PARIS (AP) 鈥� France's TotalEnergies on Thursday reported third-quarter net income rose to $6.6 billion despite losses from pulling out of a venture in Russia, with huge oil and gas company profits raising pressure on European governments to .
The company posted adjusted net earnings of $9.9 billion but notably took a charge of $3.1 billion after it to Russian energy producer Novatek.
Total CEO Patrick Pouyann茅 acknowledged the effect of in raising oil and natural gas prices this year, saying the company 鈥渓everaged its integrated model, particularly LNG (liquefied natural gas), to generate results in line with previous quarters." Europe has increasingly turned to LNG as Russia has amid the war.
Total's gas and renewable energy sector posted record operating income of $3.6 billion in the third quarter, a $1.1 billion increase from the previous quarter, Pouyann茅 said. Total's overall earnings were up 43% from the third quarter of last year.
The this year, and though they have dropped from summer peaks, they are still high and driving inflation that has made everything from utility bills to groceries more expensive.
Higher energy prices sent company profits skyrocketing, with London-based to $9.45 billion in the third quarter.
The European Union passed a last month to fund relief for people and businesses hit by the energy crisis.
Energy prices and across France and other places in Europe.
On Thursday, a prominent French far-left union, the CGT, held a 1,500-person-strong protest in Paris to demand pay rises to compensate for inflation.
CGT Secretary General Philippe Martinez said the action was necessary because 鈥渋f there were no mobilizations, there would be no negotiations on salaries in the companies and no salary increase.鈥�
Earlier this week, workers in Total's refineries in France ended nearly a nationwide and mobilized industrial action for pay hikes that keep up with the soaring cost of living.
French Economy and Finance Minister Bruno Le Maire hailed Total鈥檚 profits Thursday, saying that 鈥渨e should all be satisfied with this success." In an interview with TV broadcaster BFM, he said those earnings have enabled the extension of a fuel price cap until mid-November.
However, Le Maire urged the company to share its profits with its employees by raising their wages and paying out an end-of-the-year bonus.
鈥淭his is good news, if they share the profit ... if they lower the (energy) bill of the French people,鈥� French Minister of Public Accounts Gabriel Attal told public radio FranceInfo.
鈥淲e will tax them,鈥� Attal said, referring to the EU levy of at least 33% on the surplus profits of companies producing or refining oil, natural gas and coal.
An to tackle the energy crisis has been postponed for another month amid struggles to overcome the influence of fluctuating global energy markets and different energy mixes among member states.
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Surk reported from Nice, France
Barbara Surk And Oleg Cetinic, The Associated Press
