TotalEnergies (NYSE:TTE) stated Tuesday it plans to take $2.1B in expenses in This fall from European Union and U.Okay. windfall earnings taxes.
TotalEnergies (TTE) stated it expects to e-book $1.1B as a particular merchandise in This fall after the European Union final yr acted to permit governments to tax fossil gas firms on the massive earnings generated by the surge in oil and fuel costs, and a further $1B from the U.Okay.’s new 25% windfall tax on oil and fuel, together with $400M in This fall.
The firm additionally stated This fall money circulate from its liquefied pure fuel enterprise and fuel buying and selling actions seemingly will are available greater than in Q3, regardless of a drop in natgas costs.
But Total (TTE) stated the hit from writing down its 19.4% stake in Russian fuel producer Novatek could be larger than initially estimated, at $4B as an alternative of $3.7B, elevating its whole writedowns on Russian tasks final yr to $14.7B.
Separately, TotalEnergies (TTE) stated it took a remaining funding choice on its ~$1B Lapa South-West oil growth within the Santos basin offshore Brazil; the challenge is predicted to come back on stream in 2025 and increase manufacturing from the sphere by 25K bbl/day of oil, elevating whole output to 60K bbl/day.
Citing the U.Okay. authorities’s elevated windfall tax on the oil and fuel sector, TotalEnegies (TTE) stated in December it will lower its North Sea investments for 2023 by 25%, or £100M.