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TotalEnergies Profit Jumps More Than Expected as Prices Soar

  • Majors report stellar earnings as supply crunch lifts prices
  • Industry remains under pressure to keep tight lid on spending
TotalEnergies SE Electric Vehicle Fuel Station in La Defense Business District
Photographer: Nathan Laine/Bloomberg
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TotalEnergies SE’s third-quarter profit rose by more than expected, making the French oil and gas producer the latest beneficiary of high energy prices. 

While an energy supply crunch is wreaking havoc on Europe’s economy, it’s lifting the earnings of major producers to multiyear highs. Norway’s Equinor ASA reported a tenfold jump in profit on Wednesday, kicking off what is expected to be a stellar set of earnings from the industry.