TotalEnergies SE (TTE)

TotalEnergies reported third-quarter 2026 net income of $8,263 million, up from $3,683 million a year earlier, on sales of $66,819 million 1. The company said its Refining & Chemicals business captured historically high refining margins in Europe and worldwide 1. That segment's adjusted net operating income was $3,601 million, double the second quarter's $1,800 million 1.

The filing dates the crisis in the Middle East from 28 February 2026 1. At the start of the fourth quarter, oil prices remained above $100 a barrel, the company said, reflecting lasting tensions in the region 1. At the end of March, shut-in output in Qatar, Iraq and offshore UAE was about 15 percent of the company's total, and in the third quarter the effect was around 5 percent 1.

The board decided on 28 October to pay a third interim dividend of 0.90 euro a share for 2026 2. It also authorized $2.5 billion of share buybacks for the fourth quarter of 2026 3. Gearing, a gauge of how much debt the company carries, was 9.1 percent at 30 September 2026, against 17.3 percent a year earlier 1.

A Paris court ordered the company on 25 June 2026 to include emissions from its customers, known as scope 3, in its vigilance plan, and the company has appealed 1. The appeal before the Paris Court of Appeal is the main open legal question on the file 1.

In 2023, with Brent crude averaging $82.6 a barrel, TotalEnergies reported sales of $237,128 million and net income of $21,384 million 4. That was the high point of the three years in its latest annual report 4.

In 2024 sales fell to $214,550 million and net income to $15,758 million, as Brent averaged $80.8 a barrel 4. The company's refining and chemicals earnings were $2,160 million, down from $4,654 million in 2023, because European refining margins were weaker 4.

In 2025 sales fell again to $201,196 million and net income to $13,127 million 4. Oil fell 14 percent to $69.1 a barrel on average, and the company's own liquids price fell to $66.2 from $77.1 4.

Even as prices fell, hydrocarbon production averaged 2,529 thousand barrels of oil equivalent a day in 2025, up nearly 4 percent, helped by new fields such as Mero-2, Mero-3 and Mero-4 in Brazil 4.

Russia's invasion of Ukraine on 24 February 2022 forced a retreat there 4. The company said it would provide no new capital for Russian projects 4. It recorded impairments of $4.1 billion, mainly on Arctic LNG 2, then $3.5 billion and $3.1 billion on its 19.4 percent Novatek stake 4.

On 27 August 2026 the company said it had completed the transfer of its 10 percent interest in Arctic LNG 2 to NordLine, a Novatek subsidiary 2. It keeps a claim for about $1.3 billion of shareholder loans 2.

In Mozambique, the company withdrew all project personnel from the Afungi site on 26 April 2021 because of the security situation, and as operator it declared force majeure, a legal pause on its contracts 4. That pause was lifted at the end of 2025, paving the way for the project to resume 4.

The company's own legal filings date its change of name to TotalEnergies to May 2021 1. In 2025 it agreed to buy a 40 percent operated stake in the PEL83 licence in Namibia, which holds the Mopane discovery 4. It also agreed to buy 50 percent of a portfolio of flexible power plants of more than 14 GW from EPH 4.

The Middle East conflict that began on 28 February 2026 cut second-quarter output by an average of 210 thousand barrels of oil equivalent a day 1. Even so, nine-month 2026 net income reached $19,511 million, against $10,221 million a year earlier, as prices and refining margins rose 1.

Exploration and Production

This is the oil and gas drilling business, run in about 50 countries, and it also covers carbon storage 1. Its adjusted net operating income, profit from operations after tax and before one-off items, was $3,157 million in the third quarter of 2026 1.

Its output was 1,963 thousand barrels of oil equivalent a day in the third quarter, up 6 percent from the second quarter 1. On 10 September 2026 the company announced the Acacia-5 discovery on Block 17 in Angola, where it holds 38 percent as operator, with first oil three months after the June discovery 2.

On 26 September 2026 the company and its partners took the final investment decision for the full development of the Absheron gas field in Azerbaijan, where it owns 35 percent and operates 2. Start-up is expected in 2029 2.

Integrated LNG

This segment runs the chain from gas fields to liquefaction plants and shipping, plus biogas and gas trading, and it took over LNG bunkering from Marketing & Services on 1 January 2026 1. LNG, liquefied natural gas, is gas chilled into a liquid so ships can carry it 1.

Adjusted net operating income was $1,885 million in the third quarter, against $807 million in the second, on an average LNG price of $12.28 per million British thermal units 1. The company sold 9.8 million tonnes of LNG in the quarter 1.

On 7 September 2026 the company said Papua LNG had reached steps toward a final investment decision, with operatorship moving to ExxonMobil and the company keeping a 20 percent interest 2.

Integrated Power

This segment makes and sells electricity from solar, wind and gas-fired plants, runs batteries and trades power 1. Adjusted net operating income was $602 million in the third quarter, and net power production was 17.9 terawatt-hours 1.

Installed net capacity was 33.8 gigawatts at 30 September 2026, of which 21.5 gigawatts is renewable, and the segment had 6.2 million power clients 1. The company says its nine-month output of 44.3 terawatt-hours is in line with its objective of 60 in 2026 1.

