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TotalEnergies has booked $4.1bn in impairments in the first quarter 2022, partly related to the $21bn Arctic LNG 2 project in the Russian Arctic, as a result of Western sanctions on Moscow following the invasion of Ukraine.

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The firm also announced its decision to not book proved reserves for the Arctic LNG 2 project due to uncertainty over its development.

Located on the Gydan peninsula, the Arctic LNG 2 facility is planned to be commissioned in 2023, according to Reuters.

TotalEnergies chairman and CEO Patrick Pouyanné said: “In this context of strong geopolitical tensions, the company outlined clear principles of conduct for managing its Russian activities: beyond ensuring strict compliance with current and future European sanctions, TotalEnergies SE decided to provide no further capital for the development of projects in Russia and initiated the gradual suspension of its activities, including the planned end of its activities related to Russian oil and petroleum products.”

In Q1 2022, the company reported an adjusted net income of $9bn, compared to $3bn in the same quarter last year.

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The surge was attributed to an increased oil and gas prices and the improved performance of trading activities.

The company’s net income for the quarter stood at $4.9bn, up from $3.3bn in the first quarter of last year.

Adjusted EBITDA was $17.4bn, versus $8.2bn a year ago.

Revenue from sales for Q1 2022 was $63.94bn, an increase of 65% from $38.67bn in Q1 2021.

The firm’s cash flow and free cash flow stood at $11.6bn and $5.8bn, respectively.

For 2022, the company also announced an interim dividend of €0.69 ($0.73) per share, up 5% compared to the previous year.

The company’s board also approved share buyback worth up to $3bn in the first half of this year.