TotalEnergies
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TotalEnergies (TTE) investor relations material

TotalEnergies Trading update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading update summary20 Jan, 2026

Executive summary

  • Cash flow from business segments in Q4 2025 is expected to match last year, despite a $10/b decline in oil prices, due to upstream production growth and improved downstream results.

  • Oil and gas production growth for Q4 2025 is projected at nearly 5% year-over-year, with full-year 2025 growth close to 4%, surpassing the guidance of more than 3%.

Financial highlights

  • Net investments for 2025 are expected to be close to $17 billion, aided by over $2 billion in divestments in Q4.

  • A release of more than $3 billion in working capital is anticipated in Q4, leading to a gearing ratio around 15% at year-end 2025.

Outlook and guidance

  • Integrated Power cash flow is set to exceed $2.5 billion for 2025, in line with full-year guidance.

  • Sensitivities indicate that a $10/b change in average liquids price impacts adjusted net operating income by +/- $2.3 billion and cash flow from operations by +/- $2.8 billion.

What drove 4Q25 cash flow stability despite price drop?
What enabled Integrated Power's cash flow target?
What drove the year-end 2025 gearing ratio?
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Q4 202511 Feb, 2026
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Frequently asked questions

TotalEnergies SE engages in the exploration and production of oil, gas, liquefied natural gas, solar energy, biofuels and carbon storage. It operates through the Upstream and Downstream segments. The Upstream segment develops oil and gas assets. The Downstream segment includes refining and marketing operations. The company was founded in 1924 and is headquartered in Paris, France.

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