TotalEnergies, the integrated multi-energy company, anticipated a sharp rise in first‑quarter (Q1) of 2026 earnings, driven by strong trading results, higher upstream output, and increased oil sales amid elevated prices linked to the war in Iran, even as the conflict forced the shutdown of 15% of the French company’s overall production, Reuters reported.
The group reported that European refining margins averaged $11.40 per barrel in the quarter, up 192% a year earlier and unchanged from the Q4 2025 margin.
TotalEnergies is scheduled to report Q1 earnings on April 29. Benchmark Brent crude futures surged to multi‑year highs near $120 a barrel after US–Israeli strikes on Iran in late February, followed by Tehran’s closure of the Strait of Hormuz and attacks on Gulf neighbors that damaged Qatar’s LNG facilities supplying Total, as well as Saudi Arabia’s SATORP refinery, which the French group co‑owns.
Although the conflict cut about 100,000 barrels of oil‑equivalent per day (boe/d) from Middle East output, increased production elsewhere offset the loss, keeping overall volumes steady compared with the fourth quarter of 2025.
TotalEnergies said the gains led to a sharp increase in first‑quarter upstream income, driven by higher oil prices, while downstream earnings also rose as refineries operated above 90% capacity and crude oil and petroleum product trading delivered strong results in March.
The company said its liquefied natural gas (LNG) earnings were significantly lifted by strong trading amid market volatility.
TotalEnergies expects Integrated Power earnings to come in at about $500 million, roughly unchanged from a year earlier, while Marketing and Services results are also projected to remain in line with last year’s performance.
The company projects a $5 billion working capital build for the quarter, attributing $2.5–3 billion to seasonal factors, with the remainder reflecting the impact of rising oil and product prices on inventories.
