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(Bloomberg) – TotalEnergies SE’s profits hit a new record when Europe bought giant quantities of herbal fuel to fill inventories ahead of winter, while high oil costs also boosted profits.
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The French company’s profits come at the start of a reporting season that is expected to reignite political tension as major oil companies rack up profits.
TotalEnergies’ third-quarter adjusted net income source reached $9. 9 billion, more than double the year ago and beat analysts’ estimates. The company posted a new $3. 1 billion rate similar to its assets in Russia, without elaborating.
In an environment of high oil costs “and fuel cost exacerbated by Russian military aggression in Ukraine, TotalEnergies relied on its built-in model, adding LNG, to generate effects in line with recent quarters,” Chief Executive Patrick Pouyanne said in a statement. .
Profit forecasting and dizzying returns to consistent shareholders (the company announced last month that it would pay a special dividend of €1 consistent with the percentage consistent in December) have already prompted European governments to introduce providence profit taxes. European rival Shell Plc said it would. accumulating your dividend after reporting your second-highest profit on record.
TotalEnergies increased discounts at French gas stations in early September to appease the government and motorists. However, the discounts were offset by changes in refinery wages this month, leading to shortages and rising pump costs in recent weeks.
Gas and electricity
The company’s fuel and power unit recorded a record adjusted net operating income source of $3600 million in the quarter, compared to $1100 million over the past three months. It drove a 50% increase in liquefied herbal fuel promotion costs and “good performance. “in trade, according to the statement.
High oil costs and refining margins also supported gains. Despite the prospect of a global recession, crude costs were supported by OPEC’s resolution to reduce production quotas, as well as the upcoming EU ban on Russian oil from Dec. 5, the company said. An extension of the February Russian fuel embargo is expected to remain high.
Gas costs are also expected to remain high, driven by a desire to import LNG into Europe to upgrade Russian gas, TotalEnergies said.
Hydrocarbon production decreased by 2. 5% to 2. 67 million barrels during the day compared to the current quarter, mainly due to maintenance at Ichthys and unplanned shutdowns at Kashagan in Kazakhstan. But TotalEnergies expects production to recover to around 2. 8 million barrels during the day in the fourth quarter. .
(Gas upgrades, forced unit entries in paragraph 7. )
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