Refining and Chemicals

This segment turns crude oil into fuels and chemicals at refineries and steam crackers, and runs oil supply, trading and shipping 1. Refinery throughput was 1,555 thousand barrels a day in the third quarter, with crude-only utilization of 88 percent 1.

The European refining margin marker averaged $33.2 a barrel, against $13.5 in the second quarter 1. Adjusted net operating income was $3,601 million, the segment's best figure in the filing's comparisons 1.

Marketing and Services

This is the filling-station and fuel-supply business, including lubricants and service stations, worldwide 1. Sales were 1,218 thousand barrels a day, and adjusted net operating income was $467 million, as higher unit margins offset lower volumes 1.

On 27 October 2026 the company said it would extend a fleet card with a discount of 8 cents per liter at its service stations to all its employees in France 2.

People and workforce

Patrick Pouyanne is Chairman and Chief Executive Officer 2. On 25 September 2026 the board decided unanimously to keep the two roles combined and to propose the renewal of his mandate at the May 2027 shareholders' meeting 2.

Emmanuelle Guegan became President of Marketing & Services on 1 September 2026, and the Executive Committee has nine members, with Jean-Pierre Sbraire as Chief Financial Officer 2. The company describes itself as having more than 100,000 employees in about 120 countries 3.

Rivals and partners

The company reported a return on average capital employed of 12.6 percent for 2025, which it described as the best among the majors for the fourth consecutive year 4. In the United States it works with Chevron, whose operated offshore blocks it entered in June 2025 and again on 28 October 2026 2.

Current problems

The Paris court ruling of 25 June 2026 and a similar case in Belgium before the Tournai Enterprise Court, which has stayed that case, are both under appeal 1. World Oil reported that the Paris court rejected claims that sought to stop new oil and gas developments 8.

On 1 April 2024 Kazakhstan filed a statement of claims in an arbitration over the North Caspian Sea production sharing contract, which the company considers unfounded 1. Yemen LNG, in which the company owns 39.62 percent, has been in force majeure since 2015 1.

In the third quarter the company recorded $1,945 million of impairments in net operating income, notably on offshore wind in Germany and its participation in Hanwha TotalEnergies Petrochemical 1.

The umbrella, in words

TotalEnergies SE is the parent, and its filings name subsidiaries such as TotalEnergies EP Nigeria, which sold a 10 percent non-operated interest in the Renaissance JV to Vaaris for $800 million 2.

It owns the Grandpuits plastics recycling plant in France outright since 11 September 2026, after buying a 35 percent interest from Plastic Energy 2. It sells power and gas in France through TotalEnergies Electricite et Gaz France 2.

In a Schedule 13D/A filed in May 2026, a group of its US subsidiaries reported an interest in Clearway Energy, a US renewable power company 6. The interest sits in a structure shared with Global Infrastructure Partners 6. It disclaims beneficial ownership of the securities reported except to the extent of its pecuniary interest 6.

TotalEnergies Marketing Services SAS bought 42,581,801 shares of Clean Energy Fuels Corp. under a stock purchase agreement of 9 May 2018 7. On 24 November 2025 it entered a Rule 10b5-1 plan to sell up to 6,164,720 shares from 27 February 2026 7.

Amundi, a French asset manager, reported in a Schedule 13G/A filed on 26 October 2026 that it beneficially owns 200,479,121 shares, 8.79 percent of the class, with no voting rights on 141,036,858 of them 5. Those shares sit in employee savings funds whose supervisory boards vote them 5.

In 2022 the company held 19.4 percent of Novatek, but its filings say it withdrew its board representatives because sanctions kept them from voting 4. On the land side, it holds offshore exploration licences in Angola, Namibia and the US Gulf, such as 40 percent of PEL83 in Namibia 2.

The company says it is aiming for energy output growth of 4 percent a year through 2030, with oil and gas above 3 percent a year on average from 2025 to 2030 3. It also targets electricity generation of 100 to 120 terawatt-hours a year by 2030 3.

It expects about $10 billion of free cash flow growth from 2025 to 2030 at the same price deck, and plans net investments of $14 billion to $17 billion a year over 2027 to 2032 3. Beyond 2030 it sets an ambition of 2 to 3 percent yearly growth in oil and gas through 2035 3.

On shareholder returns, the board adopted a policy to raise the dividend by more than 5 percent a year for 2026 to 2030, and to return at least 40 percent of cash flow 3. It authorized buybacks of $2 billion to $2.5 billion for the first quarter of 2027 3.

For the fourth quarter of 2026 the company expects an average LNG selling price above $14 per million British thermal units 1. It expects production growth of more than 3 percent from a year earlier, excluding the Middle East conflict 1. It confirmed net investments of around $15 billion for 2026 1.

The third interim dividend of 0.90 euro is due to go ex-dividend on 31 March 2027, with payment on 2 April 2027 in Paris and 20 April 2027 for the New York listing 2. A refinery turnaround of 20 days at the Normandy platform is planned for the fourth quarter 1.

Project start-ups the company has given: Cronos gas in Cyprus and Ima gas in Nigeria in 2028, and Absheron gas in Azerbaijan in 2029 2. It expects its purchase of Shell's European onshore renewables business to complete by the end of 2026 2.

Decisions pending include the Paris Court of Appeal's review of the climate case and the May 2027 shareholders' meeting vote on renewing Pouyanne and the lead independent director Jacques Aschenbroich 21.