TotalEnergies: adjusted profit up 51% in third quarter

Refining and LNG: results doubled in one quarter

The adjusted net operating result of the divisions reached 9.7 billion dollars, compared to 6.9 billion in the second quarter. The Refining-Chemistry division contributed 3.6 billion, twice more than in the previous quarter, and integrated LNG contributed 1.9 billion, compared to 0.8 billion.

These two activities benefited from distinct market conditions. The European refining margin indicator (ERM) stood at 33.2 dollars per barrel, compared to 13.5 dollars, and volumes processed in refineries increased by 9%. The average selling price of LNG rose 20%, to 12.28 dollars per million BTU.

Downstream (refining-chemistry and distribution) thus generated 4.1 billion dollars, a record for the quarter according to the group. Exploration-Production recorded 3.2 billion, down 2% quarter-on-quarter, reflecting, according to the company, production growth, lower oil prices and higher gas prices.

Marketing & Services fell 7%, to 467 million dollars, while Integrated Power rose 13%, to 602 million, supported by the contribution of TTEP assets over a full quarter.

Production up 3% and gearing reduced to 9.1%

Hydrocarbon production reached 2,474 thousand barrels of oil equivalent per day, up 3% quarter-on-quarter, thanks to the gradual return to normal production in the Middle East. Year-on-year, it declined 1%, with the regional conflict weighing 5%.

Excluding this effect, production growth would exceed 4% year-on-year according to the group, driven by the ramp-up of projects launched since 2025, notably in Brazil, the United States and Angola.

TotalEnergies reports a free cash flow above 6 billion dollars after dividend payment. Its net debt returned to 13.8 billion dollars on September 30, compared to 19.7 billion at the end of June and 24.6 billion a year earlier, for a gearing of 9.1%, compared to 17.3% at the end of September 2025.

Over nine months, the group's net income amounts to 19.5 billion dollars, up 91%. It exceeds that of the entire 2025 fiscal year, which stood at 13.1 billion dollars according to the annual accounts published on April 7, 2026.

For the quarter alone, adjustment items represented 0.8 billion dollars in negative. They include 1.9 billion in impairments, notably in offshore wind and on the stake in Hanwha TotalEnergies Petrochemical, partially offset by 1.5 billion in stock and fair value effects.

Dividend of €0.90 confirmed and net investments maintained at 15 billion dollars

The board of directors confirmed a third interim dividend of €0.90 per share for 2026, up 5.9% compared to 2025. It authorized 2.5 billion dollars of share buybacks in the fourth quarter of 2026, then the same amount in the first quarter of 2027, in accordance with the objective of returning 40% of cash flow to shareholders.

These announcements come as the stock had set a record at €81.63 on October 19, 2026. According to the consensus of analysts surveyed, it trades at approximately 7.6 times expected earnings for the current fiscal year.

A new capital increase reserved for employees was also authorized, with a 20% discount on the price. Net investments reached 11.2 billion dollars over nine months, and the group confirms an envelope of approximately 15 billion for the year.

For the fourth quarter, TotalEnergies anticipates an average LNG selling price above 14 dollars per million BTU, in a context where oil prices remained above 100 dollars per barrel at the beginning of the period.

Excluding the conflict effect, production should grow more than 3% year-on-year, in line with the annual objective. Refined volumes should remain comparable to those of the third quarter, despite a 20-day shutdown of the Normandy platform.