TotalEnergies Gains $1B Trading Profit, Finalizes UK Merger and EDF Nuclear Deal
TotalEnergies gained over $1bn by buying 70 UAE and Oman crude cargoes for May, exploiting a 40% supply drop after the Strait of Hormuz shipping halt. It merged its UK North Sea assets with NEO NEXT and secured a 12-year EDF deal for 400MW of French refining electricity.
1. Oil Trading Profit from Middle East Disruption
TotalEnergies traders purchased around 70 UAE and Oman crude cargoes available for May loading—more than double its February volumes—after S&P Global Platts suspended nominations requiring Strait of Hormuz transit, which cut deliverable grades by about 40%, enabling the company to net over $1bn in profit.
2. Completion of UK North Sea Asset Merger
The company has completed the merger of its UK North Sea upstream assets with NEO NEXT, combining exploration and production operations to enhance scale, optimize capital allocation and streamline development of existing fields.
3. 12-Year EDF Nuclear Power Contract
TotalEnergies signed a 12-year Nuclear Production Allocation Contract with EDF to supply roughly 400MW—about 60% of electricity needs—for its French refining and chemicals sites, securing low-carbon power at fixed allocations until 2038.