TotalEnergies: Third Quarter 2021 Results
TotalEnergies benefits from favorable environment leveraging leading position in LNG to generate $4.8 billion adjusted net income and $8.4 billion cash flow
PARIS–(BUSINESS WIRE)–Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
| 3Q21 | Change | 9M21 | Change | |
| Oil price – Brent ($/b) | 73.5 | +71% | 67.9 | +65% |
| Average price of LNG ($/Mbtu) | 9.1 | x2.5 | 7.3 | +51% |
| Variable cost margin – Refining Europe, VCM ($/t) | 20.5 | ns | 12.3 | -10% |
| Adjusted net income (TotalEnergies share)(1) |
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| – in billions of dollars (B$) | 4.8 | x5.6 | 11.2 | x4.1 |
| – in dollars per share | 1.76 | x6.1 | 4.14 | x4.3 |
| Adjusted EBITDA(1) (B$) | 11.2 | x2.1 | 28.0 | +76% |
| DACF(1) (B$) | 8.4 | +96% | 20.9 | +65% |
| Cash Flow from operations (B$) | 5.6 | +30% | 18.8 | x2.1 |
| Net income (TotalEnergies share) of 4.6 B$ in 3Q21 | ||||
| Net-debt-to-capital ratio(2) of 17.7% at September 30, 2021 vs. 18.5% at June 30, 2021 | ||||
| Third interim dividend set at 0.66 €/share | ||||
The Board of Directors of TotalEnergies SE, meeting on October 27, 2021, under the Chairmanship of Chief Executive Officer Patrick Pouyanné, approved the Company’s third quarter 2021 accounts. On the occasion, Patrick Pouyanné said:
“The global economic recovery, notably in Asia, drove all energy prices sharply higher in the third quarter due to the interconnection of energy systems. Gas prices in Asia and Europe, up more than 85% from the previous quarter, reached unprecedented levels, and oil prices gained 7%, continuing their steady year-long rise.
TotalEnergies reported adjusted net income of $4.8 billion, up 38% compared to the second quarter 2021, fully benefiting from its multi-energy model, and, particularly this quarter, from its position as a world leader in LNG. The Company generated cash flow (DACF) of $8.4 billion, up nearly 25% compared to the previous quarter, and adjusted EBITDA of $11.2 billion.
The integrated Gas Renewables & Power (iGRP) segment generated adjusted net income of $1.6 billion and cash flow of $1.7 billion, both new record highs, thanks to an outperformance of its trading activities, which leveraged its integrated worldwide LNG portfolio. The renewables and electricity activities continued to grow, with gross renewable electricity generation capacity reaching nearly 10 GW, thanks mainly to the addition of 1 GW during the quarter from India. The number of electricity customers grew to six million.
Exploration & Production, benefiting from a 2% production increase during the quarter, thanks to the evolution of OPEC+ quotas, and from higher Brent and natural gas prices, reported $2.7 billion of adjusted net operating income, up more than 20% from the previous quarter, and cash flow of $4.9 billion.
Downstream took advantage of petrochemical margins that remained high and of the improvement in refining margins in Europe, although impacted by the rise in energy costs. Marketing & Services confirmed its return to pre-crisis level results. The Downstream generated adjusted net operating income and cash flow that were up by approximately 10% over the quarter to $1 billion and $1.6 billion, respectively.
Maintaining discipline on investments, TotalEnergies reported net cash flow of $6.2 billion in the third quarter, covering the interim dividend of $2.1 billion and allowing it to continue to reduce its net debt, with gearing of 17.7% as of September 30, 2021. The return on equity was 12% over the past twelve months. Strong cash generation from oil and gas makes it possible to invest in profitable growth projects in renewables & electricity, and thus to build a sustainable multi-energy company, combining energy transition and shareholder returns.
The Board of Directors decided to distribute a third interim dividend for the 2021 financial year of €0.66/share and confirms the completion of $1.5 billion share repurchases in the fourth quarter 2021.”
