TotalEnergies Posts Q1 Jump on Oil Spike as “Superprofit” Debate Intensifies

On Wednesday, 29 April 2026, TotalEnergies delivered a robust set of first-quarter results, lifted by a surge in oil prices tied to renewed Middle East tensions. The French energy major, active across conventional oil and gas as well as renewables, also approved an interim dividend of €0.90 per share for 2026 (up 5.9%) and outlined plans for up to $1.5 billion in share repurchases during the second quarter — a marked increase from the $750 million deployed in the prior three months.

In France, where TotalEnergies previously capped fuel prices, President Emmanuel Macron called on the government to examine “possible new responses” to rising pump prices, according to comments relayed by government spokesperson Maud Bregeon after the Council of Ministers. “I will not engage in ‘Total-bashing’ as some politicians inevitably will. That said, one principle is clear: no one should profit from this crisis, and no superprofits should arise — especially in France,” she said. She added that “no door is ruled out,” whether via an EU‑level initiative or potential measures that could be folded into the 2027 finance bill.

Bregeon — who also serves as junior minister for energy — described TotalEnergies as a “major French energy player” while urging the group to maintain its price‑capping commitments. Opposition Socialist deputies separately announced on X a draft bill to “tax exceptional profits linked to crises,” arguing that a 20% surcharge on oil majors’ windfalls would “return money taken from the French people.”

Oil Markets Remain Elevated and Volatile

TotalEnergies stressed that oil markets are sustaining elevated levels around $100 per barrel and remain “extremely volatile.” With 2–3 months required to restore production facilities in the Middle East, prices are likely to stay high through the second quarter. The group no longer expects a global supply surplus in 2026 — a scenario it had considered earlier this year — given the conflict’s impact on global hydrocarbon inventories.

Trading operations benefited from market swings, and TotalEnergies reaffirmed its 2026 net investment guidance at $15 billion, noting it is evaluating “accelerated short-cycle projects to capitalize on current hydrocarbon prices.” Its shares rose 0.43% to €78.61 around midday GMT, underperforming the broader European oil index (+1%) but up nearly 42% year-to-date (+36% for the sector).

War-Driven Disruptions and Strong Underlying Results

The US‑ and Israel‑led campaign against Iran, launched on 28 February, and the closure of the Strait of Hormuz pushed oil past $100 per barrel but forced TotalEnergies to shut in roughly 15% of its global production across Qatar, Iraq and the UAE. Iranian strikes damaged LNG assets in Qatar serving the group and the SATORP refinery in Saudi Arabia, which TotalEnergies co‑owns.

For January–March, TotalEnergies reported adjusted net income of $5.4 billion (up 29%), adjusted EBITDA of $12.6 billion (up 19%), and hydrocarbon output of 2.553 million barrels per day, with 4% organic growth offsetting conflict‑related impacts. Consensus expectations compiled by LSEG had penciled in $5.0 billion of adjusted net income. The group sees second‑quarter production growing roughly 4%, excluding Middle East conflict effects.

Greenpeace France denounced “war profits amid an energy crisis,” calling for “permanent additional taxes on all oil and gas profits” to fund protections for vulnerable households. Separately, TotalEnergies closed the acquisition of a 50% stake in a Czech EPH‑owned portfolio of roughly 14 GW of gas‑ and biomass‑fired power plants and battery systems across Europe.