Paris (AFP) – The French group Total Energy recorded a new record net profit in 2023, after a historic 2022, results to which the company’s liquefied gas strategy particularly contributes, in light of the decline in gas and oil prices.
Published on: 02/07/2024 – 13:33
2 minutes
The fourth largest company in the world improved its net profit by 4 percent compared to 2022, achieving $21.4 billion (19.8 billion euros) with a sales volume of $237 billion.
The group’s CEO, Patrick Pouyanne, said on Wednesday that the source of these revenues is “the growth of the fuel market, especially liquefied natural gas and electricity.”
Also, in an interview with the press, Pouyani referred to the “lowest production cost” on the market in the oil sector, and to the company’s strategy in buying and selling liquefied natural gas.
However, this result is lower than the expectations of analysts, who spoke of between 21 and 22 billion euros in net profits.
This growth is misleading because it benefits from a positive basis in comparison with last year’s result, which would have been higher had it not been reduced due to the significant depreciation of the currency associated with a decline in activities in Russia. Based on adjusted profits for the year 2023, the benchmark for investors decreased by 36 percent to $32.2 billion, compared to the year 2022, due to the cessation of Russian activities in the energy field.
The entire sector benefited in 2022 from the rise in oil and gas prices, in a market that witnessed confusion in light of an economic recovery after the epidemic and the Russian invasion of Ukraine.
Last week, the giant Shell company announced profits that dropped by more than half in 2023, affected by the decline in fuel prices. As for the other British company, BP, and the American companies, Exxon Mobil and Chevron, they also suffered due to the decline in fuel prices.
© 2024 AFP
2024-02-07 12:33:06
#Total #Energy #achieves #record #profit
