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Tuesday, February 7, 2023

Campaigners frown as Total announces staggering $9.9bn profits

On Thursday, October 27, 2022 oil bigwig Total announced staggering third quarter profits of $9.9 billion to shareholders.

Patrick Pouyanné
Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies

“In the third quarter 2022, the Company posted adjusted net income of $9.9 billion and IFRS net income of $6.6 billion after taking into account a new impairment of $3.1 billion related to Russia,” CEO, Patrick Pouyanné, disclosed.

But environmental watchdog, 350.org, has frowned at the development, accusing the oil and gas giant of being “responsible for some of the most destructive fossil fuel projects on the planet, including the controversial East African Crude Oil Pipeline and fracking across Vaca Muerta, Argentina”.

The group adds: “This announcement shines a spotlight on the moral bankruptcy and danger posed by oil majors – these corporations are ruthlessly profiteering off war in Ukraine when tens of millions of people are suffering from the combined impacts of the climate crisis, soaring fossil fuel costs and a cost of living scandal.

“Despite the International Energy Agency demanding an end to new fossil fuel investments, Total continues to rake in obscene profits at the expense of people and the planet, more so in Africa. Total is currently leading a dash for gas in Africa, securing billion dollar deals in Algeria and South Africa to extract and burn more fossil fuels from the continent, while the European Parliament recently adopted a groundbreaking resolution that recognises the disastrous consequences for both human rights and the climate due to the construction of Total’s East African Crude Oil Pipeline (EACOP) project.

“It is vital that we stop the flow of money to reckless fossil fuel companies like Total.”

Omar Elmawi, Coordinator of Stop EACOP, said: “Fossil fuel companies such as Total continue to operate with impunity, risking the well-being of communities, posing a threat to sensitive ecosystems and negatively impacting the climate, all this while making huge profits. While Total’s mega oil project, the proposed East African Crude Oil Pipeline (EACOP) and associated oil fields face sustained resistance locally and globally, the oil and gas major insists on forging ahead with the project.

“We can stop the fossil fuel industry by hitting it where it hurts – cutting off financing to their harmful projects. It’s time for banks and reinsurers to pull the plug on EACOP by committing to not funding or insuring the project, for the sake of people, nature and climate.”

Clémence Dubois, Lead France campaigner at 350.org: “Today, Total is adding more fuel to the fire by celebrating another round of shameful profits: the refiners’ month-long ongoing strike in France demanding a fair pay rise spotlights the present socio-economic model, a model that exhausts people and planet. The intensifying climate impacts we all experience and the rise of poverty across our communities due to soaring fossil fuel prices is no accident, it is the manifestation of the unlimited greed of Total and the fossil fuel industry.

“Our politicians and decision-makers must not allow the fossil fuel industry to dictate the economic and political agenda for the sake of greed. It is time for accountability and justice. Total knew, Total lied, and Total, like its peers in the oil industry, must pay and be held accountable.”

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