By Giulia Petroni

 

TotalEnergies SE said Thursday that profit more than doubled in the second quarter of the year as performance was boosted by soaring oil-and-gas prices and strong refining margins.

The French major posted a quarterly net profit of $5.69 billion from $2.21 billion in the year-earlier period. On an adjusted basis, profit came in at $9.80 billion.

Sales soared to $74.77 billion from $47.05 billion a year earlier. Net cash flow was $8.34 billion in the quarter, while the gearing ratio fell to 9.8%.

TotalEnergies said hydrocarbon production for the quarter was broadly stable on year at 2.74 million barrels of oil equivalent a day, and is expected to remain stable in the full year.

Net investments will come to around $16 billion in 2022, 25% of which will be allocated toward renewables and electricity.

The company said it will distribute the second interim dividend for 2022 at 69 European cents ($0.70) a share, a 5% increase on year in line with its shareholder policy. It will continue its share buyback program of $2 billion in the third quarter.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 28, 2022 02:52 ET (06:52 GMT)

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