Credits: Hamed Malekpour / Tasnim News Agency, Creative Commons Attribution 4.0 International (CC BY 4.0).
TotalEnergies’ net profit doubled in the second quarter of 2026, to $5.4 billion. This increase comes amid high oil prices tied to the war in the Middle East. On Thursday, July 23, elected officials called for price freezes and a tax on “superprofits,” while the government defended the energy company. The accounts confirm the effect of prices and margins, without establishing a mechanical transfer of every price increase at the pump to the group.
What Is TotalEnergies’ Profit?
The TotalEnergies results published on July 23 distinguish several indicators. Net profit, or group net income, came to exactly $5.438 billion, compared with $2.687 billion a year earlier. Adjusted net income, which notably strips out certain one-off items and inventory effects, rose to $6.027 billion, compared with $3.578 billion. Self-financing cash flow, meanwhile, increased from $6.6 billion to $9.8 billion.
For the first half, net income came in at $11.248 billion, up 72%. The group’s data shed light on this increase. Brent averaged $103.80 per barrel in the second quarter, compared with $67.90 a year earlier. The European refining margin indicator nearly tripled, while hydrocarbon production fell by about 4%. Prices and refining therefore supported the accounts more than volumes did. However, these figures do not make it possible to isolate a share of profit that can be directly attributed to the war.
From “Jackpot” to Pump Prices
“While fuel prices are going back up, it’s jackpot time for TotalEnergies,” wrote Manuel Bompard. The coordinator of La France insoumise is calling for a price freeze. Éric Coquerel, meanwhile, is calling for a cap on refiners’ margins and a tax on “superprofits.”
Part of Éric Coquerel’s message was no longer up to date, however. He presented the €1.99 cap as limited to weekends and a few stations. In its July 22 statement, TotalEnergies reinstated it at all of its stations in mainland France. The cap is set at €1.99 per liter for gasoline and €2.25 for diesel. During three peak travel weekends, gasoline and diesel will be capped at €1.99 at highway stations.
This commercial measure is not the same as a government-imposed freeze. It applies only within the TotalEnergies network, and the company bears the cost itself. Patrice Geoffron, professor of economics at Paris Dauphine University, assessed the discounts granted so far in 2026. On July 23, on C dans l’air, he put the amount at around 200 million euros. He said the effort was limited and noted that a cap specific to a single group could put competing stations at a disadvantage.
Dividend and Taxation: What Can Be Measured
The first-half accounts record $4.217 billion in dividends paid and $2.245 billion in share buybacks. The board of directors decided on a second interim dividend of €0.90 per share for 2026. The amount is up 5.9%. However, it will not be paid on Euronext until January 5, 2027. Olivier Faure claimed that shareholders had already received this second installment. That statement needs to be dated: the one announced with the results has not yet been paid.
In the verified statements, left-wing calls to tax TotalEnergies more do not specify either a rate or a tax base. They also do not provide any estimated budgetary yield. At this stage, it is impossible to measure what a contribution would bring in or return to motorists. Maud Bregeon, for her part, rejected “Total bashing” and presented the group as an asset for France’s supply. She said taxing large companies could not be the first response.
The term “jackpot” thus sums up a political judgment about redistributing a temporary windfall. The figures confirm a sharp rise in profit, driven by high oil prices and refining margins. They do not prove illegality, nor a direct one-to-one link between the fill-up paid for in France and TotalEnergies’ global profits. The debate now centers on the tool chosen: a commercial cap, public price controls, or a precisely defined tax.