MOSCOW (MRC) -- French energy major TotalEnergies, formerly called as Total SA, reported that its net income attributable to the company for the second-quarter was USD2.21 billion or USD0.80 per share, compared to a loss of USD8.37 billion or USD3.27 per share in the prior year, according to NASDAQ.
TotalEnergies reported USD3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment.
Sales for the second-quarter grew to USD47.05 billion from USD25.73 billion in the prior year.
Tthe Board of Directors decided to distribute a second interim dividend for 2021, stable at EUR0.66 per share.
The company noted that the start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.
TotalEnergies expects cash flow generation (DACF) of more than USD25 billion in 2021 and a return on capital employed of more than 10%.
As MRC reported previously, in June 2021, TotalEnergies and Novatek have signed a Memorandum of Understanding (MoU) to jointly work on sustainable reductions of the CO emission resulting from the production of liquefied natural gas (LNG) including with the use of renewable power, to develop large-scale carbon capture and storage solutions (CCS) and to explore new opportunities for developing decarbonized hydrogen and ammonia.
We remind that in November 2019, Total disclosed that it is evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity. The company rebranded itself from Total to TotalEnergies during Q2 2021. The French firm has announced allocating part of surplus revenues to share buybacks. Its 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.