Q3 net profit of $6.6 billion, up 43%

The oil group TotalEnergies announced this Thursday a net profit of 6.6 billion dollars in the 3rd quarter, up 43% compared to that of the 3rd quarter of 2021 thanks in particular to the record results of the gas and LNG activities, including the prices have soared. TotalEnergies has already garnered $17.3 billion in profits in nine months, more than all of last year ($16 billion).

These results come in the context of a strike at TotalEnergies refineries which had greatly paralyzed the country in mid-October, with some employees demanding a fairer distribution of these profits.

Oil and gas, especially liquefied natural gas (LNG) whose prices soared as Europe sought to fill its reserves for the winter, largely boosted the group’s profits.

The profit was made despite a new provision of $3.1 billion related to risks on Russia, after provisions in the first two quarters. Excluding these exceptional items, the adjusted net income reached 9.9 billion dollars for the quarter, higher than the expectations of a consensus of analysts from Factset who forecast 9.6 billion.

« In a context marked by an average Brent price of $100 per barrel and gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies has been able to take advantage of its integrated model, particularly in gas liquefied natural gas (LNG), to generate results in line with previous quarters,” said Group CEO Patrick Pouyanné.

The gas and renewables sector posted “record” operating profit for the quarter of $3.6 billion, up $1.1 billion from the second quarter.