Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
TotalEnergies sticks to winning formula
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
Rising costs threaten Mozambique LNG
As security improves, TotalEnergies has other concerns
Mozambique upstream progress defies unrest
The east African country continues to attract investment in oil and gas projects, but concerns over security are still impeding developments in the gas-rich north
Exodus from Canada’s oil sands continues
Companies are still fleeing the carbon-heavy assets, despite the industry committing to net-zero emissions by 2050 through the Pathways Alliance
Energy costs hit European refining
Margins narrowed considerably in the third quarter but still remain elevated for the time of year, as the continent continues to adapt following Russia’s invasion of Ukraine
QatarEnergy’s INOC paradox
The state-owned LNG heavyweight is adamant that it is a purely commercial enterprise, but the evidence is conflicting
EU takes aim at the TTF
The bloc’s energy crisis plans include proposals that threaten to distort the global gas market and may have unintended consequences
No investor punishment for TotalEnergies loosening the purse strings
The European major’s upping of capex forecasts is not ringing alarm bells despite wider shareholder desire for discipline
Oman’s upstream aims to rock like its peers
Don’t call it a comeback, newly gas-focused majors have been here for years
Adnoc aims to benefit from European IOCs’ new impetus
Appetite to replace Russian energy imports is providing a major fillip to the Emirati firm’s upstream development plans
TotalEnergies' CEO Patrick Pouyanne
TotalEnergies
Peter Ramsay
25 February 2022
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

TotalEnergies hopes for better downstream year

The French major aims to make up ground after its recovery lagged peers in 2020

The post-Covid rebound in TotalEnergies’ European refinery margins last year was notably sluggish compared with its peers. But the firm is hoping for a perky performance in 2022. Its Q4 2021 European marker was just $2.30/bl, well below levels recorded by other refiners such as Portugal’s Galp, Spain’s Repsol, Poland’s PKN and Austria’s OMV, as well as the global refining margin reported by fellow major Shell (see Fig.1). It also restated its Q3 margin when presenting its Q4 results, revising it down from $2.80/bl to a more anaemic $1.20/bl. “Some markets, like aviation fuel, are still not yet at their pre-pandemic level” Pouyanne, TotalEnergies The firm’s CEO, Patrick Pouyanne, is hopeful

Also in this section
Trump’s energy report card
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
OPEC+ off-target in July
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
The great OPEC+ reset
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
Latest EU sanctions largely toothless
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search