French energy major TotalEnergies more than doubled its net income in the third quarter of 2026 (Q3 2026), posting $8.3bn compared with $3.7bn a year earlier.
The 124% year-on-year increase was driven by record European refining margins, elevated gas prices, and continued production growth, partly offset by the impact of the Middle East conflict on output.
For the first nine months of 2026, net income reached $19.5bn, a 91% increase from $10.2bn in the corresponding period of 2025.
On an adjusted basis, which excludes inventory effects, non-recurring charges, and fair-value movements, net income came in at $9.1bn for the quarter, up 128% from $4.0bn a year earlier. Nine-month adjusted net income climbed 75% to $20.5bn.
Adjusted fully diluted earnings per share more than doubled year on year to $4.03 from $1.77 in the third quarter. It rose 78% to $9.19 for the nine-month period.
Cash flow from operations, excluding working capital, totaled $12.3bn in the quarter, 74% higher than the $7.1bn recorded in the third quarter of 2025. On a nine-month basis, the measure rose 48% to $30.6bn, while adjusted EBITDA reached $17.8bn in the quarter, up 73% year on year.
The Refining & Chemicals division was the standout performer, delivering adjusted net operating income of $3.6bn in the quarter, compared with $687m a year ago. The European Refining Margin Marker averaged $33.2 per barrel, nearly four times the $8.4 per barrel recorded in the third quarter of 2025.
Refinery throughput rose to 1,555,000 barrels of crude oil per day, with a utilisation rate of 88%, as all European and US refineries operated at full capacity. The SATORP refinery in Saudi Arabia also progressively returned to normal output.
TotalEnergies CEO Patrick Pouyanné said: "In a high-price environment characterised by historic refining margin levels and a bull gas market, TotalEnergies is once again fully leveraging its integrated business model and its geographic diversification."
The Exploration & Production segment posted adjusted net operating income of $3.2bn, up 46% from $2.2bn a year earlier.
Hydrocarbon production averaged 2,474 thousand barrels of oil equivalent per day (kboepd) in the quarter, marginally below the 2,508kboepd reported in the prior-year period, owing to a 5-percentage-point drag from the Middle East conflict.
Excluding the impact of the Middle East conflict, production grew by more than 4% year on year, supported by ramp-ups at Mero-4 and Lapa SW in Brazil, Anchor and Ballymore in the US, and Begonia and Clov Phase 3 in Angola. Operating costs remained at $4.7 per barrel of oil equivalent, below $5/boe.
Integrated liquefied natural gas (LNG) adjusted net operating income reached $1.9bn, more than doubling from $852m in the third quarter of 2025. The average LNG selling price rose 38% year on year to $12.28/ million British thermal units (Mbtu), while the TTF European gas benchmark averaged $21.5/Mbtu, compared with $11.3/Mbtu a year earlier.
TotalEnergies took final investment decisions during the quarter on the Cronos gas field in Cyprus, the Ima gas field in Nigeria, Umm Shaif Gas Cap in the UAE, and Absheron Phase 2 in Azerbaijan. The company said all projects needed to achieve its target of more than 3% annual production growth through to 2030 are now in execution.
On the exploration front, TotalEnergies completed its entry into the PEL83 license in Namibia, which holds the Mopane discovery. The company also participated in three new discoveries in Norway and Angola.
Net investments for the first nine months totalled $11.2bn, in line with annual guidance of approximately $15bn.
Separately, TotalEnergies signed a $1.8bn agreement with Global Infrastructure Partners relating to energy infrastructure assets in Africa. It also agreed a three-year partnership with Mistral for the development of AI models dedicated to exploration and reservoir engineering.
Third-quarter results included $1.9bn of impairments, primarily related to the company's offshore wind activities and its participation in Hanwha TotalEnergies Petrochemical.
Looking ahead, TotalEnergies said oil prices remained above $100 per barrel at the start of the fourth quarter amid continued Middle East tensions. European gas forward prices also continued to rise ahead of winter demand.
The company expects an average LNG selling price above $14/Mbtu for the fourth quarter. Excluding the impact of the Middle East conflict, fourth-quarter production is expected to grow by more than 3% compared with the fourth quarter of 2025, consistent with annual guidance.
Refinery throughput is expected to be broadly comparable to third-quarter levels despite a 20-day turnaround at the Normandy platform .
"TotalEnergies posts $8.3bn Q3 net income on refining gains" was originally created and published by Offshore Technology , a GlobalData owned brand.
