TotalEnergies Reports $9.1 Billion Adjusted Quarterly Profit as Refining Margins Rise
The French energy company reports a sharp increase in adjusted income, stronger refining and LNG operations, and planned share repurchases in two coming quarters.
TotalEnergies reported adjusted net income of $9.1 billion for the third quarter of 2026, up 127% from approximately $4.0 billion a year earlier, as higher energy prices and refining returns boosted the French company's earnings. The results were released on October 29.
The company said cash flow reached $12.3 billion in the quarter. Its refining and chemicals business generated approximately $3.6 billion in net income, about twice the year-earlier amount. Adjusted net income is a measure of underlying earnings and should not be confused with the company's statutory net profit or sales revenue.
Refining throughput rose by nearly 10%, according to management, allowing the business to benefit from unusually high margins on processed fuels. The company's liquefied natural gas unit reported income of approximately $1.9 billion, supported by higher average gas prices and trading activity. These business segments contributed differently to the overall result.
The company reiterated a planned $2.5 billion share buyback in the fourth quarter of 2026 and a further $2.5 billion in the first quarter of 2027. The announcements describe future programmes; they are not completed repurchases. TotalEnergies also maintained its interim dividend at €0.90 per share and said its gearing, a measure of debt relative to capital, was below 10% at the end of September.
Higher refining profits were reported across several European energy producers on Thursday, reflecting tight fuel supplies and the effects of the conflict in the Middle East. Those market conditions may benefit producers and refiners while placing financial pressure on fuel consumers. The latest earnings are a report of past performance, not a forecast that the same margins will continue.
TotalEnergies' official announcement also outlined a proposed employee share-capital increase at a discount. That proposal is distinct from its planned repurchases for shareholders. The group has not reported that the future buyback transactions or employee subscription have already been completed.
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