TotalEnergies has reported an adjusted net profit of $36.2bn for the year 2022 versus $18bn in the previous year, benefiting from a surge in oil and gas prices following Russia’s invasion of  Ukraine.

The French oil major’s IFRS net income in 2022 increased to $20.5bn from $16.03bn in 2021.

Revenue from sales for the full year 2022 came in at $263.20bn, a surge of 43% compared to $184.67bn a year ago.

TotalEnergies’ adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $71.6bn, and cash flow from operations was $47.4bn.

TotalEnergies CEO Patrick Pouyanné said: “Benefiting from this favourable environment, as well as the increase in its hydrocarbon production (+5%) and liquefied natural gas (LNG) sales (+22%), thanks to its unique position in Europe, TotalEnergies reported cash flow of $9.1bn and adjusted net income of $7.6bn.

“Including the $4.1 billion impairment related to the deconsolidation of Novatek at year-end 2022, IFRS net income was $3.3 billion.”

TotalEnergies announced a dividend of €2.81 per share, an increase of 6.4% last year. It excludes an already announced special payout of €1 per share.

Pouyanné added: “In addition, the Board of Directors confirmed a shareholder return policy for 2023 targeting a pay-out between 35%-40%, which will combine an increase in interim dividends of more than 7% to €0.74 per share and share buybacks of $2bn in the first quarter.”

In this year, the French firm is planning to invest $16bn to 18bn, including $5bn for low-carbon energy.

In a separate announcement, TotalEnergies has suspended its participation in Indian conglomerate Adani Group’s $50bn hydrogen project, as it awaits audit results, reported the Press Trust of India (PTI).

The audit was launched following claims by US short-seller Hindenburg Research, citing financial irregularities.