TotalEnergies CEO Patrick Pouyanné defended the French energy group’s 2022 earnings at the CERAWeek energy conference in Houston, Texas. The executive said TotalEnergies had become a “scapegoat” in the energy price debate. He stressed that the group had played its part since the beginning of the war in Ukraine to ensure the energy security of France and Europe.
A major player in the import of liquefied natural gas
The TotalEnergies group has in particular promoted imports of liquefied natural gas (LNG) to Europe, especially from the United States where it is a major player, and has tried to compensate for the loss of Russian gas oil. Mr. Pouyanné explained that the authorities have asked them to do so without further clarification.
Unfounded accusations of superprofits
The CEO refuted public accusations that the group had generated superprofits from the war. According to him, the superprofits come from the investments that TotalEnergies has previously made. Last year, the group generated $20.5 billion in net income, the largest in its history, thanks mainly to soaring oil and gas prices.
Group commits to fuel price cap
In February, the Group committed to a €1.99 price cap for a liter of unleaded 95 gasoline or diesel at TotalEnergies’ 3,400 service stations in France. Mr. Pouyanné explained that the profits made by the group do not come from the increase in the price of fuel.
TotalEnergies is a major player in the energy sector. The group is defending its profits and asserts that it has played its part in ensuring the energy security of France and Europe. Mr. Pouyanné believes that capping fuel prices at TotalEnergies service stations in France demonstrates the Group’s commitment to meeting people’s expectations.
