France-based TotalEnergies on Wednesday became the latest fossil fuel giant to report massive profits juiced by the US-Israeli war on Iran, which has sent global oil prices surging and jacked up costs for consumers.

TotalEnergies announced in its first-quarter earnings report that it would increase returns to shareholders through a higher dividend and stock buybacks after seeing $5.8 billion in profits and $8.6 billion in cash flow during the first three months of 2026. The company attributed its profit growth to its “ability to capture price upside,” corporate-speak for cashing in as consumers face rising energy costs.

“While families watch their bills skyrocket, TotalEnergies posts some of its best financial results without even paying its fair share of taxes," said Fanny Petitbon, France country manager at the environmental group 350.org. “We are witnessing an obscene transfer of wealth: The war enriches shareholders as it impoverishes citizens.”

“We demand that France stop yielding to oil lobbyists and introduce, without delay, a permanent and ambitious tax on fossil fuel profits,” Petitbon added. "Every day of inaction is a deliberate political choice in favor of shareholders and against citizens.”

TotalEnergies’ report came a day after the British oil giant BP reported that its profits more than doubled compared to the first quarter of last year.

In an analysis released over the weekend, Oxfam projected that six of the world’s largest fossil fuel companies—including BP and TotalEnergies—will rake in $2,967 in profits per second this year, an increase of roughly $37 million per day compared to last year.

“Families around the world continue to be pushed into energy poverty as geopolitical instability, the impacts of escalating violence in the Middle East that has already taken many lives, and the sharp increase in the wealth of the super-rich in contrast to everyone else are leaving ordinary people struggling to make ends meet,” said Oxfam.

350.org warned earlier this week that energy market disruptions caused by the US-Israeli war on Iran could hit households, businesses, and governments around the world with more than $1 trillion in extra costs.

“It is a staggering injustice that fossil fuel corporations are once again posting record-breaking profits while families struggle to keep the lights on," said Rukiya Khamis, 350.org’s East Africa country manager. “Right now, power is concentrated in the hands of those who thrive on crisis and scarcity.”

“It’s time to end our forced dependence on fossil fuels, tax the profiteers who benefit from our hardship, and redirect that wealth into building a fair, clean energy system,” Khamis said. “We aren’t just asking for a lower bill; we are demanding a system that values human dignity over corporate greed.”

From Common Dreams via This RSS Feed.