Energy

Oil major TotalEnergies swings to profit thanks to surging commodity prices

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This photograph taken on May 28, 2021 shows the new TotalEnergies logo during its unveling ceremony, at La Defense on the outskirts of Paris.

CHRISTOPHE ARCHAMBAULT | AFP | Getty Images

French oil major TotalEnergies on Thursday reported a sharp upswing in full-year profit, boosted by a huge rebound in commodity prices.

The oil and gas giant said full-year 2021 adjusted net income came in at $18.1 billion, while net income came in at $16 billion. That compared with adjusted net income of $4.1 billion and a net loss of $7.2 billion the previous year.

Analysts polled by Refinitiv had expected full-year 2021 adjusted net profit to come in at $17.1 billion.

For the final quarter of 2021,…



Source cnbc.com

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