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TotalEnergies continues its good momentum of recent quarters. The company still reaps large profits in the third quarter of this year. Over the last three months, the firm announced this Thursday that it had earned no less than $6.7 billion in profits.
This is a slight increase in result, of 1.5% compared to the same time in 2022. A year which will be difficult to beat, since marked by record profits for the French major.
The fact remains that pre-tax profits are in sharp decline. Over one year, these fell by 32.5%. They only peak at $13.1 billion.
Oil and electricity prices are high
This trend is explained by the high prices of electricity and also oil. The price of a barrel of Brent or that of WTI is around 85 dollars, with some regular peaks around 95 dollars. High prices, which have lasted for several months.
In the meantime, this satisfies TotalEnergies. Company representatives were satisfied with “the relevance of (their) strategy”. This even though the company will escape an exceptional tax on refining in France in 2024.
Remember that, last year, Total made 20.5 billion dollars (19.1 billion euros) in profits. A record, after the profit of 17 billion euros established during the year 2021. In France, the company has decided to cap the prices of its fuels at €1.99/L throughout 2024.
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To sum up
Total achieves further excellent financial results. The company announced this Thursday that it made $6.7 billion in profits in the third quarter. This is explained by the high prices of electricity and oil.
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