1. Highlights(3)
- Signed major agreements in Iraq covering investments in four projects (gas treatment for electricity generation, solar power, optimization of an existing field, seawater treatment) for the sustainable development of natural resources in the Basra area
Sustainability
- TotalEnergies contributed to energy transition dialog in view of COP26 with the publication of “Energy Panorama” and “TotalEnergies Energy Outlook 2021”
- Methane emissions: deployed innovative technology developed by Qnergy to significantly reduce methane emissions and partnered with GHGSat to monitor methane emissions at sea by satellite
- CCS: Aramis partnership with Shell, EBN and Gasunie, for the development of CO2 transport infrastructure for storage in depleted gas fields in the Netherlands
Renewables and Electricity
- Adani Green Energy Limited (TotalEnergies 20%) acquired SB Energy India’s portfolio of 5 GW of renewable power generation capacity in operation and under construction in India
- Offshore wind:
- Submitted bid with Green Investment Group (GIG) and RIDG for a 2 GW project in Scotland and study of associated industrial-scale green hydrogen project
- Associations with Simply Blue Group for floating wind development in the U.S., and with GIG and Qair for floating wind development in France
- Corporate PPA:
- Renewable electricity sales contract of 50 GWh/year over 15 years with Air Liquide in Belgium
- Partnership with Amazon to supply its data centers with renewable electricity (474 MW), in Europe and the U.S.
- Electric mobility:
- Mercedes-Benz entered as an equal partner with TotalEnergies and Stellantis in Automotive Cell Company (ACC), targeting at least 120 GWh EV battery manufacturing capacity by 2030
- Acquired a network of 1500 EV charging stations in Singapore
- Obtained concession for Antwerp’s EV public charging network
- Partnered with China Three Gorges Corporation to develop more than 11,000 EV fast-charging stations in Hubei Province, China
- Hydrogen:
- Launched with other industrial players the world’s largest fund dedicated to the development of carbon-free hydrogen infrastructure, with an investment target of €1.5 billion
- Agreement with Air Liquide for the development of low-carbon hydrogen production in the Normandy industrial basin, backed by technologies such as CCS and electrolysis
Upstream
- Launched the fourth development phase of the giant Mero field in Brazil
Downstream
- Expanded Synova in Normandy to double TotalEnergies’ recycled plastics production capacity
- Partnered with Safran in the field of decarbonization of the aviation sector
2. Key figures from TotalEnergies’ consolidated financial statements(4)
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars, except effective tax rate, earnings per share and number of shares | 9M21 | 9M20 | 9M21 |
| 11,180 | 8,667 | 5,321 | x2.1 | 8,989 | +24% | Adjusted EBITDA (5) | 28,017 | 15,904 | +76% |
| 5,374 | 4,032 | 1,459 | x3.7 | 3,673 | +46% | Adjusted net operating income from business segments | 12,893 | 4,580 | x2.8 |
| 2,726 | 2,213 | 801 | x3.4 | 1,734 | +57% | Exploration & Production | 6,914 | 1,295 | x5.3 |
| 1,608 | 891 | 285 | x5.6 | 574 | x2.8 | Integrated Gas, Renewables & Power | 3,484 | 1,524 | x2.3 |
| 602 | 511 | (88) | ns | 952 | -37% | Refining & Chemicals | 1,356 | 869 | +56% |
| 438 | 417 | 461 | -5% | 413 | +6% | Marketing & Services | 1,139 | 892 | +28% |
| 1,143 | 740 | 352 | x3.2 | 521 | x2.2 | Contribution of equity affiliates to adjusted net income | 2,403 | 1,021 | x2.4 |
| 39.6% | 34.3% | 45.7% |
| 30.7% |
| Effective tax rate (6) | 36.6% | 32.3% |
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| 4,769 | 3,463 | 848 | x5.6 | 3,017 | +58% | Adjusted net income (TotalEnergies share) | 11,235 | 2,755 | x4.1 |
