LA DEFENSE (dpa-AFX) - TotalEnergies SE (TTE.PA) on Wednesday reported significantly higher profit in its first quarter with increased sales, despite nearly flat production.
In the first quarter, net income, TotalEnergies share, climbed 51 percent to $5.81 billion from last year's $3.85 billion.
Net income for the parent company amounted to 2.68 billion euros in the first quarter, compared to 3.73 billion euros a year ago.
Adjusted net income, TotalEnergies share, was $5.39 billion, up 29 percent from $4.19 billion last year. Adjusted earnings per share were $2.45, up from $1.83 in the prior year.
In euro terms, adjusted earnings per share grew 21 percent to 2.10 euros from 1.74 euros a year ago.
Adjusted net operating income from business segments grew 31 percent year -over-year to $6.30 billion, reflecting mainly higher oil and gas prices as well as strong performance of trading activities in crude oil, petroleum products and LNG.
Adjusted EBITDA climbed 19 percent from last year to $12.55 billion.
Sales increased to $54.16 billion from $52.25 billion last year. Revenue from sales was $49.52 billion, up from $47.90 billion in the prior year.
Hydrocarbon production averaged 2,553 thousand barrels of oil equivalent per day or kboe/d in the first quarter, compared to 2,558 kboe/d last year.
Oil production dropped 2 percent, while gas production increased 2 percent.
Excluding the impact of the conflict in the Middle East, production increased by around 4 percent year-on-year, supported by new projects start-ups and ramp-ups.
Further, the company said its Board of Directors decided to increase the first interim dividend by 5.9 percent to 0.90 euros per share, the highest dividend growth among the Oil and Gas majors.
Furthermore, the Board authorized the continuation of share buybacks up to $1.5 billion in the second quarter and confirmed the objective of a payout ratio above 40 percent over the year.
Looking ahead, TotalEnergies anticipates an average LNG selling price of around $10/Mbtu in the second quarter of 2026, citing the evolution of oil and gas prices in recent months and the lag effect in pricing formulas.
At the end of April, production shut down in Qatar, Iraq and offshore in the United Arab Emirates represents around 15 percent of the Company's total production.
Excluding the impact of the conflict in the Middle East, the second-quarter production is expected to grow around 4 percent year-over-year, in line with the first quarter growth.
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