Despite Russia-related write-downs, TotalEnergies posts a net profit of almost $5 billion in the first quarter

Buoyed by rising energy prices, TotalEnergies posted a net income of $4.9 billion in the first quarter, despite high writedowns on Russia-related assets, and is preparing to pamper its shareholders with a massive share buyback.

The French hydrocarbon giant booked a $4.1 billion write-down on assets related in particular to the Arctic LNG 2 liquefied natural gas project, which has been made unsafe by the sanctions against Moscow.

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