Paris-based Total posted a profit of $4.77 billion in the third quarter of 2021, a five-fold increase from $848 million a year earlier, and that exceeded analysts' average estimate of $4.32 billion, and this rise made French oil and gas another The beneficiary of higher energy prices.
According to Arab Net, Total said in a statement that the energy supply crisis is wreaking havoc in the European economy, raising the profits of major producers to their highest level in several years.
Norwegian company Equinor ASA reported a tenfold profit jump on Wednesday.
"The global economic recovery, particularly in Asia, led to energy prices rising sharply in the third quarter," TotalEnergies CEO Patrick Pouyanne said in the statement.
He noted that the company had particularly benefited from its position as a world leader in LNG.
The unprecedented energy crisis has become one of the hottest issues in the European Union, as families face exponential increases in electricity and gas bills. The bloc's energy ministers have clashed over how to protect consumers and businesses, with political and legal constraints leaving little room for immediate action beyond tax cuts and subsidies.
