French energy giant TotalEnergies reported a 51% jump in first-quarter net profit, reaching $5.8 billion, as rising oil prices linked to conflict in the Middle East boosted earnings.

The company credited growth in production from Brazil, Libya, and Australia for offsetting losses in the Gulf region, which typically accounts for 15% of its business.

Oil and gas output rose 4%, while liquefied natural gas shipments increased 12%. The firm’s trading division also delivered what it described as “a very strong performance.”

Reports earlier this month suggested TotalEnergies profited over $1 billion by securing nearly all exportable oil cargoes in the Middle East during disruptions caused by US-Israeli strikes on Iran, which temporarily closed the Strait of Hormuz and sent prices soaring.

Climate activists condemned the windfall. Antoine Bouhey of Reclaim Finance said the company’s “war profits highlight our persistent dependence on fossil fuels,” while Greenpeace France criticized the “cynical logic” of shareholders benefiting as households face higher fuel costs.

The surge in profits has reignited debate in Europe over taxing windfall gains. French Prime Minister Sebastien Lecornu recently said he had “no objection in principle” to such measures.

Meanwhile, TotalEnergies confirmed it partially restarted its Satorp refinery in Saudi Arabia after shutting it down following air strikes earlier in April. The company also announced a dividend increase to €0.90 per share, up from €0.85.