TotalEnergies has released its customary quarterly market indicators ahead of its Q1 earnings report scheduled for April 29. Metrics are trending upwards, supported by a more favorable pricing environment.
The energy major reported an average Brent price of $81.1 per barrel, up from $63.7 in the previous quarter. Average selling prices also climbed, reaching $73.7 per barrel for liquids and $5.59 per MBtu for gas. The European refining margin indicator remains high, at $11.4 per barrel.
Hydrocarbon production is benefiting from organic growth exceeding the 3% annual guidance, driven notably by the start-ups of Lapa SW and Mabruk, the company highlighted. However, output remains hampered by losses in the Middle East of approximately 100 kboe/d, resulting in overall production being stable compared to Q4 2025.
Earnings expected to rise sharply
Against this backdrop, Exploration & Production results are expected to increase significantly, bolstered by higher realized prices and contributions from new projects. The LNG segment is also projected to show marked improvement, supported by a 10% rise in production and dynamic trading activities.
Other business segments show mixed trends. Integrated Power is expected to remain stable, with earnings around $500m and cash flow of $600m, in the absence of asset disposals. Downstream is anticipated to improve, with refinery utilization rates exceeding 90% and strong performance in trading.
Working capital requirements are expected to increase by approximately $5bn, partly due to rising prices. The gearing ratio is projected to be around 15%, as higher cash flow partially offsets this development.
TotalEnergies SE is one of the leading worldwide oil groups. Net sales break down by activity as follows:
- refining and chemistry (43.3%): refining of petroleum products (operated, at the end of 2025, 14 refineries throughout the world) and manufacture of basic chemistry (olefins, aromatics, polyethylene, fertilizer, etc.) and of specialty chemistry (rubber, resins, adhesives, etc.). The group is also operating in trading and sea transport of crude oil and oil products;
- petroleum products distribution (39.1%): at the end of 2025 operated 12,775 service stations worldwide;
- electricity generation (9.7%): from combined cycle gas plants and renewable energies;
- gas production, trading, transport and distribution (5%): primarily liquefied natural gas (43.9 million tons sold in 2025), natural gas, biogas, hydrogen, liquefied petroleum gas, etc.;
- hydrocarbon operating and production (2.8%): 2.5 million barrels of oil equivalent produced per day in 2025;
- other (0.1%).
Net sales are distributed geographically as follows: France (22.8%), Europe (45%), Africa (10%), North America (7.2%) and other (15%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
