French supermajor TotalEnergies made an adjusted net income of $6.5 billion for the first quarter of 2023, down 27% from the $9 billion gain posted in the same quarter last year, as lower energy prices and windfall taxes took their effect.

The adjusted net income was 13% lower than the $7.6 profit made in the immediately preceding fourth quarter of 2022.

First quarter earnings before interest, depreciation and amortisation (EBITDA) of $14.2 billion were 19% lower on the year, and 11% lower than in the final quarter of 2022.