TotalEnergies said its third-quarter (Q3) earnings remained flat from a year earlier, despite oil prices decreasing by more than $10 per barrel (bbl). 

The company’s adjusted net income stood at $4bn for Q3, compared to $4.1bn for the same period in 2024. 

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the reported quarter were $10.29bn, up from $9.69bn in the previous quarter and $10.04bn in the same period last year. 

The French oil major’s cash flow from operating activities totalled $8.34bn in Q3 2025 from $7.17bn in the respective quarter of the prior year. 

Its Exploration and Production segment reported adjusted net operating income of $2.16bn in Q3, compared to $2.48bn in the same quarter last year. 

The Integrated LNG arm reported adjusted net operating income of $852m, compared to $1.06bn in Q3 2024. 

TotalEnergies CEO Patrick Pouyanné said: “The company’s strong financials are underpinned by accretive hydrocarbon production growth of more than 4% year-on-year and improved Downstream results that highlight the company’s profitable growth strategy and integrated model. 

“Exploration & Production reported adjusted net operating income of $2.2bn and cash flow of $4bn in the third quarter, increasing by 10% and 6% quarter-to-quarter, respectively.” 

TotalEnergies reported net income of $10.22bn for the first nine months of 2025, compared to $11.8bn for the same period last year. 

Its adjusted EBITDA for the first nine months of 2025 was $30.48bn, compared to $32.61bn in the corresponding period the previous year. 

The company’s cash flow from operating activities for the first nine months of 2025 totalled $16.87bn, an 8% decrease from $18.34bn in the previous year. 

In a separate development, Pouyanne said TotalEnergies can restart its Mozambique LNG project sooner, with a $20.5bn budget. 

Pouyanne said the media incorrectly interpreted his letter to Mozambique's president, which requested approval for a $4.5bn increase in the project cost.