Total Energy net profit rises 12%

Recently, the financial report data released by Total Energy showed that in the first quarter, the company realized a net profit of 5.557 billion US dollars, a year-on-year increase of 12%.

For the quarter, Total Energy's sales were $58.233 billion, down 9% year-on-year. According to commercial statistics, the sales of oil and gas field development business decreased by 21% year-on-year, and the refining and chemical business decreased by 16% year-on-year. Energy prices, which had soared due to the conflict between Russia and Ukraine, have retreated and stabilized, Total Energy said. North Sea Brent crude futures, a European benchmark, averaged $81 a barrel in the first quarter, down 21% from a year earlier. The environment is more severe than last year.

On the day the earnings data was released, the company also announced the sale of its local subsidiary that operates oil sands operations in Canada to Suncor Energy. The deal is expected to be worth up to $4.55 billion and is scheduled to close in the third quarter of 2023.