TotalEnergies Swings Back to Profit

February 10, 2022

Credit: HJBC/AdobeStock
Credit: HJBC/AdobeStock

TotalEnergies swung back to profit in 2021 thanks to higher hydrocarbons prices, it said on Thursday, with net income of $16 billion and adjusted net income of $18.1 billion, the highest since record years in 2007 and 2008.

The French oil major said it would buy back $2 billion of shares in the first half of 2022. It also announced a total dividend per share of 2.64 euros for 2021. In 2022, there will be an increase in the interim dividends of 5%.

The company said net investments should reach $14-15 billion in 2022, including $3.5 billion in renewables and electricity - key areas that have been targeted for growth.

TotalEnergies said it planned to have 16 gigawatts (GW) of renewable gross capacity in operation by year-end.

The final quarter of 2021 was "exceptional," CEO Patrick Pouyanne told reporters, saying it was the strongest on record.

"In the fourth quarter, oil prices continued to rise, up 9% compared to the previous quarter, while gas prices in Europe and Asia, driven by increasing demand, hit all-time highs ... and sent European power prices to record levels," he said in a statement.

Total had posted a $7.2 billion loss in 2020, hit by writedowns on assets as the pandemic hit fuel consumption.

Like its rivals, TotalEnergies has come under pressure from climate campaigners and some shareholders to speed up the shift from fossil fuels to cleaner sources of energy.

With rising energy prices pushing inflation up across Europe, the industry is also being urged to help ease the pain.

Pouyanne said on Wednesday the company would give a 100 euros voucher to help some of its lower-income customers deal with high energy bills. 

(Reporting by Benjamin Mallet and Piotr Lipinski Writing by Ingrid Melander Editing by Raju Gopalakrishnan and Mark Potter)



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