Business 1 min read By Callum Montgomery
TotalEnergies lifts third-quarter adjusted profit 51% on refining and gas prices
The French energy major reported a sharp rise in adjusted net income in the third quarter, driven by stronger refining margins and higher gas prices.
TotalEnergies reported a 51% rise in adjusted net income for the third quarter, driven by stronger refining margins and higher gas prices, the French energy group said in its quarterly results.
The improvement in refining profitability was the main contributor to the rise, as margins on processing crude into fuels widened over the period. Higher gas prices also lifted earnings from the group's gas and power operations, offsetting pressures elsewhere in the business.
The figures underline how sensitive integrated oil and gas companies remain to swings in energy prices and refining spreads. For investors, the results show that the group's downstream arm is currently delivering a larger share of earnings than in earlier periods, while upstream production and trading continue to provide the bulk of its cash flow.
The strong quarter comes as European energy companies face continuing debate over windfall earnings and the balance between fossil fuel returns and investment in low-carbon projects. TotalEnergies has positioned itself as an integrated energy company spanning oil, gas, renewables and power, and its quarterly performance is closely watched by shareholders and policymakers alike.
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