Energy Crisis Erupts as Company Makes Biggest Profits EVER in France as Crisis Hits | World | News


The oil and gas giant has made the biggest profit – 14 billion euros – in the history of any company in France, according to MEP Marie Toussaint.

The global energy company reported adjusted net income in 2021 at $18.1 billion and net income at $16 billion. A huge increase over the previous year with an adjusted net profit of $4.1 billion and a net loss of $7.2 billion.

In 2021, the company generated cash flow of $30.7 billion, up $13 billion from the prior year.

The company’s earnings far exceeded analysts’ expectations.

A spike in energy prices in the final months of last year, combined with high global oil prices – at the highest level since 2014 – saw the world’s biggest fossil fuel companies rake in returns students.

Marie Toussaint, a French politician and environmental activist, said companies benefit at the expense of consumers who face exorbitant costs.

On Thursday, Ms Toussaint tweeted: “Total announces the biggest profits in the history of any company in France! 14 billion euros!

“Profits made on the backs of consumers, the displaced peoples of the planet”.

She urged, “Let’s stop them.”

In a statement, the CEO of TotalEnergies, Patrick Pouyanné, said that “the company’s multi-energy model has demonstrated its ability to take full advantage of a very favorable environment, particularly in the LNG and fuel sectors. electricity”.

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The burning of fossil fuels is the main contributor to climate change and environmental degradation.

Climate activist Mitzi Jonelle responded to MEP Marie Toussaint’s tweet “a reminder of what TotalEnergies’ record profits have cost us all”.

She said the company “has plunged the world into climate crisis”, “destroyed ecosystems and water supplies” and caused “numerous human rights violations”.

TotalEnergies has outlined plans to become net-zero by 2050, but so far investors have little faith in their business model fully compliant with the Paris Agreement.

Additional reporting by Maria Ortega


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