TotalEnergies posted a 51 percent jump in first‑quarter net profit, reaching $5.8 billion, the French oil and gas group said on Wednesday. The rise was driven chiefly by higher oil prices linked to the conflict in the Middle East, prompting criticism from climate‑focused organisations.
The company’s statement highlighted that stronger oil and gas output in Brazil, Libya and Australia offset weaker performance in the Gulf region, which normally accounts for about 15 percent of TotalEnergies’ total oil and gas business. Overall production grew 4 percent in the quarter, while liquefied natural gas (LNG) shipments by sea increased 12 percent.
TotalEnergies also noted a “very strong performance” from its trading arm. In early April, the Financial Times reported that the group earned more than $1 billion by purchasing almost all exportable oil cargoes from the Middle East after US‑Israeli strikes on Iran closed the Strait of Hormuz and sent oil prices soaring.
The profit surge has drawn rebuke from environmental groups. Antoine Bouhey, campaign coordinator at Reclaim Finance, said the “war profits highlight our persistent dependence on fossil fuels, whose soaring prices once again benefit shareholders at the expense of consumers.” Greenpeace France described the earnings as a “cynical logic” that leaves households to pay high pump prices.
The sharp rise in gas and oil prices has revived calls in Europe for a windfall‑tax on excess profits. French Prime Minister Sébastien Lecornu indicated in early April that he had “no objection in principle” to such a tax.
In addition to the financial results, TotalEnergies announced that it partially resumed operations at the Satorp refinery in eastern Saudi Arabia in mid‑April, after the facility was shut following air strikes earlier in the month. The group also increased its dividend to €0.90 per share from €0.85.
The earnings update underscores the continued volatility of global energy markets and the impact of geopolitical tensions on commodity prices. Stakeholders will be watching whether European policymakers move forward with proposals to tax windfall profits and how the company balances profitability with growing pressure for a transition to lower‑carbon energy sources.
