TotalEnergies booked $9.1 billion in third-quarter adjusted net income, doubling earnings from a year earlier amid historically high refining margins, higher oil and gas prices, and strong oil and LNG trading.
The French supermajor on Thursday reported an adjusted net income of $9.1 billion, up by 51% from the $6 billion profit for the second quarter, and 127% higher than the $4 billion booked for the third quarter of 2025.
The Q3 2026 income beat the average analyst expectation of $8.3 billion.
Earlier this month, TotalEnergies said it expects strong earnings, as the Middle East conflict has driven up refining margins and LNG prices, with downstream results and cash flow expected to reach exceptional levels.
“In a high-price environment characterized by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification by posting an adjusted net income of $9.1 billion and cash flow of $12.3 billion for the third quarter, a sharp increase quarter-to-quarter,” CEO Patrick Pouyanné said in the full earnings release today.
TotalEnergies’ downstream division booked a record quarter with adjusted net operating income of $4.1 billion and cash flow of $4.6 billion, up by nearly $2 billion compared to the second quarter.
The 10% higher refining throughput “enabled the Company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable with the two previous quarters,” the supermajor said.
“In this context of rising prices, the Company contributes to the security of supply for Europe by maximizing the use of its refineries and participating in diesel imports from the Middle East,” TotalEnergies added.
The French group is one of many European majors that reported doubled and even tripled profits for the third quarter amid record refining margins, high oil and gas realizations, and strong trading results.
Norway’s Equinor on Wednesday reported tripled adjusted net income from a year earlier. Today, Shell reported third-quarter adjusted earnings of $10.8 billion, the strongest since 2022 and nearly double compared to the same period last year, amid record refining margins.
By Tsvetana Paraskova for Oilprice.com
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