Charts updated around the middle of the month following the end of each quarter.
| €/$ |
Brent ($/b)
|
Average liquids price* ($/b) |
Average gas price* (1)
($/Mbtu)
|
Average LNG price** (1) ($/Mbtu) |
Variable Cost Margin, European refining*** ($/t) |
|
|---|---|---|---|---|---|---|
| First quarter 2022 | 1.12 | 102.2 | 90.1 | 12.27 | 13.60 | 46.3 |
* Sales in $ / Sales in volume for consolidated affiliates.
** Sales in $ / Sales in volume for consolidated and equity affiliates.
(1) Does not take into account gas and LNG trading activities, which results are expected to be high and comparable to the fourth quarter 2021, capturing optimization opportunities generated by the large LNG trading portfolio in the prevailing high gas spot price environment.
*** This indicator represents the average margin on variable costs realized by TotalEnergies’ European refining business (equal to the difference between the sales of refined products realized by TotalEnergies’ European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons). The European refining Variable Cost Margin increased significantly, notably due to sharply higher distillate cracks, but continues to be affected by high energy costs.
2022 Sensitivities*
| Change | Estimated impact on adjusted net operating income | Estimated impact on cash flow from operations | |
|---|---|---|---|
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price** | +/- 10 $/b | +/- 2.7 B$ | +/- 3.2 G$ |
| European gas price - NBP | +/- 10 $/Mbtu | +/- 3.0 B$ | +/- 3.0 G$ |
| Variable cost margin, European refining (VCM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 G$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2022. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** In a 60 $/b Brent environment.
***
Disclaimer
Data is based on TotalEnergies’ reporting and is not audited.
To the extent permitted by law, TotalEnergies SE disclaims all liability from the use of the main indicators.
| €/$ |
Brent ($/b)
|
Average liquids price* ($/b) |
Average gas price*(1)
($/Mbtu)
|
Average LNG price**(1) ($/Mbtu) |
Variable Cost Margin, European refining*** ($/t) |
|
|---|---|---|---|---|---|---|
| Fourth quarter 2021 | 1.14 | 79.8 | 72.6 | 11.38 | 13.12 | 16.7 |
| Third Quarter 2021 | 1.18 | 73.5 | 67.1 | 6.33 | 9.10 | 8.8 |
| Second quarter 2021 | 1.21 | 69.0 | 62.9 | 4.43 | 6.59 | 10.2 |
| First quarter 2021 | 1.20 | 61.1 | 56.4 | 4.06 | 6.08 | 5.3 |
* Sales in $ / Sales in volume for consolidated affiliates (excluding stock value variation).
**Sales in $ / Sales in volume for consolidated and equity affiliates (excluding stock value variation). .
(1)Does not take into account gas and LNG trading activities, which results are expected to be significantly higher compared to the third quarter 2021, capturing optimization opportunities generated by large LNG trading portfolio in the prevailing high gas spot price environment.
***This indicator represents the average margin on variable costs realized by TotalEnergies’ European refining business (equal to the difference between the sales of refined products realized by TotalEnergies’ European refining and the crude purchases as well as associated variable costs, divided by refinery throughput in tons). Data restated in 2Q21 environment for energy costs were 35.7 $/t in 4Q21 and 20.5 $/t in 3Q21.
Disclaimer: Data is based on TotalEnergies’ reporting and is not audited. To the extent permitted by law, TotalEnergies SE disclaims all liability from the use of the main indicators.
