TotalEnergies’ Q3 Adjusted Net Income More Than Doubles to $9.097 Billion

TotalEnergies posted $9.097 billion in adjusted net income attributable to shareholders for the third quarter, more than double a year earlier. The quarter also brought a $33.20-per-barrel European Refining Margin Marker, up from $13.50 in the second quarter and $8.40 a year earlier.

Adjusted net income was up from $6.027 billion in the second quarter. Reported net income attributable to shareholders was $8.263 billion. The margin marker is based on a representative basket of crude, product yields and variable costs, and excludes oil trading.

Refinery throughput averaged 1.555 million barrels per day, 9% above the prior quarter. Refining & Chemicals reported $3.601 billion in adjusted net operating income, compared with $1.8 billion in the second quarter and $687 million a year earlier. Oil trading outperformed at a level comparable with the previous two quarters.

Integrated LNG reported $1.885 billion in adjusted net operating income. TotalEnergies linked the increase to a 20% quarterly rise in its average LNG price and strong LNG and gas trading amid a bull market, the Strait of Hormuz conflict and seasonal demand.

Hydrocarbon production averaged 2.474 million barrels of oil equivalent per day, up more than 3% from the second quarter. TotalEnergies attributed a 5% year-over-year production impact to the Middle East conflict.

Cash flow from operations excluding working capital was $12.255 billion, up 25% from the second quarter. Total cash flow from operating activities was $15.390 billion and included a positive $3.1 billion working-capital change. CEO Patrick Pouyanné described the quarter as occurring “in a high-price environment characterized by historic refining margin levels and a bull gas market.”