TotalEnergies SE (NYSE:TOT, EPA:TTE) has reported a jump in quarterly profit on the back of higher oil prices, seen in recent months.
Profit jumped to US$6.5 billion (£5.4 billion) in the third quarter, the oil major reported on Thursday, marking a 30% increase from the second quarter of the year.
This reflected a “supportive pricing environment,” chief executive Patrick Poyanné said, referencing hikes on the back of OPEC+ cuts and uncertainty around conflict in the Middle East.
Brent crude, for instance, increased by almost 22.5% to over US$92 a barrel between July and September.
Over the three months, the average price of a barrel was US$86.70, according to TotalEnergies, up from US$78.10 during the second quarter, but down from US$100.80 in the third quarter of 2022.
Production in TotalEnergies’ oil and gas business increased by 5% over the quarter compared to last year and was broadly flat compared with the second quarter.
“TotalEnergies demonstrates once again this quarter its ability to leverage a supportive price environment,” Poyanné commented.
France-based TotalEnergies ended the quarter with US$9.3 billion in cash - up 10% on the second quarter - prompting a higher dividend than last year at €0.74 (£0.64) per share.