The French energy giant TotalEnergies has released its 2022 results, posting a 43% increase in revenues from sales in 2022 to US$263.2bn in a context of soaring energy prices (+43% for Brent oil prices, +76% for Henry Hub gas prices and +97% for NBP gas prices between 2021 and 2022). The group's EBITDA rose by 69% to US$71.6bn and its net income grew by 28% to US$20.5bn, despite an exceptional provision of US$14.8bn related to Russia (deconsolidation of a 19.4% stake in Novatek). Without this nearly US$15bn provison, the group's adjusted net income stood at US$36.2bn (twice its 2021 level).
Higher energy prices contributed to offset a 2% decline in oil and gas production to 2,765 kboe/d (+1% for liquids to 1,519 kboe/d but -6% for gas to 6,759 kboe/d); the group's production benefitted from a 2% increase in OPEC+ production quotas and from start ups and ramp ups in Angola, Brazil and Nigeria, which was partially offset by a natural decline of the fields and to security-related production cuts in Libya and Nigeria. TotalEnergies sold over 48 Mt of LNG in 2022 (+15%), supported by a strong LNG demand in Europe. The group processed 1,472 kb/d in its refineries (+25%), and the utilisation rate of its refineries rose from 64% in 2021 to 82% in 2022. Oil product sales dipped by 2% to 1,468 kb/d due to lower sales to professional and industrial customers.
Where electricity is concerned, the group's gross installed renewable capacity increased by 6.5 GW to 16.8 GW thanks to the acquisition of 50% of Clearway Energy Group in the United States (+4 GW) and the start-up of the Al Kharsaah PV project in Qatar (+0.8 GW); renewable power generation rose by 53% to over 10 TWh, contributing to raise total power generation by 57% to 33 TWh (including CCGT production). In 2023, TotalEnergies expects net investments of US$16-18bn, including US$5bn dedicated to low-carbon energies.
Soaring energy prices also contributed to boost results for the Norwegian energy group Equinor. The group's total revenues surged by 66% to US$150.8bn, its net operating income more than doubled to US$78.8bn, and its net income more than tripled to US$28.7bn. As for TotalEnergies, the group benefitted from higher Brent oil prices, even if its total equity oil and gas production dipped by 2% to 2.04 mboe/d (-6% for liquids production, including -6% in Norway, but +2% for gas production, including +8% in Norway). Equinor's total power generation rose by 70% in 2022 to nearly 2.7 TWh. The group plans to invest US$10-11bn of organic capital expenditure in 2023 and an average of US$13bn/year over the 2024-2026 period.