Total Energy makes record profits, but crumbs to the French
TotalEnergies saw net income double in 2022 to a record $36.2 billion, and announced increased dividends and share buybacks after best-ever full-year results for the company and Big Oils .
The French energy multinational on Wednesday reported adjusted net profit of $36.2 billion for 2022, doubled from a year earlier, thanks to rising oil and gas production, higher prices, a leap of LNG sales and what it described as a "historic" performance in the downstream segment.
For the fourth quarter of 2022, TotalEnergies reported cash flow of $9.1 billion and adjusted net income of $7.6 billion, up 11% from the fourth quarter of 2021. For the full year 2022, the company generated cash flow of $45.7 billion.
“Although down from the prior quarter's highs on uncertainties about the demand outlook, oil and gas prices and refining margins remained strong in fourth-quarter supply-constrained markets. Benefiting from this favorable context and the increase in hydrocarbon production (+5%) and LNG sales (+22%), thanks to its unique position in Europe, TotalEnergies recorded a cash flow of 9.1 billion dollars and adjusted net income of $7.6 billion ,” Chief Executive Officer Patrick Pouyanné said in a statement.
TotalEnergies board proposes a 6.5% increase in the ordinary dividend for 2022, plus a special dividend of $1.07 (1 euro) per share already paid in December 2022. The board confirmed a return policy to shareholders for 2023 targeting a 35-40% payout, which will combine an increase in interim dividends of more than 7% and $2 billion in share buybacks in the first quarter of 2023.
Looking ahead, the company said: “The European gas price tensions seen in 2022 are expected to continue in 2023, as limited growth in global LNG production is expected to meet both increased European demand for LNG to replace Russian gas received in 2022, is the largest Chinese demand for LNG”.
In all of this, French citizens, who pay a large part of the company's major profits, will receive the crumbs. We are in a situation in which peoples are impoverished and large companies, even those with state participation, are getting fat.
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The article Total Energy makes record profits, but the crumbs come from Scenari Economici for the French.
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/total-energy-fa-profitti-record-ma-ai-francesi-le-briciole/ on Thu, 09 Feb 2023 09:00:36 +0000.