Saudi Press

Saudi Arabia and the world
Saturday, Oct 04, 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
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×