TotalEnergies SE oil trading profits reached approximately $1 billion in the first quarter. CEO Patrick Pouyanné disclosed the figures during a Parliament hearing in Paris. The trading division generated an additional $500 million beyond its typical quarterly gains.
A crude buying spree ahead of the Iran war drove the profit surge. Overall net earnings for the energy giant increased by nearly 30% in the first quarter. Pouyanné stated that these trading profit levels are unlikely to be replicated every quarter.
The SATORP refinery in Saudi Arabia currently operates at 70% capacity following drone strikes. Full repairs for the facility are not expected until early 2027.