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HJBC/iStock Editorial through Getty Pictures
TotalEnergies (NYSE:TTE) +1.6% in Thursday’s buying and selling after Q3 revenue and revenues jumped from a yr in the past because it benefited from excessive commodity costs, however the firm additionally booked a brand new $3.1B impairment linked to its Russian belongings, taking its complete Russia-related impairments to just about $11B this yr.
Q3 web revenue surged to $6.63B from $4.65B in the identical interval final yr, and revenues rose by a 3rd to $69B from $54.7B for the year-earlier quarter.
TotalEnergies’ (TTE) complete Q3 manufacturing slid 5% Y/Y to 2.67M boe/day from 2.81M boe/day a yr in the past, partly as a consequence of greater deliberate upkeep on the Ichthys fuel area in Australia and unplanned shutdowns of the Kashagan oilfield within the Caspian Sea.
The corporate stated Thursday it accomplished the sale of its 49% curiosity within the Termokarstovoye fuel area in Russia to Novatek, with out offering particulars.
Q3 money circulate from Russia operations totaled $349M, and web earnings from these oil and fuel manufacturing belongings amounted to a $1.9B, which introduced the online earnings loss from the Russia manufacturing belongings to $8.1B YTD.
The corporate stated it had $6.1B in capital employed in Russia as of the top of September, after accounting for the brand new asset impairment.
As a comparability, BP took a $25.5B pre-tax cost after asserting plans to exit from its Russia holdings.
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