TotalEnergies Output Down 15% Due to Middle East War

TotalEnergies SE (NYSE:TTE) is included among the 12 Best Large Cap Energy Stocks to Buy Now.

TotalEnergies Output Down 15% Due to Middle East War

TotalEnergies SE (NYSE:TTE) is a global integrated energy company that produces and markets energies.

TotalEnergies SE (NYSE:TTE) confirmed on March 13 that it had shut down approximately 15% of its output in the Middle East following the US-Iran war. The company has shut down or is in the process of shutting down in Qatar, Iraq, and the UAE offshore, while its UAE onshore production has not been impacted by the war at this stage. Total’s operations at its SATORP refinery in Saudi Arabia are continuing normally for now, while the impact of LNG production shutdowns in Qatar is limited ​to 2 million tonnes of LNG. This is because most Qatari LNG is marketed by QatarEnergy.

The closed output accounts for around 10% of TotalEnergies SE (NYSE:TTE)’s upstream cash flow, but the company clarified that the surge in global oil prices is more than enough to offset this loss, especially as it brings additional ​production online ⁠elsewhere this year.

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