Motorists worried about paying more than 1.70 euros per liter for diesel and almost 1.90 euros for gasoline will appreciate the news. This Friday, the French group TotalEnergies announced that it had further improved its financial results to reach a net profit of 5.7 billion dollars (4.44 million euros) for the first quarter of 2024 alone.
To achieve such a result, the hydrocarbon giant was able to count on sustained oil prices and equally sustained refining margins. The slowdown in the gas market has not affected the multinational’s good figures.
The company, which is celebrating its 100th anniversary this year, “once again demonstrates this quarter the relevance of its balanced transition strategy anchored on two pillars, hydrocarbons and electricity,” declared CEO Patrick Pouyanné in a press release. These results are part of an “environment marked by sustained oil prices and refining margins, but falling gas prices,” commented the manager. Between January and March, the group increased its hydrocarbon production by 1.5% over one year, notably thanks to the ramp-up of oil projects in Brazil, and gas in Oman and Azerbaijan, host country of the COP29 climate conference next November.
Record profits last year
In 2023, the company announced record profits estimated at 20 billion euros by riding the surge in gas and oil prices in the wake of the war in Ukraine. Figures which had revived calls to tax super profits more. But also to get away from our dependence on hydrocarbons.