TotalEnergies reported a net profit of $21.4 billion (€19.8 billion) in 2023, marking a new record following its historic result in 2022.
Despite depressed prices for gas and oil, the world’s fourth-largest major improved its net profit by 4% compared to 2022, attributed to the “growth in hydrocarbons, particularly liquefied natural gas and electricity,” announced CEO Patrick Pouyanné in the company’s earnings statement released on Wednesday, February 7th.
However, this performance falls short of analysts’ expectations, who anticipated net profits between €21 billion and €22 billion. Adjusted profit, the benchmark indicator for investors, declined by 36% to $23.2 billion compared to 2022, primarily due to its withdrawal from activities in Russia.
In 2023, TotalEnergies notably announced projects or acquisitions in Namibia, Suriname, and Brazil, and strengthened its presence in the United States in liquefied natural gas (LNG), an energy source highly sought after by Europe as it seeks alternatives to Russian gas.
The company faces several legal actions against its strategy and oil and gas projects, including the controversial Tilenga/Eacop project in Uganda and Tanzania.
