TOTALENERGIES SE Adjusted net operating income for the Exploration & Production segment was $1,975 million in the first quarter 2021, nearly triple the first quarter 2020, due to the sharp rebound in oil and gas prices.
Operating cash flow before working capital changes increased by 48% year-over-year to $3,824 million in the first quarter 2021 for the same reasons.
Downstream (Refining & Chemicals and Marketing & Services)
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 527 502 684 -23% 1,099 -52%
Organic investments 335 840 277 +21% 319 +5%
Net acquisitions (103) 80 (30) ns (131) ns
Net investments 232 920 247 -6% 188 +23%
Operating cash flow before working
capital changes ** 872 1,129 1,064 -18% 1,686 -48%
Cash flow from operations ** 1,661 2,162 (1,582) ns (306) ns
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Refining & Chemicals
> Refinery and petrochemicals throughput and utilization rates
1Q21 1Q21
Refinery throughput and utilization vs vs
rate* 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Total refinery throughput (kb/d) 1,147 1,262 1,444 -21% 1,862 -38%
France 114 247 255 -55% 592 -81%
Rest of Europe 660 582 756 -13% 823 -20%
Rest of world 373 433 433 -14% 447 -17%
Utlization rate based on crude
only** 58% 60% 69% 89%
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year, excluding Grandpuits from 2021, definitively shut down first quarter 2021.
1Q21 1Q21
Petrochemicals production and vs vs
utilization rate 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Monomers* (kt) 1,405 1,486 1,386 +1% 1,393 +1%
Polymers (kt) 1,165 1,291 1,202 -3% 1,297 -10%
Vapocracker utilization rate** 87% 90% 83% 87%
* Olefins.
** Based on olefins production from steamcrackers and their treatment capacity at the start of the year.
Refinery throughput volumes fell by 21% in the first quarter 2021 compared to a year ago due to the voluntary economic shutdown of the Donges refinery given the low margins, the shutdown of the Grandpuits refinery before its conversion to a zero-oil platform and the sale of the Lindsey refinery in the United Kingdom. The temporary shutdown of the Port Arthur platform in the US due to Storm Uri also contributed to the decline.
Production of monomers and polymers was stable compared to a year ago. The effect of strong demand was partially offset by the temporary shutdown of facilities in the US due to Storm Uri in Texas.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 243 170 382 -36% 756 -68%
Organic investments 222 448 168 +32% 240 -8%
Net acquisitions (57) (2) (36) ns (124) ns
Net investments 165 446 132 +25% 116 +42%
Operating cash flow before working
capital changes ** 394 560 674 -42% 1,104 -64%
Cash flow from operations ** 996 1,514 (1,183) ns (538) ns
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Refining & Chemicals segment fell by 36% year-on-year to $243 million in the first quarter 2021. The drop was driven by European refining margins, which are still very poor, due to high oil prices and weak demand, particularly for distillates, due to reduced aviation activity.
Operating cash flow before working capital changes fell by 42% year-on-year to $394 million in the first quarter 2021 for the same reasons.
Cash flow from operations increased by $2,179 million to $996 million in the first quarter 2021 notably due to the decrease in working capital in the first quarter 2021, despite the low first quarter 2020 inventory values that reflected the sharp drop in oil prices.
Marketing & Services
> Petroleum product sales
1Q21 1Q21
vs vs
Sales in kb/d* 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Total Marketing & Services sales 1,442 1,509 1,656 -13% 1,836 -21%
Europe 776 828 906 -14% 1,012 -23%
Rest of world 666 681 750 -11% 824 -19%
* Excludes trading and bulk refining sales
Petroleum product sales volumes decreased by 13% year-over-year because of the Covid-19 pandemic-related lockdowns and the 50% drop in aviation activity.
> Results
1Q21 1Q21
vs vs
In millions of dollars 1Q21 4Q20 1Q20 1Q20 1Q19 1Q19
Adjusted net operating income* 284 332 302 -6% 343 -17%
Organic investments 113 392 109 +4% 80 +41%
Net acquisitions (46) 82 6 ns (8) ns
Net investments 67 474 115 -42% 72 -7%
Operating cash flow before working
capital changes ** 478 569 390 +23% 582 -18%
Cash flow from operations ** 665 648 (399) ns 232 x2,9
* Detail of adjustment items shown in the business segment information annex to financial statements.
** Excluding financial charges, except those related to leases
Adjusted net operating income was $284 million in the first quarter 2021, a decrease of 6% compared to a year ago, mainly due to lower worldwide sales volumes for the reasons indicated above.
Operating cash flow before working capital changes was $478 million in the first quarter 2021, an increase of 23%, notably due to the negative impact in the first quarter 2020 of the revaluation of futures contracts.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was $3,487 million in the first quarter 2021, an increase of 52% year-on-year due to the increase in oil and gas prices.
> Adjusted net income (Group share)
Adjusted net income (Group share) was $3,003 million in the first quarter 2021 compared to $1,781 million in the first quarter 2020, an increase of 69%, due to the increase in oil and gas prices.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of effects of changes in fair value(12) .
Total net income adjustments(13) were $341 million in the first quarter 2021, comprised of a positive stock effect of close to $700 million, restructuring charges related to voluntary departures in France and Belgium and an impairment related to end of the Qatargas 1 contract.
The effective tax rate for the Group was 34.6% in the first quarter 2021 versus 30% in the first quarter 2020.
> Adjusted earnings per share
Adjusted fully-diluted earnings per share was $1.10 in the first quarter 2021, calculated based on 2,645 million weighted-average shares, versus $0.66 in the first quarter 2020.
> Acquisitions - asset sales
Acquisitions were $2,208 million in the first quarter 2021 and include notably the acquisition for $2 billion of a 20% interest in the renewable energy project developer in India, Adani Green Energy Limited.
Asset sales were $618 million in the first quarter 2021 and include notably the 50% farm down in France of a portfolio of renewable projects with total capacity of 285 MW (100%), the sale of a 10% interest in the onshore OML 17 block in Nigeria, a price supplement to the sale of Block CA1 in Brunei and the disposal of the Lindsey refinery in the United Kingdom.
> Net cash flow
Net cash flow(14) for the Group was $1,397 million in the first quarter 2021 compared to $140 million in the first quarter 2020, which takes into account the increase in operating cash flow before changes in working capital to $5,366 million from $3,765 million and stable net investments of $3,969 million in the first quarter 2021 compared to $3,625 million a year ago.
> Profitability
The return on equity was 4.9% for the twelve months ended March 31, 2021.
In millions of
dollars April 1, 2020 January 1, 2020 April 1, 2019
March 31, 2021 December 31, 2020 March 31, 2020
Adjusted net income 5,330 4,067 11,079
Average adjusted
shareholders'
equity 109,135 110,643 113,607
Return on equity
(ROE) 4.9% 3.7% 9.8%
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04-29-21 0610ET
