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TotalEnergies (TTE) Q4 Earnings Beat Estimates, Sales Up Y/Y
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TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2021 operating earnings of $2.55 (€2.19) per share, beating the Zacks Consensus Estimate of $2.06 by 23.8%.
The bottom line also improved 454.3% from the year-ago figure of 46 cents (€0.39) per share. This year-over-year improvement was due to an increase in commodity prices and global economic recovery. These factors also resulted in an improvement in demand.
TotalEnergies’ 2021 earnings per share were $6.68 (€5.65), reflecting growth of 367.1% from $1.43 (€1.25) in 2020.
Total Revenues
Total revenues came in at $60.35 billion, up 59% from $37.94 billion generated in the year-ago quarter.
TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise
Fourth-quarter hydrocarbon production averaged 2,852 thousand barrels of oil equivalent per day (kboe/d), up 0.4% year over year. This improvement was due to startups, a ramp-up of projects and an increase in OPEC production quotas.
For the reported quarter, liquids production averaged 1,509 thousand barrels per day, up 2% from the year-ago period.
Quarterly gas production was 7,328 thousand cubic feet per day, down 1% year over year due to lower gas output from Africa and the Americas.
Realized Price
Fourth-quarter realized price for Brent was up 80% to $79.8 per barrel from $44.2 in the year-ago period. The average realized liquid price was $72.6 per barrel, up 77% from the year-ago figure.
Realized gas prices improved 243.8% from the prior-year quarter to $11.38 per thousand British thermal units (Btu).
Realized LNG prices improved 167.8% from the prior-year quarter to $13.12 per thousand Btu.
Highlights of the Release
Operating income was $7,316 million, up 301.1% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $483 million, down 2.8% from $497 million in the year-ago period.
In fourth-quarter 2021, TotalEnergies acquired $288 million worth of assets and sold assets valued at $684 million. During the quarter, TTE’s subsidiary acquired Blue Raven Solar in the United States, further expanding renewable assets.
Segment Details
Exploration & Production’s operating earnings were $3,525 million, up 230% from $1,068 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $2,759 million, up 986% from $254 million in the year-ago quarter.
Refining & Chemicals’ operating income was $553 million, up 225.3% from $170 million in the year-ago quarter.
Marketing & Services’ operating income was $479 million, up 44.3% from $332 million in fourth-quarter 2020.
Financial Update
Cash and cash equivalents as of Dec 31, 2021 were $21.3 billion compared with $30.6 billion in the corresponding period of 2020. Net debt to capital was 20.1% at the end of fourth-quarter 2021, down from 25.9% at the end of fourth-quarter 2020.
Cash flow from operating activities at fourth quarter-end was $11,621 million, up 104.8% year over year.
Guidance
TotalEnergies expects 2022 hydrocarbon production to improve 2% from the 2021 level driven by new start-ups in Brazil and Mexico, offset by sales of mature assets completed in 2021 as well as exit from Myanmar operation effective July 2022.
TotalEnergies plans to have more than 16 gigawatt of renewable gross capacity in operation by year-end 2022 and plans to invest $3.5 billion to expand the Renewable & Electricity business.
TTE expects the positive movement in commodity prices to continue in first-half 2022 and realized prices of LNG to be $12 per thousand Btu.
TotalEnergies expects to invest in the range of $14-$15 billion in 2022, out of which 50% will be allocated to growth and another 50% will be utilized to maintain normal activities.
Texas Pacific Land Corporation (TPL - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 23, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at $10.97 per share.
Texas Pacific Land reported an average surprise of 15.3% in the past four quarters. The Zacks Consensus Estimate for TPL’s 2022 earnings per share indicates 49.4% year-over-year growth.
Evergy Inc. (EVRG - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 25, before the opening bell. The Zacks Consensus Estimate for the quarter is pegged at a loss of 99 cents per share.
Evergy’s long-term (three to five years) earnings growth is currently pegged at 6.11%. The Zacks Consensus Estimate for EVRG’s 2021 earnings per share suggests 13.6% year-over-year growth.
Ameresco, Inc. (AMRC - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 28, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 44 cents per share.
Ameresco’s long-term earnings growth is currently pegged at 18.4%. The Zacks Consensus Estimate for AMRC’s 2022 earnings per share implies 26.5% year-over-year growth.
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TotalEnergies (TTE) Q4 Earnings Beat Estimates, Sales Up Y/Y
TotalEnergies SE (TTE - Free Report) reported fourth-quarter 2021 operating earnings of $2.55 (€2.19) per share, beating the Zacks Consensus Estimate of $2.06 by 23.8%.
