TotalEnergies SE’s oil trading activities generally earn the company about $2 billion per year, Chief Executive Officer Patrick Pouyanné said, a rare comment on the vast size of the oil trading operations of some of Europe’s majors.
The comment comes as the company reported a 29% jump in its adjusted net income in the first quarter thanks to rising hydrocarbon prices, and a strong performance of its trading arm, which embarked on one of the biggest-ever buying sprees of Middle Eastern oil. Total traded about 7 million barrels a day of crude oil and refined products last year, about 7% of global supply.
