TotalEnergies SE Q3 2026 Earnings Recap

TotalEnergies shares rose 2.6% after earnings, a roughly flat reaction. The quarter benefited from unusually favorable commodity markets and record refining margins, while Middle East disruption reduced production by about 5% on average.

Key Takeaways

• Oil and gas production grew more than 3% quarter over quarter, despite the Middle East impact; excluding that impact, growth exceeded 4% year over year.
• Refining throughput increased nearly 10%, with refineries running at full capacity and SATORP back to nominal capacity by quarter-end.
• Operating costs were $4.7 per barrel, below $5; management said its cost-saving program remains active.
• Net power production rose more than 20%, supported by the EPH JV assets; management expects Integrated Power to be net cash positive in 2027.
• Management cited rising commodity prices and anticipated strong Q4 gas trading, but those market conditions are volatile and contributed to the quarter’s favorable results.