SEATTLE (Oil Monster): TotalEnergies expects a sharp rise in first-quarter earnings, supported by strong trading performance, higher oil prices, and resilient upstream output despite disruptions linked to the Iran conflict. The company said the war impacted around 15% of its production, cutting roughly 100,000 barrels of oil-equivalent per day in the Middle East.
Benchmark Brent crude surged to near $120 per barrel following escalating tensions, including strikes on Iran and the closure of the Strait of Hormuz. The disruption also affected LNG facilities in Qatar and refinery operations in the region.
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TotalEnergies reported a European refining margin of $11.40 per barrel, up 192% year-on-year, reflecting robust downstream conditions. Refineries operated above 90% capacity, while strong crude and petroleum product trading in March further supported earnings. LNG trading also benefited from heightened market volatility.
Although Middle East output declined, increased production in other regions helped keep overall volumes stable compared to the previous quarter. The company expects integrated power earnings to remain around $500 million, while marketing and services results are projected to stay in line with last year.
