TotalEnergies reported a Q1 profit surge of more than 50%

TotalEnergies reported a Q1 profit surge of more than 50%

 Christophe ARCHAMBAULT

French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $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 percent of its total oil and gas business, the company said in a statement, while also highlighting its "ability to capitalize on rising prices".

Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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