TotalEnergies’ LNG performance spurred 8% growth in Q4 but annual net income fell 21% to $18.3bn due to a sharp decline in refining margins.
Integrated LNG net income and cashflow amounted to $1.4bn in Q4, up 35% and 63% respectively compared with Q3, with LNG prices above $10/mbtu. Trading was back to the level of Q4 2023, taking advantage of higher market volatility. For the full year, LNG generated adjusted net income and cashflow totalled $4.9bn.
LNG highlights included the sales contract for 2Mt/y with Sinopec, over 15 years, with deliveries starting in 2028.
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