Esso benefited from the rebound in oil

Posted 24 March, 2022

Esso's net profit reached 537 million euros including a strong increase in the value of inventories against a loss of 740 million in 2020. Operating profit was 686 million and includes positive inventory effects for 448 million. In 2020, operating profit was a loss of 821 million. Excluding inventory effects and other adjusting items, the adjusted operating profit of the group specializing in the refining and distribution of petroleum products was a gain of 184 million euros (compared to a loss of 221 million in 2020).

The group's turnover amounted to 15.3 billion euros and sales of refined products amounted to 24.5 million m3, up respectively by 47.1% and 5.7% compared to 2020.

This increase is explained by a recovery in demand in the second half, but above all by the strong rebound in the price of crude oil.

This year, the board decided to replenish reserves and to propose to the general meeting not to pay a dividend for the 2021 financial year.

“2021 is a year marked by recovery. Beyond the very positive effect on the net result of the revaluation of inventories, our effective response to the pandemic, the commitment of the teams, our discipline in terms of investments, and significant efforts to reduce our structural costs have enabled us to take advantage of the market rebound. In addition, the Esso SAF group is fully committed to the decarbonization of its industrial processes with the announcement of studies on renewable hydrogen supply and CO2 capture and storage for the Gravenchon refinery,” commented Charles Amyot, CEO of Esso.

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