Facing Patrick Pouyanné, Éric Coquerel wanted to corner TotalEnergies on its profits, margins, and taxes, but the hearing quickly took a different turn.
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So I have a first question about your profits. In the first quarter, worldwide profits came to nearly 5 billion euros, up 51% compared to Q1 2025. I'd like, this time for France specifically, to ask you the same questions about your profits from March 1 to June 1, 2026. So for France, if possible broken down between refining and distribution, and compared with the exact same period in 2025. In the economic affairs committee, your representative — not you — stated that the refining margin for March, for example, was exceptionally strong that month. Distribution was significantly lower in March compared to January, which had a public holiday. I assume, therefore, that you have the figures.
I don't know France's fiscal result. What I can tell you is that the margin was indeed high — we've made no secret of that. In fact, it's still high. The refining margin today is $13 per barrel.
I'm not asking for fiscal figures. I'm asking about profits.
Again, I know the global results. I don't know the France-specific results.
France's first-level fiscal result is estimated at roughly 500 million euros for the first quarter.
And for March specifically?
I don't know the March figure. I'm sorry, I don't have that. What I do know is that the refining margin was low in January and February. So most of it must come from March, to answer by inference.
So there it is — 500 million euros. The margin did indeed rise with the crisis, which is actually surprising, because normally in our industry, when the oil price rises, refining margins tend to fall.
That's why we talk about integration. So the oil price rose sharply, and the refining margin rose as well. It's still high. I checked this morning — it's close to $13–14 per barrel. The average over recent years has been $5 to $6. So as you can see, it's tripled. Why? Because the Strait of Hormuz crisis had two effects. It had an impact on crude oil, where roughly 10 million barrels per day could no longer reach the global market, which was largely offset, when you look at what's happened over the past three months, mainly by China. China significantly reduced its oil imports by 4 million barrels per day. In a sense, it helped the world — no doubt partly because it didn't want too strong an impact on the global economy and its own margins. China is essentially an export-driven economy. The United States also helped, as they drew heavily on their reserves. They exported 2 million more barrels per day than usual — going from 4 to 6 by drawing down their stockpiles. So those two countries absorbed roughly 60% of the oil supply shock. That's also why the price didn't spike as high as feared. And then, unfortunately, a second crisis emerged — the refined products crisis. The refined products crisis exists because Middle Eastern refineries, for instance, are far more modern and produce large quantities of diesel and kerosene. We depend on them — not just us, but especially Asia. Around 25% of the diesel consumed in France was imported from the Middle East. One category of products was hit proportionally harder on global markets: diesel and kerosene. Kerosene surged to nearly $200 per barrel and remains elevated — because reopening the Strait of Hormuz and resuming oil flows doesn't mean refineries are back online, and the situation will persist because, in the conflict, the Iranians didn't destroy oil production facilities, but they did strike refineries. In Saudi Arabia, for example, suffered three drone strikes and is currently running at only 70% capacity. Restoration work will likely extend well beyond the end of 2026. So refined products took a bigger hit, hence the margins — and they remain elevated, because yes, the oil price reacted to the US-Iran deal announcement and fell toward $80, but refining margins remain high. Meaning, logically, we had never seen such a phenomenon. A mechanism that, in the company's history, we'd seen both sides of. In 2022 we briefly saw this transitional phenomenon, where both parameters were pointing upward at the same time. So, to answer your question: 500 million euros in the first quarter — which is why I said in an interview that I expected we would be paying corporate income tax in 2026, if the year continues on this trajectory and our refineries keep running.
Thank you. So you don't have the figures for March. Your representative, the Economic Affairs Committee, clearly had figures. You had also offered another explanation for the rise in margins. Mr. President, I doubt that.
No, no, let me finish my sentence, if you don't mind.
You gave a different explanation. You said it was your ability to capture the price increases. That was on April 29th, which also explained TotalEnergies' exceptional margins in the first quarter. Would you say that again?
Of course — I just explained it. That's exactly what I just said. Our breakeven being at $25 a barrel. Again, we have built a company that is extremely resilient when prices are low. And when prices are higher, yes, as I have shown you, our profits are higher, and our taxes are higher as well. And it is the producing countries that benefit first. Which is quite normal — that is where we make our profits. So that is how the mechanism works, and I fully stand by it, including the statement I made.
Alright. Can you tell us what the price cap you decided on has cost you? And what are your profits over the period, net of that revenue shortfall? Do you have any idea?
Profits against revenue losses? Well, there are no profits — these are losses. They are losses.
No, but I'll repeat my question. Let's get on the same page. I ask the question, you answer. Agreed? Thank you. So, can you tell us what the price cap has cost you? Since you said it did cost you something. The cap you decided on for distribution in France?
For now, first of all, it is still ongoing. It isn't over. I know roughly where we stand today. And there are several ways to calculate it, since we can do it by reference to the average prices charged by our competitors. We can do it relative to what prices we would have charged independently of the crisis. We are at roughly €200 million today.
Roughly, because again, there is no precise accounting.
Now, as you know, we proposed — when I say we, I mean the group I belong to — more of a price freeze by acting on refinery margins. Which is what the government did in 1990 — at the time, you had a very good year, despite lasting only a month. A proper price freeze. Have you by any chance calculated, by comparison, what such a mechanism would have cost you over the past period — that is, by capping prices at €1.70 per litre, which was the fuel price before the war broke out? Do you have any idea of that?
