TotalEnergies’ profit hit by downturn in oil & gas prices but multi-energy model saves the day

France-headquartered energy giant TotalEnergies has disclosed strong results for the second quarter and first half of 2023, thanks to its multi-energy strategy, which paid off in the softening energy price environment. The decrease in the firm’s profit reflects the impact of lower oil and gas prices, albeit to a lesser extent than it was felt by some of its peers.