Gas prices drive TotalEnergies’ profits up 40%; workers to get “exceptional” bonus

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French multi-energy company, TotalEnergies, has joined the ranks of other oil majors recording massive profits for the third quarter of 2022. Its executives reported this week that earnings jumped by more than 40% to US$6.6 billion in Q3. In light of this incredible windfall, the company said its workforce of over 100,000 employees across 95 countries will enjoy “an exceptional” bonus.

Chief Financial Officer (CFO), Jean-Pierre Sbraire, told the good news to investors this week, explaining that the strong driver for the financial results was the high prices for liquefied natural gas (LNG).

Sbraire said LNG prices reached a record US$21.5 per million British thermal units (MBtu) in the third quarter. This represents an increase of more than 50% quarter-to-quarter. He said Total captured the full benefits of this LNG price which was no doubt exacerbated by Russia’s military aggression in Ukraine.

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“We reported solid third-quarter results that continue to demonstrate TotalEnergies’ ability to effectively leverage the very strong and volatile environment. This success allows us to further strengthen the balance sheet and to share the benefits with our employees and with our shareholders,” Sbraire said.

Given its solid financial position and the strong cash flow generation, the CFO noted too that the company is expecting a balanced value-sharing policy that includes “an exceptional bonus of one-month salary to worldwide employees.” He said too that there will also be payouts to shareholders as promised a month ago.

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With the war still moving ahead, along with recent production cuts by OPEC+, the CFO said the company expects fourth-quarter LNG prices to be above US$17 per MBtu, still at high and netting even more profits to close the year.

TotalEnergies currently has a 35% working interest in Guyana’s offshore Canje block alongside JHI Associates, Inc. (17.5%), Mid-Atlantic Oil & Gas, Inc. (12.5%), and operator ExxonMobil (35%).

It is also in a joint venture with Qatar Petroleum called TOQAP, which has a 25% stake in the Kanuku Block and a 25% stake in the Orinduik Block.

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