TotalEnergies said on Tuesday in its trading statement that the average LNG price was $10/MMBtu in the three-month period, up by $0.42/MMBtu compared to $9.58/MMBtu in the first quarter of 2024.
However, the average price dropped compared to $10.37/MMBtu in the fourth quarter of last year, while the company’s average price was $9.91/MMBtu in the third quarter last year and $9.32/MMBtu in the second quarter last year.
TotalEnergies said in its results report in February that it anticipates its average LNG selling price to be above $10/MMBtu in the first quarter of 2025 “given the evolution of oil and gas prices in the recent months and the lag effect on price formulas.”
According to the statement on Tuesday, integrated LNG results in the first quarter are expected to “reflect the better environment conditions year-on-year (average LNG price of $10/MMBtu vs $9.58/MMBtu) but lower than fourth quarter 2024 ($10.37/MMBtu).”
“First quarter 2025 hydrocarbon production is expected to be at the high end of the quarterly guidance range (2.5 to 2.55 Mboe/d) i.e. up nearly 4 percent compared to first quarter 2024,” TotalEnergies said.
“Exploration & Production results are expected to reflect this production increase and a price environment slightly more favorable than fourth quarter 2024,” it said.
In addition, working capital is expected to increase by $4 to $5 billion, “in line with the seasonal effect observed over the last three years (although lower than in 2024).”
TotalEnergies plans to release its quarterly results on April 30.
