TotalEnergies 2Q Profit Soared on High Prices, Strong Refining Margins
28 Luglio 2022 - 9:07AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE said Thursday that profit more than doubled in
the second quarter of the year as performance was boosted by
soaring oil-and-gas prices and strong refining margins.
The French major posted a quarterly net profit of $5.69 billion
from $2.21 billion in the year-earlier period. On an adjusted
basis, profit came in at $9.80 billion.
Sales soared to $74.77 billion from $47.05 billion a year
earlier. Net cash flow was $8.34 billion in the quarter, while the
gearing ratio fell to 9.8%.
TotalEnergies said hydrocarbon production for the quarter was
broadly stable on year at 2.74 million barrels of oil equivalent a
day, and is expected to remain stable in the full year.
Net investments will come to around $16 billion in 2022, 25% of
which will be allocated toward renewables and electricity.
The company said it will distribute the second interim dividend
for 2022 at 69 European cents ($0.70) a share, a 5% increase on
year in line with its shareholder policy. It will continue its
share buyback program of $2 billion in the third quarter.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 28, 2022 02:52 ET (06:52 GMT)
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