TOTALENERGIES SE > Production*
1Q21 1Q21
vs vs
1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Oil (including bitumen) (kb/d) 1,272 1,238 1,448 -12% 1,425 -11%
Gas (including condensates and
associated NGL) (kboe/d) 1,591 1,603 1,638 -3% 1,521 +5%
Hydrocarbon production (kboe/d) 2,863 2,841 3,086 -7% 2,946 -3%
Liquids (kb/d) 1,508 1,483 1,699 -11% 1,629 -7%
Gas (Mcf/d) 7,400 7,406 7,560 -2% 7,167 +3%
* Group production = E&P production + iGRP production
Hydrocarbon production was 2,863 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2021, a decrease of 7% year-on-year, comprised of:
-- -3% due to compliance with OPEC+ quotas, notably in Nigeria, the United
Arab Emirates and Kazakhstan,
-- +2% due to resumption of production in Libya,
-- +2% due to the start-up and ramp-up of projects, notably North Russkoye
in Russia, Culzean in the United Kingdom, Johan Sverdrup in Norway and
Iara in Brazil,
-- -2% due to portfolio effect, notably the sales of assets in the United
Kingdom and Block CA1 in Brunei,
-- -3% due to unplanned maintenance shut-downs notably in Norway,
-- -3% due to the natural decline of fields.
Analysis of business segments
Integrated Gas, Renewables & Power (iGRP)
> Production and sales of Liquefied natural gas (LNG) and electricity
1Q21 1Q21
vs vs
Hydrocarbon production for LNG 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
iGRP (kboe/d) 518 532 552 -6% 518 -
Liquids (kb/d) 64 65 73 -13% 66 -4%
Gas (Mcf/d) 2,476 2,549 2,611 -5% 2,460 +1%
1Q21 1Q21
vs vs
Liquefied Natural Gas in Mt 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Overall LNG sales 9.9 10.0 9.8 +1% 7.7 +28%
incl. Sales from equity production* 4.4 4.3 4.7 -7% 3.8 +15%
incl. Sales by Total from equity
production and third party
purchases 7.9 8.0 7.8 +1% 6.0 +31%
* The Group's equity production may be sold by Total or by the joint ventures.
Despite hydrocarbon production for LNG in the first quarter of 2021, down 6% year-over-year, mainly due to the shutdown of the Snøhvit LNG plant following a fire at the end of September 2020, total LNG sales were stable in the first quarter of 2021.
1Q21
vs
Renewables & Electricity 1Q21 4Q20 1Q20 1Q20
Portfolio of renewable power generation gross
capacity to 2025 (GW) (1,2) 36.2 26.1 16.7 x2,2
o/w installed capacity 7.8 7.0 3.0 x2,6
o/w capacity in construction 5.1 4.1 2.2 x2,3
o/w capacity in development 23.3 15.0 11.5 x2
Gross capacity in development post-2025 (2) 4.0 2.5 0.4 x10
Gross renewables capacity with PPA (GW) (1,2) 21.2 17.5 8.3 x2,6
Portfolio of renewable power generation net capacity
to 2025 (GW) (1,2) 28.0 17.9 11.5 x2,4
o/w installed capacity 3.8 3.1 1.2 x3,1
o/w capacity in construction 3.1 2.3 0.8 x3,8
o/w capacity in development 21.1 12.5 9.5 x2,2
Net capacity in development post-2025 (2) 2.1 1.4 0.3 x6,5
Net power production (TWh) (3) 4.7 4.3 2.9 +61%
incl. Power production from renewables 1.6 1.2 0.7 x2,3
Clients power - BtB and BtC (Million) (2) 5.7 5.6 4.2 +37%
Clients gas - BtB and BtC (Million) (2) 2.7 2.7 1.7 +58%
Sales power - BtB and BtC (TWh) 16.1 13.5 14.2 +13%
Sales gas - BtB and BtC (TWh) 36.2 31.5 33.5 +8%
Proportionnal EBITDA Renewables and Electricity (M$)
(4) 344 179 250 +38%
incl. from renewables business 148 102 91 +62%
(1) Includes 20% of Adani Green Energy Ltd gross capacity effective first quarter 2021.
(2) End of period data.
(3) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT) plants.
(4) Group's share (% interest) of EBITDA in Renewables and Electricity affiliates, regardless of consolidation method and including gains on asset sales.
EBITDA: "Earnings Before Interest, Tax, Depreciation and Amortization >>
Gross installed renewable power generation capacity grew to 7.8 GW at the end of the first quarter 2021, in line with the target of 10 GW by end-2021.
The portfolio of power capacity in operation, in construction and in development for 2025 has more than doubled from a year ago. It grew by 10 GW in the first quarter 2021 to 36 GW gross and 28 GW net, including the 20% interest in Adani Green Energy Limited (AGEL) and the acquisition of a 4 GW portfolio of solar projects in the US.
Net electricity production was 4.7 TWh in the first quarter 2021, an increase of 61% year-over-year, notably due to doubling production from renewable sources and the acquisition of four CCGT in France and Spain in the fourth quarter 2020.
Sales of electricity and gas in the first quarter 2021 increased by 13% and 8%, respectively, compared to the first quarter 2020 thanks to the growth in the number of customers.
The Group's share of EBITDA for the Renewables and Electricity activity was $344 million in the first quarter 2021, an increase of 38% year-on-year, driven by the growth in electricity production, mainly from renewables, and the number of gas and electricity customers.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 985 254 913 +8% 592 +66%
including income from equity
affiliates 264 97 248 +6% 255 +4%
Organic investments 753 1,007 646 +17% 493 +53%
Net acquisitions 1,893 577 1,137 +66% 400 x4,7
Net investments 2,646 1,584 1,783 +48% 893 x3
Operating cash flow before working
capital changes ** 1,059 1,072 601 +76% 351 x3
Cash flow from operations *** 780 575 (489) ns 892 -13%
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial expenses, except those related to lease contracts, excluding the impact of contracts recognized at fair value for the sector and including capital gains on the sale of renewable projects. 1Q20 and 1Q19 data restated (see note 10 on page 3).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income for the iGRP segment was $985 million in the first quarter, a new record high. The year-on-year increase of 8%, despite the lower price of LNG, reflects the growing contribution of the Renewables and Electricity activity and good performance of trading.
Operating cash flow before working capital changes was $1,059 million in the first quarter 2021, an increase of 76% compared to the first quarter 2020, for the same reasons.
Exploration & Production
> Production
1Q21 1Q21
vs vs
Hydrocarbon production 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
EP (kboe/d) 2,345 2,309 2,534 -7% 2,428 -3%
Liquids (kb/d) 1,444 1,418 1,626 -11% 1,563 -8%
Gas (Mcf/d) 4,924 4,857 4,949 -1% 4,707 +5%
> Results
1Q21 1Q21
In millions of dollars, except vs vs
effective tax rate 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 1,975 1,068 703 x2,8 1,722 +15%
including income from equity
affiliates 270 222 390 -31% 213 +27%
Effective tax rate** 41.0% 19.8% 59.6% 48.6%
Organic investments 1,279 1,569 1,572 -19% 1,958 -35%
Net acquisitions (202) 548 (6) ns 38 ns
Net investments 1,077 2,117 1,566 -31% 1,996 -46%
Operating cash flow before working
capital changes *** 3,824 2,652 2,576 +48% 4,246 -10%
Cash flow from operations *** 3,736 3,046 3,923 -5% 3,936 -5%
* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
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