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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.”

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By GlobalData

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.