TotalEnergies: profit more than doubled in Q2 thanks to hydrocarbon prices

TotalEnergies: profit more than doubled in Q2 thanks to hydrocarbon prices


The TotalEnergies logo (AFP / Astrid VELLGUTH)

French group TotalEnergies more than doubled its net profit in the second quarter, to $ 5.7 billion, taking full advantage of the rise in oil and gas prices following Russia’s invasion of Ukraine, it announced. Thursday

This profit was made despite a new $ 3.5 billion provision linked to the potential impact of international sanctions on the value of its stake in Russian Novatek, the group said in a press release.

Excluding these exceptional items, adjusted net income reached $ 9.8 billion for the quarter, up from $ 3.5 billion a year earlier. In the half year it reached 18.8 billion, almost tripling compared to the first half of 2021.

The Total refinery in La Mède, on 29 October 2019 near Marseille, with the city of Martigues in the background (AFP / Boris HORVAT)

The Total refinery in La Mède, on 29 October 2019 near Marseille, with the city of Martigues in the background (AFP / Boris HORVAT)

“The effects of the Russian invasion of Ukraine on energy markets continued in the second quarter, with oil prices averaging above $ 110 per barrel during the quarter,” said CEO Patrick Pouyanné in the press release. .

This surge in markets benefits the entire oil and gas industry globally. Shell thus unveiled on Thursday a net profit multiplied by five in the second quarter, at 18 billion dollars.

In France, these benefits have fueled a debate on whether to tax them. The National Assembly, however, on Saturday narrowly rejected the idea of ​​a tax on the “super profits” or “blunders” of large multinationals – particularly oil companies – despite protests from the left and far right.

TotalEnergies has instead announced a discount of 20 cents per liter of fuel at the pump since September.

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