| 1.76 | 1.27 | 0.29 | x6.1 | 1.13 | +56% | Adjusted fully-diluted earnings per share (dollars) (7) | 4.14 | 0.97 | x4.3 |
| 1.49 | 1.06 | 0.24 | x6.2 | 1.01 | +48% | Adjusted fully-diluted earnings per share (euros)* | 3.46 | 0.86 | x4 |
| 2,655 | 2,646 | 2,637 | +1% | 2,614 | +2% | Fully-diluted weighted-average shares (millions) | 2,648 | 2,612 | +1% |
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| 4,645 | 2,206 | 202 | x23 | 2,800 | +66% | Net income (TotalEnergies share) | 10,195 | (8,133) | ns |
* Average €-$ exchange rate: 1.1788 in the third quarter 2021 and 1.1962 in the first nine months 2021.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | 9M21 | 9M20 | 9M21 | |
| 73.5 | 69.0 | 42.9 | +71% | 62.0 | +19% | Brent ($/b) | 67.9 | 41.1 | +65% |
| 4.3 | 3.0 | 2.1 | x2 | 2.3 | +85% | Henry Hub ($/Mbtu) | 3.3 | 1.9 | +74% |
| 16.9 | 8.7 | 2.9 | x5.9 | 3.9 | x4.3 | NBP ($/Mbtu) | 10.8 | 2.5 | x4.3 |
| 18.6 | 10.0 | 3.6 | x5.1 | 4.7 | x4 | JKM ($/Mbtu) | 12.9 | 3.1 | x4.2 |
| 67.1 | 62.9 | 39.9 | +68% | 58.0 | +16% | Average price of liquids ($/b) Consolidated subsidiaries | 62.2 | 35.6 | +75% |
| 6.33 | 4.43 | 2.52 | x2.5 | 3.48 | +82% | Average price of gas ($/Mbtu) Consolidated subsidiaries | 4.95 | 2.84 | +74% |
| 9.10 | 6.59 | 3.57 | x2.5 | 5.93 | +53% | Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates | 7.25 | 4.81 | +51% |
| 20.5 | 10.2 | -2.7 | ns | 47.4 | -57% | Variable cost margin – Refining Europe, VCM ($/t)** | 12.3 | 13.6 | -10% |
* The indicators are shown on page 20
** This indicator represents TotalEnergies’ average margin on variable cost for refining in Europe (equal to the difference between TotalEnergies European refined product sales and crude oil purchases with associated variable costs divided by volumes refined in tons) – 3Q21 data restated to reflect 2Q21 environment for energy costs.
The average LNG selling price increased by 38% this quarter compared to the previous quarter, benefiting on a lagged basis from the increase in the oil and gas price indexes on long-term contracts.
3.2 Greenhouse gas emissions(5)
| 3Q21* | 2Q21* | GHG emissions (MtCO2e) | 2020 | 2020 |
| 8 | 7 | Scope 1+2 from operated oil & gas facilities (14) | 35.8 | 39 |
| 81 | 77 | Scope 3 from energies sales (15) | 350 | 400 |
| 46 | 45 | Scope 1+2+3 in Europe (16) | 212 | 239 |
* Estimated emissions.
3.3 Production*
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Hydrocarbon production | 9M21 | 9M20 | 9M21 |
| 2,814 | 2,747 | 2,715 | +4% | 3,040 | -7% | Hydrocarbon production (kboe/d) | 2,808 | 2,882 | -3% |
| 1,288 | 1,258 | 1,196 | +8% | 1,441 | -11% | Oil (including bitumen) (kb/d) | 1,272 | 1,319 | -4% |
| 1,526 | 1,489 | 1,519 | – | 1,599 | -5% | Gas (including condensates and associated NGL) (kboe/d) | 1,535 | 1,563 | -2% |
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| 2,814 | 2,747 | 2,715 | +4% | 3,040 | -7% | Hydrocarbon production (kboe/d) | 2,808 | 2,882 | -3% |
| 1,517 | 1,464 | 1,437 | +6% | 1,720 | -12% | Liquids (kb/d) | 1,496 | 1,563 | -4% |
| 7,070 | 7,017 | 6,973 | +1% | 7,200 | -2% | Gas (Mcf/d) | 7,161 | 7,193 | – |
* Company production = E&P production + iGRP production
Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2021, up 4% year-on-year, comprised of:
- +6% due to project start-ups and ramp-ups, including North Russkoye in Russia and Iara in Brazil, and the resumption of production in Libya,
- +5% due to the increase in gas demand and OPEC+ production quotas,
- -1% due to the price effect,
- -3% due to planned maintenance and unplanned downtime, notably in Norway (Snøhvit)
- -3% due to natural decline of fields.
