TotalEnergies profits double on soaring oil prices

Thursday July 28 2022
Total

The logo of French oil and gas company TotalEnergies is pictured at an electric car charging station and petrol station at the financial and business district of La Defense in Courbevoie near Paris, France, June 22, 2021. PHOTO | REUTERS

By AFP

French energy giant TotalEnergies said Thursday its profits more than doubled in the second quarter on the surge in global oil and gas prices as a result of the war in Ukraine.

TotalEnergies said in a statement that its bottom-line net profit amounted to $5.7 billion in the period from April to June, compared with $2.2 billion a year earlier.

Second-quarter sales were up 37 percent at $74.8 billion.

"Russia's invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110 per barrel, refining margins reaching record-high levels, and natural gas prices holding above oil partly in Europe and Asia," said chief executive Patrick Pouyanne. 

"In this context, TotalEnergies responded by increasing energy output, thus contributing to energy security."

Runaway oil and gas prices are generating bumper profits across the sector.

Advertisement

British energy giant Shell also said on Thursday its bottom line increased five-fold in the second quarter.

In France, there is much debate on whether such windfall gains should be taxed.