The oil price rally triggered by the war in Iran has brought TotalEnergies a veritable windfall and its best quarterly results in nearly three years. Adjusted net income jumped 67 percent year-over-year to $6 billion in the second quarter, the French energy company announced on Thursday. This figure was even higher than the $5.4 billion reported in the first quarter of 2026. Analysts had already anticipated profit growth on this scale. Shareholders are set to benefit: TotalEnergies announced $1.5 billion in share buybacks for the third quarter.
The conflict between the U.S., Israel, and Iran, as well as the de facto closure of the Strait of Hormuz, have tightened global supply and driven prices for crude oil and natural gas to multi-year highs. Between April and June, a barrel (159 liters) of North Sea Brent crude cost an average of about $97—45 percent more than a year earlier. TotalEnergies benefited particularly strongly from the bottlenecks in the Persian Gulf in its Refining and Chemicals division. Here, profit soared by 362 percent to $1.8 billion, driven by strong margins and lucrative trading in the scarce fuels. In the Exploration and Production division, earnings climbed by 64 percent to $3.2 billion. TotalEnergies, however, experienced a setback in its liquefied natural gas (LNG) business: Due to weak demand in Europe, profit in this segment fell by 22 percent to $807 million. (Reuters)
Apart from that, the renewable energy division increased its revenue by just under 19 percent. Profit in this division alone rose by 14 percent.
The dividend was increased by 5.9 percent.
