The tanker earned $ 20.5 billion in profits in 2022. A jump linked to the increase in oil prices and also liquefied natural gas which is becoming its new cash cow.
Totalenergies no longer has one but two cash machines. The tanker this morning posted record profits of $20.5 billion for 2022. Soaring oil prices obviously pushed production margins up from $10 billion to $17.5 billion. But it is also thanks to the explosion in gas prices, linked to the end of Russian gas imports. During the presentation of the results, CEO Patrick Pouyanné clarified that LNG had generated 10 billion dollars in cash over the year 2022.
It is thus liquefied natural gas (LNG) which was the second driver of the results of Totalenergies. It thus generated almost a billion in cash per month. Europe has replaced its imports of Russian gas with American gas, sent by ship. The French group wins on both counts: it has become the leading exporter of American LNG and the leading importer of LNG in Europe. It also brings gas to Europe from Russia thanks to its gigantic field of Yamal, in Siberia.
Turning in 2030
This trend will continue, explains Totalenergies. This year it will benefit from two new floating LNG terminals in Germany and France, off Le Havre, to continue importing LNG into Europe. Its gas fields in the Gulf of Mexico will expand like that of Cameroon. And other contracts will be operated by 2025-2026 in Mozambique and especially in Qatar.
The group plans to increase its LNG production by 40% by 2030. A changeover will take place at that time. It is from this pivotal date that Totalenergies foresees the beginning of the drop in demand for oil and its gas activities will then take over.
