TotalEnergies Reveals Q2 Results; Company Records Jump In Profits

Global renewable energy player, TotalEnergies has announced its financial results of the second quarter of 2022. It has said that the EBITDA from the renewables and electricity business of the company has grown to $462 million in the second quarter.

TotalEnergies says that this is 49 per cent more as compared to the corresponding quarter of the previous year. Patrick Pouyanne, CEO, TotalEnergies, said, “In the second quarter of 2022, the Company generated adjusted net income of $9.8 billion and IFRS net income of $5.7 billion. TotalEnergies recorded in its accounts a new $3.5 billion impairment charge related mainly to the potential impact of international sanctions on the value of its Novatek stake. Excluding Russia, adjusted net income was $9.1 billion.”

The official announcement reveals that in the given quarter, the integrated Gas, Renewables & Power segment of TotalEnergies has imparted a net operating income of $2.6 billion. The cash flow has been $2.4 billion.

Gross installed renewable generation capacity grew to 11.6GW at the end of the second quarter of 2022, up 900MW over the quarter, including 400MW related to the start-up of Phase 1 of the Al Kharsaah solar PV project in Qatar.

The net-debt-to-capital ratio was 9.8 per cent on June 30, 2022 against 12.5 per cent on March 31, 2022. The quarter-on-quarter growth in gross power generation capacity in development has risen by 3.8 GW. This is largely driven by the strategic acquisition of Core Solar projects in the United States.

TotalEnergies has also recorded an increase in energy output. Its LNG sales grew to over 25 Mt in the first half.  Of this, 60% was in Europe. That apart, the leading energy player refineries also upped their utilization rate to almost 90%.

Patrick Pouyanne further revealed that the company has three major investments- an NFE LNG project in Qatar; Clearway, the fifth largest U.S. player in renewable energy, and a massive green hydrogen production project in India in partnership with Adani. Currently, Clearway boasts of 7.7 GW of operational renewable with 25 GW under development.