TotalEnergies benefited from the very favorable fourth quarter environment and generated more than $15 billion of net cash flow in 2021
PARIS–(BUSINESS WIRE)–
|
4Q21 |
Change |
2021 |
Change |
|
| Oil price – Brent ($/b) |
79.8 |
+80% |
70.9 |
+69% |
| Average price of LNG ($/Mbtu) |
13.1 |
x2.7 |
8.8 |
+82% |
| Variable cost margin – Refining Europe, VCM ($/t) |
16.7 |
x3.6 |
10.5 |
-9% |
| Adjusted net income (TotalEnergies share)(1) |
|
|
|
|
| – in billions of dollars (B$) |
6.8 |
x5.2 |
18.1 |
x4.4 |
| – in dollars per share |
2.55 |
x5.5 |
6.68 |
x4.7 |
| Net income (TotalEnergies share) |
5.8 |
x6.6 |
16.0 |
ns |
| Adjusted EBITDA(1) (B$) |
14.3 |
x2.7 |
42.3 |
x2 |
| DACF1 (B$) |
9.8 |
+98% |
30.7 |
+74% |
| Cash Flow from operations (B$) |
11.6 |
x2 |
30.4 |
x2.1 |
| Net-debt-to-capital ratio(2) of 15.3% at December 31, 2021 vs. 17.7% at September 30, 2021 | ||||
| Fourth quarter 2021 dividend set at 0.66 €/share | ||||
The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE), meeting on February 9, 2022, under the Chairmanship of Chief Executive Officer Patrick Pouyanné, approved the Company’s 2021 financial statements. On the occasion, Patrick Pouyanné said:
“In the fourth quarter, oil prices continued to rise, up 9% compared to the previous quarter, while gas prices in Europe and Asia, driven by increasing demand, hit all-time highs above $30/Mbtu and sent European power prices to record levels. In this context, TotalEnergies’ multi-energy model demonstrated its ability to take full advantage of the very favorable environment, particularly in the LNG and electricity sectors, with adjusted net income of $6.8 billion and cash flow (DACF) of $9.8 billion.
In 2021, the Company generated cash flow of $30.7 billion, up $13 billion compared to 2020, and adjusted EBITDA of $42.3 billion. The Company reported adjusted net income of $18.1 billion, representing a return on equity of 16.9% and a return on capital employed (ROACE) of nearly 14% for 2021, which demonstrates the quality of its portfolio and operations. IFRS net income was $16 billion (€13.6 billion).
The integrated Gas, Renewables & Power (iGRP) segment reported adjusted net operating income of $2.8 billion and cash flow of $2.4 billion in the fourth quarter, bringing full-year results and cash flow to $6.2 billion and $6.1 billion, respectively. These historic results build on the globally integrated LNG portfolio, leveraging rising oil and gas prices and outperformance in the gas and LNG trading business. The profitable growth strategy in Renewables & Electricity continues with more than 10 GW of installed gross capacity and more than 6 million electricity customers at year-end 2021. The Renewables & Electricity business generated proportional adjusted EBITDA of $1.4 billion over the year, above the target of $0.8 billion, reflecting the last quarter’s strong electricity markets. At the start of 2022, TotalEnergies secured an additional 2 GW of offshore wind projects with the award of a concession in Scotland, as part of the Scotwind tender.
Exploration & Production benefited from higher oil and gas prices with adjusted net operating income of $10.4 billion and was a strong contributor to the Company’s net cash flow with $12.2 billion. In line with its strategy to invest in low-cost and low-emission projects, TotalEnergies increased its presence in Brazil by entering the Atapu and Sépia giant fields, launched the Lake Albert Resource Development Project in Uganda, while divesting interests in mature assets.
Downstream posted solid results with $3.5 billion in adjusted net operating income and cash flow of $5.5 billion, or more than $3 billion in net cash flow. High margins in petrochemicals and the return to pre-crisis results in Marketing & Services, despite sales volumes still impacted by Covid, offset European refining margins that remained low, due to the rise in energy costs.
