Investing.com — TotalEnergies said Thursday that its third-quarter downstream results and cash flow are expected to reach exceptional levels, as the European refining margin marker averaged $33.2 a barrel, nearly four times the $8.4 a year earlier.
Refining and chemicals cash flow is expected to rise by about $2 billion from the second quarter. A 10% increase in refining throughput let the French energy major capture “historically high refining margins in Europe and worldwide.” Oil trading continued to outperform at a level consistent with the previous two quarters, and marketing and services is expected to stay strong.
Integrated LNG results are also expected to rise sharply. TotalEnergies cited a 20% increase in the average LNG price from the second quarter and strong gas and LNG trading in a bull market, driven by the prolonged conflict in the Strait of Hormuz and expectations of strong winter demand.
Hydrocarbon production is expected at 2.45 million to 2.50 million barrels of oil equivalent a day, up from nearly 2.4 million in the second quarter. The Middle East conflict now affects only about 5% of overall production. Excluding that impact, output is expected to grow more than 4% from a year earlier, above the company’s annual guidance of 3%.
Prices were meaningfully higher than a year ago. Brent averaged $97.0 a barrel, up about 40% from $69.1, though below the second quarter’s $103.8. The average liquids price rose to $87.1 a barrel from $66.5, the average LNG price to $12.28 per million British thermal units from $8.91, and the average gas price to $7.00 from $5.50.
Integrated Power cash flow is expected at $750 million to $800 million, helped by a full quarter’s contribution from TTEP, its joint venture with EPH. TotalEnergies also expects a positive working capital contribution of about $3 billion for the quarter.
TotalEnergies will report full third-quarter results on October 29.
Original Article
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