TotalEnergies SE announced that Production has been shut down or is in the process of shutting down in Qatar, Iraq and UAE offshore, representing approximately 15% of 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 portfolio average due to higher taxation, and these 15% of volumes account for ~10% of Upstream cash flow. Growth of accretive barrels is 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 Iraq, UAE offshore and Qatar assets at $60/b. Operations at the Satorp refinery are continuing normally for now and are supplying the Saudi domestic market. The impact of LNG production shutdowns in Qatar on LNG trading activities is limited (around 2 Mt expected in 2026), as most Qatari LNG is marketed by QE.
TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (43.3%): refining of petroleum products (operated, at the end of 2025, 14 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (39.1%): at the end of 2025 operated 12,775 service stations worldwide;
- electricity generation (9.7%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (43.9 million tons sold in 2025), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2025;
- other (0.1%).
Net sales are distributed geographically as follows: France (22.8%), Europe (45%), Africa (10%), North America (7.2%) and other (15%).
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