TotalEnergies SE Ordinary Shares (TTE) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.753 Hello everybody, good afternoon or good morning for those who are in the US. 00:00:05.753 -- 00:00:10.214 And before Jean-Pierre will go through the details of the second quarter financial, I 00:00:10.214 -- 00:00:14.056 would like first to make some few opening comments. 00:00:14.056 -- 00:00:19.417 Starting obviously with the current conflict in the Middle East which has picked up again 00:00:19.417 -- 00:00:25.159 in the last few days and which is clearly impacting our markets and our 00:00:25.159 -- 00:00:30.766 operations and our perspectives. Although we are all hoping in mid-June that a resolution 00:00:30.766 -- 00:00:36.927 could be envisaged for the signature of EMOU and ceasefire between the US and Iran, 00:00:36.927 -- 00:00:41.308 the situation has remained, to say the least, extremely volatile, with the Strait of 00:00:41.308 -- 00:00:46.430 Hormuz being an intermittent battleground where the risk premium to navigate 00:00:46.430 -- 00:00:51.451 in these waters is increasingly high. Some are even beginning 00:00:51.451 -- 00:00:56.478 to consider but this could become a new normal with a straight opening on and 00:00:56.478 -- 00:01:00.401 off depending on the level of tensions between the parties. 00:01:00.401 -- 00:01:06.646 This unstable and chaotic environment has been prevailing for the second quarter 00:01:06.646 -- 00:01:12.351 but I would say the last 15 days in June where we have seen some quite interesting reactions 00:01:12.351 -- 00:01:17.515 of the market with crude oil going down very quickly but products 00:01:17.515 -- 00:01:20.972 going to the roof at the same time. 00:01:20.972 -- 00:01:23.453 We don't know how long this conflict will continue. 00:01:23.453 -- 00:01:27.914 We have no specific informa...