Totalenergies: 2026Q2 Earnings

TotalEnergies published its Q2 2026 financial results in late July 2026. The key financial and operational highlights are summarized below:

Core Financial Performance

Net Income: Reached $5.4 billion for the quarter, a significant increase compared to $2.7 billion in Q2 2025.
Adjusted Net Income: Stood at $6.0 billion, up approximately 12% to 15% quarter-over-quarter, supported by firm commodity prices and strong trading results.
Cash Flow from Operations(CFFO): Reached $9.8 billion, demonstrating strong cash generation capability.
Adjusted EBITDA: Reached $13.2 billion, up 36% year-over-year.
Balance Sheet & Shareholder Returns: The gearing ratio decreased further to 13.1%. The company announced a Q2 interim dividend of €0.90 per share, representing a 5.9% year-over-year increase.

Exploration & Production(Upstream): Adjusted net operating income reached $3.2 billion(up 25% QoQ), with unit production costs maintained below $5/boe. Hydrocarbon production averaged 2.395 million barrels of oil equivalent per day(Mboe/d), with organic production growing over 4% YoY driven by new project startups.
Integrated LNG: Delivered $0.8 billion in adjusted net operating income and cash flow, impacted by regional disruptions in the Middle East and European market volatility.
Integrated Power: Net electricity generation reached 14.8 TWh(up 28% YoY), driven by renewable expansion and newly acquired flexible gas generation assets, pushing segment cash flow past $0.7 billion.
Downstream(Refining & Chemicals & Marketing): Cash flow reached $2.9 billion, benefiting from robust refining margins and petrochemical market strength.

Source URLs:

Strong Financial & Cash Flow Growth: Benefiting from higher international crude prices(average Brent at $103.8/bbl) and robust refining margins, operating cash flow(CFFO) reached $9.8 billion. Adjusted net income rose to $6.0 billion(up 15% QoQ), driving the gearing ratio down to 13.1%. Net income stood at $5.4 billion.
Resilient Traditional Oil & Gas and Downstream: Adjusted net operating income for Exploration & Production(E&P) hit $3.2 billion(up 25% QoQ), with unit production costs maintained below $5/boe. Downstream Refining & Chemicals & Marketing cash flow reached $2.9 billion.
Middle East Tensions & LNG Pressures: Conflicts in the Middle East led to capacity outages in regions like Qatar(impacting production by roughly 210 kboe/d). Combined with weaker-than-expected European gas trading performance, Integrated LNG net income declined 39% QoQ to $0.8 billion.
Significant Growth in Low-Carbon Power: Integrated Power net electricity generation reached 14.8 TWh(up 28% YoY), primarily driven by the capacity expansion of renewable energy and newly acquired EPH assets. Segment operating cash flow surpassed $0.7 billion.

Hydrocarbon Production Recovery & Geopolitical Risks: Excluding Middle East impacts, organic production growth is expected to remain around 3% YoY. The pace of Middle East recovery and maritime security in the Strait of Hormuz will be crucial for actual production volumes.
LNG Trading Rebound & Average Selling Price: Management anticipates average LNG selling prices will rise above $11.5/mmBtu in Q3. The key focus will be whether gas trading can rebound as European TTF gas prices recover.
Refinery Utilization & Margins: Refinery utilization is projected to remain between 80%–85% in Q3. The market will watch if European refining margins can sustain their strong Q2 performance.
Shareholder Returns & CapEx Execution: The company expects to maintain its $1.5 billion share buyback program and execute its €0.90 per share quarterly dividend distribution in Q3.

Capital Discipline & Cost Reduction: The full-year net capital expenditure guidance remains at $15 billion, with approximately $4 billion allocated to low-carbon power and energy transition projects.
Major Oil & Gas Project Milestones: The Uganda project is expected to commence initial production by late 2025 and peak in mid-2027; the GranMorgu project in Suriname is 40% complete(targeting first oil in H1 2028); the Venus project in Namibia and Cronos project in Cyprus are advancing toward Final Investment Decision(FID); and the Mozambique LNG project is restarting construction(targeting first production in 2029).
Integrated Power Scalability: The company targets scaling annual electricity production to 100–120 TWh by 2030, aiming for consistent positive free cash flow generation from the Integrated Power segment.

Source URLs: