EU clears CMA CGM-TotalEnergies deal amid limited market reach concerns

TotalEnergies resumed its $20B LNG project in Mozambique after a $4.7B loan was reauthorized by the U.S. Export-Import Bank. The U.S. government's 2025 executive order prioritizing energy abundance and its exit from the Paris Agreement have spurred oil and gas development in Africa.

Brent crude rose above $91 and WTI above $85 due to tensions in the Strait of Hormuz, including an attack on a vessel. Eight major oil firms, including Saudi Aramco, BP, and Chevron, nearly doubled Q2 profits to $87bn, benefiting from higher oil prices caused by the conflict. Saudi Aramco reported a 34% increase in net income to $33bn, while Chevron saw its highest quarterly profit in six years at $12.2bn.

A report by World Oil indicates that major oil companies saw profits surge to $90 billion in Q2 2025, nearly double the same period in 2024, due to supply disruptions in the Strait of Hormuz. Key beneficiaries include Saudi Aramco ($33B), BP ($5.73B), and Chevron ($12B). The surge is linked to geopolitical tensions and rising oil prices, with Brent crude climbing from $68 to $100 per barrel. Critics call for windfall taxes on oil companies.

OilPrice.com reports eight major oil producers posted combined $93B Q2 2026 profits, nearly double Q2 2025, amid higher prices from the Iran war and shipping disruption through the Strait of Hormuz. Reported firms include Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil. Aramco net income rose 34% to over $33B; BP profit was $5.73B; Chevron adjusted earnings were $12B.

Simply Wall St reports that TotalEnergies and Eni reached a Final Investment Decision for the Cronos offshore gas field in Cyprus, a new LNG project. The plan uses existing Egyptian gas infrastructure to export to Europe and target lower carbon intensity. The article notes TotalEnergies shares were up 32.1% YTD and 49.0% over a year, around €74.09.

U.S. upstream M&A slowed to $9.1B in Q2 as crude price volatility eased, though Enverus expects acceleration in H2 2026. Deal highlights include Magnolia Oil & Gas buying WildFire Energy for about $4.06B, Crescent Energy acquiring Vital Energy for ~$3.1B and Eagle Ford assets for $905M, and Baytex selling Eagle Ford assets for $2.14B.