TotalEnergies records over $3B impairment


10/28/2022

According to Patrick Pouyanne, CEO of the firm, TotalEnergies reported new impairment of $3.1 billion in the third quarter of 2022 relating to its Russian assets.



Roger Cornfoot
Pouyanne noted that "In the third quarter of 2022, the company reported adjusted net income of $9.9 billion and IFRS net income of $6.6 billion after accounting for a fresh impairment of $3.1 billion relating to Russia."

The corporation has already written off $3.5 billion from impairment of its investment in Russia's Novatek and $4.095 billion from risks to the Arctic LNG 2 project for the first half of the year.

In these nine months, TotalEnergies recorded a more than $10 billion impairment of its assets.

source: reuters.com