Company Reports

TotalEnergies' strategy to grow total energy production while pursuing its ambition to reduce emissions sets it apart from peers that are not growing as rapidly, have abandoned or modified their emissions targets, or both. Total is also growing oil production, something many larger European peers can't do, and continuing to invest in renewable power, an area where they've retreated.

Total's second quarter continued first-quarter trends of Middle East disruptions underpinning higher oil and gas prices, wider refining margins, and strong trading results, which offset the impact of lost volumes. This resulted in adjusted earnings rising to $6.0 billion from $3.6 billion in 2025.

TotalEnergies' first-quarter adjusted earnings increased to $5.4 billion from $4.2 billion a year ago, as higher oil and gas prices, wider refining margins, and strong trading results stemming from Middle East disruptions offset the impact of lost production and refining volumes.

TotalEnergies' strategy to grow total energy production while pursuing its ambition of net-zero emissions by 2050 sets it apart from peers who are not growing as rapidly, have abandoned or modified their emissions targets, or both. More specifically, Total is growing oil production, something its larger European peers can't do, and continuing to invest in renewable power and low-carbon assets, an area where they've retreated.

The launch of the Iran war has sent global oil and gas prices and refining margins higher. Incorporating the latest futures curves resulted in a revision to our fair value estimates for the major oil companies.

TotalEnergies' strategy to grow total energy production while pursuing its ambition of net-zero emissions by 2050 sets it apart from peers who are not growing as rapidly, have abandoned or modified their emissions targets, or both. More specifically, Total is growing oil production, something its larger European peers can't do, and continuing to invest in renewable power and low-carbon assets, an area where they've retreated.

Total's fourth-quarter adjusted earnings fell to $3.8 billion from $4.4 billion in 2024, as a decline in oil prices offset an increase in European refining margins. Management reduced its quarterly repurchase rate to $750 million from $1.5 billion, reflecting the weaker oil price environment.

Total's third-quarter adjusted earnings fell slightly to $4.0 billion from $4.1 billion in 2025, as increased earnings from refining and chemicals, as well as integrated power, helped mitigate lower oil prices. Management previously announced a drop in its quarterly repurchase rate to $1.5 billion.

TotalEnergies committed to $7.5 billion in capital and cost reductions from 2026 to 2030, primarily through a $1 billion reduction in annual capital expenditures. It will increase total energy production by 4% per year through 2030 and return more than 40% of its cash flow to shareholders.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which align with our revised, long-term take.

TotalEnergies aims to grow energy production on all fronts while pursuing its ambition of net zero emissions by 2050 and delivering near-term cash flow growth. The emissions reduction goal matches that of many European peers, but in contrast, Total is expanding its oil production. Portfolio emissions should fall as ownership of renewable power and low-carbon assets expands.

TotalEnergies' second-quarter adjusted earnings fell to $3.6 billion from $4.7 billion last year, slightly short of market expectations, primarily due to lower oil prices and narrower refining margins. Management is maintaining the $2 billion quarterly repurchase rate.

Crude oil prices were only up about 1% in early trading on June 23 after the US bombed Iranian nuclear sites over the weekend. Before this rise, oil prices had increased nearly 21% in the last month compared with oil equities, as measured by the Energy Select Sector SPDR Fund's 9% gain.

TotalEnergies' first-quarter adjusted earnings fell to $4.2 billion from $5.1 billion last year, short of market expectations, primarily due to lower commodity prices and narrower refining margins. Despite the recent decline in oil prices, it maintained its $2 billion quarterly repurchase rate.

TotalEnergies aims to grow energy production on all fronts while pursuing its ambition of net zero emissions by 2050 and delivering near-term cash flow growth. The emissions reduction goal matches that of many European peers, but in contrast, Total is expanding its oil production. Portfolio emissions should fall as ownership of renewable power and low-carbon assets expands.

TotalEnergies' fourth-quarter earnings exceeded market expectations. It finished the year with peer-leading returns of 14.8% ROACE. For 2025, it is increasing its dividend by 7.2% and maintaining its $2 billion quarterly repurchase rate, returning less than 40% of cash flow.

TotalEnergies' third-quarter earnings fell short of market expectations. Earnings fell across all segments from the year before with refining a particular source of weakness. It maintained its $2 billion repurchase rate for the fourth quarter even as gearing rose during the third quarter.

TotalEnergies' strategic plan aims to grow energy production on all fronts while pursuing its ambition of net-zero emissions by 2050 and delivering near-term cash flow growth even at relatively low oil prices. The emissions reduction goal matches many of its European peers', but in contrast, Total does not plan a quick retreat from hydrocarbons. Instead, it plans to grow oil and gas production near term while reducing portfolio emissions over time by expanding its ownership of renewable power and low carbon assets.

No-moat TotalEnergies' second-quarter adjusted net income fell to $4.7 billion from $5.0 billion in second-quarter 2023, largely due to lower integrated LNG and weaker refining and chemical results that offset the benefit of higher oil prices. Results fell short of market expectations. Lower LNG prices and weaker trading results given the lack of volatility compared with 2023 hurt the integrated LNG segment, causing adjusted operating income to fall 13%. Meanwhile, refining and chemical adjusted operating income fell 36% year over year, contributing the largest element of earnings declines from a year ago. Integrated power delivered another positive quarter with adjusted operating earnings growing 12% on higher activity. Oil and gas production decreased 1% from the year before to 2,441 thousand barrels of oil equivalent per day, excluding the impact of divested Canadian assets, production increased by 3% from the year before.

No-moat TotalEnergies' first-quarter adjusted net income fell to $5.1 billion from $6.5 billion in first-quarter 2023, largely due to lower gas prices and weaker refining margins. The decline in gas prices—the major European benchmark NBP is down 46% from a year ago—particularly weighed on integrated LNG results. Refining and chemical adjusted net income fell 41% year-over-year, largely due to weaker refining margins, which declined 21% from the prior year. Integrated power was a bright spot in the results as earnings increased 65% from a year ago as net capacity doubled. Oil and gas production decreased 2% from the year before to 2,461 thousand barrels of oil equivalent per day, excluding the impact of divested Canadian assets, production increased by 1.5% from the year before.