The Company maintained capital discipline with net investments of $13.3 billion, of which 25% was in Renewables & Electricity. TotalEnergies reported net cash flow of $15.8 billion for the year, allowing it to continue to reduce its net debt with year-end gearing reduced to 15.3%, compared to 21.7% at year-end 2020, and buy back $1.5 billion of shares, in line with the previously announced objective.
In line with the policy announced in February 2021, the Board of Directors will propose at the Shareholders’ Meeting to be held on May 25, 2022, the distribution of a final 2021 dividend of €0.66 per share, equal to the three 2021 interim dividends already declared.
In addition, the Board of Directors defined a return-to-shareholder policy for 2022 that will combine, on the one hand, an increase in interim dividends of 5% given the structural growth in cash flow generated by the LNG and electricity business, and, on the other hand, buybacks to share the surplus cash flow from high hydrocarbon prices. These share buybacks are expected to be $2 billion for the first half of 2022.
In accordance with the resolution approved by shareholders in May 2021 on TotalEnergies’ ambitions for sustainable development and energy transition toward carbon neutrality, the Board of Directors will report on the progress made in implementing these ambitions at the Shareholders’ Meeting on May 25, 2022. With this in mind, the Board of Directors will adopt a ‘Sustainability & Climate – Progress Report 2022’, which will be submitted to a shareholder advisory vote at the Annual Shareholders’ Meeting on May 25, 2022. It will be published and presented on March 24, 2022, during a Strategy, Sustainability & Climate investor meeting.”
1. Highlights(3)
Social and environmental responsibility
- TotalEnergies’ withdrawal from Myanmar, as the deteriorating situation in terms of human rights and rule of law no longer allows TotalEnergies to make a sufficiently positive contribution in the country
Multi-energy strategy
- Signed agreements in Libya to develop gas gathering and processing projects for power generation and a 500 MW solar farm, together with the acquisition of additional interests in the Waha concession
- Launched the Lake Albert Resource Development Project in Uganda and Tanzania and signed a framework agreement in Uganda to develop renewable energies contributing to public access to energy
Renewables & Electricity
-
Offshore wind:
- Started power generation at the Yunlin offshore wind farm (640 MW capacity), off the coast of Taiwan
- Awarded concession with Green Investment Group (GIG) and RIDG to develop a 2 GW offshore wind farm in Scotland
-
Solar:
- Signed a 25-year renewable electricity sales contract with Prony Resources New Caledonia, thanks to the development of a 160 MW solar project in New Caledonia
- Strengthened TotalEnergies’ leading position in the rooftop solar installation market in France with the award of 58 MW in the 13th tranche of the CRE 4 call for tenders
-
Storage:
- Commissioned the largest battery electricity storage site (61 MW) in France
-
Electric mobility:
- Announced a €200 million investment plan over one year to equip more than 150 highway stations with high-power charging stations for electric vehicles in France
Upstream
- TotalEnergies and partners’ successful bids at the ToR Surplus round in Brazil for the award of production sharing contracts (PSCs) for the Atapu and Sépia pre-salt oil fields
