TotalEnergies Sells More LNG Due to Uncertainty Russian Gas
The French oil and gas company TotalEnergies has earned a lot of money due to the sharp rise in oil and gas prices. They rose further in the past quarter due to the Russian invasion of Ukraine.
Although TotalEnergies produced slightly fewer fossil fuels, it sold a third more liquefied natural gas (LNG). There is more demand now that European countries, in particular, want to get rid of Russian gas.
The trade in fuels, among other things, also generated a lot of money for TotalEnergies. However, the French company still foresees high oil and gas prices in the coming months due to persistent uncertainty and attempts by countries to fill their gas reserves during the summer period.
TotalEnergies’ turnover amounted to 9 billion dollars or 8.5 billion euros. That is three times as much as a year earlier. The company has a net profit of $4.9 billion. To reward its shareholders, the company will repurchase $3 billion in its own shares, half more than it had previously planned. The dividend will also increase by 5%.
TotalEnergies also recently announced its withdrawal from a gas project in Russia. The company writes off EUR 3.9 billion on this.