We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
TotalEnergies (TTE) Q3 Earnings Miss Estimates, Sales Rise Y/Y
Read MoreHide Full Article
TotalEnergies SE (TTE - Free Report) has reported third-quarter 2022 operating earnings of $3.83 (€3.78) per share, lagging the Zacks Consensus Estimate of $3.91 per share by 2.04%.
The bottom line improved 117.6% from the year-ago figure of $1.76 (€1.49) per share. The year-over-year improvement was due to an increase in commodity prices.
Total Revenues
Total revenues for the third quarter were $69.1 billion, up 26.3% from the $54.7 billion generated in the year-ago period.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Third-quarter hydrocarbon production averaged 2,669 thousand barrels of oil equivalent per day (kboe/d), down 5% year over year. The decline was due to the higher planned maintenance, the natural decline of fields, price effects, an unplanned shutdown on Kashagan, expiration of the Qatargas 1 operating license and security-related production cuts in Libya and Nigeria.
For the reported quarter, liquids production averaged 1,494 thousand barrels per day, down 2% from the year-ago period.
Quarterly gas production was 6,357 thousand cubic feet per day, down 10% year over year due to lower gas output from Africa, Asia-Pacific, the Middle East and North Africa.
Realized Price
Third-quarter realized price for Brent was up 37.1% to $100.8 per barrel from $73.5 in the year-ago period. The average realized liquid price was $93.6 per barrel, up 39.5% from the year-ago figure.
Realized gas prices improved 165.9% from the prior-year quarter to $16.83 per thousand British thermal units (Btu).
Realized LNG prices improved 136.4% from the prior-year quarter to $21.51 per thousand Btu.
Highlights of the Release
The operating income was $10,279 million, up 91% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $633 million, up 39% from $454 million in the year-ago period.
In third-quarter 2022, TotalEnergies acquired $1,716 million worth of assets, primarily related to the acquisition of 50% of Clearway Energy Group.
TTE bought back shares worth $2 billion in the third quarter. The company has repurchased shares worth $5 billion in the first nine months of 2022.
The overall third-quarter net income of TotalEnergies was impacted by a new impairment of $3.1 billion related to Russian assets.
Segmental Details
Exploration & Production’s operating earnings were $4,217 million, up 55% from $2,726 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $3,649 million, up 126.9% from $1,608 million in the year-ago quarter.
Refining & Chemicals’ operating income was $1,935 million, up 221.4% from $602 million in the year-ago quarter.
Marketing & Services’ operating income was $478 million, up 9% from $438 million in third-quarter 2021.
Financial Update
Cash and cash equivalents as of Sep 30, 2022, were $35.9 billion compared with $21.3 billion as of Dec 31, 2021. Net debt to capital was 9.5% at the end of third-quarter 2022, down from 22.1% at the end of third-quarter 2021.
Cash flow from operating activities at the third-quarter end was $17,848 million, up 216.5% from the year-ago period.
Guidance
TotalEnergies expects fourth-quarter production to reach 2.8 Mboe/d, slightly better sequentially due to a reduction in planned maintenance and the re-start of Kashagan production.
TTE expects average LNG prices to remain at a high level of $17 per thousand British thermal units (Btu) in fourth-quarter 2022.
TotalEnergies expects to invest $16 billion in 2022, out of which 25% will be allocated to further strengthening renewable operations and electricity.
Exxon Mobil Corporation (XOM - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Oct 28. Exxon Mobil has an Earnings ESP of +1.39% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 EPS of $13.22 per share implies a year-over-year increase of 145.72%.
Chevron Corporation (CVX - Free Report) is scheduled to release third-quarter 2022 results on Oct 28. Chevron has an Earnings ESP of +0.06% and a Zacks Rank #3 (Hold) at present.
The Zacks Consensus Estimate for Chevron’s 2022 EPS of $18.48 per share implies a year-over-year increase of 127.3%.
Enterprise Product Partners (EPD - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 1. Enterprise Product Partners has an Earnings ESP of +0.54% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Enterprise Product Partners’ 2022 EPU of $2.48 implies a year-over-year surge of 18.1%.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
TotalEnergies (TTE) Q3 Earnings Miss Estimates, Sales Rise Y/Y
TotalEnergies SE (TTE - Free Report) has reported third-quarter 2022 operating earnings of $3.83 (€3.78) per share, lagging the Zacks Consensus Estimate of $3.91 per share by 2.04%.