- Obtained the Oman Block 10 concession with a 26.5% interest to develop integrated low-carbon gas projects
- Started production of the CLOV Phase 2 project on Angola Block 17
-
Divested TotalEnergies’ stakes in mature non-operated fields on Angola Blocks 14 and 14K as well as various non-operated permits in Gabon and a minority stake in the Greater Laggan area in the UK
Downstream
- Acquired BP’s marketing network, wholesale fuel business and logistics assets in Mozambique
-
Circular economy:
- Signed agreements for chemical recycling projects in Spain with Plastic Energy and in the United States with Plastic Energy and Freepoint Eco-Systems
- Partnership with Plastic Omnium to accelerate the development of recycled plastic materials in the automotive industry
Biomass
- Launched construction, with Clean Energy, of a first biogas production unit in the United States
- Partnership to recover biomethane from Veolia’s waste and wastewater treatment facilities in operation in more than 15 countries
Hydrogen
- Partnership with Daimler Truck AG to develop a hydrogen ecosystem for road transport in Europe
- Collaboration agreement with Masdar and Siemens Energy to co-develop a green hydrogen project to produce sustainable aviation fuel (SAF) in the United Arab Emirates
Carbon sinks
- Signed agreements with AgriProve to develop underground natural carbon sinks on 20,000 hectares in Australia and Corporate Carbon to contribute to the prevention of savannah fires
- Partnership agreement with the Government of Suriname to contribute to the preservation of the country’s forests as carbon sinks
2. Key figures from TotalEnergies’ consolidated financial statements(4)
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
2021 |
2020 |
2021 |
|
14,285 |
11,180 |
5,208 |
x2.7 |
8,949 |
+60% |
Adjusted EBITDA (5) |
42,302 |
21,112 |
x2 |
|
7,316 |
5,374 |
1,824 |
x4 |
3,879 |
+89% |
Adjusted net operating income from business segments |
20,209 |
6,404 |
x3.2 |
|
3,525 |
2,726 |
1,068 |
x3.3 |
2,031 |
+74% |
Exploration & Production |
10,439 |
2,363 |
x4.4 |
|
2,759 |
1,608 |
254 |
x10.9 |
794 |
x3.5 |
Integrated Gas, Renewables & Power |
6,243 |
1,778 |
x3.5 |
|
553 |
602 |
170 |
x3.3 |
580 |
-5% |
Refining & Chemicals |
1,909 |
1,039 |
+84% |
|
479 |
438 |
332 |
+44% |
474 |
+1% |
Marketing & Services |
1,618 |
1,224 |
+32% |
|
1,787 |
1,143 |
367 |
x4.9 |
668 |
x2.7 |
Contribution of equity affiliates to adjusted net income |
4,190 |
1,388 |
x3 |
|
40.2% |
39.6% |
14.9% |
|
31.8% |
|
Effective tax rate (6) |
37.9% |
27.8% |
|
|
6,825 |
4,769 |
1,304 |
x5.2 |
3,165 |
x2.2 |
Adjusted net income (TotalEnergies share) |
18,060 |
4,059 |
x4.4 |
|
2.55 |
1.76 |
0.46 |
x5.5 |
1.19 |
x2.1 |
Adjusted fully-diluted earnings per share (dollars) (7) |
6.68 |
1.43 |
x4.7 |
|
2.19 |
1.49 |
0.39 |
x5.6 |
1.07 |
x2 |
Adjusted fully-diluted earnings per share (euros)* |
5.65 |
1.25 |
x4.5 |
|
2,644 |
2,655 |
2,645 |
– |
2,607 |
+1% |
Fully-diluted weighted-average shares (millions) |
2,647 |
2,621 |
+1% |
|
|
|
|
|
|
|
|
|
|
|
|
5,837 |
4,645 |
891 |
x6.6 |
2,600 |
x2.2 |
Net income (TotalEnergies share) |
16,032 |
(7,242) |
ns |
|
|
|
|
|
|
|
|
|
|
|
|
4,681 |
2,813 |
3,432 |
+36% |
4,291 |
+9% |
Organic investments (8) |
12,675 |
10,339 |
+23% |
|
(396) |
(958) |
1,099 |
ns |
(80) |
ns |
Net acquisitions (9) |
632 |
2,650 |
-76% |
|
4,285 |
1,855 |
4,531 |
-5% |
4,211 |
+2% |
Net investments (10) |
13,307 |
12,989 |
+2% |
|
|
|
|
|
|
|
|
|
|
|
|
9,361 |
8,060 |
4,498 |
x2.1 |
6,793 |
+38% |
Operating cash flow before working capital changes (11) |
