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TotalEnergies returns to green in the second quarter

2021-07-29T08:38:39.345Z

Thanks to the rise in hydrocarbon prices, the group published upward results with a net profit of $ 2.2 billion over the period.



TotalEnergies announced Thursday that it had returned to the green in the second quarter and published results that were up overall thanks to the rise in hydrocarbon prices.

Its net profit reached $ 2.2 billion over the period, against a loss of more than 8 billion a year earlier, then caused in particular by heavy depreciations, said the French oil and gas producer, which is diversifying. in renewable energies.

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Adjusted net income, which excludes one-time items, reached $ 3.5 billion. This is a very strong increase compared to the 126 million recorded a year earlier but also an increase over the 2.9 billion in the second quarter of 2019, before the crisis. "

TotalEnergies benefited from an oil and gas market up 13% and 28% respectively over a quarter,

" said CEO Patrick Pouyanné, quoted in a

press

release.

After falling due to the Covid-19 pandemic which shut down entire sectors of the economy, such as air transport, the oil market has indeed recovered. Confident, TotalEnergies indicates that it wants to "

share the additional income with its shareholders via share buybacks in the event of high prices

". The former Total, which has just renamed itself to signify its diversification, also wants to pursue its growth strategy "

in renewables and electricity

".

In a separate statement, the group also indicates that it will withdraw from Petrocedeño, a company that produces, transports and transforms into light crude extra-heavy oil from the Orinoco Belt in Venezuela. The 30.32% stake will be transferred to the state-owned company PDVSA "

for a nominal fee

". This transaction will result in an exceptional capital loss of $ 1.38 billion for TotalEnergies.

Source: lefigaro

All business articles on 2021-07-29

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