Commodities
TotalEnergies Q1 Hydrocarbon Output Steadies Amid Middle East Disruptions
TotalEnergies (TTE) Wednesday reported steady hydrocarbon production in Q1, as supply disruptions stemming from the Middle East conflict offset increases from project start-ups and ramp-ups in other regions.For the quarter ended March 31, hydrocarbon output stood at 2.55 million barrels of oil equivalent per day, largely unchanged from the year-ago period.Oil production dropped 2% to 1.33 mboe/d, versus the previous year's 1.36 mboe/d. Meanwhile, gas output rose 2% to 1.23 mboe/d, relative to 1.20 mboe/d a year earlier."Excluding the impact of the conflict in the Middle East, production increased by around 4% year-on-year, supported by new project start-ups and ramp-ups," the company said in its report.The start-up of Lapa South-West in Brazil and the restart of production at Libya's Mabruk oil field primarily boosted quarterly production, according to chief executive Patrick Pouyanne, offsetting Middle East losses of around 100,000 barrels of oil equivalent per day.Upstream production outages in Qatar, Iraq, and the UAE affect about 15% of TotalEnergies' total oil and gas output.Accordingly, the exploration and production segment recorded a 1% year-over-year decline in hydrocarbon output to 1.9 mboe/d.The company's integrated liquefied natural gas business, on the other hand, posted a 4% rise in total production to 605,000 boe/d and a 16% jump in sales to 12.4 million tons.In the integrated power segment, net power production grew 3% to 11.7 terawatt-hours, supported by an 18% increase in net installed capacity to 26.8 gigawatts. Gross installed renewable power generation capacity also expanded 28% to 35.6 GW.The segment's power sales rose 5% to 15.2 TWh, while gas sales declined 12% to 31.5 TWh.The company also reported a 5% year-over-year increase in refinery throughput to 1.6 million barrels per day, with utilization rate rising to 92% from 87%.The company said that Satorp refinery in Saudi Arabia has been operating at 230,000 barrels per day since April 14, following an outage on April 8 due to attacks.Meanwhile, TotalEnergies' petrochemicals production declined due to a moderation in steam cracker utilization, down to 74% from the previous year's 78%.Overall, petroleum product sales weakened 5% to 1.2 mmbbl/d, mainly due to the disposal of networks in Brazil and African Sahel, the company said.
$TTE