-- TotalEnergies (TTE) saw organic growth in Q1 hydrocarbon production, 3% higher than annual guidance, following the start of its Lapa SW and Mabruk projects, while the Middle East conflict curbed output by about 100,000 barrels per day, it said in a regulatory filing.
Overall, oil and gas production in Q1 will be similar to Q4, 2025 levels, it said. Exploration and production results are "expected to rise significantly," reflecting sensitivity to an increase in average liquids prices, up $12.40 per barrel over the quarter, along with the contribution of its new projects.
Q1 Integrated LNG results and cash flow will rise versus the quarter immediately prior, helped by a 10% increase in LNG production and strong trading activities amid market volatility.
The company's integrated power results and cash flow are expected to be in line with Q1 2025 at around $500-$600 million, it said.
Downstream results and cash flow should rise, supported by a refining utilization rate of more than 90%, it said, with facilities recovering full operational performance and trading activity for petroleum products strong in March.
The company said working capital increased by about $5 billion in the quarter, wit $2.5 billion to $3 billion linked to business seasonality and between $2 billion and $2.5 billion linked to higher hydrocarbon prices at the end of the quarter.
Gearing ratio is expected to be around 15% by the end of Q1, driven by increased cash flow from higher market prices, TotalEnergies said.
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