French left demands windfall tax as TotalEnergies profits jump 51%

French left-wing parties have accused TotalEnergies of “profiting from war” after the energy giant reported a sharp rise in quarterly earnings, reigniting debate in France over taxing so-called “superprofits”.

The group posted net income of $5.8 billion for the first quarter, up 51% year-on-year, boosted by higher hydrocarbon prices linked to the conflict in the Middle East, Caliber.Az reports per French media.

Chief executive Patrick Pouyanné highlighted the company’s “ability to capture higher prices” in a statement accompanying the results.

The figures prompted strong political criticism, particularly from the left. Manuel Bompard, coordinator of La France insoumise, mocked government arguments against fuel price controls, writing on X that officials were effectively defending oil companies’ ability to “get by”, adding: “When will they stop treating us like fools?”

Clémence Guetté, a senior MP from the same party, accused TotalEnergies of “profiting from war to massively boost its earnings”.

The controversy comes as the company raised its dividend by 5.9%, which it said represented the strongest growth among major oil groups.

Socialist lawmakers said they would table legislation to introduce a 20% levy on “crisis superprofits”, targeting energy companies benefiting from elevated fuel prices. MP Philippe Brun said the aim was to ensure “this money returns to the French people”, and urged cross-party support to advance the proposal in parliament.

François Ruffin, a left-wing presidential candidate, criticised the use of profits for shareholder returns rather than investment in energy transition, accusing the company of prioritising “everything for shareholders”.

On the right, Rassemblement National MP Thomas Ménagé said major corporations were “not charitable organisations”, but added that dividends should not become “disproportionate at the expense of the French people”, signalling support for taxing excess profits.

The debate over windfall taxes on energy companies has resurfaced across Europe amid renewed volatility in global oil and gas markets. French Prime Minister Sébastien Lecornu said earlier this month he had “no principled objection” to the idea.

By Aghakazim Guliyev