PARIS: French oil and gas giant TotalEnergies reported today a sharp increase in third-quarter (Q3) net profit despite lower crude prices as its production rose.
The company said net income grew around 61% to US3.7 billion compared to the same period last year, even as oil prices fell by more than US$10 per barrel year-on-year.
Chief executive Patrick Pouyanne said in a statement that the company’s “strong financials” were underpinned by production growth of more than four percent and improved downstream results.
“In the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards,” TotalEnergies said in the statement.
The company noted that there was an “abundant supply” of oil due to Opec+ countries and other nations, including the US, Brazil and Guyana, raising output.