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TotalEnergies Profit Soars as France Weighs New Steps on Fuel Price Shock

France weighs windfall measures to fund targeted relief.

Maud Bregeon (Photo d'illustration). [Ludovic MARIN / AFP]
Un Émirati se tient au terminal pétrolier de Fujairah, aux Émirats arabes unis, le 21 septembre 2016.
D’après le Financial Times, TotalEnergies aurait également réalisé un milliard de dollars de bénéfices en mars, en spéculant sur la fermeture du détroit d’Ormuz.

Overview

  • TotalEnergies reported Wednesday a $5.8 billion first‑quarter profit, up about 50% year on year, helped by higher oil and gas prices and strong trading results.
  • Following Wednesday's cabinet meeting, President Emmanuel Macron asked ministers to design new, targeted support for professions hit by fuel costs.
  • Prime Minister Sébastien Lecornu said every extra euro of fuel‑tax revenue will go to direct aid and pressed TotalEnergies to redistribute any exceptional gains, while the government left the door open to a windfall levy.
  • TotalEnergies said it will continue capping pump prices at its French stations as a form of consumer support, after prior caps that drew heavy traffic to its forecourts.
  • Officials say May supplies look secure thanks to more than three months of strategic stocks, but industry leaders warn of a higher risk of diesel and jet fuel shortages this summer if the Strait of Hormuz disruption endures, as French fuel use already fell about 10% in early April.