French oil giant TotalEnergies posted a $2.2 billion profit during the second quarter of 2021, up from an $8.4 billion loss quarter on quarter a year earlier, according to its financial results statement released Thursday.
The company's income during the January-June period of 2021 also increased from an $8.4 billion loss to a $5.5 billion gain compared to the same period of last year.
The company's CEO Patrick Pouyanne attributed the positive financial results of the company to 'the progressive recovery of global demand and OPEC+ discipline.'
The company said in the context of rebounding global demand for petroleum products, OPEC+ quotas in the first half of 2021 contributed to a rapid drawdown of crude oil inventories, which fell below the average of the past five years.
Recalling that the price of oil has remained above $60 per barrel since the beginning of February 2021 and broke through $70 per barrel at the end of June, the company said recent OPEC+ decisions reinforced its collective discipline to adapt supply step by step to the growth in demand.
The company said it plans to spare $12-13 billion for investments in 2021, with half dedicated to renewables and electricity.
The company also posted around $41.6 billion in revenue for the second quarter, up from about $21.6 billion in the same quarter of last year.
The company recorded revenue of $80.3 billion for the first half of 2021, marking a rise of over 34% from 2020.
By Sibel Morrow and Firdevs Yuksel