Hydrocarbon production was 2,814 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2021, up 2% quarter-on-quarter, due to the end of summer maintenance programs and the increase in OPEC+ production quotas.
For the first nine months of 2021 hydrocarbon production was 2,808 kboe/d, down 3% year-on-year, comprised of:
- +3% due to project start-ups and ramp-ups, including North Russkoye in Russia, Iara in Brazil and Johan Sverdrup in Norway, and the resumption of production in Libya,
- +2% due to the increase in gas demand, particularly in Norway, and OPEC+ production quotas,
- -1% due to portfolio effect, in particular the disposals of assets in the United Kingdom and the CA1 block in Brunei,
- -1% due to the price effect,
- -3% due planned maintenance and unplanned downtime, notably in the United Kingdom and Norway (Snøhvit),
- -3% due to natural decline of fields.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied natural gas (LNG) and electricity
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Hydrocarbon production for LNG | 9M21 | 9M20 | 9M21 |
| 533 | 502 | 518 | +3% | 539 | -1% | iGRP (kboe/d) | 518 | 530 | -2% |
| 67 | 52 | 70 | -3% | 73 | -8% | Liquids (kb/d) | 61 | 70 | -12% |
| 2,527 | 2,464 | 2,445 | +3% | 2,546 | -1% | Gas (Mcf/d) | 2,489 | 2,509 | -1% |
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| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Liquefied Natural Gas in Mt | 9M21 | 9M20 | 9M21 |
| 10.0 | 10.5 | 8.1 | +24% | 7.4 | +34% | Overall LNG sales | 30.4 | 28.3 | +7% |
| 4.3 | 4.2 | 4.3 | -1% | 4.2 | +2% | incl. Sales from equity production* | 12.8 | 13.3 | -4% |
| 8.3 | 8.8 | 6.6 | +25% | 5.5 | +50% | incl. Sales by TotalEnergies from equity production and third party purchases | 25.0 | 23.2 | +8% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures
Hydrocarbon production for LNG increased by 6% compared to the previous quarter, in particular due to the end of planned maintenance at Ichthys in Australia.
Total LNG sales increased sharply compared to 2020, up 24% for the quarter and 7% for the first nine months.
