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Jun 30, 2025
TotalEnergies Q2 2025 Earnings Report
TotalEnergies reported solid Q2 2025 results despite lower oil prices, supported by production growth and strong cash flow generation.
Key Takeaways
TotalEnergies delivered $49.63B in revenue, $2.7B in net income, and $6.6B in cash flow, with hydrocarbon production growth offsetting weaker oil prices.
Generated $6.6B cash flow despite 10% lower oil prices
Adjusted net income reached $3.6B, with EPS of $1.57
Hydrocarbon production grew 2.5% YoY to 2,503 kboe/d
Maintained shareholder returns with $2B buyback planned for Q3
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
TotalEnergies expects production growth of over 3% in Q3 2025, with refining utilization rates around 80-85% and LNG prices sustained at $9-$9.5/Mbtu.
Positive Outlook
- Projected hydrocarbon production growth of over 3% YoY in Q3
- Refining margins supported by stronger summer demand
- LNG selling prices expected to remain sustained at $9-$9.5/Mbtu
- Net investments to remain within $17-$17.5B guidance range
- Strong balance sheet maintained with continued share buybacks
Challenges Ahead
- Oil market volatility expected to persist due to geopolitical risks
- Weak demand linked to global economic slowdown
- Petrochemical overcapacity continues to pressure margins
- Scheduled maintenance may limit refining utilization rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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