TotalEnergies said it expects higher oil and gas prices to lift its first‑quarter working capital by $2‑2.5 billion. The French group projects output to hold steady at 2.545 million barrels of oil equivalent per day, matching the prior quarter. A surge in prices, driven by the Middle‑East conflict, underpins the anticipated financial boost. The estimate assumes oil above $80 a barrel and gas near $10/MMBtu.

The war has forced TotalEnergies to idle assets in Qatar, Iraq and offshore United Arab Emirates, cutting roughly 15% of its hydrocarbon output. A joint‑venture refinery in Saudi Arabia was also shut after damage. The shutdowns follow attacks on facilities and sanctions that have disrupted supply chains across the region. New field starts in Libya and Brazil are expected to partially offset the shortfall.

Higher commodity prices, the strongest since 2022, should translate into a marked rise in production revenue, cushioning the impact of the offline sites. The cash infusion improves the group’s balance sheet and gives shareholders a clearer picture of earnings for the quarter, despite ongoing geopolitical risk. With cash flow bolstered, the company can maintain dividend payments and fund ongoing exploration without tapping credit markets.