“Integrated LNG results are expected to benefit from a 6 percent increase in production, LNG realizations above $10/MMBtu and stronger gas trading that is back to the performance of the fourth quarter 2023,” TotalEnergies said on Thursday.
The company’s integrated LNG adjusted net income reached about $1.46 billion in the fourth quarter of 2023, while it reached about $1.06 billion in the third quarter of 2024, a drop of 8 percent year-on-year and 7.7 percent compared to the previous month.
During the third quarter, TotalEnergies sold 9.5 million tonnes of LNG, down 9.5 percent compared to 10.5 million tonnes in the same period last year, but up 8 percent compared to 8.8 million tonnes in the prior quarter.
Hydrocarbon production for LNG, excluding Novatek, was up 7 percent quarter-to-quarter to 464 kboe/d, reflecting lower unplanned shutdowns.
TotalEnergies said its hydrocarbon production in the fourth quarter of 2024 is anticipated to increase “slightly, within the quarterly guidance range (2.4 and 2.45 Mboe/d).”
Exploration and production results are expected to reflect the $5/b decrease in oil prices, partially compensated by higher gas realizations, according to the firm.
Price climbs
TotalEnergies reported a rise in its average price for equity LNG sales in the fourth quarter of last year.
The French firm said the average LNG price was $10.37/MMBtu in the October-December period, a rise of 0.9 percent compared to $10.28/MMBtu in the same quarter in 2023.
The average price also rose compared to $9.91/MMBtu in the third quarter, $9.32/MMBtu in the second quarter, and $9.58/MMBtu in the first quarter of 2024.
TotalEnergies plans to release its results for the fourth quarter and full year 2024 on February 2, 2025.
