Overview

• TotalEnergies guides third‑quarter oil and gas production to about 2.5 million boe/d, up roughly 4% year over year and above its >3% growth target.
• The European refining margin marker surged to $63 per ton from $15.4 a year earlier despite planned turnarounds at Antwerp and Port Arthur.
• Downstream results and cash flow are projected to rise by $400–$600 million year over year, with total business‑segment results and cash flow guided up 0–5% despite lower Brent averaging $69.1 versus $80.3 in Q3 2024.
• Integrated LNG cash flow is expected to be in line with Q2 near $9 per MBtu, with the Ichthys LNG turnaround factored into results.
• Net investments are estimated at about $3 billion supported by roughly $500 million in net divestments, a $1–$2 billion positive working‑capital contribution, and a 0.5–1 percentage point gearing improvement, while shares traded higher premarket and full results are due October 30.