French oil and gas giant TotalEnergies reported on Thursday a sharp increase in third-quarter net profit despite lower crude prices as its production rose.
The company said net income grew around 61 per cent to $3.7 billion compared to the same period last year, even as oil prices fell by more than $10 per barrel year-on-year.
Chief executive Patrick Pouyanne said in a statement that the company鈥檚 鈥榮trong financials鈥� were underpinned by production growth of more than four per cent and improved downstream results.
鈥業n the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards,鈥� TotalEnergies said in the statement.
The company noted that there was an 鈥榓bundant supply鈥� of oil due to OPEC+ countries and other nations, including the United States, Brazil and Guyana, raising output.
