TotalEnergies reveals higher LNG sales in H1

TotalEnergies said July 28 it had increased LNG sales volumes by 11% on the year from April to June, and by 22% in the first half of the year thanks to higher spot demand for its European regasification capacity.

LNG sales at the French major amounted to 24.9mn metric tons/year over the first half, up from 20.4mn mt/yr in January to June 2021.

Soaring LNG prices allowed TotalEnergies to grow cash flow by 2.5 times yr/yr to $5bn in the six-month period. The cash flow result was also helped by strong performances at TotalEnergies' gas, LNG and electricity trading portfolios, and increased contributions from its renewables and power segment.

As with Shell's announcement earlier today, TotalEnergies touted the continuation of its share buyback period of up to $2bn in the forthcoming financial quarter. The board has also approved a second quarter interim dividend of €0.69/share, up 5% yr/yr.

Adjusted net operating profits at Shell's upstream E&P segment rallied by 110% yr/yr to $4.7bn, while the integrated gas, renewables and power division rose by 190% to $2.5bn. TotalEnergies' total hydrocarbon output dipped to 2.7mn barrels of oil equivalent/day, from 2.8mn boe/d in the first quarter, with natural gas accounting for a 53.7% share.