Daily Management Review

TotalEnergies records over $3B impairment


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
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