Natural Gas Daily: October 30th, 2020
TOTAL REBOUNDS TO PROFIT IN Q3
France's Total has posted $202mn in profits for the third quarter, marking a reversal from a $8.4bn loss in the previous months, but down from a $2.8bn profit in the year-earlier period. The major benefited from a lack of the hefty impairments that weighed down on its second-quarter numbers. But its earnings also suffered from low gas prices, weak refining margins and production cuts.
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- Total plans to double LNG sales over the next decade, its CEO Patrick Pouyanne said on September 30, framing the move as part of its transition towards net-zero emissions by 2050.
CHINESE GAS DEMAND UP 3.6% IN 9M
China’s gas consumption during the first nine months of the year came to 230.95bn m3, up 3.6% yr/yr, the National Development and Reform Commission said on October 28.
- The country’s gas imports in the form of LNG and via pipeline during the January-September period reached 73.73mn metric tons, up 3.7% yr/yr, the customs department reported earlier this month.
PETROCHINA'S PROFIT SURGES IN Q3
Chinese state-run PetroChina on October 29 reported a 351% yr/yr jump in net profit for the three months ending September 30 (Q3), thanks to income generated from the spin-off of pipeline assets.
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Fellow Chinese state-run company Sinopec on October 28 reported a 45% yr/yr drop in net profit for the nine months ending September 30 (9M), blaming the decline on lower oil and gas prices.
EXXONMOBIL IN RED FOR THIRD STRAIGHT QUARTER
US supermajor ExxonMobil reported a Q3 2020 loss of $680mn, better than the $1.08bn loss in the preceding period but still its third consecutive quarterly loss this year. A year ago, it had Q3 earnings of $3.17bn.
- Natural gas production available for sale globally averaged 8.3bn ft3/day in Q3 2020, down from 9.04bn ft3/day in Q2 this year but up slightly from just under 8bn ft3/day in Q3 2019. Quarter-on-quarter increases came from Canada, Africa and Asia, while declines were reported in the US, Europe and Australia/Oceania.
AKER BP SEES SURGE IN OPERATING PROFIT IN Q3
Norwegian producer Aker BP generated some $242mn in earnings before interest and tax in the third quarter, up from $196mn a year earlier, the company reported on October 29, attributing the growth to production gains.
- The surge came on the back of the start-up last autumn of the Equinor-operated Johan Sverdrup oilfield, in which Aker BP has a 11.6% interest.
- Norway provided some kroner 100bn ($10.6bn) in tax relief to oil and gas companies in June, to encourage new project approvals. Aker BP responded by approving its Hod redevelopment plan in the Valhall area, which it had shelved earlier in the year.
THAI PTTEP'S PROFIT SLIPS 36% IN Q3
Thai state-run Pttep October 29 reported a net profit for the three months ending September 30 (Q3) of $230mn, down 36% yr/yr as a result of lower realised prices.
- Earlier this year, the company said it would reduce its 2020 capital expenditure by 15-20% from $4.61bn due to low oil prices but would still invest in projects in Mozambique and Malaysia.
- Thailand faces a growing structural gas deficit, which is still likely to see LNG imports rise substantially over the next decade.