2023-10-26 08:32:00
TotalEnergies’ results are still flourishing in the third quarter. The group recorded a comfortable profit of $6.7 billion over the July-September period, up 1.5% compared to the same quarter of 2022, while it had been down the previous quarter. . Its adjusted net income, a profitability indicator highly scrutinized by market players, stands at $6.5 billion, nevertheless down 35% over one year. But compared to the second quarter, this is an increase of 30%. a black point on the other hand: the group generated an adjusted gross operating surplus (Ebitda) of 13.1 billion dollars, down 32.5% over one year.
Profitability of renewable energies: why TotalEnergies is doing better than its competitors
“While implementing its balanced transition strategy between oil and gas on the one hand and electricity and renewables on the other, TotalEnergies once again demonstrates this quarter its ability to take advantage of a favorable environment”reacted the CEO of the French major Patrick Pouyanné in a press release this Thursday, October 26.
“With a production close to 2.5 million barrels per day (Mboe/d), the group’s oil and gas activities posted production growth of 5% year-on-year,” thanks to the start of several oil projects, particularly in Brazil and Iraq, underlined the group, which is also continuing its growth and its investments in low-carbon electricity.
Results still high despite falling prices
Welcoming “the relevance of its strategy”, TotalEnergies announced to its shareholders the distribution of a third interim dividend of 0.74 euros per share for the 2023 financial year, up 7.25% compared to 2022 but identical to the first two interim dividends already indicated more early in the year, according to its press release.
The company’s results remain historically high in a context of energy prices still sustained but much lower than in 2022, marked by the sharp rise in gas and oil prices.
TotalEnergies makes nearly 36 billion euros in profits, and plans new rebates at the pump
Last year was exceptional for the majors. TotalEnergies had earned an annual net profit of 20.5 billion dollars (19 billion euros), its absolute record after its 16 billion in 2021. Like its Western competitors, the French giant had benefited from the surge in gas prices and petrol. The market was then shaken by the post-pandemic economic recovery and even more so, by the Russian offensive in Ukraine and Moscow’s decision to cut gas supplies in pipelines to Europe, which had triggered a rush for LNG transported by boat.
Since then, Europe has diversified its supplies and filled its storage well, contributing to a drop in demand. In the first half of 2023, the group’s total LNG sales fell by 12% year-on-year.
(With agencies)
1698311446
#Profits #high #TotalEnergies #decline #hydrocarbon #prices