TotalEnergies Q1 Profit Climbs On Strong Price; Production Down; Plans $3 Bln Share Buyback

French oil and gas company TotalEnergies SE (TTE, TTE.L) reported Thursday that its first-quarter net income, TotalEnergies share, was $4.9 billion, higher than last year's $3.3 billion.

TotalEnergies took an impairment of $4.1 billion in its accounts as of March 31 due to the impact of new sanctions prohibiting the export of LNG technologies benefiting a Russian company on the execution ability of the Arctic LNG 2 project.

Adjusted net income was $9.0 billion or $3.40 per share, compared to prior year's $3 billion or $2.55 per share.

Adjusted EBITDA surged to $17.4 billion from $8.2 billion a year ago.

Revenues from sales surged 65 percent to $63.94 billion from last year's $38.67 billion.

Chairman and CEO Patrick Pouyanné said, "The rebound in energy prices seen since the second half of 2021 amplified after Russia's military aggression against Ukraine in the first quarter of 2022, sending oil prices to more than $100/b and gas prices in Europe and Asia to historic highs above $30/Mbtu during the quarter."

Hydrocarbon production edged down 1 percent to 2.84 million barrels of oil equivalent per day or boe/d.

Further, the Board of Directors confirmed the increase by 5 percent of the first 2022 interim dividend to 0.69 euro per share and authorized the Company to buyback up to $3 billion of its shares in the first half of 2022.

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