TotalEnergies expects its fourth-quarter (Q4) 2025 financial results to broadly align with previous year levels, as refining margins and strategic asset sales successfully offset a downturn in crude oil and liquefied natural gas (LNG) prices, according to Reuters.

According to a trading statement, the French multi-energy major projected that cash flow from operations will remain stable year-on-year (YoY). This stability is attributed to incremental upstream production growth and sustained improvements across downstream business segments, which cushioned the impact of a weaker commodity price environment.

TotalEnergies boosted its upstream oil and gas output by approximately 5% YoY. This production hike limited the decline in upstream earnings to roughly $6 per barrel, significantly outperforming the broader $11 per barrel drop in global crude prices during the same period.

The company’s downstream performance was further bolstered by European refining margins, which surged to $85.7 per metric ton—more than tripling from the fourth quarter of 2024. Chief Executive Officer Patrick Pouyanné previously noted that tighter refined product markets, driven by international sanctions and European restrictions on Russian energy imports, have continued to support these elevated margins.

Furthermore, earnings from downstream marketing and services are anticipated to rise by approximately 5% compared to the same period last year. The company’s integrated power segment also saw a cash flow increase, fueled by the divestment of several minority stakes in renewable assets. This strategic rotation led the segment to achieve an annual cash flow of $2.5 billion.