US EditionTotalEnergies First-Quarter Profits Surge Amid Middle East War
- On Wednesday, TotalEnergies reported a 51% rise in first-quarter net profit to $5.8 billion, boosted by higher oil prices linked to Middle East conflict, and raised its quarterly dividend to $1.05 per share while announcing $1.5 billion in stock buybacks.
- Chief Executive Officer Patrick Pouyanne credited the 'very strong performance' of the company's liquefied natural gas and oil trading activities, which helped TotalEnergies offset production losses in the Gulf region that normally account for 15% of its business.
- The company reiterated a $15 billion net investment plan for 2026 while targeting 'short cycle investments' to benefit from high hydrocarbon prices; refinery use rates are projected between 80% and 85% in the second quarter following capacity reductions at the Satorp facility in Saudi Arabia.
- Political leaders in France face pressure to shield consumers from surging fuel costs, creating scrutiny over higher payouts; Reclaim Finance's Antoine Bouhey stated that 'war profits highlight our persistent dependence on fossil fuels, whose soaring prices once again benefit shareholders at the expense of consumers.'
- Competitor Eni SpA also raised buyback targets last week as Brent crude prices surged above $100, reflecting broader industry trends; Pouyanne noted the company maintains a robust balance sheet supported by strong cash flow generation.
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"If exceptional results are obtained, the question of redistribution arises." These have been the words of the Prime Minister of France, Sébastien Lecornu, about the record profits obtained by the energy multinational TotalEnergys in the first quarter. "TotalEnergys must position itself, in one way or another, on how to redistribute these benefits," Lecornu said.
leprogres.fr
TotalEnergies released this Wednesday a net profit in very strong increase in the first quarter. Results brought by the "price rise" of oil and gas, which also benefits the other fossil energy giants.
Radio France Internationale
TotalEnergies first-quarter profits surge amid Middle East war
The French oil giant takes advantage of the surge in prices and the volatility of markets to show a sharp increase in results.
TotalEnergies's results fly away with the surge in oil and gas prices. The group posted a net profit of $5.8 billion and increased its dividend by 5.9%.
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