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.