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
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies
8 April 2024
Chevron New Energies is lead investor in funding round by Colorado-based provider of post-combustion capture technology