Direct consequence of the war in Ukraine, and its effects on the prices of electricity and gas, the benefit of the French company increased by $ 5.7 billion in the second quarter of 2022, when that of British Shell has been multiplied by five.
Le Monde with AFP
This is one of the consequences of the invasion of Ukraine by Russia the most decried. The Totalnergies and British French oil giants and British Shell saw their net profits jump in the second quarter of the year 2022 due to the general increase in electricity and gas prices, according to figures published Thursday, July 28.
Result, the net profit share of totalergies was more than doubled over a year, at $ 5.7 billion. That of the Shell Group has multiplied by five, reaching $ 18 billion over the same period.
Concerning the French group, the profit was made despite a new provision of $ 3.5 billion linked to the potential impact of international sanctions on the value of its participation, up to 19.4 % , in the Russian company Novatek, the group said in a press release.
In addition to the increase in hydrocarbon prices, Shell’s result benefits from a resumption of provisions of $ 4.3 billion, after the Major has revised its projections on oil prices and From gas to medium and long term.
Direct consequence of war in Ukraine
“The effects of Ukraine’s invasion by Russia on the energy markets continued in the second quarter, oil prices exceeding $ 110 a barrel on average in the quarter,” comments the CEO of Totalenergies , Patrick Pouyanné, in the press release.
This outbreak on the markets benefits the entire petroleum and gas sector worldwide. The Norwegian energy giant Equinor announced on Wednesday that it had garnered a net profit close to 6.8 billion dollars in the second quarter, compared to $ 1.9 billion at the same period of 2021, a result almost multiplied by four .
In France, these results, linked to exceptional circumstances, fueled a political debate on the advisability of taxing them. The National Assembly, however, rejected little on Saturday the idea of a tax on “superprofits” or “exceptional profits” of large multinationals – notably gas and oil – despite the protests of the left and the extreme right and the that some LR deputies have spoken out in favor of such a measure.
Instead, encouraged by the government, Totalenergies has announced a new 20 cents discount per liter of fuel to the pump between September and November in its stations in France. In June, the company had already conceded an increase in its delivery on the liter of fuel from 10 to 12 cents.