29,140 |
15,697 |
+86% |
|
9,759 |
8,390 |
4,933 |
+98% |
7,326 |
+33% |
Operating cash flow before working capital changes w/o financial charges (DACF) (12) |
30,660 |
17,635 |
+74% |
|
11,621 |
5,640 |
5,674 |
x2 |
6,599 |
+76% |
Cash flow from operations |
30,410 |
14,803 |
x2.1 |
* Average €-$ exchange rate: 1.1435 in the fourth quarter 2021 and 1.1827 in 2021.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
2021 |
2020 |
2021 |
|
|
79.8 |
73.5 |
44.2 |
+80% |
63.1 |
+26% |
Brent ($/b) |
70.9 |
41.8 |
+69% |
|
4.8 |
4.3 |
2.8 |
+74% |
2.4 |
+100% |
Henry Hub ($/Mbtu) |
3.7 |
2.1 |
+75% |
|
32.8 |
16.9 |
5.6 |
x5.9 |
5.1 |
x6.4 |
NBP ($/Mbtu) |
16.4 |
3.3 |
x4.9 |
|
35.0 |
18.6 |
8.0 |
x4.4 |
5.8 |
x6.1 |
JKM ($/Mbtu) |
18.5 |
4.4 |
x4.2 |
|
72.6 |
67.1 |
41.0 |
+77% |
59.1 |
+23% |
Average price of liquids ($/b) Consolidated subsidiaries |
65.0 |
37.0 |
+76% |
|
11.38 |
6.33 |
3.31 |
x3.4 |
3.76 |
x3 |
Average price of gas ($/Mbtu) Consolidated subsidiaries |
6.60 |
2.96 |
x2.2 |
|
13.12 |
9.10 |
4.90 |
x2.7 |
6.52 |
x2 |
Average price of LNG ($/Mbtu) Consolidated subsidiaries and equity affiliates |
8.80 |
4.83 |
+82% |
|
16.7 |
8.8 |
4.6 |
x3.6 |
30.2 |
-45% |
Variable cost margin – Refining Europe, VCM ($/t)** |
10.5 |
11.5 |
-9% |
* The indicators are shown on page 21.
** 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).
Data restated in 2Q21 environment for energy costs were 35.7 $/t in 4Q21 and 20.5 $/t in 3Q21.
The average LNG selling price was $13.12/Mbtu in the fourth quarter, up 44% compared to the previous quarter, benefiting on a lagged basis from the increase in oil and gas indices on long-term contracts as well as high spot gas prices in the quarter.
3.2 Greenhouse gas emissions(13)
|
4Q21* |
3Q21* |
GHG emissions (MtCO2e) |
2021 |
2021 |
2020 |
2020 |
|
10 |
9 |
Scope 1+2 from operated facilities (14) |
35.7 |
37.0 |
38.4 |
41.5 |
|
96 |
94 |
Scope 3 from energy product sales (15) |
370 |
400 |
350 |
400 |
|
53 |
49 |
Scope 1+2+3 in Europe (16) |
195 |
215 |
212 |
239 |
|
47 |
44 |
of which Scope 3 in Europe |
175 |
193 |
190 |
215 |
* Estimated emissions.
3.3 Production*
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Hydrocarbon production |
2021 |
2020 |
2021 |
|
2,852 |
2,814 |
2,841 |
– |
3,113 |
-8% |
Hydrocarbon production (kboe/d) |
2,819 |
2,871 |
-2% |
|
1,278 |
1,288 |
1,238 |
+3% |
1,452 |
-12% |
Oil (including bitumen) (kb/d) |
1,274 |
1,298 |
-2% |
|
1,574 |
1,526 |
1,603 |
-2% |
1,661 |
-5% |
Gas (including condensates and associated NGL) (kboe/d) |
1,545 |
1,573 |
-2% |
|
|
|
|
|
|
|
|
|
|
|
|
2,852 |
2,814 |
2,841 |
– |
3,113 |
-8% |
Hydrocarbon production (kboe/d) |
2,819 |
2,871 |
-2% |
|
1,509 |
1,517 |
1,483 |
+2% |
1,714 |
-12% |
Liquids (kb/d) |
1,500 |
1,543 |
-3% |
|
7,328 |
7,070 |
7,406 |
-1% |
7,563 |
-3% |
Gas (Mcf/d) |
7,203 |
7,246 |
-1% |
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,852 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2021, stable compared to a year ago, comprised of:
- +2% due to start-ups and ramp-ups, including CLOV Phase 2 and Zinia Phase 2 in Angola, Yamal LNG train 4, and the resumption of production in Libya,
- +3% due to the increase in OPEC+ quotas,
- -1% due to portfolio effect, notably the Utica sale in the United States and the divestment of non-operated assets, particularly in Gabon,
- -1% due to the price effect,
- -1% due to planned maintenance and unplanned downtime, notably in Canada, Nigeria and the UK,
- -2% due to natural field decline.
