PARIS: French oil and gas giant TotalEnergies said Wednesday net profit rose 51% in the first quarter to US$5.8 billion, boosted by higher oil prices linked to the war in the Middle East.
Growth in its oil and gas production in Brazil and Libya allowed the group to offset losses in the Gulf region, which is normally equivalent to 15% of its total oil and gas business, the company said in a statement, while also highlighting its “ability to capitalise on rising prices”.
The company’s oil and gas production rose 4% in the quarter, with the amount of liquefied natural gas transported by sea gaining 12%.
The group increased its dividend 5.9% to €0.90 a share.
TotalEnergies also said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April, after it had shut the facility following air strikes in early April.