SEATTLE (Oil Monster): French energy major TotalEnergies expects a notable improvement in its second-quarter financial results, supported by a sharp rise in crude oil prices during the April–June period. The stronger performance from most of its business segments is likely to offset a significant decline in earnings from its liquefied natural gas (LNG) operations.
Oil prices surged during the quarter following the disruption of energy supplies caused by geopolitical tensions in the Middle East. Brent crude averaged around $97 per barrel during the quarter, compared with about $67 per barrel in the same period last year. The sharp surge in prices provided a major boost to upstream operations.
TotalEnergies expects hydrocarbon production to reach nearly 2.4 million barrels of oil equivalent per day in the second quarter. The company also reported improved production levels, with operations resuming in several Middle Eastern countries.
Despite stronger oil prices, the company expects LNG earnings to fall sharply due to weaker gas trading activity and softer market conditions in Europe.
The downstream business is also expected to post improved results, driven by stronger refining margins and robust oil trading. In addition, TotalEnergies anticipates higher cash flow from its integrated power business.
The company is scheduled to announce its full second-quarter financial results on July 23, 2026.
