TotalEnergies: unprecedented profit in the third quarter, at $8.3 billion; the government calls on the group to pass on the price drop

On October 29, the French government urged TotalEnergies to be exemplary and lower prices following the company's record net profit of $8.3 billion in Q3, driven by rising hydrocarbon prices due to conflicts in Ukraine and the Middle East. The government spokesperson emphasized the need for Total to pass on the benefits of barrel releases to consumers. TotalEnergies reported a significant increase in profits compared to previous quarters, benefiting from high refining margins and a bullish gas market. Calls for taxing superprofits have resurfaced amid rising diesel prices, which have exceeded €2.35 per liter, contributing to social unrest in France. The company's oil and gas production has slightly decreased year-on-year, while LNG operational results have more than doubled, reflecting strong market performance.