TotalEnergies achieved record results in 2022, with a net profit of nearly 20 billion euros for the year 2022, according to information from franceinfo on Wednesday February 8. After reaching nearly 17 billion euros in profits in 2021, the French oil company unveils a record figure, mainly linked to the activity of LNG, liquefied natural gas, which has become an important commodity with the war in Ukraine. TotalEnergies is the world’s second largest producer, behind Shell.
>> TotalEnergies announces nearly 20 billion euros in profits for 2022, record results
These record figures are mainly due to the LNG activity, liquefied natural gas. With the war in Ukraine, LNG has become an important commodity, and TotalEnergies is the world’s second largest producer behind Shell. The group has long invested in this hydrocarbon and controls the entire production chain. It will also deliver a floating LNG terminal to Le Havre this summer.
The issue of superprofit taxation
But TotalEnergies also derives its very good income from gas, the prices of which soared last year, not to mention oil, the price of which per barrel also remained high. Moreover, as we can see, for all the big oil and gas majors, profits have soared: 47 billion euros for Shell, which has doubled its profit in one year, 55 billion for ExxonMobil. TotalEnergies is a little below, in particular because the French group lost 15 billion by reducing its activity in Russia.
With such results, the question of the taxation of superprofits will resurface, moreover, Patrick Pouyanné, the leader, said a few days ago that TotalEnergies was going to exceed two billion euros in contribution on superprofits in Europe and in the United Kingdom and worldwide, the total amount of taxes and duties paid by Total is 33 billion euros. The group knows that it is expected at the turn: it specifies that it is paying corporate tax this year in France, unlike in 2021, where it had not paid any, because its activities, in particular refineries, were in deficit in France.
Towards a targeted rebate?
Last year, as we know, Total made rebates at the pump. With such profits, will the band make more? This is not excluded, especially if with the embargo on Russian refined products, fuel prices start to rise again, especially diesel.
The group is thinking about the form and scope that it could take: and perhaps, as for the government, a targeted rebate. It is, in any case, a way to improve his reputation. All of the rebates at the pump had cost it around 600 million euros, while boosting attendance at its gas stations.