Total’s income slips as Q1 LNG sales double
French energy giant and LNG player Total saw its adjusted net income slip 4 percent in the first quarter of the year, reaching $2.8 billion.
This compares to a $2.9 billion reported in the first three months of the previous year.
Commenting on the results, Total’s chairman and CEO Patrick Pouyanne said, “markets remained volatile with Brent averaging $63/b in the first quarter, down 6 percent from last year, while natural gas prices were down 11 percent in Europe and 30 percent in Asia.”
However, the company’s production grew up 9 percent year-on-year, reaching 2.95 Mboe/d.
Total’s LNG sales doubled from a year ago with the start-up of Yamal LNG trains 2 and 3 in Russia, Ichthys LNG project in Australia and the acquisition of Engie’s LNG portfolio in 2018.
LNG sales reached 7.7 mtpa during the quarter under review which compares to 3.8 mtpa in the first three months of 2018.