TotalEnergys Net Profit Doubles in 2022 to Record $36.2 Billion

PARIS—French oil major Total Energies posts record net profit of $36.2 billion in 2022, double the previous year’s, as oil and gas prices rise since Russia invades Ukraine added to the sector’s significant earnings.

TotalEnergies’ adjusted net income for the fourth quarter was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake in Russian gas company Novatek.

Net income for the last three months of the year is in line with analyst estimates from Consensus by Refinitiv, compared to $6.8 billion in the same period last year and $9.9 billion in the third quarter of 2022.

Blockbuster gains prompt new calls for additional taxation on the sector as households struggle to pay their energy bills, following similar reports from rivals BP, Shell, Exxon Mobil and Chevron. I’m here.

CEO Patrick Pouyanne told reporters that the global environment remains very favorable for energy companies as the easing of COVID-19 measures in China boosts demand. rice field.

TotalEnergies said it would propose a dividend of €2.81 per share. This is an increase of 6.4% on the previous year and is in addition to the previously announced special dividend of €1 per share.

As previously announced, the company recorded a provision of $1.7 billion in the fourth quarter for extraordinary windfall taxes imposed in the European Union and the United Kingdom.

The company said it expects net investments of $16-18 billion in 2023, including $5 billion in low-carbon energy.