TotalEnergies has reported a net income of $6.6bn for the third quarter of 2022, which represents an increase of 43% from last year’s $4.65bn.
The French energy giant said that the latest results included a new impairment of $3.1bn related to Russia.
Revenue for the quarter came in at $64.92bn, an increase of 32% versus $49.07bn in the same period a year ago.
TotalEnergies’ adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter that ended on 30 September 2022 was $19.4bn, an increase of approximately 74% compared to last year.
The company’s cash flow from operations during the quarter surged to $17.85bn, from $5.64bn a year ago.
Commenting on the results, TotalEnergies chief executive Patrick Pouyanné said: “In a context marked by an average Brent price of 100 $/b and an increase in gas prices exacerbated by Russia’s military aggression in Ukraine, TotalEnergies leveraged its integrated model, particularly LNG, to generate results in line with previous quarters.”
Hydrocarbon production was 2.67 million barrels of oil equivalent per day (Mboepd) during the third quarter, a decline of 5% year-on-year.
In the fourth quarter, the company expects production to reach 2.8Mboepd, given a reduction in planned maintenance and the re-starting of Kashagan production.
Liquefied natural gas (LNG) production during the quarter declined by 6% compared to last year. The company attributed the decline to the end of the Qatargas 1 operating license, planned maintenance on the Ichthys LNG in Australia, and a fall in gas supply to NLNG in Nigeria for security reasons.
The French energy major also announced an interim dividend of €0.69 per share for the third quarter of 2022, a 5% increase compared to the same quarter a year ago.