Oil major TotalEnergies doubles annual profit to $36 billion

Feb 8, 2023, 10:55 AM | Updated: 11:46 am
FILE - The logo of the 187-meters (613-foot) TotalEnergies headquarters tower is pictured in La Def...

FILE - The logo of the 187-meters (613-foot) TotalEnergies headquarters tower is pictured in La Defense business district outside Paris, Tuesday, Sept.7, 2021. France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to $36.2 billion, up from $18.1 billion in 2021, the company said Wednesday Feb.8, 2023. (AP Photo/Rafael Yaghobzadeh, File)

(AP Photo/Rafael Yaghobzadeh, File)

PARIS (AP) — France’s TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine.

Adjusted net income rose to $36.2 billion, up from $18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products.

The figures looked different under international accounting rules that included write-offs on Total’s assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was $20.5 billion, lower than the adjusted profit figure because it included $15 billion in write-offs on its Russian businesses.

Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and Exxon also have recently reported record earnings, triggering demands that the fossil fuel industry do more to offset high energy bills as well as cut climate-damaging carbon emissions.

Activists from groups Friends of the Earth and Alternatiba splattered red paint on the entrance to TotalEnergies’ towering headquarters Wednesday in the Paris suburb of La Defense. They posted images of themselves reading “Superprofits — You’re cashing in, we’re suffering” and accused the company of “climate-killing and criminal activities.”

Oil prices surged to over $120 last year on fears of lost Russian supply as Western buyers turned away from Moscow’s crude amid the war in Ukraine. Crude prices have eased lately amid global economic slowdowns and because less Russian oil has been lost to the market than originally feared.

Natural gas prices also surged to record highs in Europe as Russia largely cut supplies to the continent. While they have since fallen, they are three times higher than before Russia massed troops on the border of Ukraine.

TotalEnergies said in its earnings release that it paid $33 billion in taxes during 2022, most of it to countries where it produces oil and natural gas.

The company’s board of directors proposed to increase its dividend to shareholders for 2022 by 6.5%, to 2.81 euros ($3.02) per share, plus the special dividend of 1 euro per share paid out in December.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Haitian migrant Gerson Solay, 28, carries his daughter, Bianca, as he and his family cross into Can...
Associated Press

US, Canada to end loophole that allows asylum-seekers to move between countries

President Joe Biden and Canadian Prime Minister Justin Trudeau on Friday announced a plan to close a loophole to an immigration agreement.
3 days ago
Expert skateboarder Di'Orr Greenwood, an artist born and raised in the Navajo Nation in Arizona and...
Associated Press

Indigenous skateboard art featured on new stamps unveiled at Phoenix skate park

The Postal Service unveiled the “Art of the Skateboard" stamps at a Phoenix skate park, featuring designs from Indigenous artists.
3 days ago
(Facebook Photo/City of San Luis, Arizona)...
Associated Press

San Luis authorities receive complaints about 911 calls going across border

Authorities in San Luis say they are receiving more complaints about 911 calls mistakenly going across the border.
9 days ago
(Pexels Photo)...
Associated Press

Daylight saving time begins in most of US this weekend

No time change is observed in Hawaii, most of Arizona, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam and the Northern Marianas.
17 days ago
Mexican army soldiers prepare a search mission for four U.S. citizens kidnapped by gunmen in Matamo...
Associated Press

How the 4 abducted Americans in Mexico were located

The anonymous tip that led Mexican authorities to a remote shack where four abducted Americans were held described armed men and blindfolds.
17 days ago
Tom Brundy points to a newly built irrigation canal on one of the fields at his farm Tuesday, Feb. ...
Associated Press

Southwest farmers reluctant to idle farmland to save water

There is a growing sense that fallowing will have to be part of the solution to the increasingly desperate drought in the West.
24 days ago

Sponsored Articles

(Photo: OCD & Anxiety Treatment Center)...

Here’s what you need to know about OCD and where to find help

It's fair to say that most people know what obsessive-compulsive spectrum disorders generally are, but there's a lot more information than meets the eye about a mental health diagnosis that affects about one in every 100 adults in the United States.
...
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
Oil major TotalEnergies doubles annual profit to $36 billion