TotalEnergies Q1 Profit Surges; Trump Pushes Hormuz Blockade, Cancels Wind Leases

TotalEnergies reported a strong first quarter, with adjusted net profit reaching $5.4 billion, according to Rigzone. The figure represents a 41% increase from the prior quarter and a 29% rise compared to Q1 2025, driven by higher LNG sales volumes amid oil market volatility. The company also raised its Q1 dividend. For Bakken operators, the financial health of major integrated companies can influence investment appetites and partner strategies in the basin.

In global affairs, President Trump has directed aides to prepare for an extended U.S. Naval blockade of the Strait of Hormuz, the Wall Street Journal reported via Rigzone. The move aims to intensify economic pressure on Iran as a conflict enters its third month. Any prolonged disruption to the critical chokepoint, through which about 20% of global oil trade flows, typically creates volatility and can support higher international crude benchmarks, indirectly benefiting Bakken producers.

On the domestic policy front, the Trump administration has canceled more offshore wind leases, Rigzone reported. The Department of the Interior said Monday that two offshore wind developers will relinquish federal leases and instead commit funds to fossil fuel projects under agreements with the administration. This continues a policy shift favoring hydrocarbon development, which generally aligns with the regulatory environment for onshore oil and gas producers in regions like the Bakken.

For North Dakota's oil industry, these developments underscore a landscape where strong corporate earnings from diversified majors coexist with geopolitical risks that affect prices and federal policies that prioritize fossil fuel development. Market volatility stemming from Middle East tensions can quickly translate to price changes for Bakken crude, while administrative actions signal continued support for the sector.