French energy major TotalEnergies reported a 35% year-on-year (YoY) increase in adjusted earnings to $17.8 billion in the third quarter (Q3) of 2026, supported by record refining margins, higher liquefied natural gas (LNG) prices, and stronger trading performance.
The company also generated a 51% rise in adjusted net income, reaching $9.1 billion during the quarter, compared to the same period last year.
“In a high-price environment characterized by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification,” CEO Patrick Pouyanné said.
TotalEnergies’ adjusted net operating income rose to $9,712 million in the third quarter of 2026, compared to $6,871 million in the second quarter of 2026. The company attributed this to having increased production, higher refining margins in Europe and worldwide, higher gas prices, and significant performance of liquefied natural gas (LNG) and gas trading activities.
“The increase of nearly 10% in refining throughput enabled the Company to fully capture historically high refining margins in Europe and worldwide, while oil trading activities outperformed at a level comparable to the two previous quarters,” CEO Patrick Pouyanné said.
TotalEnergies confirmed $2.5 billion in share buybacks for Q4 2026 and another $2.5 billion for Q1 2027. Net investments reached $11.2 billion in the first nine months of 2026, in line with its full-year guidance of $15 billion.
Pouyanné noted that TotalEnergies took final investment decisions on several projects during the quarter, including the Cronos gas field in Cyprus, the Ima gas field in Nigeria, the Umm Shaif Gas Cap project in the United Arab Emirates and the second phase of Absheron in Azerbaijan.
“All the projects contributing to achieving the production growth target of more than 3% per year by 2030 are now in the execution phase,” he said.
The Umm Shaif Gas Cap project targets gas production of more than 600 million standard cubic feet per day by 2030, alongside the monetization of associated condensates. Cronos is expected to begin production in 2028, while the Ima field is intended to supply Nigeria LNG from 2028.
The company expanded its renewable energy portfolio during the quarter, acquiring a 4-gigawatt (GW) portfolio of onshore renewable assets from Shell in Europe and adding 700 megawatts (MW) of renewable capacity to its 50/50 joint venture with KKR in the United States. The company also agreed to sell KKR a 50% stake in a 1.2 GW portfolio of developed renewable assets.
