TotalEnergies first-quarter profits surge amid Middle East war / Photo: Christophe ARCHAMBAULT - AFP/File
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TotalEnergies first-quarter profits surge amid Middle East war
French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East.
Growth in its oil and gas production in Brazil and Libya allowed the group to offset losses in the Gulf region, which is normally equivalent to 15 percent of its total oil and gas business, the company said in a statement, while also highlighting its "ability to capitalize on rising prices".
The company's oil and gas production rose four percent in the quarter, with the amount of liquefied natural gas transported by sea gaining 12 percent.
The group increased its dividend 5.9 percent to 0.90 euros a share.
TotalEnergies also said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April, after it had shut the facility following air strikes in early April.
D.Kaufman--AMWN