Financial performance of Europe’s IOC’s renewable operations in 4th qtr. 2022
The companies that include gas in their renewables and low-carbon businesses have been excluded.
—Shell PLC reported adjusted earnings of $293 million for its renewables and energy solutions segment in the fourth quarter, which compares with $43 million a year earlier. This means renewables and energy solutions represented 3% of the U.K. energy giant’s adjusted earnings–which strip out certain commodity price adjustments and one-time charges–in the fourth quarter.
—Eni‘s retail and renewable business Plenitude & Power recorded a fourth-quarter adjusted operating profit of 118 million euros ($125.2 million), below consensus expectations of EUR140 million, with the miss mainly driven by the Plenitude segment. The Plenitude & Power business represented 3% of the Italian oil-and-gas major adjusted operating profit, at EUR3.58 billion.
—Galp Energia SGPS SA’s Renewables & New Businesses recorded a replacement cost-adjusted Ebitda of EUR17 million in the fourth quarter. The figure represented roughly 1.8% of the Portuguese energy company’s overall replacement cost-adjusted Ebitda, which rose 48% on year to EUR951 million.
— Repsol SA reported an adjusted net income of EUR167 million for its commercial-and-renewables division in the fourth quarter, beating company-compiled consensus by 10%. Repsol said the rise was mainly due to higher results in Retail Electricity & Gas, Liquefied Petroleum Gas and Lubricants, Aviation, Asphalts and Specialties.
Commercial & renewables represented 8% of the company’s overall adjusted net income of EUR2.01 billion.
—Equinor ASA’s renewables division recorded an adjusted loss of $86 million in 2022’s fourth quarter compared with a loss of $38 million in the prior year. The division’s net operating loss was $63 million compared with a loss of $38 million.
Equinor’s quarterly adjusted earnings were $15.06 billion, up from $14.99 billion and ahead of the $14.41 billion analysts were expecting, according to a company-compiled consensus. Net profit rose to $7.9 billion from $3.37 billion a year earlier.
In the fourth quarter, production from renewable-energy sources was 517 GWh, down 2% from the same quarter in 2021.
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