On Friday, TotalEnergies SE (NYSE:TTE) said escalating Middle East tensions have forced the shutdown or pending shutdown of operations in Qatar, Iraq, and UAE offshore fields, affecting about 15% of its global production.

Production Disruptions

The company said production has already halted or is in the process of shutting down in the affected areas.

Despite the sizable share of output, the company noted the volumes represent about 10% of upstream cash flow because these assets generate lower cash flow from operations (CFFO) due to higher taxation.

TotalEnergies said onshore UAE production of about 210,000 barrels per day remains unaffected. It added that stronger oil prices could offset the lost output, noting that an $8-per-barrel rise in Brent would cover the expected 2026 cash flow from the affected assets.

The company said operations at the Satorp refinery in Saudi Arabia continue normally, while the impact on LNG trading from Qatar disruptions is expected to be limited.

Growth Outlook

Looking ahead, TotalEnergies said most ...