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | Renewables & Electricity | 9M21 | 9M20 | 9M21 |
| 42.7 | 41.7 | 26.3 | +62% | Portfolio of renewable power generation gross capacity (GW) (1),(2) | 42.7 | 26.3 | +62% |
| 9.5 | 8.3 | 5.1 | +87% | o/w installed capacity | 9.5 | 5.1 | +87% |
| 6.1 | 5.4 | 4.0 | +52% | o/w capacity in construction | 6.1 | 4.0 | +52% |
| 27.1 | 28.0 | 17.3 | +57% | o/w capacity in development | 27.1 | 17.3 | +57% |
| 26.6 | 22.6 | 14.2 | +88% | Gross renewables capacity with PPA (GW) (1),(2) | 26.6 | 14.2 | +88% |
| 31.7 | 30.7 | 18.0 | +77% | Portfolio of renewable power generation net capacity (GW) (1),(2) | 31.7 | 18.0 | +77% |
| 4.7 | 4.0 | 2.3 | x2.1 | o/w installed capacity | 4.7 | 2.3 | x2.1 |
| 4.0 | 3.1 | 1.6 | x2.5 | o/w capacity in construction | 4.0 | 1.6 | x2.5 |
| 23.0 | 23.6 | 14.1 | +64% | o/w capacity in development | 23.0 | 14.1 | +64% |
| 4.7 | 5.1 | 4.1 | +17% | Net power production (TWh) (3) | 14.5 | 9.9 | +46% |
| 1.7 | 1.7 | 1.0 | +67% | incl. Power production from renewables | 4.9 | 2.8 | +75% |
| 6.0 | 5.8 | 4.4 | +37% | Clients power – BtB and BtC (Million) (2) | 6.0 | 4.4 | +37% |
| 2.7 | 2.7 | 1.7 | +56% | Clients gas – BtB and BtC (Million) (2) | 2.7 | 1.7 | +56% |
| 11.7 | 12.7 | 10.2 | +15% | Sales power – BtB and BtC (TWh) | 40.5 | 33.8 | +20% |
| 13.2 | 20.6 | 13.5 | -2% | Sales gas – BtB and BtC (TWh) | 70.0 | 64.4 | +9% |
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| 291 | 310* | 64 | x4.6 | Proportional adjusted EBITDA Renewables and Electricity (M$) (4) | 946 | 404 | x2.3 |
| 104 | 82* | 66 | +57% | incl. from renewables business | 334 | 250 | +34% |
(1) Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
(4) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in Renewables and Electricity affiliates, regardless of consolidation method.
* 2Q21 data corrected for estimated results of AGEL.
Gross installed renewable power generation capacity grew to 9.5 GW at the end of the third quarter 2021, up 1.2 GW thanks in particular to the acquisition by AGEL (TotalEnergies 20%) during the quarter of the operating assets of SB Energy India’s 5 GW renewable portfolio. Total gross capacity increased by 1 GW over the quarter to 42.7 GW, mainly due to the addition of a 1 GW solar power plant project in Iraq.
Net electricity generation stood at 4.7 TWh in the third quarter 2021, up 17% year-on-year, mainly due to strong growth in renewable electricity generation and the acquisition of four natural gas power plants (CCGT) in France and Spain in the fourth quarter 2020.
TotalEnergies’ Renewables and Electricity business adjusted EBITDA was $291 million in the third quarter 2021, a 4.6-fold increase over one year, driven by growing electricity production, particularly from renewables, and the number of gas and electricity customers.
4.1.2 Results
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars | 9M21 | 9M20 | 9M21 |
| 1,608 | 891 | 285 | x5.6 | 574 | x2.8 | Adjusted net operating income* | 3,484 | 1,524 | x2.3 |
| 755 | 356 | 99 | x7.6 | 206 | x3.7 | including income from equity affiliates | 1,375 | 278 | x4.9 |
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| 639 | 759 | 450 | +42% | 640 | – | Organic investments | 2,150 | 1,714 | +25% |
| (941) | 166 | 36 | ns | 3,375 | ns | Net acquisitions | 1,119 | 1,606 | -30% |
| (302) | 925 | 486 | ns | 4,015 | ns | Net investments | 3,269 | 3,320 | -2% |
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| 1,720 | 904 | 695 | x2.5 | 732 | x2.3 | Operating cash flow before working capital changes ** | 3,683 | 2,346 | +57% |
| (463) | 567 | 654 | ns | 401 | ns | Cash flow from operations *** | 884 | 1,554 | -43% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was:
- $1,608 million in the third quarter 2021, a 5.6-fold increase from a year ago, thanks to the increase in LNG prices and the strong performance of gas and electricity trading activities,
- $3,484 million for the first nine months of 2021, an increase of 2.3-times compared to last year, for the same reasons.
Operating cash flow before working capital changes was:
- $1,720 million in the third quarter 2021, an increase of 2.5-times compared to the third quarter 2020, thanks to the rise in LNG prices and the strong performance of gas and electricity trading activities,
- $3,683 million for the first nine months of 2021, up 57% year-on-year, for the same reasons.
