TotalEnergies‘ (TTEF.PA) variable cost margin for European refineries rose to $87.8 per tonne in the first quarter, according to a preliminary publication of important indicators on Tuesday.
In 2022, the group’s European refining unit earned 46.3 dollars per tonne on variable expenses.
TotalEnergies expects its hydrocarbon production to reach 2.5 thousand barrels of oil equivalents per day (Mboe/d) due to the start of gas production on Block 10 in Oman and the acquisition of an interest in the SARB and Umm Lulu oilfields in the UAE.
The oil major also expects Novatek’s (NVTK.MM) deconsolidation on January 1, 2023, to affect the integrated LNG business’s performance. In addition, mild winter weather and large inventory levels in Europe have reduced LNG demand.
April 27 marks TotalEnergies’ first-quarter report.
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