The bottom line improved 117.6% from the year-ago figure of $1.76 (€1.49) per share. The year-over-year improvement was due to an increase in commodity prices.
Total Revenues
Total revenues for the third quarter were $69.1 billion, up 26.3% from the $54.7 billion generated in the year-ago period.
Xcel Energy Inc. Price, Consensus and EPS Surprise
Xcel Energy Inc. price-consensus-eps-surprise-chart | Xcel Energy Inc. Quote
Production
Third-quarter hydrocarbon production averaged 2,669 thousand barrels of oil equivalent per day (kboe/d), down 5% year over year. The decline was due to the higher planned maintenance, the natural decline of fields, price effects, an unplanned shutdown on Kashagan, expiration of the Qatargas 1 operating license and security-related production cuts in Libya and Nigeria.
For the reported quarter, liquids production averaged 1,494 thousand barrels per day, down 2% from the year-ago period.
Quarterly gas production was 6,357 thousand cubic feet per day, down 10% year over year due to lower gas output from Africa, Asia-Pacific, the Middle East and North Africa.
Realized Price
Third-quarter realized price for Brent was up 37.1% to $100.8 per barrel from $73.5 in the year-ago period. The average realized liquid price was $93.6 per barrel, up 39.5% from the year-ago figure.
Realized gas prices improved 165.9% from the prior-year quarter to $16.83 per thousand British thermal units (Btu).
Realized LNG prices improved 136.4% from the prior-year quarter to $21.51 per thousand Btu.
Highlights of the Release
The operating income was $10,279 million, up 91% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $633 million, up 39% from $454 million in the year-ago period.
In third-quarter 2022, TotalEnergies acquired $1,716 million worth of assets, primarily related to the acquisition of 50% of Clearway Energy Group.
TTE bought back shares worth $2 billion in the third quarter. The company has repurchased shares worth $5 billion in the first nine months of 2022.
The overall third-quarter net income of TotalEnergies was impacted by a new impairment of $3.1 billion related to Russian assets.
Segmental Details
Exploration & Production’s operating earnings were $4,217 million, up 55% from $2,726 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $3,649 million, up 126.9% from $1,608 million in the year-ago quarter.
Refining & Chemicals’ operating income was $1,935 million, up 221.4% from $602 million in the year-ago quarter.
Marketing & Services’ operating income was $478 million, up 9% from $438 million in third-quarter 2021.
Financial Update
Cash and cash equivalents as of Sep 30, 2022, were $35.9 billion compared with $21.3 billion as of Dec 31, 2021. Net debt to capital was 9.5% at the end of third-quarter 2022, down from 22.1% at the end of third-quarter 2021.
Cash flow from operating activities at the third-quarter end was $17,848 million, up 216.5% from the year-ago period.
Guidance
TotalEnergies expects fourth-quarter production to reach 2.8 Mboe/d, slightly better sequentially due to a reduction in planned maintenance and the re-start of Kashagan production.
TTE expects average LNG prices to remain at a high level of $17 per thousand British thermal units (Btu) in fourth-quarter 2022.
TotalEnergies expects to invest $16 billion in 2022, out of which 25% will be allocated to further strengthening renewable operations 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 third-quarter results on Oct 28. Exxon Mobil has an Earnings ESP of +1.39% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Exxon Mobil’s 2022 EPS of $13.22 per share implies a year-over-year increase of 145.72%.
Chevron Corporation (CVX - Free Report) is scheduled to release third-quarter 2022 results on Oct 28. Chevron has an Earnings ESP of +0.06% and a Zacks Rank #3 (Hold) at present.
The Zacks Consensus Estimate for Chevron’s 2022 EPS of $18.48 per share implies a year-over-year increase of 127.3%.
Enterprise Product Partners (EPD - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 1. Enterprise Product Partners has an Earnings ESP of +0.54% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Enterprise Product Partners’ 2022 EPU of $2.48 implies a year-over-year surge of 18.1%.