TotalEnergies Expects 4% Higher Oil and Gas Production for Q1

TotalEnergies expects its first-quarter oil and gas production to have increased by almost 4% on the year to the high end of the quarterly guidance range of 2.5 to 2.55 million barrels of oil equivalent per day (boe/d).

The French supermajor, which reports full quarterly results on April 30, announced on Tuesday key indicators for its first-quarter performance.

TotalEnergies expects the results in its exploration & production (E&P) division to reflect the higher production compared to the same quarter last year, as well as “a price environment slightly more favorable than fourth quarter 2024.”

The company’s Integrated LNG results are expected to reflect better conditions year-on-year but remain lower than the fourth quarter of 2024.

TotalEnergies sees essentially flat results in the Refining & Chemicals division. Slightly higher refining margins and a better utilization rate at refineries were offset in Q1 by lower petrochemicals and biofuels margins in Europe due to overcapacities, the supermajor said.

TotalEnergies’ commodity price sensitivity analysis for 2025 revealed that in a $70- $80 per barrel Brent environment, every drop in oil prices by $10 per barrel is estimated to reduce adjusted net operating income by $2.3 billion and cash flow from operations by $2.8 billion.

Other supermajors have also previewed some considerations about their Q1 performance in recent days.

Last week, BP said it expects to post a weak natural gas trading result for the first quarter, as well as lower gas output, as the UK-based supermajor is resetting its strategy back to core oil and gas operations.

Shell sees LNG liquefaction volumes down in the first quarter, while U.S. supermajor ExxonMobil expects its first-quarter earnings to be higher than in Q4 by up to $2 billion, thanks to higher oil and gas prices and rising refining margins.

Equinor has advised analysts to expect weak liquids and LNG trading results for the first quarter, as its Marketing, Midstream & Processing (MMP) division is also set to incur a hit of about $100 million of costs of drilling of carbon capture and storage (CCS) appraisal wells.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com

• Turkey, Pakistan To Explore World’s Fourth Largest Oil & Gas Reservoir
• Shell Starts Production at Dover Field in Gulf of Mexico
• Goldman Sachs Cuts Oil Price Outlook Once Again