TotalEnergies SE boosted its energy output in the second quarter to help fill the shortfall in Russian oil and natural gas supplies, reaping the benefits of soaring commodity prices in the process.

“Russia’s invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110/bbl in the quarter, refining margins reaching record-high levels and natural gas prices holding above oil parity in Europe and Asia,” said CEO Patrick Pouyanné.

Pouyanné said the company’s LNG sales rose to 25 million tons (Mt) during the first six months of the year, up 22% over the same period in 2021. The company’s refineries also raised their utilization rate to nearly 90% in the second quarter, up from 58% in the year-ago period, as demand...