Gate News message, April 16 — TotalEnergies (TTE.US) said its first-quarter results will be strong, driven by surging energy prices, increased production outside the Middle East, and a significant boost in its oil and gas trading business, offsetting impacts from the Iran conflict. The company expects to report substantial growth in crude oil and natural gas production and trading performance for the quarter, with full results due later this month.
The Iran war that erupted in late February disrupted energy markets and nearly halted shipping through the Strait of Hormuz, a critical chokepoint. European energy majors with large trading operations typically profit from market volatility; Shell (SHEL.US) and BP (BP.US) both reported strong first-quarter trading results. TotalEnergies’ trading division launched one of its largest Middle Eastern crude purchases in recent months, further driving up oil prices. The company had already begun accumulating North Sea crude before the conflict, tightening recent supplies.
New projects in Brazil and Libya offset production declines in the Middle East, allowing TotalEnergies to maintain oil and gas output at prior-quarter levels. However, some of the company’s facilities have shut down due to the conflict’s expansion across the Persian Gulf region, affecting operations in Qatar, Iraq, and UAE offshore fields—accounting for approximately 15% of total production. The company’s joint refinery with Saudi Aramco was shut down after being targeted.
CEO Patrick Pouyanne said earlier this week that prolonged conflict could inflict more severe production impacts. If the blockade persists beyond three months, the company will face “quite serious supply problems.” However, if negotiations resume and the Strait of Hormuz reopens quickly, conditions could return to “normal” within three months.
The strong energy company earnings have sparked controversy. On April 4, finance ministers from Germany, Italy, Spain, Portugal, and Austria called on the EU Commission to impose windfall taxes on energy firms due to Iran-driven oil price increases, with revenues directed toward consumer relief measures.
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