TotalEnergies quarterly output rises 4% as refining margins surge

TotalEnergies SE on Wednesday said oil and gas production increased in the third quarter of 2025 as refining margins in Europe improved from last year's lows.

The Paris-based oil, gas and renewable energy producer said output averaged 2.5 million barrels of oil equivalent per day in the three months to September, up 4% year-on-year and above its annual guidance of more than 3% growth, despite maintenance work at its Ichthys liquefied natural gas project in Australia.

Exploration & Production results and cash flow are expected to outpace production growth, benefiting from "the accretive impact of the new barrels".

TotalEnergies said cash flow from its integrated liquefied natural gas segment should remain broadly in line with the second quarter, in a similar price environment of about USD9 per million British thermal units.

Downstream earnings and cash flow are set to improve by between USD400 million and USD600 million compared with a year earlier, driven by higher European refining margins.

The company's European refining margin marker jumped to USD63 per tonne in the third quarter from USD15 a year earlier, offsetting the impact of turnarounds at its Antwerp and Port Arthur sites.

TotalEnergies said the combined results and cash flow from its business segments should rise by between 0% and 5% year-on-year, even with oil prices about USD10 lower than a year ago.

Net investments are expected at around USD3 billion for the quarter, including USD500 million in divestments net of acquisitions, while working capital is forecast to make a positive contribution of between USD1 billion and USD2 billion. The gearing ratio is projected to improve by up to one percentage point from the previous quarter.