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☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

☆ TotalEnergies CEO: it's getting harder to get dividends from Russia's Yamal project
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

Companies TotalEnergies SE FollowPARIS, Feb 8 (Reuters) - French oil major TotalEnergies received some dividends for its stake in Russia's Yamal LNG project in 2022 but it is becoming more complex to receive such payouts because of Western sanctions against Russia, CEO Patrick Pouyanne said on Wednesday. Pouyanne said TotalEnergies was only booking cashflow from the Yamal venture in its accounts "when we see the dividends in our pockets." The company also gets more income out of its Yamal venture, in which it has a 20% stake, when LNG volumes received under TotalEnergies' long-term contract are sold into Europe and Asia. "This is not Russian money, this is a European contract" Pouyanne said. Reporting by America Hernandez, Benjamin Mallet, writing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ TotalEnergies has not signed contract on new Adani hydrogen venture - CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 8 (Reuters) - TotalEnergies (TTEF.PA) has not yet signed a contract announced last year to extend its partnership with India's Adani to the production of green hydrogen, the chief executive of the French oil major said on Wednesday. Pouyanne said TotalEnergies was "not in charge" of the financial health of Adani group, with whom it has a number of joint-ventures. He said the stakes held by TotalEnergies in Adani Total Gas (ADAG.NS) and Adani Green Energy (ADNA.NS) were still worth more than when the French company purchased them. "Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times more. He added that Adani had not requested financial support from TotalEnergies for existing projects.

☆ Russia sanctions are creating a "grey" oil market, says TotalEnergies CEO
▼ + stars: | 2023-02-08 | by ( America Hernandez | ) www.reuters.com time to read: +2 min

PARIS, Feb 8 (Reuters) - Western sanctions against Russia are creating a parallel oil market, the chief executive of French oil major TotalEnergies (TTEF.PA) said on Wednesday. "We had a relatively transparent, well-functioning global oil market .. "There is no longer a unified oil market ... With all these bans, we are creating a grey market for oil," he said adding that Russia was "without a doubt capable of selling its products elsewhere. Unlike rivals such as BP (BP.L) and Shell (SHEL.L), TotalEnergies has kept some of its investments in Russia, including the Yamal venture producing liquefied natural gas in Russia's Arctic. Capital employed by the group in Russia stood at $2.87 billion at the end of 2022, TotalEnergies said.

☆ TotalEnergies net profits double to record $36.2 bln in 2022
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 8 (Reuters) - French oil major TotalEnergies (TTEF.PA) posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector's bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies' fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake in Russian gas firm Novatek (NVTK.MM). The net income for the last three months of the year was in line with analyst estimates in a consensus by Refinitiv and compared with $6.8 billion a year earlier, and $9.9 billion in the third quarter of 2022. The company said it expected net investments of $16-18 billion in 2023, including $5 billion for low-carbon energy. Reporting by America Hernandez and Benjamin Mallet, editing by Silvia Aloisi and Richard LoughOur Standards: The Thomson Reuters Trust Principles.

☆ TotalEnergies says well drilling in Lebanon's offshore Block 9 to begin in Q3
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +3 min

Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each. "From a geological point of view, I am positive" about a discovery in Lebanon's Block 9, Descalzi told reporters. Pouyanne and Qatar's energy minister Saad al-Kaabi, also the CEO of QatarEnergy, said they were discussing possible coordination on renewable energy in Lebanon. Lebanon's first licensing round in 2017 saw a consortium of TotalEnergies, Eni and Russia's Novatek win bids to explore. Pouyanne said the maritime border agreement had ended the "deadlock" facing exploration activities in Block 9.

DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.

☆ France contends with widespread strikes as unions take to streets against pension reform
▼ + stars: | 2023-01-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

French unions and demonstrators have taken to the streets on Thursday in widespread industrial action against the government's projected pension reforms. The pension reform is "just and responsible" and must be carried out, Macron said Thursday, according to Reuters. The organizations will convene Thursday evening to determine convening further industrial action. Rail operator SNCF warned train travel will be "severely disrupted" by industrial action between 7 p.m. local time on 18 Jan. and 8 a.m. on Friday. He reiterated his objections to the reform plan and stressed the syndicates' willingness to continue strikes beyond the first day of industrial action, "It is a first day, therefore, we will have others."

☆ Total’s belated Russian exit is still partial
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 9 (Reuters Breakingviews) - TotalEnergies (TTEF.PA) took its time before realising it would be impossible to sell its stake in Russian gas company Novatek (NVTK.MM). One of them, Gennady Timchenko, is known as a 30-year friend of Russian President Vladimir Putin. As Total notes, it cannot abide by a shareholder agreement giving the owners preemption rights on the stake, since Timchenko is hit by Western sanctions. Fine, but as long as Pouyanné clings to his Yamal project in Siberia, Total’s Russian exit remains piecemeal. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TotalEnergies CEO says West, rest of world differ on Ukraine war
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 9 (Reuters) - The rest of the world, namely countries in Asia and Africa, does not share the Western world's view of the conflict between Russia and Ukraine, said the head of TotalEnergies (TTEF.PA) which has refused to drop its Russian assets. "The vision which we have of this conflict in the Western camp is by no means shared by the vast majority of the rest of the world," TotalEnergies' Chairman and Chief Executive Patrick Pouyanne told the French parliament's foreign affairs committee on Wednesday. Last month, TotalEnergies said it had received around $748 million in dividends from its Russian assets in the first nine months of the year. Unlike London-based rivals BP (BP.L) and Shell (SHEL.L), TotalEnergies has held on to investments in Russia, including minority stakes in gas producer Novatek and liquefied natural gas (LNG) projects Yamal LNG and Arctic LNG 2. Reporting by Sudip Kar-Gupta; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ TotalEnergies clocks $9.9 bln profit in Q3, books new Russian impairment
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

