TotalEnergies recorded a net profit of $5.7 billion in the 1st quarter of 2024, further improving its results by 3% year-on-year, thanks to “sustained” oil prices and refining margins, and despite the slowdown gas prices, the oil and gas group announced on Friday.
The company, which is celebrating its 100th anniversary this year, “once again demonstrates this quarter the relevance of its balanced transition strategy anchored on two pillars, hydrocarbons and electricity,” declared CEO Patrick Pouyanné quoted in a group press release. . These results are part of an “environment marked by sustained oil prices and refining margins, but falling gas prices,” commented the manager.
The group pocketed a record profit of $21.4 billion in 2023, the best result in its history, after the $20.5 billion recorded in 2022 thanks to the surge in gas and oil prices. in the wake of the war in Ukraine, which had revived calls to tax “superprofits” more and to stop the exploitation of hydrocarbons which are harmful to the climate.
European “chillness”
Patrick Pouyanné also confided in an interview that he was thinking about a main listing of his group on the New York Stock Exchange. It’s “a legitimate question,” he told Bloomberg, referring to the rise of the North American shareholder base, which holds nearly 50% of the company’s capital.
“We are faced with a situation where European shareholders are selling or maintaining their stake, and where American shareholders are buying,” explained the boss of the CAC 40 flagship.
