TotalEnergies Reports 51% Profit Surge Amid Conflict
TotalEnergies announced a 51% rise in net profit for the first quarter of the year, totaling $5.8 billion, attributed to higher oil prices resulting from the ongoing conflict in the Middle East. This surge in profits has drawn criticism from climate groups, highlighting the company's reliance on fossil fuels.
TotalEnergies' oil and gas production increased by 4%, with liquefied natural gas transport rising by 12%. The company’s trading arm performed strongly, especially in early April, coinciding with a significant rise in oil prices due to geopolitical tensions, including US-Israeli actions against Iran.
Antoine Bouhei, campaign coordinator for Greenpeace France, criticized the situation, emphasizing the burden on households from rising fuel prices. In response to the windfall profits, French Prime Minister Sébastien Lecornu called for TotalEnergies to commit to redistributing these profits.
Additionally, TotalEnergies announced a partial restart of its SATORP refinery in Saudi Arabia and plans to increase its dividend from €0.85 to €0.90 per share.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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