TotalEnergies' CEO Patrick Pouyanne
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
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
