TotalEnergies reported a significant revenue beat for the third quarter of 2026, driven by an exceptional expansion in refining margins and higher LNG realizations. While hydrocarbon production faced geopolitical headwinds in the Middle East, the company achieved record performance in its Downstream and Integrated LNG segments, supported by a 20% sequential increase in average LNG prices.
Key Highlights
- European Refining Margin (ERM) hit $33.2/b, a nearly fourfold increase from $8.4/b in the same period last year, driving Refining & Chemicals adjusted net operating income to $3.6 billion.
- Hydrocarbon production of 2.47 million boe/d fell 1% year-over-year, as a 5% negative impact from Middle East conflict offset 4% growth from project ramp-ups in Brazil and the U.S.
- Integrated LNG adjusted net operating income reached $1.89 billion, underpinned by average LNG prices rising to $12.28/Mbtu and strong trading performance.
- Cash flow from operations (CFFO) excluding working capital reached $12.26 billion, while a $3.1 billion decrease in working capital further boosted headline cash flow.