Profits for worldwide energy company TotalEnergies have risen 41% in three months, as global energy supplies are disrupted after two months of war and oil prices have increased by 3%.
The company, headquartered in France, announced today that its profits for the first quarter of 2026 were $5.8 billion, a 51% rise from the same period in 2025.
The breakdown includes a $5.4 billion profit in oil trading and petroleum, and $12.4 billion in natural gas and liquefied natural gas in the first quarter of this year.
Patrick Pouyanné, TotalEnergies CEO, chaired a meeting with the Board of Directors at the company today and signed off the final accounts. In their press release, his statement said:
“Driven by a 4% year-on-year organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas and power. IFRS net income amounted to $5.8 billion."
Other major energy groups have reported similar gains over the same period, reflecting the wider impact of supply disruption and higher crude prices. Shell and BP both posted stronger-than-expected earnings, while ExxonMobil and Chevron also benefited from elevated prices and robust trading activity.
Shortages of energy worldwide are the result of the Strait of Hormuz being effectively closed due to the U.S.- and Iran-led conflict. Vessels passing through the key waterway provide about one-fifth of global supplies.
Oil prices have risen by nearly 3% today, with Brent crude hitting a one-month high.
The World Bank on Tuesday forecast that energy prices would surge by 24% in 2026 to their highest level since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the Iran war end in May.
"The poorest people, who spend the highest share of their income on food and fuels, will be hit the hardest", said Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics.
Yesterday’s decision by the United Arab Emirates to leave the Organization of the Petroleum Exporting Countries(OPEC) in May is not expected to have an immediate impact on global energy supply due to the ongoing closure of the Strait of Hormuz, but could lead to a longer-term boost in output.
Pouyanné has pushed for a reopening of the Strait. Speaking at the World Policy Conference near Paris on Friday, he said: "If it lasts two, three months more, we are entering in a world of scarcity of energy, which Asian countries have already suffered, you cannot have 20% of the oil and gas of the planet being stranded and not accessible without major consequences."
French President Emmanuel Macron was in Greece the following day and said he was focused on reopening Hormuz.
Macron, speaking at a press conference with Greek Prime Minister Kyriakos Mitsotakis, warned about uncertainty and subsequent panic buying leading to shortages.
"Our goal is to achieve a full reopening in the coming days and weeks, in accordance with international law, guaranteeing freedom of navigation without tolls on the Strait of Hormuz. Then things can gradually return to normal," Macron said.
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