TotalEnergies Profit Jumps 68% as War Upends Energy Markets

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessTotalEnergies Profit Jumps 68% as War Upends Energy MarketsTotalEnergies SE said second-quarter profit surged as the Iran war boosted prices of crude and refined products, offsetting a drop in profits in its gas business.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — TotalEnergies SE said second-quarter profit surged as the Iran war boosted prices of crude and refined products, offsetting a drop in profits in its gas business.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAdjusted net income rose 68% to $6.03 billion compared with a year earlier, the French energy major said in a statement Thursday. That about matched analyst estimates, which had been revised lower after Total flagged last week that it would it’s integrated gas unit had been hit by a significant under performance in trading. Disruptions in the Strait of Hormuz and the conflict between Russia and Ukraine are tightening fuel supplies, boosting profits for the world’s top energy companies. TotalEnergies refining margin surged. Alongside peers including Shell Plc and BP Plc, it also has a large trading desk, which helped the company to take navigate the market upheaval. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“In a high-price environment related to the Middle East conflict, TotalEnergies is leveraging its integrated model and portfolio diversification,” Chief Executive Officer Patrick Pouyanné said in the statement.On Wednesday, Norway’s Equinor ASA posted earnings that beat expectations as production climbed and the Iran war drove European natural gas prices higher. Total will pay a second-quarter interim dividend of €0.90 ($1.03) a share, up 5.9% from a year earlier. It plans to repurchase as much as $1.5 billion of stock in the third quarter, in line with the previous three months. Back in February, Total said it would buy back $3 billion to $6 billion of its shares this year with oil at $60 to $70 a barrel. While crude has since surged above these levels, the company reiterated that it would favor using extra profit to reduce the company’s debt.Total’s gearing — the ratio of net debt to equity — fell to 13.1% at the end of the second quarter, excluding leases, from 15.5% at the end of March.(Updates with CEO comments, details on buybacks and debt from the third paragraph)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.