Total's third-quarter earnings soar

According to the OE website reported on October 28, French energy group Total Energy (totalenergy) said on Thursday that the company's third-quarter profit increased significantly
.
As it benefits from soaring electricity prices and expects gas prices in Europe and Asia to remain high next spring
.

The company's third-quarter adjusted net profit surged to $4.
8 billion from $848 million last year, and core profit more than doubled to $11.
2 billion
.

The agency expects a lack of supply and continued strong demand to keep gas prices high in Europe and Asia until the second quarter of next year, barring an unusually mild winter
.

The group, which is aggressively expanding into power and renewable energy, expects its natural gas and crude oil production to hit the highest levels since the second quarter of 2020
.

After reaching 2.
814 million barrels of oil equivalent per day in the third quarter, production should be between 2.
85 million and 2.
9 million barrels per day in the final three months of 2021, the company said
.

Total also forecasts that the average selling price of liquefied natural gas (LNG) will further rise above $12 per million British thermal units in the final quarter from $9.
10 in the previous three months
.

The company confirmed that it plans to buy back $1.
5 billion worth of shares in the final three months of the year
.
The company announced a buyback program at the end of September amid persistently high electricity prices
.