Energy crisis erupts as company makes biggest profits in France EVER as crisis hits

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

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

In 2021, the company generated cash flow of $30.7billion, up $13billion compared to the previous year.

The company’s earnings far exceeded analyst expectations.

A surge in rising energy prices through the final months of last year, combined with high global oil prices – at the highest level since 2014 – have seen the world’s largest fossil fuel companies rake in high returns.

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

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

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

She urged: “Let’s stop them.”

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

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Burning fossil fuels is the biggest contributor to climate change and environmental degradation.

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

She said the company “pushed the world into climate crisis”, “destroyed ecosystems & water supplies” and has caused “extensive human rights abuses”.

TotalEnergies has outlined plans to become net-zero by 2050 but so far has given investors little confidence their business model fully aligns with the Paris Agreement.

Additional reporting by Maria Ortega