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TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):
Confirmation of information released on Company's website on March 10, 2026
- Production has been shut down or is in the process of shutting down in Qatar, Iraq and UAE offshore, representing approximately 15% of our 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 our portfolio average due to higher taxation, and these 15% of our volumes account for ~10% of Upstream cash flow.
- Growth of our 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 our 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 our LNG trading activities is limited (around 2 Mt expected in 2026), as most Qatari LNG is marketed by QE.
TotalEnergies is continuing to monitor the evolution of the situation on the ground and will update you in case of material change of the above.
Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
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TotalEnergies
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