TotalEnergies SE: First Quarter 2026 Results

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 28, 2026, to approve the 1^st quarter 2026 financial statements. On the occasion, Patrick Pouyanné said:

“Driven by a 4% year-on-year organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas and power. IFRS net income amounted to $5.8 billion.

First quarter Oil & Gas production reached 2.553 Mboe/d, benefiting from the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW in Brazil and Mabruk in Libya, offsetting production losses in the Middle East (around 100 kboe/d on average over the quarter).

Exploration & Production delivered adjusted net operating income of $2.6 billion and cash flow of $4.6 billion, rising sharply quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price and the accretive contribution of the new projects. TotalEnergies successfully continued the active management of its portfolio by completing the merger of its UK Upstream assets with NEO NEXT this quarter and announcing two hydrocarbon discoveries on the Moho field in Congo.

Integrated LNG generated adjusted net operating income of $1.3 billion and cash flow of $1.8 billion in the first quarter of 2026. These results are underpinned by a 12% increase in LNG production and trading activities capturing market volatility. The Company has resumed this quarter construction of Mozambique LNG project, which will contribute to the diversification of its portfolio.

Integrated Power delivered adjusted net operating income of $0.5 billion and cash flow of $0.6 billion. The completion, as early as end of April, of the transaction with EPH accelerates the Company’s gas-to-power integration strategy in Europe and marks a major milestone for the Integrated Power business segment towards its objective of generating positive free cash flow by 2027. Furthermore, the Company is pursuing its growth in renewable energies portfolio with 8 GW commissioned over the last twelve months.

Downstream delivered adjusted net operating income of $1.9 billion and cash flow of $2.1 billion for the quarter. Refining units recovered their full operational performance (utilization rate above 90%), capturing the exceptional margins in March. Crude oil and petroleum products trading activities also achieved a very strong performance in March.

The gearing ratio stood at 15.5% at the end of the quarter, as cash flow growth driven by higher energy prices partly offset a $5.1 billion increase in working capital, half of it reflecting business seasonality and half of it linked to the impact of higher hydrocarbon prices at the end of the quarter, notably on inventories.

Given Company’s strong cash flow generation in the first quarter and supported by the ability of the Company to maintain a strong balance sheet, the Board of Directors decided to increase the first interim dividend by 5.9% to €0.90 per share, the highest dividend growth among the Oil and Gas majors. Furthermore, the Board authorized the continuation of share buybacks up to $1.5 billion in the second quarter and confirmed the objective of a payout ratio above 40% over the year.”

1. Highlights ⁽²⁾

Social and environmental responsibility

• Publication of 2025 Universal Registration Document
• Publication of the Sustainability & Climate – 2026 Progress Report presenting the progress made by the Company in 2025 in the implementation of its strategy and its climate ambition
• France: implementation of consumer protection measures through price caps on gasoline and diesel across TotalEnergies French retail network
• Uganda: publication of the independent assessment of the land acquisition program in Uganda together with the associated action plan

Upstream

• United Kingdom: completion of the creation of NEO NEXT+, the country’s largest oil and gas producer, with TotalEnergies holding a 47.5% stake
• Angola: start-up of Quiluma non-operated gas field, supplying gas to Angola LNG
• Brazil: start-up of Lapa SW operated project, with a capacity of 25,000 b/d
• Libya: start-up of Mabruk onshore oil field, with a capacity of 25,000 b/d
• Republic of the Congo: hydrocarbon discoveries of around 100 Mb of oil on the Moho license
• Kuwait: signature of a technical cooperation agreement with Kuwait Oil Company to develop resources
• Turkey: signature of a cooperation agreement with TPAO on exploration opportunities

Integrated LNG

• Full restart of all activities of the Mozambique LNG project
• Signature of a preliminary agreement for the offtake of 2 Mt/y over 20 years, from Alaska LNG project

