Despite falling gas and oil prices, TotalEnergies announced, Thursday, April 27, a net profit of 5.1 billion euros in the first quarter of 2023, up 12%. This is a fine performance in a context where oil and gas prices are falling at the start of the year. The French company is doing better than its competitors, such as BP or Shell: it has diversified its activities and has not put all its eggs in one basket.
>> TotalEnergies announces a profit of more than 5 billion euros in the first quarter of 2023
To put it simply, for decades, TotalEnergies was an oil company, but for the past five years, it has been increasingly present in gas and, by 2050, it aims to switch as much as possible to electricity production.
The firm which will celebrate its 100th anniversary next year had made the best profit in its history in 2022: 35 billion euros, from which it had to remove 15 billion in losses in Russia, following the war in Ukraine. It should be noted that TotalEnergies generates 90% of its turnover abroad. The group employs 100,000 people around the world, including a third in France.
The driver is a winner
Results in the first quarter to be highlighted, too, with the pressure of public opinion and the government: TotalEnergies indeed multiplies the gestures in favor of consumers. The group continues the rebate at the pump until the end of the year for basic fuels, unleaded 95 and diesel, prices per liter are capped at 1.99 euros.
On Wednesday April 26, the group announced that it was going to pay a bonus of 90 euros on average to its customers who have reduced their electricity consumption this winter. According to the company, nearly a million customers will benefit from it.
Nevertheless: these results are likely to cause controversy, the TotalEnergies group is regularly singled out for its profits, the salary of its manager, Patrick Pouyanné, but also for its activities. The Attac association also issues a warning “to the biggest polluter in France, who exploits the populations“and promises to prevent the holding of the general assembly, next May 26, in Paris. She is already preparing the pans.