French oil and gas company TotalEnergies reported a first-quarter net income of $4.9 billion, a 48% year-over-year (YoY) increase compared to $3.3 billion in Q1 of 2021. The oil and gas major recorded a YoY surge of 200% in its adjusted net income totaling $9 billion, compared to $3 billion in the same period last year.

The company’s integrated Gas, Renewables, and Power (IGRP) segment recorded an adjusted operating income of $3.1 billion, a quarter-over-quarter (QoQ) increase of 11%, in Q1 2022.

TotalEnergies derived an adjusted net operating income of $5 billion from high oil and gas costs, while the company maintained stable production from its exploration and production activities.

The French company recorded an adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of $17.4 billion, a YoY surge of 112% compared to $8.2 billion in the same period the previous year. The net investments by TotalEnergies in Q1 totaled $2.9 billion, a YoY decline of compared to $3.9 billion in 2021.

The gross installed renewable power generation capacity grew by 10.7 GW until the end of Q1, a QoQ increase of 400 MW.

The adjusted EBITDA of TotalEnergies in the renewables and electricity sector was $175 million in the first quarter.

The fuel major observed improved performance in gas, LNG, and electricity trading activities with 4.7 million tons of exports to Europe.

Offshore Wind and Solar

TotalEnergies procured leases to develop offshore wind farms for 3 GW on the east coast of the U.S., off New York and New Jersey and 2 GW in Scotland with Green Investment Group (GIG) and Renewable Infrastructure Development Group (RIDG). It also partnered with Poland-based KGHM (Kombinat Górniczo Hutniczy Miedzi) to participate in the Polish government’s tender to develop offshore wind projects.

The fuel major’s net acquisitions amounted to $922 million in Q1 2022, a YoY decline of 61.3% compared to $1.5 billion in the previous year’s first quarter.

TotalEnergies acquired California-based SunPower’s commercial and industrial solar business in America earlier this year. It also acquired Core Solar and has 4 GW of solar projects in the pipeline in the U.S.

Earlier this month, TotalEnergies entered a 50-50 partnership with Japanese petroleum company ENEOS to develop 2 GW of decentralized solar capacity for Asian commercial and industrial consumers in the next five years.