TotalEnergies' third quarter adjusted net income stood at $9.86 billion. That compared to $4.77 billion for the same period in 2021, and $9.8 billion in the second quarter of this year. Unlike London-based rivals BP and Shell, TotalEnergies has held on to several investments in Russia, including minority stakes in Russia's Novatek, Yamal LNG and Arctic LNG 2. TotalEnergies, which has faced strike action by some refinery workers in France, also announced on Thursday a one-off salary bonus to staff to reflect its bumper profits. Reporting by Benjamin Mallet and Silvia Aloisi; Editing by Sudip Kar-Gupta and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

[1/5] An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. "Among those remaining in the partnerships, few hope to ever recoup pending dividends or commercial debts from PDVSA." Since TotalEnergies and Equinor in 2021 exited one of Venezuela's flagship oil upgrading projects, Petrocedeno, smaller firms have followed. With companies and workers leaving almost en masse, the abandonment of oilfields is visible near Maracaibo Lake, among Venezuela's oldest producing region. Between 2019 and 2021, PDVSA delivered oil cargoes to partners to reduce outstanding debt.

☆ France's TotalEnergies plans to spin off Canadian oil sands assets
▼ + stars: | 2022-09-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022. REUTERS/Stephane MaheSept 28 (Reuters) - TotalEnergies (TTEF.PA) said on Wednesday it is looking to spin off its Canadian oil sands operations and list them on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy. Register now for FREE unlimited access to Reuters.com RegisterCanada's oil sands hold some of the world's largest crude reserves but are more carbon-intensive and costly to produce than many conventional oil projects worldwide. Total has been trying to exit the region for several years and in 2020 wrote down C$9.3 billion ($6.83 billion) worth of oil sands assets. TotalEnergies' oil sands assets will generate $1.5 billion of cash flow in 2022, he added.

☆ TotalEnergies says it will stick to Russian gas contracts
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 28 (Reuters) - TotalEnergies (TTEF.PA) will stick to existing natural gas contracts in Russia as long as gas is not specifically targeted by European sanctions, the company's chief executive said on Wednesday, reiterating a previously stated position. "We are entering into something which is more and more complex", Patrick Pouyanne told investors, speaking about the war in Ukraine, adding that he believed the conflict could last for some time. Asked about dividends resulting from Total's close-to to 20% stake in Russian gas producer Novatek, Pouyanne said "we have received something this year", but added that receiving payments from Russian companies was becoming increasingly complex. Besides its Novatek holding, TotalEnergies also owns minority stakes in the Yamal and Arctic LNG projects. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tassilo Hummel, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ TotalEnergies to ramp up LNG production, pay special dividend
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 28 (Reuters) - French oil major TotalEnergies (TTEF.PA) plans to increase net investments and ramp up production of liquefied natural gas as Europe scrambles to find alternative energy supplies to Russia. Register now for FREE unlimited access to Reuters.com RegisterIt said it would grow sales of LNG by 3% a year through 2027 and increase LNG production by 40% from 2021 to 2030. The group at the weekend announced a big investment in an LNG facility in Qatar as it seeks to diversify away from Russia. The company also said it would maintain its $7 billion share buy-back program for 2022 and pay a special interim dividend of 1 euro per share in December of this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Benjamin Mallet, writing by Silvia Aloisi, editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

The company's chief executive Patrick Pouyanne travelled to Doha to sign a deal with QatarEnergy chief Saad al-Kaabi for the North Field South (NFS) expansion, saying that the deal came at a "perfect time" when world leaders particularly in Europe were seeking new LNG supplies. Qatar's North Field expansion project will boost its position as the world's top LNG exporter and help guarantee long-term supplies of gas to Europe as the continent seeks alternatives to Russian flows. He said he could not disclose the total cost of the NFS project as some onshore contracts had not yet been finalised. Qatar's North Field expansion plan includes six LNG trains that will ramp up its liquefaction capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027. It awarded contracts for the first phase of the expansion project, North Field East (NFE), which includes four trains, earlier this year.

A debate is raging in European countries over whether oil companies making record profits because of the energy crisis should pay additional taxes to help consumers cope with soaring inflation. Patrick Pouyanne, being grilled by French lawmakers, said TotalEnergies was waiting to see how the EU debate evolved before deciding whether to lower prices further at French petrol stations next year. Environment media outlet Basta reported in July that the group had paid no taxes on profits for its French companies in 2019 and 2020, citing the group's own reports. Pouyanne told the hearing he expected TotalEnergies would pay taxes on profits earned in France this year. He also said it would pay about 8 billion euros in dividends in 2022, in line with last year.

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