Paris, France – French energy giant TotalEnergies announced Thursday a 12-percent rise in net profit in the first three months of the year despite gas and oil prices falling.
Net profit was $5.6 billion (5.1 billion euros) for the first quarter compared to $4.9 billion during the same period last year, the company said.
And it was a 70-percent gain compared to net profit in the last three months of 2022.
“TotalEnergies once again demonstrates its ability to generate strong results… in an environment of lower oil and gas prices,” it said in a statement.
The oil and gas giant also announced it had sold its oil sands activities in Canada to SunCor Energy for $4.1 billion.
The French firm said it had accepted an offer from Suncor Energy “for the acquisition of the entirety of the shares of TotalEnergies EP Canada Ltd”.
The deal aims to be finalized before the end of the third quarter of this year, it said.
The French firm has said high oil and gas prices following Russia’s invasion of Ukraine in February last year bolstered its net profit to a record $20.5 billion in 2022.
The massive profits sparked renewed debate about taxing windfall earnings to help fund measures to protect consumers from rampant inflation.
Oil prices have tumbled in recent months, and Brent North Sea crude stood below $80 per barrel on Thursday.