Hydrocarbon production was 2,819 kboe/d in 2021, down 2% year-on-year, comprised of:
- +3% due to start-ups and ramp-ups, including North Russkoye in Russia, Iara in Brazil and Johan Sverdrup in Norway, as well as the resumption of production in Libya,
- +3% due to the increase in gas demand and OPEC+ quotas,
- -1% due to portfolio effect, notably the disposals of assets in the UK and the CA1 block in Brunei,
- -1% due to the price effect,
- -3% due to planned maintenance and unplanned downtime, notably in the UK and Norway (Snøhvit),
- -3% due to the natural field decline.
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
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Hydrocarbon production for LNG |
2021 |
2020 |
2021 |
|
562 |
533 |
532 |
+6% |
624 |
-10% |
iGRP (kboe/d) |
529 |
530 |
– |
|
68 |
67 |
65 |
+4% |
74 |
-8% |
Liquids (kb/d) |
63 |
69 |
-9% |
|
2,697 |
2,527 |
2,549 |
+6% |
2,939 |
-8% |
Gas (Mcf/d) |
2,541 |
2,519 |
+1% |
|
|
|
|
|
|
|
|
|
|
|
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Liquefied Natural Gas in Mt |
2021 |
2020 |
2021 |
|
11.6 |
10.0 |
10.0 |
+16% |
10.6 |
+10% |
Overall LNG sales |
42.0 |
38.3 |
+10% |
|
4.6 |
4.3 |
4.3 |
+6% |
4.2 |
+9% |
incl. Sales from equity production* |
17.4 |
17.6 |
-1% |
|
10.1 |
8.3 |
8.0 |
+27% |
9.6 |
+5% |
incl. Sales by TotalEnergies from equity production and third party purchases |
35.1 |
31.1 |
+13% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG increased 6% year-on-year in the fourth quarter 2021, due to the impact of unplanned maintenance on fourth quarter 2020 production. Full-year 2021 was stable compared to 2020.
Total LNG sales increased sharply on higher production from Cameron LNG and Freeport LNG in the United States, up 16% in the fourth quarter 2021 compared to a year ago and up 10% for full-year 2021 versus 2020.
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
Renewables & Electricity |
2021 |
2020 |
2021 |
|
43.0 |
42.7 |
28.6 |
+50% |
Portfolio of renewable power generation gross capacity (GW) (1),(2) |
43.0 |
28.6 |
+50% |
|
10.3 |
9.5 |
7.0 |
+47% |
o/w installed capacity |
10.3 |
7.0 |
+47% |
|
6.5 |
6.1 |
4.1 |
+61% |
o/w capacity in construction |
6.5 |
4.1 |
+61% |
|
26.2 |
27.1 |
17.5 |
+49% |
o/w capacity in development |
26.2 |
17.5 |
+49% |
|
28.0 |
26.6 |
17.5 |
+60% |
Gross renewables capacity with PPA (GW) (1),(2) |
28.0 |
17.5 |
+60% |
|
31.7 |
31.7 |
19.2 |
+65% |
Portfolio of renewable power generation net capacity (GW) (1),(2) |
31.7 |
19.2 |
+65% |
|
5.1 |
4.7 |
3.1 |
+65% |
o/w installed capacity |
5.1 |
3.1 |
+65% |
|
4.6 |
4.0 |
2.3 |
x2 |
o/w capacity in construction |
4.6 |
2.3 |
x2 |
|
22.0 |
23.0 |
13.8 |
+59% |
o/w capacity in development |
22.0 |
13.8 |
+59% |
|
6.7 |
4.7 |
4.3 |
+57% |
Net power production (TWh) (3) |
21.2 |
14.1 |
+50% |
|
1.9 |
1.7 |
1.2 |
+61% |
incl. power production from renewables |
6.8 |
4.0 |
+71% |
|
6.1 |
6.0 |
5.6 |
+9% |
Clients power – BtB and BtC (Million) (2) |
6.1 |
5.6 |
+9% |
|
2.7 |
2.7 |
2.7 |
+2% |
Clients gas – BtB and BtC (Million) (2) |
2.7 |
2.7 |
+2% |
|
16.1 |
11.7 |
13.5 |
+19% |
Sales power – BtB and BtC (TWh) |
56.6 |
47.3 |
+20% |
|
31.2 |
13.2 |
31.5 |
-1% |
Sales gas – BtB and BtC (TWh) |
101.2 |
95.8 |
+6% |
|
|
|
|
|
|
|
|
|
|
447 |
291 |
179 |
x2.5 |
Proportional adjusted EBITDA Renewables & Electricity (M$) (4) |
1,393 |
583 |
x2.4 |
|
84 |
104 |
102 |
-18% |
incl. from renewables business |
418 |
352 |
+19% |
(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 & Electricity affiliates, regardless of consolidation method.
