TotalEnergies Records Net Income of $5.4 Billion in Q1

• Raises dividend, buybacks on war-related profits 

•OPEC launches 2026 statistical bulletin, reports rise in global oil demand, output

Emmanuel Addeh  in Abuja

TotalEnergies has beaten expectations with adjusted first-quarter net income of $5.4 billion, a 29 per cent jump from a year ago, boosted by strong trading. Analysts had expected $5 billion, according to LSEG data.

Also, the Organisation of the Petroleum Exporting Countries (OPEC) yesterday launched the 61st edition of its Annual Statistical Bulletin (ASB) in Vienna, Austria, showing that world oil demand increased by 1.30 million barrels per day (mb/d) year-on-year to average 105.15 mb/d in 2026.

However, Totalenergies also raised its dividend and doubled its share buybacks, the company announced, triggering calls in France for a supertax on its windfall profits to aid consumers hit by a spike in energy costs linked to the Iran war.

Its shares rose as much as 1.3 per  cent, up around 40 per cent so far this year. The Middle East conflict has caused unprecedented disruption of energy markets, forcing Total to shut in 15 per cent of its upstream output and pushing up global energy prices, providing a windfall for some producing countries and oil majors, a Reuters report said.

Chief Executive of the company, Patrick Pouyanne,  said he expected higher oil and gas prices to last the year. “No one knows how long this war will last … but all scenarios I read expect oil prices of at least $80 per barrel for 2026,” he told analysts on a call.

The French energy company announced a 5.9 per cent dividend increase and will buy back $1.5 billion in shares in the second quarter, a turnaround after it slowed purchases and announced a cost-savings programme in late 2025 on the expectation low oil prices would fall further.

Benchmark Brent crude futures climbed to multi year highs near $120 a barrel after U.S.-Israeli strikes on Iran began in late February, followed by Tehran’s closure of the Strait of Hormuz and its attacks on Gulf neighbours.

Other majors yet to report first-quarter results could also boost shareholder returns with strong profits.

Italian rival Eni nearly doubled its share buybacks on expectations the war would keep energy prices higher for longer, though BP declined to boost investor returns with its war-related trading profits, Reuters reported.

Total, which already flagged earlier this month the positive effect the war-driven oil price rise would have on its income, said earnings were up across all business segments. Refining and chemicals, home to Total’s oil and petroleum products trading, delivered an eye-popping fivefold increase to $1.6 billion for the quarter.

Meanwhile, OPEC yesterday launched the 61st edition of its Annual Statistical Bulletin (ASB) at its Secretariat in Vienna, Austria, in a virtual event held via videoconference.

First published in 1965, the Annual Statistical Bulletin remains one of OPEC’s flagship publications, providing comprehensive data on the global oil and gas industry. It serves policymakers, industry stakeholders, analysts, researchers, and academia with detailed statistics on energy markets, covering both OPEC Member Countries and participating nations in the Declaration of Cooperation, alongside global regional breakdowns.

The 2026 edition, which contains data up to the end of 2025, showed that world oil demand increased by 1.30 million barrels per day (mb/d) year-on-year to average 105.15 mb/d. Growth was broad-based, with significant gains recorded in Non-OECD Asia, China, Africa, Latin America, India, and the Middle East, while demand in OPEC Member Countries rose modestly by 0.17 mb/d.

Global crude oil production also rose by 2.24 mb/d in 2025 to an average of 74.85 mb/d, driven by increases from both OPEC and non-OPEC producers. Refining capacity edged up slightly by 0.05 mb/d to 103.66 mb/d, while refinery throughput increased more strongly by 1.17 mb/d to 86.89 mb/d, supported by higher activity in OECD Americas and key non-OECD regions including China, India, Africa, and the Middle East.

On trade flows, OPEC Member Countries exported an average of 19.85 mb/d of crude oil in 2025, up by 0.85 mb/d from 2024, with Asia remaining the dominant destination, receiving 14.79 mb/d. Petroleum product exports also rose to 5.31 mb/d. The bulletin further provided updated data on global proven crude oil reserves.