TotalEnergies has today exceeded market expectations with a 29% jump in first-quarter earnings, boosted by strong trading and high oil prices linked to the Iran war, even as regional disruptions shut in 15% of its upstream production.
The French oil major's adjusted net income for the quarter was $5.4 billion, compared to $4.2 billion a year ago. Analysts had expected $5 billion, according to LSEG data.
The spike in oil prices has helped European oil companies reap billions of dollars from the energy supply crunch.
Benchmark Brent crude futures climbed to multi‑year highs near $120 a barrel after US-Israeli strikes on Iran began in late February, followed by Tehran's closure of the Strait of Hormuz and its attacks on Gulf neighbours.
The Iranian strikes damaged liquefied natural gas facilities in Qatar supplying Total and Saudi Arabia's SATORP refinery co-owned by the French energy company.
British peer BP yesterday said its first-quarter net income more than doubled due to the war-related trading boost.
Earlier this month, Total said strong trading, the war-driven oil price rise and new output would significantly boost income, offsetting Middle East outages and keeping production steady.
Earnings from the refining and chemicals segment, home to Total's oil and petroleum products trading, more than quintupled to $1.6 billion for the quarter.
Marketing and services earnings rose 9% to $262m.
Upstream exploration and production earnings rose 5% to $2.58 billion from the first quarter of 2025.
Its liquefied natural gas segment, which includes gas and LNG trading, was up 2% at $1.3 billion.
The integrated power segment, comprising gas-fired power plants, renewables and batteries, was up 8% at $545m.