Cash flow from operations was -$463 million for the third quarter due to variations in margin calls related to hedging contracts in a context of highly volatile gas and electricity markets.
4.2 Exploration & Production
4.2.1 Production
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Hydrocarbon production | 9M21 | 9M20 | 9M21 |
| 2,281 | 2,245 | 2,197 | +4% | 2,501 | -9% | EP (kboe/d) | 2,290 | 2,352 | -3% |
| 1,450 | 1,412 | 1,367 | +6% | 1,647 | -12% | Liquids (kb/d) | 1,435 | 1,493 | -4% |
| 4,543 | 4,553 | 4,528 | – | 4,654 | -2% | Gas (Mcf/d) | 4,672 | 4,684 | – |
4.2.2 Results
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars, except effective tax rate | 9M21 | 9M20 | 9M21 |
| 2,726 | 2,213 | 801 | x3.4 | 1,734 | +57% | Adjusted net operating income* | 6,914 | 1,295 | x5.3 |
| 315 | 279 | 268 | +18% | 297 | +6% | including income from equity affiliates | 864 | 706 | +22% |
| 46.4% | 38.2% | 32.9% |
| 39.7% |
| Effective tax rate** | 42.5% | 39.7% |
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| 1,656 | 1,559 | 1,266 | +31% | 2,064 | -20% | Organic investments | 4,494 | 3,950 | +14% |
| (34) | 231 | (309) | ns | (3) | ns | Net acquisitions | (5) | (4) | ns |
| 1,622 | 1,790 | 957 | +69% | 2,061 | -21% | Net investments | 4,489 | 3,946 | +14% |
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| 4,943 | 4,262 | 2,646 | +87% | 4,451 | +11% | Operating cash flow before working capital changes *** | 13,029 | 7,032 | +85% |
| 4,814 | 4,835 | 2,043 | x2.4 | 5,007 | -4% | Cash flow from operations *** | 13,385 | 6,876 | +95% |
* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for Exploration & Production was:
- $2,726 million in the third quarter 2021, more than three times higher than in the third quarter 2020, thanks to the sharp increase in oil and gas prices,
- $6,914 million in the first nine months of 2021, more than five times higher than in the first nine months of 2020, for the same reasons.
Operating cash flow before working capital changes was $4,943 million in the third quarter 2021, up 87% year-on-year, and $13,029 million in the first nine months of 2021, up 85% year-on-year, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars | 9M21 | 9M20 | 9M21 |
| 1,040 | 928 | 373 | x2.8 | 1,365 | -24% | Adjusted net operating income* | 2,495 | 1,761 | +42% |
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| 506 | 468 | 449 | +13% | 570 | -11% | Organic investments | 1,309 | 1,183 | +11% |
| 17 | (1) | 2 | x8.5 | 52 | -67% | Net acquisitions | (87) | (48) | ns |
| 523 | 467 | 451 | +16% | 622 | -16% | Net investments | 1,222 | 1,135 | +8% |
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| 1,611 | 1,460 | 971 | +66% | 1,995 | -19% | Operating cash flow before working capital changes ** | 3,943 | 3,523 | +12% |
| 1,644 | 2,669 | 2,060 | -20% | 3,058 | -46% | Cash flow from operations ** | 5,974 | 2,377 | x2.5 |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization rates
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Refinery throughput and utilization rate* | 9M21 | 9M20 | 9M21 |
| 1,225 | 1,070 | 1,212 | +1% | 1,719 | -29% | Total refinery throughput (kb/d) | 1,147 | 1,302 | -12% |
| 274 | 148 | 267 | +3% | 503 | -46% | France | 179 | 242 | -26% |
| 505 | 495 | 540 | -6% | 757 | -33% | Rest of Europe | 553 | 630 | -12% |
| 446 | 427 | 405 | +10% | 459 | -3% | Rest of world | 415 | 429 | -3% |
| 69% | 58% | 57% |
| 82% |
| Utlization rate based on crude only** | 62% | 62% |
