TotalEnergies 2022 profits hit record $36.2 bln

STORY: French oil giant TotalEnergies posted a record profit of $36.2 billion in 2022, double the previous year.

It joined the sector’s soaring earnings thanks to higher oil and gas prices since Russia invaded Ukraine.

Similar bumper profits from rivals BP, Shell, Exxon Mobil and Chevron have prompted new calls to further tax the industry, as households struggle with energy bills.

TotalEnergies’ fourth-quarter adjusted net income was $7.6 billion – a leap from $6.8 billion a year earlier.

And that was despite a $4.1 billion hit over the offloading of its stake in Russian gas firm Novatek.

The firm’s CEO told reporters the global backdrop remained very favorable for energy companies, with the relaxing of restrictions in China pushing up demand.

TotalEnergies said it would hike its dividend by more than 6% from a year earlier.

The company also predicted net investments of up to $18 billion in 2023, including $5 billion for low-carbon energy.