TotalEnergies – The French major has underlined major impact on its activities since the beginning of the US-Israeli onslaught against Iran to include:
- Disruption in production especially in Qatar, Iraq and UAE offshore which also according to it represents approximately 15% of its total output.
- Onshore UAE production (~210 kb/d TotalEnergies share) is not affected by the conflict at this stage.
- The Middle East barrels’ CFFO is lower than its portfolio average due to higher taxation, and these 15% of its volumes account for ~10% of Upstream cash flow.
- Growth of accretive barrels expected to come overwhelmingly from outside the Middle East in 2026, meaning that a higher oil price more than offsets the loss of Middle East production: an $8/b increase in the Brent price is enough to offset the expected 2026 CFFO from our Iraq, UAE offshore and Qatar assets at $60/b.
- Operations at the Satorp refinery are continuing normally at the moment, supplying the Saudi domestic market.
- The impact of LNG production shutdowns in Qatar on its LNG trading activities limited (around 2 Mt expected in 2026), as most Qatari LNG is marketed by QE.
It says it will continue to monitor the evolution of the situation on the ground while continuing to update in the event of any material change.