Gross installed renewable power generation capacity grew to 10.3 GW at the end of the fourth quarter 2021, up 800 MW, notably thanks to continued increase in start-ups in India and the commissioning of the Dunkirk battery-powered storage site in France.
Net electricity production stood at 6.7 TWh in the fourth quarter 2021, up 57% year-on-year, thanks to strong growth in electricity production from renewable sources as well as combined cycle gas turbine (CCGT) power plants, strengthened by the acquisition of four CCGT plants in France and Spain in the fourth quarter 2020.
TotalEnergies’ adjusted EBITDA of the Renewables & Electricity business was $447 million in the fourth quarter 2021, an increase of 2.5 times year-on-year, driven by strong growth in electricity generation, and took full advantage of integration into the electricity value chain in Europe.
4.1.2 Results
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
In millions of dollars |
2021 |
2020 |
2021 |
|
2,759 |
1,608 |
254 |
x10.9 |
794 |
x3.5 |
Adjusted net operating income* |
6,243 |
1,778 |
x3.5 |
|
1,321 |
755 |
97 |
x13.6 |
353 |
x3.7 |
including adjusted income from equity affiliates |
2,696 |
375 |
x7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
1,190 |
639 |
1,007 |
+18% |
684 |
+74% |
Organic investments |
3,341 |
2,720 |
+23% |
|
47 |
(941) |
577 |
-92% |
(13) |
ns |
Net acquisitions |
1,165 |
2,183 |
-47% |
|
1,237 |
(302) |
1,584 |
-22% |
671 |
+84% |
Net investments |
4,506 |
4,903 |
-8% |
|
|
|
|
|
|
|
|
|
|
|
|
2,440 |
1,720 |
1,072 |
x2.3 |
1,356 |
+80% |
Operating cash flow before working capital changes ** |
6,124 |
3,418 |
+79% |
|
(57) |
(463) |
575 |
ns |
1,527 |
ns |
Cash flow from operations *** |
827 |
2,129 |
-61% |
* 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 from the iGRP segment was:
- $2,759 million in the fourth quarter 2021, a 10.9-fold increase from a year ago, thanks to higher LNG prices and the very good performance of the gas, LNG and electricity trading activities,
- $6,243 million for the full-year 2021, a 3.5-fold increase from 2020, for the same reasons.
Operating cash flow before working capital changes was:
- $2,440 million in the fourth quarter 2021, a 2.3-fold increase from a year ago, thanks to higher LNG prices and the very good performance of the gas, LNG and electricity trading activities,
- $6,124 million in 2021, up 79% compared to 2020, for the same reasons.
Cash flow from operations was -$57 million for the quarter and $827 million for 2021, mainly due to variations in margin calls related to hedging mechanisms in a context of high volatility in the gas and electricity markets.
