Fuel crisis: how to explain TotalEnergies' record profits?

This text corresponds to part of the transcription of the report above. Click on the video to watch it in full. Historic profits: 7.45 billion euros in three months.

TotalEnergies' profits have only increased since the start of the conflict in the Middle East. The group's refineries and gas terminals are now operating at full capacity. “[This] is explained by two thirds by fuels and petrochemicals, particularly diesel.

We know that there are tensions in the refineries. And for the rest, it's on gas, because we are in a period during which gas prices have risen. We are buying more gas to fill stocks in Europe as winter approaches," explains Patrice Geoffron, professor of economics at Dauphine - Paris and energy specialist.

In France, Total has made the bet of capping prices at the pump. This should cost it at least 500 million euros over the year, but will gain it a lot of customers. Its market share increased from 23 to 30%.

Motorists looking for the best price have no illusions: “If they peak here in France, they will catch up somewhere in other countries,” believes a driver. “I think it’s still extremely important that we have a company like that in France and that they make a profit, because it’s the very nature of a company to make a profit,” adds another. And the Total group accepts it: capping is ultimately a very profitable operation.

“To my great surprise, because the crisis lasts, we are suddenly becoming the most popular brand in the country, when we were not, because Total is seen as an expensive gas station brand. We are assimilated to that. All of a sudden, we become accessible,” emphasized Patrick Pouyanné, CEO of TotalEnergies, on Public Senate on October 30.

All the major oil groups concerned Exceptional profits which relaunch the debate on their taxation. This is what an environmental NGO is demanding in particular by demonstrating this afternoon in front of the National Assembly. “Since the start of the year, we have still reached $20 billion just for TotalEnergies since January, it’s absolutely enormous.

And during this time, tens of billions are being cut from a budget that is supposed to support the French. So it is absolutely indecent and we are asking to finally make those responsible, the polluters, pay,” points out Fanny Petitbon, France manager of the NGO 350. org.

All major oil groups are concerned. The Spanish Repsol and the British Shell also announced this Thursday, October 29, record profits since the start of the year.

Machine-translated from French