TotalEnergies 2Q Profit Soared on High Prices, Strong Refining Margins

By Giulia Petroni

TotalEnergies SE said Thursday that profit more than doubled in the second quarter of the year as performance was boosted by soaring oil-and-gas prices and strong refining margins.

The French major posted a quarterly net profit of $5.69 billion from $2.21 billion in the year-earlier period. On an adjusted basis, profit came in at $9.80 billion.

Sales soared to $74.77 billion from $47.05 billion a year earlier. Net cash flow was $8.34 billion in the quarter, while the gearing ratio fell to 9.8%.

TotalEnergies said hydrocarbon production for the quarter was broadly stable on year at 2.74 million barrels of oil equivalent a day, and is expected to remain stable in the full year.

Net investments will come to around $16 billion in 2022, 25% of which will be allocated toward renewables and electricity.

The company said it will distribute the second interim dividend for 2022 at 69 European cents ($0.70) a share, a 5% increase on year in line with its shareholder policy. It will continue its share buyback program of $2 billion in the third quarter.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

July 28, 2022 02:52 ET (06:52 GMT)

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