Monday, April 15, 2024

TotalEnergies posts 36% drop in adjusted profit

TotalEnergies, the French oil company, recorded a 36% drop in adjusted profit in 2023, totaling 23.2 billion dollars.

In the last quarter of 2023, adjusted profit fell by 19% to 5.2 billion dollars.

This drop in adjusted profit is partly attributed to lower oil prices compared to the peaks reached in 2022, at the start of Russia’s invasion of Ukraine.

As for last year’s reported net profit (without adjustments for changes in stocks and extraordinary factors), this amounted to 21.4 billion dollars. Despite the overall growth in earnings in 2023, profits fell by 24% to 5.1 billion dollars when considering only the last three months of the year.

TotalEnergies has proposed a dividend of 3.23 dollars per share for 2023, an increase of 7.1% compared to 2022.

For 2024, the year in which it celebrates its centenary, the oil company plans to invest between 17 and 18 billion dollars, of which five billion are earmarked for the electricity business.

TotalEnergies is not the only oil company to announce a drop in profits due to lower oil prices, after a year in 2022 in which the earnings of these companies took off. BP also reported on Tuesday that its profit, on an adjusted basis, had halved.


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