French oil and gas giant TotalEnergies announced on Wednesday that its net profit increased by 51 percent in the first quarter, reaching $5.8 billion, News.Az reports, citing AFP.
The company attributed the strong results to higher oil prices driven by the ongoing war in the Middle East.
In a statement, the company said growth in oil and gas production in Brazil and Libya helped offset losses in the Gulf region, which typically accounts for around 15 percent of its total oil and gas business. TotalEnergies also emphasized its “ability to capitalize on rising prices.”
Overall, the company’s oil and gas production rose by four percent during the quarter, while the volume of liquefied natural gas (LNG) transported by sea increased by 12 percent.
TotalEnergies also announced a 5.9 percent increase in its dividend, raising it to 0.90 euros per share.
In addition, the company said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April. The facility had been shut down following air strikes earlier in the month.
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