MOSCOW (MRC) -- French oil major TotalEnergies on Thursday reported a sharp upswing in full-year profit, boosted by a huge rebound in commodity prices, according to CNBC.
The oil and gas giant said full-year 2021 adjusted net income came in at USD18.1 billion, while net income came in at USD16 billion. That compared with adjusted net income of USD4.1 billion and a net loss of USD7.2 billion the previous year.
Analysts polled by Refinitiv had expected full-year 2021 adjusted net profit to come in at USD17.1 billion.
For the final quarter of 2021, TotalEnergies reported adjusted earnings of USD6.8 billion, beating analyst expectations of USD6.1 billion.
TotalEnergies CEO Patrick Pouyanne said in a statement that the firm’s “multi-energy model demonstrated its ability to take full advantage of the very favorable environment, particularly in the LNG and electricity sectors.”
A surge in global gas prices through the final months of 2021, coupled with an oil price rally to seven-year highs, has seen the world’s largest fossil fuel giants rake in bumper revenues.
British oil major BP reported Tuesday that profits soared to an eight-year high of almost USD13 billion, while rival Shell posted annual revenues of USD19.3 billion. US competitors Chevron and Exxon Mobil recorded full-year net profits of USD15.6 billion and USD23 billion, respectively.
It marks a dramatic shift from 2020 when the oil and gas industry endured a dreadful 12 months by virtually every measure.
As MRC reported previously, earlier this month, TotalEnergies and Plastic Energy formed a joint venture to build a 33,000 tonne/year chemical recycling plant for plastics in Seville, south Spain. Financial details were not disclosed. The facility will be built within Plastic Energy facilities in Seville and expected to start up in 2025.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
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.