TotalEnergies posts record net profits of $36.2 billion in 2022

TotalEnergies posts record net profits of $36.2 billion in 2022

PARIS (Reuters) – French oil major TotalEnergies posted a record adjusted net profit of $36.2 billion in 2022, double the level of a year earlier, joining in the sectors bumper earnings due 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.

The net income for the last three months of the year was bang 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 company said it would propose a dividend of 2.81 euros per share, up 6.4% from a year earlier and on top of an already announced 1 euro per share special payout.

As previously announced, TotalEnergies 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.

(Reporting by America Hernandez and Benjamin Mallet, editing by Silvia Aloisi)

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