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TotalEnergies net profits double to record $36.2 bln in 2022

Variety

08-02-2023 | 05:58

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TotalEnergies net profits double to record $36.2 bln in 2022

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French oil major TotalEnergies (TTEF.PA) posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector's bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine.

TotalEnergies' fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake in Russian gas firm Novatek (NVTK.MM).

The net income for the last three months of the year was in line with analyst estimates in a consensus by Refinitiv and compared with $6.8 billion a year earlier, and $9.9 billion in the third quarter of 2022.

The blockbuster profit follows similar reports from rivals BP (BP.L), Shell (SHEL.L), Exxon Mobil (XOM.N) and Chevron (CVX.N), prompting new calls to further tax the sector as households struggle to pay energy bills.

Chief Executive Patrick Pouyanne told reporters the global backdrop remained very favorable for energy companies, with the relaxing of COVID-19 measures in China pushing up demand.

TotalEnergies said it would propose a dividend of 2.81 euros per share, up 6.4 percent from a year earlier and on top of an already announced 1 euro per share special payout.

As previously announced, it booked a $1.7 billion provision for extraordinary windfall taxes levied in the European Union and Britain in the fourth quarter.

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

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