France: GDF Suez Q1 LNG Sales Up

French utility GDF Suez said its revenues at March 31, 2012 were EUR 28.2 billion with a +10.5% gross increase and +8.4% organic growth supported by all business lines.

EBITDA for the period reached EUR 5,821 million with a +5.7% gross increase and a +4.1% organic variation compared to March 31, 2011. T

This trend reflects:

– improvement in profitability from both Energy International & Energy Europe,

– very strong growth in results from the Global Gas & LNG business line especially from Exploration- Production activities,

– slight decrease in results from Infrastructure,

– stability in Energy Services

– decrease in operational performance of SUEZ ENVIRONNEMENT due to disposals and lower volumes in waste Europe.

Compared to the 2011 figures, contributory revenues of the global gas and LNG business enjoyed a gross increase of EUR 545 million (+69.8%) to EUR 1,327 billion, which reflects an organic growth of EUR 550 million (+74.3%).

The increase in overall contributory revenues was driven by the vigorous growth of the Exploration – Production and LNG activities, with:

– a rise in the level of hydrocarbon production by Exploration – Production sustained by the production of the Gjøa field in Norway, and by the impact of the commodity price increase. Total hydrocarbon production as of the end of March 2012 rose by 0.6 Mboe 6 to 16.1 Mboe vs. 15.4 Mboe at the end of March 2011;

– an increase in LNG sales under the effect of the rise in volumes from 7 TWh to 16 TWh, totalling 18 cargoes, of which 12 were sent to Asia at the end of March 2012 compared with 9 TWh, totalling 10 cargoes of which 6 went to Asia at the end of March 2011, and the impact of the rise in commodity prices.

[mappress]
LNG World News Staff, April 17, 2012; Image: GDF Suez