“TotalEnergies’ profits in France are not superprofits,” assures its CEO Patrick Pouyanné

The name TotalEnergies regularly comes up in debates on the taxation of the gigantic profits of certain companies. And while the subject is at the heart of the news to fill the French public deficit, Patrick Pouyanné defended his business. “The profits of TotalEnergies in France are not superprofits,” declared the CEO of the oil and gas company, interviewed Friday on the Télématin show on France 2.

The President of the National Assembly Yaël Braun-Pivet and then the President of Modem Français Bayrou recently said they wanted to explore the option of taxing these superprofitswithout convincing the Minister of the Economy Bruno Le Maire, even if he now says he is “open” to discussion.

Worldwide, the group made almost 20 billion euros in net profits each of the last two years. He indicates that he has contributed 23 billion euros in taxes in 2023. “It’s a lot of money that we pay, we are one of the most taxed companies in the world,” defended the CEO . In France, the group paid 320 million euros “in income taxes and solidarity taxes on electricity” in 2023, but it refuses to communicate the specific share of corporate tax. In the past, Total did not pay corporate tax in France for several years.

Rewards for shareholders

“We contribute in many ways to the French economy,” insisted the leader, citing his measure to cap the price of fuel at 1.99 euros per liter. While it is also regularly criticized for the bonuses paid to its shareholders – 15.5 billion euros in dividends and share buybacks in 2023 -, the group strives to show that it “shares value”.

The day after the company’s centenary celebration, which brought together 7,000 employees at the Porte de Versailles, Patrick Pouyanné has also taken out the checkbook by announcing on France 2 measures for purchasing power, an operation called “100 for 100”. In France, the company will conditionally pay 100 euros to the “first 100,000 new customers” of certain of its electricity offers, plus 100 euros to the 100,000 new individuals holding its loyalty card if they spend more than 1,000 euros on fuel in 2024.

The company will also give 100 TotalEnergies shares to each of its 100,000 employees worldwide, the equivalent of 6,300 euros each, on the condition of remaining five years with the company, which claims 8% employee shareholding. “To make gestures of this nature, to reward loyalty, well, you also have to make a profit,” emphasized the CEO.