TotalEnergies Records Third Quarter Profit Jump of 127%

French oil major TotalEnergies reported a 127% rise in third-quarter earnings on Thursday, beating expectations, as the US-Israeli war with Iran continues to push up oil prices and draw historically high profit margins for refining fuels.

Adjusted net income came in at $9.1 billion in the July-September period, more than double the $4.0 billion posted a year ago, and above the $8.3 billion expected on average by 12 analysts polled by LSEG.

The group's refining and chemicals division reported a record quarter, posting net income of $3.6 billion, doubling from a year ago, as it profited from tight global supply of oil products following the Iran war.

"The increase of nearly 10% refining throughput enabled the company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable with the two previous quarters," CEO Patrick Pouyanne said in a statement.

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