal units (Btu).
Realized LNG prices improved 111.8% from the prior-year quarter to $13.96 per thousand Btu.
Highlights of the Release
The operating income was $10,500 million, up 160.4% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $572 million, up 14% from $501 million in the year-ago period.
In second-quarter 2022, TotalEnergies acquired $2,464 million worth of assets and sold assets valued at $388 million.
TTE bought back shares worth $2 billion in the second quarter.
The overall net income of TotalEnergies dropped due to the implementation of the sanction on Russia. Adjusted net income from the Russia asset was $707 million in the second quarter, down from $1,021 million recorded in the year-ago period.
Segmental Details
Exploration & Production’s operating earnings were $4,719 million, up 113.2% from $2,213 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $2,555 million, up 186.8% from $891 million in the year-ago quarter.
Refining & Chemicals’ operating income was $2,760 million, up 440.1% from $511 million in the year-ago quarter.
Marketing & Services’ operating income was $466 million, up 11.8% from $417 million in second-quarter 2021.
Financial Update
Cash and cash equivalents as of Jun 30, 2022, were $32.8 billion compared with $21.3 billion as of Dec 31, 2021. Net debt to capital was 14.9% at the end of second-quarter 2022, down from 22.9% at the end of second-quarter 2021.
Cash flow from operating activities at the second-quarter end was $16,284 million, up 115.6% year over year.
Guidance
TotalEnergies expects third-quarter production to remain stable compared with the second quarter due to contribution from new projects, 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 $15 per thousand Btu in third-quarter 2022.
TotalEnergies expects to invest $16 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity.
Exxon Mobil Corporation (XOM - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Jul 29. Exxon Mobil has an Earnings ESP of +3.58% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 EPS of $11.70 per share implies a year-over-year increase of 117.47%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. Occidental Petroleum has an Earnings ESP of +3.58% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Occidental Petroleum’s 2022 EPS of $10.48 per share implies a year-over-year increase of 310.9%.
Pioneer Natural Resources Company (PXD - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.73% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Pioneer Natural Resources’ 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.
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TotalEnergies (TTE) Q2 Earnings Meet Estimates, Sales Rise Y/Y
TotalEnergies SE (TTE - Free Report) has reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
Further, the bottom line improved 195.3% from the year-ago figure of $1.27 (€1.06) per share. The year-over-year improvement was due to an increase in commodity prices.
Total Revenues
Total revenues for the second quarter were $74.8 billion, up 58.9% from $47.04 billion generated in the year-ago period.
TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise
TotalEnergies SE Sponsored ADR price-consensus-eps-surprise-chart | TotalEnergies SE Sponsored ADR Quote
Production
Second-quarter hydrocarbon production averaged 2,738 thousand barrels of oil equivalent per day (kboe/d), down 0.3% year over year. The decline was due to the price effect, the natural decline of fields, the end of Qatargas 1 operating license and security-related production cut in Libya and Nigeria.
For the reported quarter, liquids production averaged 1,483 thousand barrels per day, up 1% from the year-ago period.
Quarterly gas production was 6,835 thousand cubic feet per day, down 3% year over year due to lower gas output from Africa, and the Middle East and North Africa.
Realized Price
Second-quarter realized price for Brent was up 67.3% to $113.9 per barrel from $69 in the year-ago period. The average realized liquid price was $102.9 per barrel, up 63.6% from the year-ago figure.
Realized gas prices improved 148.5% from the prior-year quarter to $11.01 per thousand British thermal units (Btu).
Realized LNG prices improved 111.8% from the prior-year quarter to $13.96 per thousand Btu.
Highlights of the Release
The operating income was $10,500 million, up 160.4% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $572 million, up 14% from $501 million in the year-ago period.
In second-quarter 2022, TotalEnergies acquired $2,464 million worth of assets and sold assets valued at $388 million.
TTE bought back shares worth $2 billion in the second quarter.
The overall net income of TotalEnergies dropped due to the implementation of the sanction on Russia. Adjusted net income from the Russia asset was $707 million in the second quarter, down from $1,021 million recorded in the year-ago period.
Segmental Details
Exploration & Production’s operating earnings were $4,719 million, up 113.2% from $2,213 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $2,555 million, up 186.8% from $891 million in the year-ago quarter.
Refining & Chemicals’ operating income was $2,760 million, up 440.1% from $511 million in the year-ago quarter.
Marketing & Services’ operating income was $466 million, up 11.8% from $417 million in second-quarter 2021.
Financial Update
Cash and cash equivalents as of Jun 30, 2022, were $32.8 billion compared with $21.3 billion as of Dec 31, 2021. Net debt to capital was 14.9% at the end of second-quarter 2022, down from 22.9% at the end of second-quarter 2021.
Cash flow from operating activities at the second-quarter end was $16,284 million, up 115.6% year over year.
Guidance
TotalEnergies expects third-quarter production to remain stable compared with the second quarter due to contribution from new projects, 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 $15 per thousand Btu in third-quarter 2022.
TotalEnergies expects to invest $16 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity.
Zacks Rank
Currently, TotalEnergies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Exxon Mobil Corporation (XOM - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Jul 29. Exxon Mobil has an Earnings ESP of +3.58% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 EPS of $11.70 per share implies a year-over-year increase of 117.47%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release second-quarter 2022 results on Aug 2. Occidental Petroleum has an Earnings ESP of +3.58% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Occidental Petroleum’s 2022 EPS of $10.48 per share implies a year-over-year increase of 310.9%.
Pioneer Natural Resources Company (PXD - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. Pioneer Natural Resources has an Earnings ESP of +0.73% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Pioneer Natural Resources’ 2022 EPS of $33.16 per share implies a year-over-year surge of 150.1%.