The third quarter of the year saw a huge increase in earnings for French company “Total Enege,” she claimed, thanks to the high price of oil and gas around the world.
Despite losses from the termination of a project in Russia, the company’s net profit increased by 43% to $6.6 billion in the third quarter of this year.
During the first nine months of the year, Total achieved $ 17. 3 billion, while its profits during the past year amounted to $ 16 billion.
According to Patrick Bouyani, CEO of “Total,” the company “benefited from its integrated model, especially liquefied natural gas, to achieve results that are in line with the previous annual quarters.” However, he acknowledged that the Russian war in Ukraine had an impact on the rise in oil and natural gas prices this year.
While Russia has decreased natural gas flows in the midst of the crisis, Europe has become more and more dependent on liquefied natural gas.
Bwani also said that the gas and renewable energy sectors in Total recorded a record operational income of $ 3. 6 billion in the third quarter, an increase of $ 1. 1 billion compared to the previous quarter.
Despite declining at the height of the summer, the war in Ukraine contributed to high oil and natural gas costs this year, which resulted in inflation that raised the cost of everything from services to groceries.
High energy prices have led to the high profits of oil and gas companies, as Shell – based in London – also announced that its profits have multiplied almost to 9. 45 billion dollars in the third quarter.
In order to shield their residents from excessive energy costs, European governments attempt to exert pressure on the massive oil and gas companies.
The tremendous profits of the oil group may fuel the broken controversy in France on whether an exceptional tax should be imposed on energy companies in order to help financing measures to protect the consumer from high prices.
During a televised appearance on Wednesday night, the president of France, Emmanuel Macron, reiterated his opposition to the proposal.
French “Total” benefits greatly from the gas industry’s assistance.
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