What caused TotalEnergies' oil trading profits to double to about $1 billion in the first quarter?

TotalEnergies' oil trading profits doubled to about $1 billion in the first quarter due to a strategic crude oil buying spree ahead of the Iran war, as the US Navy gathered ships near the Strait of Hormuz in February; the company secured barrels from the Persian Gulf via the Fujairah hub outside the chokepoint and made both profitable and money-losing wagers to balance positions, according to CEO Patrick Pouyanné.

How did TotalEnergies respond to public backlash in France over its war-related profits and rising energy prices?

In response to public backlash in France over its war-driven profits amid surging energy prices, TotalEnergies introduced a price cap at its service stations, which has cost the company about €200 million ($232 million) so far, as stated by CEO Patrick Pouyanné during a Parliament hearing in Paris.

TotalEnergies Oil Trading Gains Double to About $1 Billion Last Quarter

Jun 17, 2026

TotalEnergies SE reported oil trading profits doubling to approximately $1 billion in the first quarter due to strategic crude purchases during the Iran conflict, resulting in a 30% increase in net earnings amidst public criticism over rising energy prices.

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