1 Energy Stock to Fuel Your Portfolio This Winter

Amid macroeconomic and geopolitical headwinds, energy stocks have fared better than the broader market this year.

The war between Ukraine and Russia had led to a significant rise in prices of crude oil and natural gas as the world feared a shortage of these essential commodities with widespread sanctions on Russia, a major oil and gas producer. This led to investors’ focus shifting to energy stocks.

Oil and gas major TotalEnergies SE (TTE) has gained 29.8% in price year-to-date and 27% over the past year to close the last trading session at $63.13. Courbevoie, a France-based company, announced a solid third-quarter performance.

The company’s iGRP segment reported a record adjusted net operating income of $3.60 billion in the quarter, rising $1.10 billion sequentially, and cash flow of $2.70 billion, driven by increase in average LNG selling price.

TTE’s CEO Patrick Pouyanné said, “In a context marked by an average Brent price of $100/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters.”

TTE announced that it had obtained a 9.375% participating interest in the 16 million ton per annum (Mtpa) North Field South (NFS) LNG project in Qatar to fuel its growth further.

After combining its participating interest in North Field East (NFE) with NFS, TTE will add LNG production of 3.5 Mtpa to its worldwide LNG portfolio by 2028, which is in line with its goal to increase natural gas in its sales mix to 50% by 2030.

During the previous quarter, the company also announced that production had started at the Ikike field in Nigeria. The project is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of this year.

TTE also launched the Begonia project in Angola and the Fenix project in Argentina, which is expected to produce 10 million cubic meters per day of natural gas after the expected operations in early 2025.

Moreover, the company’s partner Eni announced in August that it had made a significant gas discovery in the Cronos-1 well in Cyprus, with initial estimates indicating 2.5 TCF of gas. Continue reading "1 Energy Stock to Fuel Your Portfolio This Winter"

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Wayne Burritt
Burritt Research, Inc.
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