TotalEnergies Posts Record Profit as Europe Pays Up to Avoid Gas Crunch
- High oil prices, refining and trading also help boost earnings
- Gas, power unit has unprecedented net operating income
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TotalEnergies SE’s profit jumped to another record as Europe bought large amounts of natural gas to replenish stockpiles ahead of winter, while high oil prices also boosted earnings.
The French company’s profits come at the start of a reporting season that’s likely to revive political pressure as major oil firms rack up profits. The earnings remain at odds with a global economy that’s hurtling toward recession while household energy bills continue to surge.