European Big Oil's Renewables Earnings -- At a Glance
23 Février 2023 - 03:47PM
Dow Jones News
Italy's Eni SpA on Thursday wrapped up the earnings season for
Europe's largest oil companies, in which some of them began jamming
the brakes on climate initiatives as they reported bumper profits
for 2022. Here is a look at the financial performance of their
renewables operations in the fourth quarter. The companies that
include gas in their renewables and low-carbon businesses have been
--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.
At the end of 2022, renewables generation capacity--which
includes projects in operation, under construction and committed
for sale--stood at 6.4 gigawatt, Shell said.
---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
The Italian oil-and-gas major said Plenitude grew its renewable
capacity substantially in 2022, reaching an installed capacity of
2.2 GW at the end of the quarter, up from 1.14 GW.
--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.
Galp said renewables installed capacity reached 1.4 GW by the
end of the quarter, following the commercial startup of roughly 100
megawatt of solar projects in Spain and Portugal.
Renewable-energy generation rose 44% on year to 307
gigawatt-hours in the fourth quarter, driven by the new capacity
online and an overall improvement in operational performance, the
company said. Full-year renewable-energy generation also rose to
1,930 GWh, it said.
--Spanish energy company 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.
--Norwegian energy major 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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(END) Dow Jones Newswires
February 23, 2023 09:32 ET (14:32 GMT)
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