Paris, France – TotalEnergies said Thursday it managed to boost its net profit last quarter despite energy prices sliding from the peaks set last year.
The French firm earned a net profit of $6.7 billion in the third quarter, an increase of 1.5 percent from the July through September period last year.
Oil and gas prices surged last year following Russia’s invasion of Ukraine, leading to windfall profits at energy firms.
While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year, TotalEnergies.
Average liquefied natural gas (LNG) prices were down by more than half and several leading piped gas contracts fell more than two-thirds.
“This quarter again demonstrates the relevance of TotalEnergies’ profitable transition strategy,” said chief executive Patrick Pouyanne.
The firm announced a third interim dividend payout for shareholders, of 0.74 euros per share, up more than seven percent from last year.
TotalEnergies were nearly flat in late morning trading while the Paris stock exchange’s blue-chip CAC 40 index was down 0.8 percent.