How did the war in Iran impact TotalEnergies' Q1 earnings and production, according to the news?

TotalEnergies expects a significant increase in first-quarter earnings driven by strong trading performance, higher upstream oil sales, and elevated refining margins—despite the war shutting down 15% of its overall production. The conflict triggered U.S.-Israeli strikes on Iran in late February, followed by Tehran’s closure of the Strait of Hormuz and attacks on Gulf neighbors, which damaged LNG facilities in Qatar supplying Total and disrupted operations at Saudi Arabia’s SATORP refinery (co-owned by Total). These events pushed Brent crude futures near $120/barrel, boosting upstream earnings from oil price gains and downstream results from refineries operating above 90% capacity and strong crude and petroleum product trading in March—especially amid market volatility that also significantly lifted LNG earnings.

What were TotalEnergies' key financial metrics for Q1 2026 as reported in the earnings outlook?

TotalEnergies reported its European refining fuel margin at $11.40 per barrel for Q1—up 192% from $3.90 per barrel a year earlier and flat compared to Q4 2025’s $11.40 per barrel. The company attributed the surge in refining margins and overall earnings to higher oil prices caused by the Iran-related conflict, strong crude and petroleum product trading activities in March, upstream exploration and production earnings growth from oil price gains, and significantly boosted liquefied natural gas (LNG) earnings due to volatile market conditions. It is scheduled to report full first-quarter earnings on April 29.

TotalEnergies says strong trading will boost Q1 earnings despite output hit from war

Apr 15, 2026

TotalEnergies forecasts a significant Q1 earnings increase driven by strong trading and higher oil prices, despite a 15% production drop caused by regional conflict. European refining margins rose 192% year-over-year amidst market volatility.

reuters

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