Integrated Power

• Europe: completion of the acquisition of 50% of a portfolio of flexible power generation assets from EPH (UK, Italy, the Netherlands, France)
• United States: agreement with federal authorities to relinquish offshore wind concessions awarded in 2022 in consideration for the retrocession of lease fees paid for these concessions ($928 million)
• Agreement to create a joint venture with Masdar to develop renewable energies in nine countries in Central Asia and Asia Pacific
• Sale to Allianz Global Investors of a 50% stake in a battery storage project portfolio of 800 MW in Germany

Downstream

• Start-up of France’s first chemical plastics recycling plant on the Grandpuits platform
• Signing with EDF of a 12-year low-carbon electricity supply contract for TotalEnergies’ Refining & Chemicals sites in France, starting in 2028

Status of the impact of the conflict in the Middle East

• As of today, Upstream production shut down in Qatar, Iraq and UAE offshore represents approximately 15% of the total oil and gas production of the Company (around 360,000 b/d in April on average compared to prior conflict levels)
• Following the incidents on April 8 which affected three units on SATORP site and triggered its shutdown as a safety precaution, units which were not damaged were restarted and the refinery has been operating at a capacity of 230,000 b/d since April 14

2. Key figures from TotalEnergies’ consolidated financial statements ⁽¹⁾

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

3.2 Greenhouse gas emissions ⁽¹¹⁾

Methane emissions from operated facilities are down 33% year-on-year, notably due to the continued reduction in flaring and fugitive emissions at Exploration & Production facilities.

Scope 1+2 emissions from operated installations decreased by 6% year-on-year mainly because of continued reduction of flaring in Exploration & Production and lower activity at gas-fired power plants.

First quarter 2026 Scope 3⁽¹³⁾ Category 11 emissions are estimated at 83 Mt CO₂e.

3.3 Production ⁽¹⁴⁾

Hydrocarbon production averaged 2,553 thousand barrels of oil equivalent per day in the first quarter of 2026, stable year-on-year, due to the following factors:

• +4% from project start-ups and ramp-ups, notably Mero-3, Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Tyra in Denmark, Begonia and Clov Phase 3 in Angola and Mabruk in Libya,
• +2% due to a higher availability of production facilities,
• -2% due to the natural decline of fields,
• -4% due to the impact of the conflict in the Middle East.

Excluding the impact of the conflict in the Middle East, production increased by around 4% year-on-year, supported by new projects start-ups and ramp-ups.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

4.1.2 Results

In the first quarter of 2026, the adjusted net operating income of the Exploration & Production segment amounted to $2,576 million, rising significantly by more than 40% quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price (+$12.4/b over the quarter, including the price lag effect in the United Arab Emirates) and the accretive contribution of the new projects.

Exploration & Production cash flow from operations excluding working capital (CFFO) amounted to $4,564 million, up 26% quarter-to-quarter, for the same reasons.

4.2 Integrated LNG

4.2.1 Production

LNG hydrocarbon production increased by 12% quarter-to-quarter, mainly supported by production growth in Australia, the United States and Malaysia.

LNG sales are stable quarter-to-quarter, in the context of strong spot activity.

4.2.2 Results

In the first quarter of 2026, the adjusted net operating income and cash flow from operations excluding working capital (CFFO) of Integrated LNG amounted to $1,318 million and $1,785 million respectively, increasing significantly quarter-to-quarter, underpinned by the LNG production increase and strong trading activities benefiting from market volatility.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

Net electricity production is increasing year-on-year to 11.7 TWh, with the growth of power generation from renewables of 20% offsetting the lower utilization of gas flexible capacities, in the context of lower winter demand in Europe and the United States.

Gross installed renewable power generation capacity reached 35.6 GW at the end of the first quarter of 2026, representing close to 8 GW of additional capacity year-on-year.

4.3.2 Results

In the first quarter of 2026, the adjusted net operating income of the Integrated Power segment amounted to $545 million, in line with the first quarter 2025, with no farm-down registered this quarter unlike in fourth quarter 2025.

Integrated Power cash flow from operations excluding working capital (CFFO) amounted to $574 million, for the same reasons. Production activities (including renewables and gas-fired power plants) accounted for 35% and marketing activities (B2B, B2C and trading) accounted for 65%, this split being in line with the first quarter of 2025 due to the seasonal nature of marketing activities (higher consumption during the winter).

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results