TotalEnergies doubles Q2 profit to $5.4 billion as Middle East war lifts oil prices and reignites France's superprofits tax debate

Second-quarter numbers

TotalEnergies reported adjusted net income of $6 billion for the April-to-June period, a 67 percent increase compared with $3.6 billion in the same quarter of 2025 and up from $5.4 billion in the first quarter of 2026. Net profit doubled to $5.4 billion, slightly ahead of the consensus estimates compiled by FactSet ($5.26 billion equivalent) and Bloomberg ($6.11 billion). Across the first six months of the year, the group accumulated net profit of $11.2 billion, 73 percent more than a year earlier and above the $10.6 billion it booked in the first half of 2022 after Russia's invasion of Ukraine.

In an environment of high prices linked to the Middle East conflict, TotalEnergies is leveraging its integrated model and diversification to post an adjusted net income of $6 billion in the second quarter.

Where the windfall came from

The rally was born in the Strait of Hormuz. A barrel of Brent crude averaged roughly $97 during the quarter, 45 percent more than a year earlier, as the war involving the United States, Israel and Iran choked supply routes. Refining and chemicals was the standout performer: profit in the division surged 362 percent to $1.8 billion, propelled by wide margins and a lucrative trade in scarce fuels. Exploration and production climbed 64 percent to $3.2 billion. The one soft spot was liquefied natural gas, where profit fell 22 percent to $807 million because of weak European demand.

France reopens the superprofits row

As pump prices bit into household budgets, the earnings refuelled demands for a windfall tax on fossil-fuel multinationals. Éric Coquerel, the left-wing chair of the National Assembly's finance committee, argued on social media that the company was profiting from war at consumers' expense.

TotalEnergies has never captured war profits so well on the back of consumers.

Government spokeswoman and energy minister Maud Bregeon pushed back, insisting she would “always refuse to engage in 'Total bashing'.” She pointed to the fuel price cap that TotalEnergies reinstated at its service stations on Wednesday, a measure meant to cushion French motorists.

It is a chance for France to have a global energy company that can secure supplies and help bring prices down.

Returning cash to shareholders

The board approved a share buyback programme of up to $1.5 billion for the third quarter, citing strong cash generation and a lower debt level. An interim dividend of 0.90 euros per share will be paid for 2026 earnings, matching the first interim payout and representing a 5.9 percent rise over the total dividends distributed for the 2025 financial year.