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  28 Oct 2021, 12:58

TotalEnergies profit soars in Q3 on oil price surge

    PARIS, Oct 28, 2021 (BSS/AFP) - TotalEnergies said Thursday

the surge in global oil and energy prices boosted its bottom line
in third quarter, when it booked a net profit of $4.6 billion.

    "The global economic recovery, notably in Asia, drove all
energy prices sharply higher" in the period from July to
September, said chief executive Patrick Pouyanne.

    In the same period a year earlier, when oil prices had been
very low, TotalEnergies booked net profit of $202 million.

    But compared with the third quarter of 2019, prior to the
outbreak of the coronavirus pandemic, the 2021 figure represented
an increase of 66 percent.

    Gas prices in Asia and Europe were up by 85 percent over the
previous quarter, at "unprecedented levels," TotalEnergies said.
And oil prices had climbed by seven percent, "continuing their
steady year-long rise."

    The French group said it had benefited from its multi-energy
model and its position as world leader in LNG (liquefied natural
gas).

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