How did the outbreak of war at the end of February impact TotalEnergies' oil and gas production and trading operations?

The outbreak of war at the end of February upended energy markets, halting shipping through the Strait of Hormuz and triggering production shut-ins in Iraq, Qatar, and the UAE — all countries where Total operates. Despite this, Total managed to keep oil and gas production in line with the previous quarter thanks to new projects in Brazil and Libya offsetting Middle East declines. Its trading arm capitalized on volatility by launching one of the biggest-ever buying sprees of Middle Eastern oil last month, while also having previously increased purchases of North Sea crude, tightening near-term supply and contributing to rising prices.

What specific asset damage did TotalEnergies report as a result of Iranian strikes in the Persian Gulf?

TotalEnergies reported that the Satorp refinery in Saudi Arabia — a joint venture with Saudi Aramco — was shut after suffering damage in an Iranian strike, as confirmed by the company last week.

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TotalEnergies Flags Strong Quarter as War Rattles Energy Market

Apr 15, 2026

TotalEnergies reported a strong first quarter driven by surging energy prices and trading profits, offsetting Middle East war disruptions. Production remained stable via new Brazil and Libya projects, though the Satorp refinery was halted following an attack.

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