TotalEnergies reported $9.1 billion in adjusted net income for the third quarter of 2026, up 127% from a year earlier as exceptionally strong refining margins and higher natural gas and LNG prices boosted results.
By Carolina Curiel
Published October 30, 2026
What Readers Should Know
MONTREAL (Oil Monster): TotalEnergies reported its strongest quarterly adjusted earnings since early 2022 as tight supplies of refined petroleum products and higher natural gas prices boosted its refining and LNG businesses.
Adjusted net income reached $9.1 billion during the July-September quarter, compared with approximately $4 billion a year earlier and above the $8.3 billion average forecast of analysts surveyed by LSEG.
TotalEnergies also generated $12.3 billion in cash flow during the quarter and ended September with gearing below 10%.
Refining & Chemicals delivered approximately $3.6 billion in adjusted net operating income, more than five times the year-earlier result and roughly double the previous quarter.
TotalEnergies' European Refining Margin indicator climbed to $33.20 per barrel in Q3, compared with $8.40 a year earlier.
Chief Executive Patrick Pouyanné said refining throughput increased by nearly 10%, allowing the company to capture historically high refining margins in Europe and other markets.
Q3 2026 Snapshot
Adjusted net income: $9.1 billion
Cash flow: $12.3 billion
Refining & Chemicals: ~$3.6 billion
Integrated LNG: ~$1.9 billion
Refining margin indicator: $33.20/barrel
Integrated LNG earnings increased to approximately $1.9 billion as average gas prices rose about 20% from the previous quarter and natural gas trading performed strongly.
TotalEnergies' average LNG selling price increased to $12.28 per MMBtu in Q3 from $10.20 in the second quarter.
The results reflect tighter energy markets following disruptions to Middle Eastern oil and gas flows and reduced availability of refined products.
OilMonster Market Lens
TotalEnergies' quarter shows where the current energy-market tightness is creating the biggest earnings impact.
Refining and LNG benefited strongly from constrained product supply and higher gas prices, allowing the company's integrated model to capture margins across both fuels and trading.
The company confirmed $2.5 billion of share repurchases for the fourth quarter and another $2.5 billion for the first quarter of 2027.
TotalEnergies also maintained its third interim dividend at €0.90 per share, 5.9% above the comparable 2025 dividend level.
TotalEnergies' third-quarter earnings were driven primarily by an exceptional refining environment and stronger LNG pricing.
The company is using the resulting cash generation to reduce leverage while maintaining substantial shareholder distributions, with another $5 billion of share buybacks planned across the next two quarters.
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Courtesy: www.reuters.com
