PARIS: TotalEnergies reported a steady adjusted net income for the third quarter, matching last year’s level despite a significant drop in oil prices, as increased hydrocarbon production and stronger refining margins helped cushion the blow.
The French energy giant on Thursday posted an adjusted net income of $4.0 billion for the three months ending Sept. 30, unchanged from the third quarter of 2024. Cash flow from operations, a key metric of financial health, rose 4% year-on-year to $7.1 billion.
The results highlight the resilience of TotalEnergies’ diversified business model. While many pure-play oil producers are highly sensitive to crude prices, which fell by more than $10 a barrel from a year earlier, the company’s growth in production and its downstream operations helped offset the decline.
“Despite a $10/b drop in oil prices year-on-year, TotalEnergies posted adjusted net income at the same level as the third quarter 2024,” Chief Executive Patrick Pouyanné said. “The Company’s strong financials are underpinned by accretive hydrocarbon production growth of more than 4% year-on-year and improved Downstream results.”
The company’s Exploration & Production unit saw its adjusted net operating income jump 10% from the previous quarter to $2.2 billion. The downstream division, which includes refining, reported a significant year-on-year improvement, with adjusted net operating income rising by almost $500 million to $1.1 billion.
The board confirmed a third interim dividend for 2025 of 0.85 euros per share, an increase of 7.6% from 2024. It also authorized share buybacks of up to $1.5 billion for the fourth quarter.
In a separate move, the board approved the termination of its American Depositary Receipt (ADR) program. The ADRs will be converted into ordinary shares listed on the New York Stock Exchange from Dec. 8, 2025.