TotalEnergies reports profits of $9bn in Q1 2022
TotalEnergies says Q1 profits can fund transition
Firm reported profits of $9bn in the first quarter of 2022, up from $6.8bn a year ago due to high oil and gas prices
Profits from TotalEnergies’ oil and gas business will help generate cash reserves that can be used to accelerate the transition to net zero, the firm says. TotalEnergies is looking to shed carbon-intensive assets from its oil business while also acquiring assets in its renewables and low-carbon businesses. The firm reported profits of $9bn in Q1 2022, up from $6.8bn in Q1 2021, partly due to higher oil and gas prices. “Oil and gas will continue to be as significant source of cash for the company to fund growth in low-carbon energy,” says CEO Patrick Pouyanne. “This might be an opportunity to accelerate the transition, but you have to be patient.” “Oil and gas will continue to be as sig
Also in this section
28 March 2025
The massive expansion of the Northern Lights project in Norway is the clearest sign yet that the European oil and gas companies mean business when it comes to CCS
27 March 2025
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
14 March 2025
Ignoring questions of sustainability will not make the problems they focus on go away
