TotalEnergies earnings jump 29% as oil price, trading offset supply disruptions
Strong Oil Prices and Trading Drive TotalEnergies Earnings Surge
By America Hernandez
PARIS, April 29 - TotalEnergies exceeded market expectations with a 29% jump in first-quarter earnings on Wednesday, 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 majors reap billions of dollars from the energy supply crunch.
Impact of Geopolitical Tensions on Oil Markets
Benchmark Brent crude futures climbed to multi‑year highs near $120 a barrel after U.S.-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.
Broader Industry Effects
On Tuesday, British peer BP reported its first-quarter net income more than doubled due to the war-related trading boost.
Segment Performance Overview
All Segments Up, Oil Trading the Star
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.
Refining and Chemicals
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
Marketing and services earnings rose 9% to $262 million.
Upstream Exploration and Production
Upstream exploration and production earnings rose 5% to $2.58 billion from the first quarter of 2025.
Liquefied Natural Gas Segment
Its liquefied natural gas segment, which includes gas and LNG trading, was up 2% at $1.3 billion.
Integrated Power Segment
The integrated power segment, comprising gas-fired power plants, renewables and batteries, was up 8% at $545 million.
(Reporting by America Hernandez in Paris and Mateusz Rabiega in Gdansk; Editing by Bernadette Baum)