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* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year, excluding Grandpuits (definitively shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Petrochemicals production and utilization rate | 9M21 | 9M20 | 9M21 |
| 1,486 | 1,424 | 1,255 | +18% | 1,402 | +6% | Monomers* (kt) | 4,315 | 4,033 | +7% |
| 1,330 | 1,212 | 1,248 | +7% | 1,268 | +5% | Polymers (kt) | 3,707 | 3,642 | +2% |
| 93% | 88% | 75% |
| 91% |
| Vapocracker utilization rate** | 89% | 81% |
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* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
4.4.2 Results
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars | 9M21 | 9M20 | 9M21 |
| 602 | 511 | (88) | ns | 952 | -37% | Adjusted net operating income* | 1,356 | 869 | +56% |
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| 321 | 279 | 291 | +10% | 355 | -10% | Organic investments | 822 | 761 | +8% |
| (6) | 2 | (1) | ns | 19 | ns | Net acquisitions | (61) | (52) | ns |
| 315 | 281 | 290 | +9% | 374 | -16% | Net investments | 761 | 709 | +7% |
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| 934 | 753 | 242 | x3.9 | 1,373 | -32% | Operating cash flow before working capital changes ** | 2,081 | 1,912 | +9% |
| 799 | 2,232 | 1,027 | -22% | 1,575 | -49% | Cash flow from operations ** | 4,027 | 924 | x4.4 |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Refining and Chemicals segment:
- Increased sharply year-on-year to $602 million in the third quarter 2021, compared to -$88 million in the third quarter 2020. This increase is due to the strong performance of petrochemicals and European refining margins, which were negative in 2020 due to weak demand,
- Increased by 56% year-on-year to $1,356 million in the first nine months of 2021, compared to $869 million, for the same reasons.
Operating cash flow before working capital changes increased year-on-year by 3.9-times in the third quarter 2021 to $934 million and by 9% in the first nine months of 2021 to $2,081 million.
4.5 Marketing & Services
4.5.1 Petroleum product sales
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | Sales in kb/d* | 9M21 | 9M20 | 9M21 |
| 1,542 | 1,473 | 1,442 | +7% | 1,848 | -17% | Total Marketing & Services sales | 1,486 | 1,466 | +1% |
| 867 | 791 | 819 | +6% | 1,034 | -16% | Europe | 811 | 822 | -1% |
| 675 | 682 | 623 | +8% | 814 | -17% | Rest of world | 675 | 645 | +5% |
* Excludes trading and bulk refining sales
Sales of petroleum products grew by 7% year-on-year in the third quarter 2021, thanks to the improvement in the pandemic situation and the global economic rebound. This increase is supported notably by the recovery in network sales activity.
4.5.2 Results
| 3Q21 | 2Q21 | 3Q20 | 3Q21 | 3Q19 | 3Q21 | In millions of dollars | 9M21 | 9M20 | 9M21 |
| 438 | 417 | 461 | -5% | 413 | +6% | Adjusted net operating income* | 1,139 | 892 | +28% |
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| 185 | 189 | 158 | +17% | 215 | -14% | Organic investments | 487 | 422 | +15% |
| 23 | (3) | 3 | x7.7 | 33 | -30% | Net acquisitions | (26) | 4 | ns |
| 208 | 186 | 161 | +29% | 248 | -16% | Net investments | 461 | 426 | +8% |
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| 677 | 707 | 729 | -7% | 622 | +9% | Operating cash flow before working capital changes ** | 1,862 | 1,611 | +16% |
| 845 | 437 | 1,033 | -18% | 1,483 | -43% | Cash flow from operations ** | 1,947 | 1,453 | +34% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial
Contacts
TotalEnergies contacts
Media Relations: +33 1 47 44 46 99 l [email protected] l @TotalEnergiesPress
Investor Relations: +44 (0)207 719 7962 l [email protected]
