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French giant TotalEnergies posts record $20.5 billion profit

The 28 percent gain would have been much higher save for the nearly $15 billion in charges linked to its leaving the Russian market.

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8 February 2023 à 15h52

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France's TotalEnergies said Wednesday that high oil and gas prices bolstered its net profit to a record $20.5 billion in 2022 and announced higher dividend payments for shareholders, reports FRANCE 24.

The 28 percent gain would have been much higher save for the nearly $15 billion in charges linked to its leaving the Russian market, with adjusted profits excluding such exceptional items rising to $36.2 billion.

Nevertheless, the surge in oil and natural gas prices following Russia's invasion of Ukraine and Western sanctions was a major boost for TotalEnergies, as it was for its rivals.

The massive profits have sparked renewed debate about taxing windfall earnings to help fund measures to protect consumers from rampant inflation, including soaring energy prices.

Read more of this report from FRANCE 24.

La rédaction de Mediapart

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