Courbevoie [France]: TotalEnergies, the French oil major, posted a record net profit of $36.2 billion in 2022, more than doubling its earnings from the previous year. The company attributed its bumper earnings to higher oil and gas prices following Russia's invasion of Ukraine. In the fourth quarter, TotalEnergies reported adjusted net income of $7.6 billion - a figure which included an impairment charge of $4.1 billion related to its stake in Russian gas firm Novatek being deconsolidated.

Net income for the last three months of the year was in line with analyst estimates, amounting to $6.8 billion compared to a year earlier and $9.9 billion in the third quarter of 2022. Despite this blockbuster profit, similar reports from major competitors BP, Shell, Exxon Mobil, and Chevron have sparked new demands to further tax the energy sector as households find it increasingly difficult to pay their bills.

Demand for TotalEnergies energy products is on the rise thanks to COVID-19 measures being relaxed in China. This has led Chief Executive Patrick Pouyanne to report good news - TotalEnergies will be proposing a dividend of 2.81 euros per share, a 6.4% increase from last year, plus an additional 1 euro per share special payout.

In the fourth quarter, the company booked a $1.7 billion provision for extraordinary windfall taxes levied in the European Union and Britain. The company further announced that it expects to invest between $16-18 billion in 2023, with $5 billion of that going toward low-carbon energy.