Total: First Quarter 2021 Results
The Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group’s first quarter 2021 accounts. On this occasion, Patrick Pouyanné said:
« In the first quarter, the Group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to-quarter, and its strategy to grow LNG and Renewables and Electricity.
The Group reported adjusted net income of $3 billion, above the pre-crisis first quarter of 2019, despite a less favorable environment by taking advantage of the action plans implemented during the crisis. Cash flow (DACF) increased to $5.8 billion and gearing already decreased to less than 20% in the first quarter of 2021, validating the strategy of resilience and maintaining the dividend driven by the Board of Directors during the 2020 crisis. The Board of Directors confirms the objective of anchoring the Group’s gearin
Total’s upstream oil and gas business propels Q1 recovery
Total on April 29 reported a strong first-quarter recovery in its upstream oil and gas business, with higher prices leading to almost triple the level of adjusted operating profit in the segment compared to a year ago, but also noted continued market volatility and “very poor” refining margins.
Total also reported record-high adjusted operating profit from its ‘integrated gas renewables & power’ division, which includes its LNG business. The company’s LNG sales were stable compared with a year ago at 9.9 million mt, but the company said it had more than doubled its installed renewable power generation capacity in the last year from 3 GW to 7.8 GW, and the division as a whole generated 8% more in adjusted operating profit.
Provided by Dow Jones > Production 1Q21 1Q21 vs vs 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Oil (including bitumen) (kb/d) 1,272 1,238 1,448 -12% 1,425 -11%
Gas (including condensates and associated NGL) (kboe/d) 1,591 1,603 1,638 -3% 1,521 +5%
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Liquids (kb/d) 1,508 1,483 1,699 -11% 1,629 -7%
Gas (Mcf/d) 7,400 7,406 7,560 -2% 7,167 +3% Group production = E&P production + iGRP production Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2021, a decrease of 7%
Total on April 29 reported a strong first quarter recovery in its upstream oil and gas business, with higher prices leading to almost triple the level of adjusted operating profit in the segment compa