In the wake of the other oil majors, the French group TotalEnergies announced on Wednesday a net profit boosted by gas and oil prices, of 20.5 billion dollars for the year 2022, the largest ever recorded by the major. French and one of the best in the history of the CAC40.
Significant accounting losses
Excluding accounting losses related to its progressive withdrawal from Russia, for an amount of nearly 15 billion dollars, the company’s adjusted net profit (which excludes exceptional items) amounts to 36.2 billion dollars, a a level likely to revive once again the debates on the “superprofits” of the energy sector, a fortiori in time of war.
Like its American and British competitors, the French company has fully benefited from the rise in the price of hydrocarbons, and in particular gas, following the war in Ukraine, which caused the closure of Russian gas pipelines and a race for liquefied natural gas. (LNG) to replace it throughout Europe.
“Favorable environment”
In the fourth quarter, the group thus once again benefited from a “favorable environment as well as the increase in its hydrocarbon production (+5%) and its LNG sales (+22%)”, commented the CEO of the Patrick Pouyanné group in a press release. In 2022, “the company has taken full advantage of its global LNG portfolio”, added the CEO.
Given its results, TotalEnergies will grant its shareholders a total dividend of 3.81 euros per share for the year 2022, including 1 euro in exceptional dividend, already paid in December 2022.
Source: Europe1
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