Sébastien Lecornu in Marseille, April 24, 2026. FRANCE KEYSER/MYOP FOR LE MONDE
Accused by part of the opposition of being a "war profiteer" whose "superprofits" must urgently be heavily taxed, the oil giant found a staunch defender on Wednesday, April 29, in French Prime Minister Sébastien Lecornu.
"I refuse Total bashing," declared Lecornu, questioned in the Sénat after the publication of spectacular quarterly earnings. The multinational led by Patrick Pouyanné is "a French company that employs French people" and represents "a share of the country's strategic interests," argued the prime minister. "So, let's not shoot ourselves in the foot" by penalizing this private group, he continued. What about taxing TotalEnergies? "We are not ruling out any options," he responded. But he showed no willingness to move in that direction.
Two months after the start of the Israeli-American offensive in Iran, the prolonged conflict and the massive profits accumulated by oil companies have reignited debate over which policy France should pursue.
Profits and dividends
On Wednesday, TotalEnergies announced that it posted an adjusted net profit of $5.8 billion (€5 billion) in the first quarter, a 51% jump compared to the same period in 2025, thanks in part to shrewd trading operations. Its shareholders will be the first to benefit, through large dividends and massive share buybacks. The group will have "the highest dividend growth among the oil majors," promised Pouyanné.
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