The bottom line also improved 454.3% from the year-ago figure of 46 cents (€0.39) per share. This year-over-year improvement was due to an increase in commodity prices and global economic recovery. These factors also resulted in an improvement in demand.
TotalEnergies’ 2021 earnings per share were $6.68 (€5.65), reflecting growth of 367.1% from $1.43 (€1.25) in 2020.
Total Revenues
Total revenues came in at $60.35 billion, up 59% from $37.94 billion generated in the year-ago quarter.
TotalEnergies SE Sponsored ADR Price, Consensus and EPS Surprise
TotalEnergies SE Sponsored ADR price-consensus-eps-surprise-chart | TotalEnergies SE Sponsored ADR Quote
Production
Fourth-quarter hydrocarbon production averaged 2,852 thousand barrels of oil equivalent per day (kboe/d), up 0.4% year over year. This improvement was due to startups, a ramp-up of projects and an increase in OPEC production quotas.
For the reported quarter, liquids production averaged 1,509 thousand barrels per day, up 2% from the year-ago period.
Quarterly gas production was 7,328 thousand cubic feet per day, down 1% year over year due to lower gas output from Africa and the Americas.
Realized Price
Fourth-quarter realized price for Brent was up 80% to $79.8 per barrel from $44.2 in the year-ago period. The average realized liquid price was $72.6 per barrel, up 77% from the year-ago figure.
Realized gas prices improved 243.8% from the prior-year quarter to $11.38 per thousand British thermal units (Btu).
Realized LNG prices improved 167.8% from the prior-year quarter to $13.12 per thousand Btu.
Highlights of the Release
Operating income was $7,316 million, up 301.1% from the year-ago period due to higher commodity prices.
Interest expenses for the reported quarter were $483 million, down 2.8% from $497 million in the year-ago period.
In fourth-quarter 2021, TotalEnergies acquired $288 million worth of assets and sold assets valued at $684 million. During the quarter, TTE’s subsidiary acquired Blue Raven Solar in the United States, further expanding renewable assets.
Segment Details
Exploration & Production’s operating earnings were $3,525 million, up 230% from $1,068 million in the year-ago period.
Integrated Gas, Renewable & Power’s operating income was $2,759 million, up 986% from $254 million in the year-ago quarter.
Refining & Chemicals’ operating income was $553 million, up 225.3% from $170 million in the year-ago quarter.
Marketing & Services’ operating income was $479 million, up 44.3% from $332 million in fourth-quarter 2020.
Financial Update
Cash and cash equivalents as of Dec 31, 2021 were $21.3 billion compared with $30.6 billion in the corresponding period of 2020. Net debt to capital was 20.1% at the end of fourth-quarter 2021, down from 25.9% at the end of fourth-quarter 2020.
Cash flow from operating activities at fourth quarter-end was $11,621 million, up 104.8% year over year.
Guidance
TotalEnergies expects 2022 hydrocarbon production to improve 2% from the 2021 level driven by new start-ups in Brazil and Mexico, offset by sales of mature assets completed in 2021 as well as exit from Myanmar operation effective July 2022.
TotalEnergies plans to have more than 16 gigawatt of renewable gross capacity in operation by year-end 2022 and plans to invest $3.5 billion to expand the Renewable & Electricity business.
TTE expects the positive movement in commodity prices to continue in first-half 2022 and realized prices of LNG to be $12 per thousand Btu.
TotalEnergies expects to invest in the range of $14-$15 billion in 2022, out of which 50% will be allocated to growth and another 50% will be utilized to maintain normal activities.
Zacks Rank
Currently, TotalEnergies carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Texas Pacific Land Corporation (TPL - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 23, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at $10.97 per share.
Texas Pacific Land reported an average surprise of 15.3% in the past four quarters. The Zacks Consensus Estimate for TPL’s 2022 earnings per share indicates 49.4% year-over-year growth.
Evergy Inc. (EVRG - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 25, before the opening bell. The Zacks Consensus Estimate for the quarter is pegged at a loss of 99 cents per share.
Evergy’s long-term (three to five years) earnings growth is currently pegged at 6.11%. The Zacks Consensus Estimate for EVRG’s 2021 earnings per share suggests 13.6% year-over-year growth.
Ameresco, Inc. (AMRC - Free Report) is scheduled to release fourth-quarter 2021 results on Feb 28, after market close. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 44 cents per share.
Ameresco’s long-term earnings growth is currently pegged at 18.4%. The Zacks Consensus Estimate for AMRC’s 2022 earnings per share implies 26.5% year-over-year growth.