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
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
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
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