Paris — French oil major TotalEnergies reported a 67% rise in second-quarter earnings on Thursday, its best quarter in nearly three years, buoyed by higher oil prices and strong profit margins for refining fuels amid supply disruptions caused by the Iran conflict.Adjusted net income was $6bn, in line with expectations, according to a consensus of analysts polled by LSEG, as strong refining and oil trading offset weaker LNG earnings. That compares with $3.6bn in the second quarter of 2025 and $5.4bn in the first quarter of 2026. TotalEnergies maintained its $1.5bn share buyback scheme for the third quarter. It said production is expected to grow in the third quarter, though exports are dependent on freedom of passage through the Strait of Hormuz. Disruptions to traffic through the Strait of Hormuz have reduced global supplies and pushed crude oil and gas prices to multi-year highs.Global benchmark Brent crude prices averaged around $97 per barrel during the April-June quarter, up 45% from $67 per barrel a year earlier.Total’s exploration and production earnings reached $3.2bn, a 64% rise from the same period a year ago and 25% higher than the first quarter of 2026, as Middle East operations slowly come back online.Income from refining and chemicals, which includes Total’s oil trading division, surged 362% to $1.8bn, helped by stronger fuel margins and robust oil-trading performance. The result eclipsed last quarter’s already standout $1.5bn contribution. Its Satorp refinery in Saudi Arabia should return to its nominal capacity by the end of the third quarter after sustaining damage from attacks. The liquefied natural gas (LNG) division earned $807m, a 22% drop that Total said in last week’s trading statement was due to trading underperformance amid flat LNG demand in Europe. Analysts at TD Cowen and Citibank said weak LNG trading likely reflected positioning for a summer price rise that had not materialised during the second quarter. The electricity division was down 7% at $533m, but cash flow excluding working capital was up 28% due to Total nearly doubling its portfolio of gas-fired power plants in Europe after closing a deal with EPH in April.CEO Patrick Pouyanne said on Thursday that TotalEnergies will exit its stake in the Arctic LNG 2 plant in Russia. The transfer of Total’s 10% stake to Nordline, a subsidiary of the plant’s majority owner Novatek, will be completed in the short term, he told analysts.Reuters