Oil price surge lifts TotalEnergies profit in Q3 to $4.6B

TotalEnergies booked a net profit of $4.6 billion in the third quarter, according to a company statement Thursday, which noted that the surge in global oil and energy prices boosted its bottom line, AFP reports.

"The global economic recovery, notably in Asia, drove all energy prices sharply higher" in the period from July to September, said chief executive Patrick Pouyanne.

In the same period a year earlier, when oil prices had been very low, TotalEnergies booked net profit of $202 million.

But compared with the third quarter of 2019, prior to the outbreak of the coronavirus pandemic, the 2021 figure represented an increase of 66%.

Gas prices in Asia and Europe were up by 85% over the previous quarter, at "unprecedented levels," TotalEnergies said. And oil prices had climbed by 7%, "continuing their steady year-long rise."

The French group said it had benefited from its multi-energy model and its position as a world leader in liquefied natural gas (LNG).


You Might Also Like