TotalEnergies income hits $6.6 billion despite Russia loss

By BARBARA SURK and OLEG CETINIC
Associated Press

PARIS (AP) — France’s TotalEnergies has reported third-quarter net income of $6.6 billion despite losses from pulling out of a venture in Russia. The company on Thursday posted adjusted net earnings of $9.9 billion but notably took a charge of $3.1 billion after it sold a 49% interest in a Siberian natural gas field to Russian energy producer Novatek. Total CEO Patrick Pouyanné acknowledged the effect of Russia’s war in Ukraine in raising oil and natural gas prices this year. Huge oil and gas company profits raising pressure on European governments to shield people from high energy bills. Total’s overall earnings are up 43% from the third quarter of last year.