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 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
