TotalEnergies reported a strong first quarter on Wednesday, with earnings beating analyst expectations across nearly every segment. The French energy major posted adjusted net income of $5.4 billion, up 29% from $4.2 billion in the same period last year.
BIG OIL 1Q EARNINGS: TotalEnergies boost quarterly buybacks again to the top of its guidance at $1.5 billion a quarter (up the lower bottom of ~$750 million more recently) and hikes dividend after a strong set of results in Jan-Mar period.
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Analysts had penciled in around $5 billion, according to LSEG data. The beat came despite regional disruptions that forced TotalEnergies to shut in roughly 15% of its upstream production.
The driver? High oil prices and strong trading activity tied to the ongoing conflict in the Middle East.
Brent crude climbed toward multi-year highs near $120 a barrel after U.S.-Israeli strikes on Iran began in late February. Tehran’s subsequent closure of the Strait of Hormuz and attacks on Gulf neighbors — including a Saudi refinery co-owned by TotalEnergies — sent energy markets into a sharp disruption.
That disruption, while damaging to output, proved to be a windfall for trading operations.
The refining and chemicals segment was the standout of the quarter. Earnings there more than quintupled to $1.6 billion, driven largely by oil and petroleum products trading activity.
Upstream exploration and production earnings rose 5% to $2.58 billion. The liquefied natural gas segment edged up 2% to $1.3 billion, even with Iranian strikes damaging LNG facilities in Qatar that supply TotalEnergies.
Marketing and services earnings grew 9% to $262 million. The integrated power segment — covering gas-fired plants, renewables, and batteries — climbed 8% to $545 million.
Every major business segment posted growth despite the broader disruption to energy markets.
TotalEnergies used the earnings announcement to signal a more aggressive return of cash to shareholders. The quarterly dividend was raised 5.9% to €0.90 per share.
Share buybacks were doubled to $1.5 billion for the second quarter. That’s a reversal from February, when TotalEnergies cut buybacks to $750 million as lower oil prices at the time weighed on the outlook.
RBC analyst Biraj Borkhataria called the results positive, highlighting both the dividend hike and the buyback increase. Jefferies analyst Mark Wilson described the report as a “small positive.”
TTEF stock was up 1.1% to 79.16 euros in early Paris trading by 07:02 GMT, touching its highest level in more than two weeks.
The stock is up 42.33% year-to-date.
British peer BP also reported strong Q1 results on Tuesday, with net income more than doubling due to the same war-related trading boost.
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