French oil major TotalEnergies reported a 51 per cent rise in net profit for the first quarter, reaching $5.8bn, driven largely by higher global oil prices linked to ongoing tensions in the Middle East.
The company said increased production in Brazil, Libya, and Australia helped offset losses in the Gulf region, which typically accounts for about 15 per cent of its oil and gas operations. It also pointed to its “ability to capitalize on rising prices” during the period.
TotalEnergies recorded a four per cent increase in overall oil and gas output, while liquefied natural gas shipments rose by 12 per cent. Its trading division also delivered what the firm described as “a very strong performance.”
According to a report by the Financial Times, the company earned more than $1bn by purchasing a significant share of exportable crude cargoes from the Middle East. This occurred during a period when disruptions — including the closure of the Strait of Hormuz — sent oil prices sharply higher.
The earnings surge has drawn criticism from environmental groups and campaigners. Antoine Bouhey of Reclaim Finance said the results underscored continued global reliance on fossil fuels, warning that rising prices were benefiting shareholders while increasing costs for consumers.
Similarly, Greenpeace France criticised what it described as a “cynical logic,” arguing that households were bearing the burden through higher fuel prices.
The profit spike has also reignited debate in Europe over imposing windfall taxes on energy companies. Sebastien Lecornu indicated earlier in April that he had “no objection in principle” to such measures.
Operationally, TotalEnergies said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April after it was shut following air strikes earlier in the month.
The company also announced an increase in its dividend to €0.90 per share, up from €0.85, signalling confidence in its financial position despite ongoing geopolitical uncertainty.