4.2 Exploration & Production
4.2.1 Production
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Hydrocarbon production |
2021 |
2020 |
2021 |
|
2,290 |
2,281 |
2,309 |
-1% |
2,489 |
-8% |
EP (kboe/d) |
2,290 |
2,341 |
-2% |
|
1,441 |
1,450 |
1,418 |
+2% |
1,640 |
-12% |
Liquids (kb/d) |
1,437 |
1,474 |
-3% |
|
4,631 |
4,543 |
4,857 |
-5% |
4,624 |
– |
Gas (Mcf/d) |
4,662 |
4,727 |
-1% |
4.2.2 Results
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
In millions of dollars, except effective tax rate |
2021 |
2020 |
2021 |
|
3,525 |
2,726 |
1,068 |
x3.3 |
2,031 |
+74% |
Adjusted net operating income* |
10,439 |
2,363 |
x4.4 |
|
366 |
315 |
222 |
+65% |
247 |
+48% |
including adjusted income from equity affiliates |
1,230 |
928 |
+33% |
|
49.7% |
46.4% |
19.8% |
|
38.0% |
|
Effective tax rate** |
45.2% |
29.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,196 |
1,656 |
1,569 |
+40% |
2,617 |
-16% |
Organic investments |
6,690 |
5,519 |
+21% |
|
(162) |
(34) |
548 |
ns |
(224) |
ns |
Net acquisitions |
(167) |
544 |
ns |
|
2,034 |
1,622 |
2,117 |
-4% |
2,393 |
-15% |
Net investments |
6,523 |
6,063 |
+8% |
|
|
|
|
|
|
|
|
|
|
|
|
5,688 |
4,943 |
2,652 |
x2.1 |
4,451 |
+28% |
Operating cash flow before working capital changes *** |
18,717 |
9,684 |
+93% |
|
8,624 |
4,814 |
3,046 |
x2.8 |
4,206 |
x2.1 |
Cash flow from operations *** |
22,009 |
9,922 |
x2.2 |
* 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 from Exploration & Production segment was:
- $3,525 million in the fourth quarter 2021, more than three times higher than in the fourth quarter 2020, thanks to the sharp increase in oil and gas prices,
- $10,439 million in 2021, more than four times higher than in 2020, for the same reasons.
Operating cash flow before working capital changes was $5,688 million in the fourth quarter 2021, more than twice higher than in the fourth quarter 2020, and $18,717 million in 2021, more than twice higher than in 2020, in line with higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
In millions of dollars |
2021 |
2020 |
2021 |
|
1,032 |
1,040 |
502 |
x2.1 |
1,054 |
-2% |
Adjusted net operating income* |
3,527 |
2,263 |
+56% |
|
|
|
|
|
|
|
|
|
|
|
|
1,267 |
506 |
840 |
+51% |
950 |
+33% |
Organic investments |
2,576 |
2,023 |
+27% |
|
(281) |
17 |
80 |
ns |
158 |
ns |
Net acquisitions |
(368) |
32 |
ns |
|
986 |
523 |
920 |
+7% |
1,108 |
-11% |
Net investments |
2,208 |
2,055 |
+7% |
|
|
|
|
|
|
|
|
|
|
|
|
1,559 |
1,611 |
1,129 |
+38% |
1,505 |
+4% |
Operating cash flow before working capital changes ** |
5,502 |
4,652 |
+18% |
|
2,832 |
1,644 |
2,162 |
+31% |
1,420 |
+99% |
Cash flow from operations ** |
8,806 |
4,539 |
+94% |
* 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
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Refinery throughput and utilization rate* |
2021 |
2020 |
2021 |
|
1,279 |
1,225 |
1,262 |
+1% |
1,509 |
-15% |
Total refinery throughput (kb/d) |
1,180 |
1,292 |
-9% |
|
223 |
274 |
247 |
-10% |
282 |
-21% |
France |
190 |
244 |
-22% |
|
612 |
505 |
582 |
+5% |
756 |
-19% |
Rest of Europe |
568 |
618 |
-8% |
|
444 |
446 |
433 |
+3% |
471 |
-6% |
Rest of world |
423 |
430 |
-2% |
|
73% |
69% |
60% |
|
71% |
|
Utlization rate based on crude only** |
64% |
61% |
|
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year, excluding Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery (divested) from second quarter 2021.
|
4Q21 |
3Q21 |
4Q20 |
4Q21 |
4Q19 |
4Q21 |
Petrochemicals production and utilization rate |
2021 |
2020 |
2021 |
|
1,460 |
1,486 |
1,486 |
-2% |
1,431 |
+2% |
Monomers* (kt) |
5,775 |
5,519 |
+5% |
|
1,231 |
1,330 |
1,291 |
-5% |
1,169 |
+5% |
Polymers (kt) |
4,938 |
4,934 |
– |
|
90% |
93% |
90% |
|
92% |
|
Vapocracker utilization rate** |
90% |
83% |
|
Contacts
TotalEnergies SE
