Oil major TotalEnergies doubles annual profit to $36 billion

PARIS (AP) — France’s TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine. The company said Wednesday that adjusted net income rose to $36.2 billion, up from $18.1 billion in 2021. Big oil company profits have led to calls to tax more of the gains that were boosted by a surge in oil and natural prices after Western companies shunned or were largely cut off from Russian supplies. TotalEnergies says it had paid $33 billion in taxes during 2022, most of it to countries where it produces oil and natural gas.