TotalEnergies Q2 profit doubles to $5.4bn as Middle East conflict drives oil prices
TotalEnergies reported second‑quarter net profit of $5.4 billion, more than double the $2.7 billion earned a year earlier, as the conflict in the Middle East pushed hydrocarbon prices higher. CEO Patrick Pouyanne said the group’s integrated model and diversification allowed it to capitalize on the high‑price environment. Oil and gas production rose more than four percent year‑on‑year, helped by new projects in Brazil, the United States and Libya, which partly offset losses from reduced access to the Strait of Hormuz. The exploration and production division posted higher adjusted net operating income. TotalEnergies also posted a strong first‑quarter profit surge earlier this year, driven by trading activities and the same price surge. The results were announced on Thursday, July 23 2026, according to AFP. For Nigeria, Africa’s top oil exporter, higher crude prices could boost government revenues but may also raise domestic fuel costs and renew pressure on the fuel subsidy programme. Will the government save the extra revenue or face renewed pressure to reinstate fuel subsidies?