TotalEnergies Profit Falls Amid Lower Oil Prices Despite Production Gains

TotalEnergies reported a drop in first-quarter profits on Wednesday, citing falling global crude oil prices despite increases in production across several energy segments.

The French energy giant posted a net profit of $3.9 billion for Q1 2025 — a 33 percent decline compared to the same period in 2024. The figure, however, was in line with earnings from the final quarter of last year.

While the company raised crude oil output by two percent year-on-year, it was not enough to offset a nine percent drop in global benchmark prices. The price slide has been driven in part by concerns over economic slowdown following the imposition of stiff tariffs by the U.S. administration under President Donald Trump, dampening global demand.

Gas production grew by six percent, buoyed by a nearly 30 percent spike in gas prices. However, liquefied natural gas (LNG) output rose only four percent. TotalEnergies also saw an 18 percent rise in electricity generation.

CEO Patrick Pouyanné acknowledged the impact of weaker prices and broader uncertainty, stating: “Despite a softening price environment with Brent below $70 per barrel since the beginning of April and an uncertain geopolitical and macroeconomic context,” the company will raise its interim dividend by 7.6 percent and carry out up to $2 billion in share buybacks this quarter.

TotalEnergies maintained its full-year investment target of $17 to $17.5 billion, but warned of continued volatility, pointing to weak refining and petrochemical margins and oil prices fluctuating between $60 and $70 per barrel amid increased output from OPEC+ nations.