France’s TotalEnergies income hits $6.6 billion despite Russia loss
France’s TotalEnergies on Thursday reported third-quarter net income rose to USD 6.6 billion despite losses from pulling out of a venture in Russia, with huge oil and gas company profits raising pressure on European governments to shield people from high energy bills.
The company posted adjusted net earnings of USD 9.9 billion but notably took a charge of USD 3.1 billion after it sold a 49 per cent interest in a Siberian natural gas field to Russian energy producer Novatek.
Total CEO Patrick Pouyann acknowledged the effect of Russia’s war in Ukraine in raising oil and natural gas prices this year, saying the company leveraged its integrated model, particularly LNG (liquefied natural gas),
