TotalEnergies CEO Defies Fuel Price Hikes, Boosts Profits Amid War

This is the story of an energy company chairman and CEO who decided, contrary to the global trend of other energy firms, not to cave in to soaring global fuel prices following the outbreak and escalation of the war between the United States and Israel against Iran. He chose not to maximize profits by exploiting the fact that people desperately need fuel and will pay any price at the pump, and refused to wait for government mandates. Patrick Pouyann’s, the 63-year-old CEO of French energy giant TotalEnergies, cost his company hundreds of millions of euros initially, only for it to turn out that he ultimately generated billions in profits for it.

Immediately after the war broke out, and particularly following the blockade of the Strait of Hormuz, when gasoline and diesel prices at the pumps skyrocketed, Pouyann’s made a firm decision: in France, fuel prices would not exceed 1.99 euros per liter (2.29 euros for diesel). Pouyann’s stuck to his decision even when the cheapest fuel prices at competing stations climbed to 2.20 euros per liter or 2.29 euros for premium fuel. On the surface, and according to reports by economists in France, this move cost TotalEnergies, a publicly traded company, between 250 and 300 million euros this year. Shareholders, investors, and the board of directors were set to question Pouyann’s sharply regarding these losses. Instead, Pouyann’s revealed the figures to them: net profit for the first half of 2026 surged by 11.2 billion dollars, a 72 percent growth compared to the net profit of the previous year.

The Rise of the Bulldog

Pouyann’s, who has served in his position since 2014 (following the tragic death of previous CEO Christophe de Margerie in a plane crash in Russia), received a three-year contract extension and became a hero for numerous drivers in Paris. The surge in demand at Total stations completely offset and compensated for the losses incurred as a result of the decision to cap prices. Naturally, this also triggered contrasting reactions. La France Insoumise (France Unbowed), a radical left-wing party led by Jean-Luc Mélanchon, slapped Pouyann’s with the unflattering title of war profiteer.

Operating like a bulldozer under Pouyann’s leadership through numerous mergers, including companies partially owned by the government, TotalEnergies became the fifth-largest oil company in the world, changing its name from Total to its current moniker in 2021. He knows the company inside and out after holding positions in Angola, Qatar, and Canada, among others, before arriving at the company headquarters in France, where he earned a nickname from the French media: The Bulldozer.

Pouyann’s built a diversified portfolio for the company and its shareholders. His strategy focuses on renewable energy and hydrocarbons, which should theoretically satisfy environmentalists, while continuing to rely on fossil fuels. Additionally, the company holds massive investments in wind farms in France alongside developing new oil fields in Qatar, Suriname, and Nigeria.

A Politician at Heart

Pouyann’s did not follow a conventional business path. He graduated with engineering degrees from two of Paris's most prestigious institutes and followed his father, a customs officer, into a career as a public servant. He started at the Ministry of Industry, later served as a technical advisor to former Prime Minister Edouard Balladur, and then as chief of staff to minister François Fillon before leaving politics in 1997. He joined the corporation immediately afterward, holding a series of senior management roles in finance, strategy, and chemicals, and served as president of the refining and chemicals division before being appointed CEO.

His annual salary is estimated in the tens of millions of euros, and he was also awarded the insignia of Officer of the National Order of the Legion of Honour for his public and business activities. His close ties to the establishment and decision-makers remained intact. Pouyann’s realized he was doing the French government a massive favor by deciding to cap fuel prices at Total stations, a move that spared the government from having to issue subsidies to enforce discounts and price controls. Pouyann’s may be a politician in his soul and genes, but his current suit is that of a mega-corporation executive. He conditioned the price cap on the government not imposing a windfall tax, a demand the government accepted.

Committed to Profits or Consumers?

Local competitors, of course, were less than thrilled with Pouyann’s business plan, arguing that price capping distorts competition. In other words, Pouyann’s, heading a capitalist corporation primarily obligated to shareholder returns, should have let prices run wild. Instead, he favored a socio-capitalist formula: he ensured that price hikes were not fully absorbed by the consumer's pocket, and consumers repaid him by flocking to Total stations, especially after Pouyann’s committed to maintaining the price cap until the end of the Gulf war.

Pouyann’s and Total's method is already finding copycats outside France. Italian energy company Eni capped fuel prices at 1.99 euros per liter. They too witnessed the massive lines of cars stretching outside Total stations on French highways, especially during the summer holiday season, and watched Total's market share surge to 25 percent. This is a move of two-way loyalty: for many drivers, fuel is an absolute necessity for their daily routine and work, and they feel that Total participated in their effort to alleviate the cost of living. In the coming years, when energy prices return to normalcy and most companies offer identical pricing, Total will reap the rewards of brand recognition and deep appreciation from millions of drivers across France.