TotalEnergies reported net income of $5.8bn for the first quarter of 2026 (Q1 2026), up 48.7% from $3.9bn a year earlier.
Adjusted net income attributable to shareholders in the reported quarter climbed by 28.6% to $5.4bn from $4.2bn, while adjusted diluted earnings reached $2.45 per share, a 34% increase from $1.83.
Adjusted earnings before interest, taxes, depreciation and amortisation rose by 20% year on year (YoY) to $12.6bn, compared with $10.5bn in Q1 2025.
TotalEnergies’s revenue from sales after excise taxes edged up by 3.6% to $49.5bn from $47.8bn. The French oil and gas company’s reported earnings per share (EPS) were $2.68, with fully diluted EPS at $2.64.
Cash flow from operations excluding working capital advanced by 22.9% to $8.6bn from $7bn in the prior-year period.
TotalEnergies claimed to have achieved a 33% YoY reduction in methane emissions from its operated facilities, primarily due to decreased flaring and fugitive emissions at its exploration and production sites.
Hydrocarbon production remained stable at 2.55 million barrels of oil equivalent per day (mboe/d) in Q1 2026. A 4% increase from new project start-ups and ramp-ups was offset by a 4% decline due to the Middle East conflict.
The exploration and production segment's adjusted net operating income rose by more than 40% quarter-to-quarter, reaching $2.57bn, driven by higher average liquids prices and contributions from new projects.
Cash flow from operations in this segment increased by 26% quarter-to-quarter to $4.56bn.
TotalEnergies’ liquefied natural gas hydrocarbon production saw a 12% quarter-to-quarter rise, supported by growth in Australia, the US and Malaysia.
The company said that owing to the Middle East conflict, oil prices remain high at around $100 per barrel, with volatility expected to persist into Q2 due to delayed production restarts.
Excluding Middle East disruptions, TotalEnergies said that its production is projected to grow by 4% YoY. The company’s refinery utilisation rates are anticipated to be 80–85% due to capacity reductions and maintenance.
TotalEnergies also revealed plans to maintain net investments at $15bn for 2026, with potential acceleration of short-cycle projects.
Key developments for the company during Q1 2026 include the start-up of new fields in Angola and Libya, and the acquisition of power generation assets in Europe.
TotalEnergies CEO Patrick Pouyanné said: “Driven by a 4% YoY organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4bn and a cash flow of $8.6bn in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas and power.
“IFRS [International Financial Reporting Standards] net income amounted to $5.8bn. First quarter oil & gas production reached 2.55mboe/d, benefitting from the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW in Brazil and Mabruk in Libya, offsetting production losses in the Middle East (around 100,000boe/d on average over the quarter).
“Exploration & production delivered adjusted net operating income of $2.6bn and cash flow of $4.6bn, rising sharply quarter-to-quarter, fully reflecting the sensitivity to the increase of the average liquids price and the accretive contribution of the new projects.
“TotalEnergies successfully continued the active management of its portfolio by completing the merger of its UK upstream assets with NEO NEXT this quarter and announcing two hydrocarbon discoveries on the Moho field in Congo.”
