TTE - Total flags rising refining margins profitable gas trading ahead of Q1 results
In a post on its website earlier Tuesday, Total (TTE) provided investors with Q1 pricing and margin indicators; gas trading and refining margins stood out. Exxon (XOM) provided an 8k to the market in early April, indicating refining profits would likely fall quarter on quarter; conversely, Shell's (SHEL) Q1 preview showed refining margins rising from $6.55/b in Q4 to $10.23/b in Q1 -- Total's (TTE) release Tuesday showed refining margins more than tripling in Q1 from Q4, and up more than 7x year on year. Natural gas realizations rose, and Total (TTE) said the posted price figure, "does not take into account gas and LNG trading activities, which results are expected to be high and comparable to the fourth quarter 2021." The street is split on Q1 expectations for refiners, with Bank of America recently turning structurally bullish the sector, but flagging challenging Q1 results - to the extent refiners
For further details see:
Total flags rising refining margins, profitable gas trading ahead of Q1 results