Saudi Press

Saudi Arabia and the world
Saturday, Jun 21, 2025

Oil Updates — Crude steady; TotalEnergies net profits double to record $36bn in 2022 

Oil Updates — Crude steady; TotalEnergies net profits double to record $36bn in 2022 

Oil prices were broadly steady on Thursday as the prospect of higher fuel demand in China as it reopens post-COVID curbs was offset by fears that US crude stocks hitting their highest for months may signal weakening demand in the world’s No. 1 economy.
Brent crude futures gained 06 cents to $85.15 a barrel at 08.35 a.m. Saudi time, while US West Texas Intermediate crude futures went up 2 cents to $78.49 a barrel. Both benchmarks have gained more than 6 percent so far this week.

TotalEnergies net profits double to record $36.2 billion in 2022

French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector’s bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine.

TotalEnergies’ fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake in Russian gas firm Novatek.

The net income for the last three months of the year was in line with analyst estimates in a consensus by Refinitiv and compared with $6.8 billion a year earlier, and $9.9 billion in the third quarter of 2022.

The blockbuster profit follows similar reports from rivals BP, Shell, Exxon Mobil and Chevron, prompting new calls to further tax the sector as households struggle to pay energy bills.

TotalEnergies CEO Patrick Pouyanne told reporters the global backdrop remained very favorable for energy companies, with the relaxing of COVID-19 measures in China pushing up demand.

TotalEnergies said it would propose a dividend of 2.81 euros per share, up 6.4 percent from a year earlier and on top of an already announced 1 euro per share special payout.

As previously announced, it booked a $1.7 billion provision for extraordinary windfall taxes levied in the EU and Britain in the fourth quarter.

The company said it expected net investments of $16-18 billion in 2023, including $5 billion for low-carbon energy.

APA strikes oil off Suriname coast

US oil producer APA Corp. said on Wednesday that it had found oil after drilling Sapakara South-2 appraisal well in Block 58, offshore Suriname.

Exploration, off the South American country’s coast, has been watched closely as it is just over the border from massive oil discoveries made by an Exxon Mobil Corp.-led consortium in Guyana that is estimated to hold nearly 11 billion barrels of oil equivalent.

The well is located about 4.6 km south of the Sapakara South-1 appraisal well, where APA found oil in 2021.

The company had in November wound up drilling operations at the Awari well in Block 58 as it was “deemed noncommercial.”

TotalEnergies operates Block 58, with a 50 percent working interest, while APA holds the other half.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×