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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

TotalEnergies doubles Q2 profit

TotalEnergies is pushing ahead with its Tilenga drilling project in Uganda and Tanzania. (AFP)
  • TotalEnergies profit amounted to $5.8 billion in the period from April to June.
  • TotalEnergies second-quarter sales were up 37 percent at 74.8 billion euros.

French energy giant TotalEnergies said Thursday its profits more than doubled in the second quarter on the surge in global oil and gas prices as a result of the war in Ukraine.

TotalEnergies said in a statement that its bottom-line net profit amounted to 5.7 billion euros ($5.8 billion) in the period from April to June, compared with 2.2 billion euros a year earlier.

Second-quarter sales were up 37 percent at 74.8 billion euros.

“Russia’s invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110 per barrel, refining margins reaching record-high levels, and natural gas prices holding above oil partly in Europe and Asia,” said chief executive Patrick Pouyanne.

“In this context, TotalEnergies responded by increasing energy output, thus contributing to energy security.”

Runaway oil and gas prices are generating bumper profits across the sector.

British energy giant Shell also said on Thursday its bottom line increased five-fold in the second quarter.

In France, there is much debate on whether such windfall gains should be taxed.