7/28, 8:13 AM (Source: TeleTrader)
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TotalEnergies net income doubles in Q2 on boosted output

French oil supermajor TotalEnergies reported on Thursday a significant increase in the second-quarter net income after increasing energy output in response to the market crisis prompted by the war in Ukraine.

"In this context, TotalEnergies responded by increasing energy output, thus contributing to energy security: LNG sales rose to more than 25 million tons in the first half, with 60% in Europe, and TotalEnergies' refineries raised their utilization rate to nearly 90%," CEO Patrick Pouyanne noted.

The company's net income jumped 2.6 times to $5.7 billion versus the same quarter a year ago, with diluted net earnings per share of $3.75 compared to $1.27 in the second trimester of 2021. Commenting on gas prices, TotalEnergies said they were expected to remain high in wake of uncertainties prompted by fears of Russia halting deliveries to Europe.

Baha Breaking News (BBN) / ND