Raises hydrocarbon output by 3% amid divestment from Nigeria, Brazil
TotalEnergies has reported resilient half-year results, generating $6.6 billion in cash flow despite a 10 per cent drop in oil prices, highlighting its ability to deliver steady returns.
Hydrocarbon production averaged 2.53 million barrels of oil equivalent per day (Mboe/d) in the first half of 2025, marking more than a three per cent increase year-on-year.
The growth was driven by new production from key projects, including the Ballymore field in the United States and Mero-4 in Brazil, both of which came on stream ahead of schedule.
Adjusted net income for the quarter stood at $3.6 billion, bringing the company’s first-half adjusted net income to $7.8 billion.
The Board of Directors, chaired by Chairman and Chief Executive Officer Patrick Pouyanné, approved the financial statements at its meeting on July 23, 2025 and released them on Thursday.
Pouyanné described the results as proof of the company’s balanced multi-energy strategy and resilience.
“TotalEnergies delivered robust financial results in the second quarter: cash flow only decreased by five per cent to $6.6 billion despite a 10% decrease in oil price, notably thanks to accretive hydrocarbon production growth,” he said.
The company’s electricity production also rose strongly, with nearly 23 terawatt-hours (TWh) generated in the first half of the year, an increase of over 20 per cent compared to the same period in 2024.
Exploration and Production posted adjusted net operating income of $2 billion and cash flow of $3.8 billion in the second quarter. As part of its strategy to keep a low-cost, low-emission portfolio, TotalEnergies completed divestments of non-operated interests in non-core projects in Nigeria and Brazil and secured new exploration permits in the United States, Malaysia, Indonesia and Algeria.
The Integrated LNG business recorded adjusted net operating income of $1 billion and cash flow of $1.2 billion for the quarter, despite a 10 per cent decline in LNG selling prices, reflecting softer oil prices and low trading volatility.
The company also strengthened its LNG position by signing a 1.5 million tonnes per annum (Mtpa) offtake agreement from Rio Grande LNG Train 4 and acquiring a stake in the planned Ksi Lisims LNG plant on Canada’s Pacific coast.
Also, Integrated Power delivered adjusted net operating income and cash flow of nearly $0.6 billion for the quarter, in line with annual targets. During the period, TotalEnergies divested 50 per cent of a renewable asset portfolio in Portugal as part of its business model.
Downstream activities added adjusted net operating income of $0.8 billion and cash flow of $1.5 billion for the quarter, supported by improved refining margins and stronger seasonal performance in marketing and services.
Total net investments in the first half of 2025 stood at $11.6 billion, including $2.2 billion of net acquisitions, notably the purchase of VSB. The company said it expects full-year net investments to stay within the $17 billion to $17.5 billion guidance range, supported by planned disposals in the second half of the year.
With normalised gearing at 15 per cent, the Board confirmed a second interim dividend of €0.85 per share for fiscal 2025, a 7.6 per cent increase compared to 2024 and approved up to $2 billion in share buybacks for the third quarter.