The French energy major TotalEnergies expects a significant increase in first-quarter earnings. Surging oil and gas prices and strong trading performance drove the growth amid market volatility from the war in Iran.
The conflict shut down approximately 15% of the company's production in Qatar, Iraq, and the offshore United Arab Emirates. TotalEnergies stated that higher energy prices will more than offset these production losses.
Upstream exploration and production earnings rose significantly due to oil price gains. Downstream refining and liquefied natural gas (LNG) trading also delivered strong results. The company will report full first-quarter results on April 29.