The figures are breathtaking. In the third quarter, TotalEnergies made a profit of $6.6bn, an increase of 43% over one year. The latest figures released by the French oil group show that in the first nine months of the year, the company earned $17.3bn, up from $16bn in the whole of last year.
Following the publication of TotalEnergies was quick to announce the payment of a 13th month's salary to all its employees worldwide. This announcement coincides with the signing of a wage increase agreement with two French trade unions following the blockade of several refineries in France, which led to a shortage of petrol in 30% of the country's service stations.
TotalEnergies' profit was driven by higher oil and gas prices since the start of the war in Ukraine and Russia's aggression. In the third quarter, the average price of liquefied natural gas, an important product in TotalEnergies' range, increased by 50% compared to the second quarter.
In the end, and despite the provisioning of $3.1bn linked to the risks related to Russia, the group's adjusted net profit reached $9.9bn for the quarter. This is an unprecedented figure.
The same trend can be seen at Shell, which also saw its profit explode in the third quarter to reach $6.7bn, whereas a year ago, the hydrocarbon giant posted a loss of €447m.
The good results posted by the various European oil groups will not fail to revive the debate on the redistribution and taxation of super-profits.
This article was first published in French on . It was translated and edited for Delano.