TotalEnergies SE said its LNG sales slipped in the first quarter as a result of lower spot volumes linked to a decline in European demand during a mild winter.

The company, a major global liquefied natural gas player, reported selling 11 million tons of the super-chilled fuel during the period, down 13% sequentially and 17% year/year. 

The drop in sales and lower commodity prices across the board dented operating income for TotalEnergies’ Integrated LNG segment, which fell 25% year/year to $2.1 billion. Management also attributed the decline to “exceptional trading results” in 1Q2022, when global natural gas prices started a meteoric rise as Europe scrambled to replace supplies cut off by Russia after the invasion of Ukraine.

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