London
12 °C
Manchester
Glasgow
Dublin
Belfast
8 °C
Washington
Denver
7 °C
Atlanta
14 °C
Dallas
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
13 °C
9 °C
9 °C
29 °C
22 °C
TotalEnergies profit hits record on high oil prices / Photo: © AFP
TotalEnergies profit hits record on high oil prices
French oil and gas giant TotalEnergies said Thursday that its net profit hit a new record in the third quarter as the war in the Middle East pushed up hydrocarbon prices.
Net profit reached $8.3 billion in the period from July to September, up from $5.4 billion in the preceding three months.
"In a high-price environment characterised by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification," chief executive Patrick Pouyanne said in a statement.
The company had already reported a strong rise in its bottom line in the preceding two quarters, similarly driven by soaring oil and gas prices as well as its trading activities.
TotalEnergies said the surge in profits would be reflected in a higher dividend for shareholders.
"The board of directors commended the very good operational performance of all business segments which enabled the company to capture higher market prices," the company said in its earnings statement.
The group will undertake a new capital increase reserved for employees, "who will benefit from a 20 percent discount on the share price".
The board confirmed a third interim dividend of 0.90 euros per share for 2026, up 5.9 percent compared to 2025.
TotalEnergies will also proceed with share buybacks for cancellation of $2.5 billion "for the fourth quarter as well as for the first quarter 2027".
enl/ved/spm/js
C. Fournier--BTZ
