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Total Energies reports strong first quarter profit and sells its Canadian oil sands

2023-04-27T07:37:07.808Z


This sale of 4.1 billion dollars is part of a strategy to reduce its carbon footprint, after the announcement at the beginning of the year of a spin-off project of its Canadian assets.


TotalEnergies, despite falling gas and oil prices, announced Thursday that it had earned a net profit in the first quarter of 2023 up 12% to 5.6 billion dollars.

Last year, from January to March, the French giant had recorded a net result of 4.9 billion, however taking into account a large provision, the consequence of a depreciation of 4.1 billion dollars of assets due to sanctions against Russia.

The increase is clearer compared to the 4th quarter of the 2022 financial year, at +70%.

The group announced at the same time the sale of its oil sands operations in Canada to SunCor Energy for 4.1 billion dollars, as part of a strategy to reduce its carbon footprint after the announcement in beginning of the year of a plan to split up its Canadian assets.

This sale, which concerns all of the shares of the Canadian subsidiary of the French group TotalEnergies EP Canada Ltd, should be finalized "

before the end of the 3rd quarter of 2023

", specified the group in a press release issued alongside the results of the first quarter. .

The French major had recorded in 2022 the largest profit in its history, 20.5 billion dollars, surfing on the surge in gas and oil prices in the wake of the war in Ukraine, which had revived calls for to tax more the "

super profits

" and to stop the exploitation of hydrocarbons.

After having largely crossed the symbolic bar of 102 dollars in 2022, the barrel of Brent, the benchmark for black gold, has suffered a plunge since the first months of 2023: it was below 80 dollars on Thursday.

Source: lefigaro

All business articles on 2023-04-27

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