TotalEnergies says Q1 profits can fund transition

Firm reported profits of $9bn in the first quarter of 2022, up from $6.8bn a year ago due to high oil and gas prices

Profits from TotalEnergies’ oil and gas business will help generate cash reserves that can be used to accelerate the transition to net zero, the firm says. TotalEnergies is looking to shed carbon-intensive assets from its oil business while also acquiring assets in its renewables and low-carbon businesses. The firm reported profits of $9bn in Q1 2022, up from $6.8bn in Q1 2021, partly due to higher oil and gas prices. “Oil and gas will continue to be as significant source of cash for the company to fund growth in low-carbon energy,” says CEO Patrick Pouyanne. “This might be an opportunity to accelerate the transition, but you have to be patient.” “Oil and gas will continue to be as sig