TotalEnergies is once again the target of political fury in France, a cycle so familiar it has its own name: le Total bashing. Q1 net profit surged 50% to €5.8bn as Iran war tensions lifted oil prices. French politicians are calling for windfall taxes, nationalization of domestic refining and distribution assets, and even stripping CEO Patrick Pouyanné of his Légion d'Honneur.

Socialist leader Olivier Faure labeled Pouyanné a profiteer and proposed a windfall tax that could generate €2bn. La France Insoumise wants the state to seize Total's French refining and distribution operations. The government has dodged new levies but urged Total to cap fuel prices, though Total's market value remains at €177bn.

The backlash overlooks that Total's French refineries have posted more loss-making years than profitable ones over the past decade. Critics also fault the company for returning €100bn to investors over the past decade, mostly to Anglo-Saxon shareholders through dividends and buybacks, which are set to double in Q2.

Yet about 6% of shares sit with French retail investors who value the steady dividend stream. As a presidential election approaches in 2027, the political confrontation risks distorting tax policy rather than addressing legitimate questions about corporate fairness.