TotalEnergies (TTE) Trading update summary

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.