French energy giant TotalEnergies has delivered first-quarter adjusted net income of $5.4 billion, a 29 percent increase from the same period a year earlier and ahead of analyst expectations of $5 billion, driven by strong trading performance and the sharp rise in global energy prices triggered by the Iran war, as the company simultaneously raised its dividend and doubled share buyback plans.
The company’s shares rose as much as 1.3 percent, extending year-to-date gains to approximately 40 percent, while French political leaders called for a supertax on windfall profits to provide relief to consumers facing severe energy cost pressures.
Chief Executive Patrick Pouyanne told analysts that he expected elevated oil and gas prices to persist throughout the year. “No one knows how long this war will last, but all scenarios I read expect oil prices of at least $80 per barrel for 2026,” he said, though he noted that the Middle East conflict had also forced the company to shut in 15 percent of its upstream production.
The most striking performance came from the company’s refining and chemicals division, which delivered a fivefold increase in earnings to $1.6 billion for the quarter, reflecting the exceptional trading conditions created by the war-driven energy price spike. The company announced a 5.9 percent dividend increase and planned to buy back $1.5 billion in shares in the second quarter, reversing a cost-savings programme implemented in late 2025 when lower oil prices were expected to fall further.
Benchmark Brent crude futures had climbed to multi-year highs near $120 a barrel following US-Israeli strikes on Iran, with Tehran’s subsequent closure of the Strait of Hormuz and its attacks on Gulf neighbours further tightening the global supply picture.
Separately, the Organization of the Petroleum Exporting Countries launched the 61st edition of its Annual Statistical Bulletin at its secretariat in Vienna, providing comprehensive data showing that world oil demand increased by 1.30 million barrels per day in 2025 to average 105.15 million barrels per day, with growth recorded across non-OECD Asia, China, Africa, Latin America, India, and the Middle East.
Global crude oil production also rose by 2.24 million barrels per day in 2025 to an average of 74.85 million barrels per day, driven by increases from both OPEC and non-OPEC producers. Refinery throughput increased by 1.17 million barrels per day to 86.89 million barrels per day. OPEC member countries exported an average of 19.85 million barrels per day of crude oil in 2025, with Asia remaining the dominant destination at 14.79 million barrels per day.
