The energy crisis resulting from the war in the Middle East triggered in March is not affecting everyone in the same way. While the rise in oil prices – and consequently fuel prices – is undermining household purchasing power, the TotalEnergies oil and gas company is profiting significantly. According to its first-quarter results published on Wednesday, the French group saw a net profit increase of over 51% compared to the first quarter of 2025, earning $5.8 billion in revenue (around 4.9 billion euros).
TotalEnergies had already paved the way in a note sent to its investors mid-April, anticipating “strong growth” for its hydrocarbon activities, driven by price hikes and increased production. This is despite its production losses of gas and oil in the Persian Gulf region, equivalent to 15% of its global oil and gas activities.
At the same time, the surge in the company’s stock price “has led to massive enrichment of its shareholders estimated at 55.4 billion euros,” according to Greenpeace. Among them, Patrick Pouyanné, the company’s chairman and CEO, is said to have enriched himself by over 15 million euros. “This pattern is well known,” reacted Sarah Roussel, a fossil fuels campaigner at Greenpeace. “Like at the beginning of the war in Ukraine in 2022, TotalEnergies is taking advantage of the soaring oil prices linked to geopolitical instability to maximize its profits. Behind these record results lie indecent war profits, most of which go into the pockets of its shareholders, while millions of people see their energy bills skyrocket.”
In response, the NGO is urging the French government to implement additional permanent taxes on all profits made by oil and gas companies. It also calls for the establishment of an international tax on the global profits of the most polluting multinationals where they create value, under the United Nations tax treaty currently being negotiated in New York (United States).
TotalEnergies is not the only company seeing an increase in its profits. According to a report released on Monday by Oxfam, estimated net profits for 2026 in the global fossil fuels sector will reach 94 billion dollars (80 million euros), “enough to provide solar energy to nearly 50 million people in Africa.” This amounts to about 37 million dollars (31 billion euros) in additional profits per day compared to 2025 for six of the largest companies in the sector: Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies.
These results come as the first international summit on phasing out fossil fuels is taking place in Santa Marta, Colombia. Greenpeace and Oxfam emphasize the urgency of implementing concrete solutions in a context that highlights a strong dependence on hydrocarbons.
