The French supermajor on Thursday reported an adjusted net income of $6 billion, which met analyst expectations and rose by 12% from the first quarter and by 68% from the $3.578 billion for the second quarter of 2025.
TotalEnergies attributed the increase to the high-price environment and the rise in refining and petrochemical margins. Strong performance of crude oil and petroleum products trading activities, at the same level as the high first-quarter trading result, also boosted earnings.
“Despite a lower lifting level because of difficulties to access the Strait of Hormuz, Exploration & Production posted adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, up by more than 25% over the quarter, capturing the increase in the average selling price of liquids,” CEO Patrick Pouyanné said in a statement.
TotalEnergies’ average oil selling price jumped by $17.90 per barrel compared to the first quarter of 2026.
The European Refining Margin Marker for the supermajor rose by 19% quarter-to-quarter and soared nearly threefold year-to-date compared to the first half of 2025, to $12.4 per barrel, up from $4.3 a barrel.
High cash flow generation in the first half of 2026 allowed the company to boost the second interim dividend to €0.90/share for fiscal year 2026, up 5.9% compared to 2025. The board of directors has also authorized the continuation of share buybacks of up to $1.5 billion for the third quarter.
TotalEnergies’ profit jump comes a day after Norway’s Equinor reported a 93% surge in its second-quarter profit from a year earlier as oil and gas prices soared during the Middle East crisis and delivered windfall earnings to the biggest energy firms.
By Tsvetana Paraskova for Oilprice.com
