TotalEnergies SE Q3 2026 Earnings Recap

TotalEnergies’ third-quarter results benefited from unusually supportive commodity markets and strong operating performance; the stock rose 2.2% after earnings, a roughly flat reaction. Production grew, while record refining margins and higher throughput lifted downstream performance.

Key Takeaways

• Oil and gas production increased more than 3% quarter over quarter despite an average 5% impact from the Middle East crisis.
• Refining throughput rose nearly 10%; management said refineries ran at full capacity and refining margins reached record levels.
• Operating costs were $4.7 per barrel, below $5, and power net production increased more than 20%, partly reflecting the EPH JV assets.
• Management said LNG portfolio flexibility offset lost Qatar volumes, allowing the company to meet customer deliveries without declaring force majeure.
• The CEO cited higher oil, product, gas and electricity prices and anticipated strong gas-trading results in Q4, making the quarter’s outlook notably dependent on supportive market conditions.