TotalEnergies posted its second-quarter results, amid rising commodity prices and an integrated business model boosting earnings and cash flow despite Middle East-linked disruptions.

Adjusted net income rose 12% quarter-on-quarter to $6 billion, while first-half adjusted net income increased 47% year-on-year to $11.4 billion and first-half cash flow climbed 35% to $18.4 billion.

Oil and gas production averaged 2.395 million barrels of oil equivalent per day, thanks to increased production in Brazil, the U.S. and Libya, partly offsetting a 210,000 boe/d drop in the Middle East.

The Exploration & Production division reported $3.2 billion in adjusted net operating income and $5.8 billion in cash flow, both more than 25% higher than the previous quarter, helped by an almost $18 per barrel increase in liquids prices.

Integrated LNG generated $800 million in adjusted net operating income and cash flow, reflecting weaker gas trading in Europe.

Integrated Power, which includes generation, trading and optimization, and B2B supply and customer solutions, delivered $700 million in adjusted cash flow, up 25% from the previous quarter, supported by newly acquired power generation assets from EPH, a Czech-based energy company, in Europe.

Downstream operations’ cash flow rose 35% to $2.9 billion, driven by stronger refining and petrochemical margins, solid trading results and strong Marketing & Services performance.

Throughout the quarter, TotalEnergies invested $3.4 billion and reduced net debt by $3.3 billion, while the board raised its interim dividend by 5.9% and approved up to $1.5 billion in share buybacks for the third quarter.

In the Middle East, the company expanded its upstream footprint by acquiring a stake in the Bab Gas Cap concession and approving the Umm Shaif Gas Cap project in the UAE, while also signing offshore exploration agreements in Egypt and Syria.