Increase results
You’ve no doubt noticed if you use your car frequently that the price of fuel has gone up a bit in recent weeks. This trend is expected to continue in the coming months, as demand continues to grow and oil production is cut at the initiative of producing countries. But this obviously does not prevent oil groups from getting rich, on the contrary. And that’s obviously the case for TotalEnergies, which just released its 2023 results. And we can say that they are just crazy, with no less than 21.4 billion dollars, which is equivalent to 19.8 billion euros. This performance presents 4% increase compared to the previous year, when the firm had already declared a profit of 20.5 billion dollars (or 19.1 billion euros). And it is not surprising that fuel is the largest source of income for the French company.
Europe has agreed to end the heat engine by 2035. However, the fuel tax is an important source of revenue for the French state. https://t.co/M17WH4kOC3
— AutoPlus (@AutoPlusMag) July 6, 2022
Fuel, but not only
However, Patrick Poignant, the company’s director, would like to emphasize the growth of the share renewable energy sources in TotalEnergies results. In his just-published press release, he does mention “the growth of hydrocarbons, particularly liquefied natural gas (LNG) and electricity.” However, despite these very high numbers, analysts expected them to be even higher. They actually expected a profit of 21 to 22 billion euros, while the prices of gasoline and diesel are rising. However, according to Francis Pousse, president of the Fuel Distributors and New Energy branch of the Mobilians union, a slight drop would be expected over the next few weeks. He explains that “in 2-3 days, we can already see that part of the increase in the price of diesel is erased.” Last month, the price of a liter of unleaded gasoline 95-E10 increased by an average of five cents, and diesel fuel – by almost seven cents.
Read also:
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Source: Auto Plus
Robert is an experienced journalist who has been covering the automobile industry for over a decade. He has a deep understanding of the latest technologies and trends in the industry and is known for his thorough and in-depth reporting.