(Boursier.com) — Like every beginning of the quarter, TotalEnergies publishes its main indicators for the previous three months. In the fourth quarter of 2022, with Brent at $88.8 per barrel versus $79.8 a year earlier, the average liquid selling price (excluding oil trading activities) stood at $80.6 per barrel versus $72.6 over the same period of the previous year. The average gas selling price (excluding gas trading activities) climbed to $12.74/Mbtu) against $11.38 a year earlier, and the average LNG selling price (excluding trading activities) increased to 14, $83/Mbtu compared to $13.12 in Q4 2021.
The margin on variable costs of refining Europe (average margin on variable costs realized by the refining of TotalEnergies in Europe equal to the difference between the sales of refined products realized by the European refining of TotalEnergies and the purchases of crude oil with the associated variable costs , divided by the quantities refined in tonnes) reached $73.6/t against $16.7 a year earlier and $99.2 in the previous quarter.
The energy giant said cash flow from LNG and gas trading activities is expected to be higher compared to the previous quarter, despite lower gas prices, benefiting from its integrated portfolio. Hydrocarbon production is expected at more than 2.8 Mboe/d over the quarter, up 5% compared to the previous quarter, benefiting from the ramp-up of projects (Mero 1, Ikike) and the return of Kashagan production.
Downstream results should remain solid, without achieving the performance of the two previous quarters which had benefited from an extremely favorable environment. In accordance with applicable accounting standards, the Energy Profits Levy (EPL) in the United Kingdom will be recognized in the fourth quarter in current income in the amount of $0.4 billion, excluding a negative impact of $0.3 billion on the position of deferred tax recognized as a non-recurring item. The impact of the EPL on current income for 2022 should therefore amount to $1 billion. The 2022 European solidarity contribution, including the 2022 contribution on the infra-marginal rent from electricity production will be recognized in the fourth quarter as non-recurring items for a total of $1.1 billion.
The exceptional impairment related to the deconsolidation of the 19.4% stake in Novatek as of 12/31/2022 is estimated at approximately $4 billion after taking into account the evolution of the rouble.
Finally, share buybacks were $2 billion in the fourth quarter of 2022 and should continue at the same pace in the first quarter of 2023.