'Economy' from Riyadh

Thursday, July 23, 2026 12:35 | 2 minutes read

TotalEnergies said its second-quarter profit jumped as the war in Iran drove up prices for crude oil and refined products, offsetting a decline in its gas division's earnings.

The French energy major said in a statement on Thursday that adjusted net income rose 68% to $6.03 billion compared to the previous year.

The results were broadly in line with analyst estimates, which had been lowered after Total indicated last week that its integrated gas unit was heavily impacted by weak trading performance.

Disruptions in the Strait of Hormuz and the conflict between Russia and Ukraine are tightening fuel supplies, boosting profits for the world's largest energy companies. TotalEnergies' refining margin jumped.

Thu, 23 2026

Like its peers Shell and BP, TotalEnergies has a massive trading unit that has helped it navigate market disruptions successfully.

CEO Patrick Pouyanne said in the statement: 'In an environment of high prices due to the conflict in the Middle East, TotalEnergies benefits from its integrated business model and diversified portfolio.'

Norwegian company Equinor also reported on Wednesday earnings that beat expectations, supported by higher production and rising natural gas prices in Europe due to the war in Iran.

Total increases shareholder dividends

Total will pay an interim dividend for the second quarter of €0.90 ($1.03) per share, up 5.9% from a year earlier. The company plans to buy back $1.5 billion of shares in the third quarter, in line with the previous quarter.

Total had said in February it would buy back between $3 billion and $6 billion of shares this year, based on oil prices of $60 to $70 per barrel.

Wed, 22 2026

Despite crude prices rising to higher levels since then, the company reaffirmed its priority to use additional profits to reduce its debt.

Total's leverage ratio (net debt to equity) fell to 13.1% at the end of the second quarter, excluding leases, from 15.5% at the end of March.

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