At Total, despite a flood of announcements and investments in green energies in recent months, it is still black gold that generates profits.
The French group, which is increasingly multi-energy, achieved a net profit of 850 million euros in the third quarter, he announced Friday morning.
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The Group is once again demonstrating its resilience thanks to its integrated model
", from hydrocarbon exploration to the sale of energy to individuals, commented its CEO Patrick Pouyanné.
Total confirms the distribution of a third interim dividend of 0.66 dollars per share.
In the second quarter, because of containment, a historic drop in the price of a barrel and very heavy asset depreciations, the group had sunk into the red.
In the third quarter, it was the exploration-production part, generating net income of $ 1.1 billion, which enabled Total to post a positive result.
This is thanks to a price per barrel that rose from $ 20 in the second quarter to around $ 40 in the third.
For Total, this is proof that its commitment to be profitable even with a barrel of 40 dollars is valid.
However, the group is still suffering from the refining crisis which is experiencing negative margins due to sluggish demand and production overcapacity.
It therefore lost $ 88 million over the quarter because of its refineries.
In contrast, its petrochemical and marketing business generated net income of $ 491 million.
Strong investments in renewable energies
As for renewable energies, the group continues to invest heavily in it.
“The gross installed capacity of renewable electricity generation stood at 5.1 gigawatts (GW) at the end of the third quarter, up strongly by 85% over one year, in particular thanks to the acquisition in India of 50% of a portfolio of more than 2 GW to the Adani group ”
, Total specifies in a press release.
But the time has not yet come for him to make gains.
For the first time, however, Total has specified that it has in its portfolio more than 14 GW (the equivalent of nearly 9 EPR) of electricity production capacity, installed or planned, which already benefit from a long-term purchase contract. term (PPA).
A model that should provide him with stable long-term income.
Total plans to generate $ 1 billion in net income in 2025 from renewable energy.