TotalEnergies profit soars in Q3 on oil price surge

TotalEnergies profit soars in Q3 on oil price surge

/ Financial News / Thursday, 28 October 2021 14:08

TotalEnergies has reported that the surge in global oil and energy prices boosted its bottom line in third quarter, with a net profit of $4.6 billion.

"The global economic recovery, notably in Asia, drove all energy prices sharply higher" in the period from July to September, said chief executive Patrick Pouyanne.

As compared to the same period last year, when oil prices had been very low, TotalEnergies booked net profit of $202 million.

However, compared with the third quarter of 2019, prior to the outbreak of the coronavirus pandemic, the 2021 figure represented an increase of 66%.

Gas prices in Asia and Europe were up by 85% over the previous quarter, at "unprecedented levels," TotalEnergies said. And oil prices had climbed by 7%, "continuing their steady year-long rise."

The French group said it had benefited from its multi-energy model and its position as world leader in LNG (liquefied natural gas).

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