TotalEnergies continues to achieve excellent financial results, with the company announcing $6.7 billion in profits for the third quarter. This can be attributed to the high prices of electricity and oil.
TotalEnergies is on a roll, as they have once again raked in substantial profits in the third quarter of this year. Over the past three months, the company has announced a staggering $6.7 billion in profits.
This represents a slight increase of 1.5% compared to the same period in 2022. It will be challenging to surpass the record-breaking profits of the previous year for the French major.
However, pre-tax profits have experienced a significant decline, dropping by 32.5% over the year. They now stand at $13.1 billion.
This trend can be attributed to the high prices of electricity and oil. The price of Brent or WTI crude oil hovers around $85 per barrel, with occasional spikes reaching $95. These high prices have persisted for several months.
Despite this, TotalEnergies is satisfied with the situation. The company representatives are pleased with the ‘relevance of their strategy’. Additionally, the company will avoid an exceptional tax on refining in France in 2024.
It is worth noting that Total achieved profits of $20.5 billion (€19.1 billion) last year, setting a new record after the €17 billion profit in 2021. In France, the company has decided to cap fuel prices at €1.99 per liter throughout 2024.