TotalEnergies says profit doubled on Mideast war

PARIS

On July 23, French oil and gas giant TotalEnergies said that net profit doubled in the second quarter as conflict in the Middle East pushed up hydrocarbon prices.

TotalEnergies said in a statement that net profit amounted to $5.4 billion in the period from April to June, up from $2.7 billion in the same period a year earlier.

"In a high-price environment related to the conflict in the Middle East, TotalEnergies is capitalising on its integrated model and diversification," said chief executive Patrick Pouyanne.

The company had already reported a very strong rise in net profit in the first three months of the year, also driven by soaring oil and gas prices as well as its trading activities.

The group stated that its oil and gas production benefited from organic growth of more than four percent year-on-year, linked to the ramp-up of projects launched over the past year in Brazil, the United States and Libya.

These "partially offset" the impact of production losses in the Middle East, the group said.

Although part of this production could not be lifted "given the difficulties in accessing the Strait of Hormuz", the group's Exploration & Production division — where the group generates most of its profitability — reported higher adjusted net operating income, TotalEnergies said.