France’s TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine.
Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday.
Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products.
The figures looked different under international accounting rules that included write-offs on Total’s assets in Russia, where doing business has been severely complicated by Western sanctions over the war.
