CEO Patrick Pouyanné reports:
- Generated $6.6 billion of cash flow during the quarter, driven by production growth of its energies
- Demonstrating the Company’s robustness in a lower price environment while maintaining shareholder returns
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 23, 2025, to approve the 2nd quarter 2025 financial statements. On the occasion, Patrick Pouyanné said:
“TotalEnergies delivered robust financial results in the second quarter: cash flow only decreased by 5% to $6.6 billion despite a 10% decrease in oil price, notably thanks to accretive hydrocarbon production growth. The Company posted adjusted net income of $3.6 billion for the quarter, resulting in first half adjusted net income of $7.8 billion.
In the first half of the year TotalEnergies continued to successfully execute its balanced multi-energy strategy, supported by sustained growth in hydrocarbon and electricity production:
– 2.53 Mboe/d of hydrocarbon production, which is an increase of more than 3% year-on-year and benefiting notably from the start-up of the Ballymore field in the United States and Mero-4 in Brazil, a quarter ahead of schedule – nearly 23 TWh of electricity production in the first half of 2025, an increase of over 20% year-on-year
Exploration & Production reported adjusted net operating income of $2.0 billion and cash flow of $3.8 billion in the second quarter, benefiting from accretive project start-ups in 2024 and 2025. Consistent with our strategy, the Company continued to actively manage its low-cost, low-emission portfolio by divesting non-operated interests in non-core projects in Nigeria and Brazil, and entering into new exploration permits in the United States, Malaysia, Indonesia, and Algeria.
Integrated LNG achieved adjusted net operating income of $1.0 billion and cash flow of $1.2 billion this quarter, reflecting a 10% decrease in the LNG selling price, in line with oil price evolution, and low market volatility for gas trading activities. The Company strengthened its LNG portfolio by signing a 1.5 Mtpa LNG offtake agreement from Rio Grande LNG Train 4 and taking a positioning in the future Ksi Lisims LNG plant located on the Pacific Coast of Canada.
Integrated Power posted adjusted net operating income and cash flow of close to $0.6 billion this quarter, resulting in cash flow of $1.2 billion in the first half of 2025, in line with the annual guidance. As part of its business model, the Company divested 50% of a renewable asset portfolio in Portugal.
Downstream delivered adjusted net operating income of $0.8 billion and cash flow of $1.5 billion, reflecting improved refining margins (but still in the context of a globally weak environment) and utilization rate. Downstream results benefitted from the positive seasonal effect of Marketing & Services activities, with stronger results year-on-year.
During the first half of 2025, net investments reached $11.6 billion, including $2.2 billion of net acquisitions, notably related to the acquisition of VSB. The Company anticipates that net investments for the full year will be within the $17-17.5 billion guidance range given the disposal program planned for the second half of the year. Normalized gearing, which excludes seasonal effects of working capital and investment pace, is 15%.
Comforted by the Company’s ability to reach its 2025 underlying growth objective while maintaining a strong balance sheet, the Board of Directors has confirmed the distribution of the second interim dividend of 0.85 €/share for fiscal year 2025, an increase close to 7.6% compared to 2024. It also decided to continue share buybacks for up to $2 billion in the third quarter.
The Board also highlighted the recent success of the Capital increase reserved for employees, which brings TotalEnergies’ employee ownership to nearly 9% of the Company’s share capital and demonstrates their support of the Company’s strategy.”
Highlights on Upstream Activities:
Production start-up of the Mero-4 offshore oil development, for 180,000 b/d, in Brazil
Production start-up of the Ballymore offshore oil field, for 75,000 b/d, in the United States
Divestment of TotalEnergies’ 12.5% non-operated interest in the Bonga field, in Nigeria
Divestment of TotalEnergies’ 20% non-operated interest in Gato do Mato project to Shell in exchange for an increased 48% stake in the operated Lapa offshore field, in Brazil
Acquisition of a 25% working interest in a portfolio of 40 Chevron-operated offshore exploration leases, in the United States
Acquisition from Petronas of interests in multiple blocks, offshore Malaysia and Indonesia
Acquisition of a 25% interest in Block 53, in Suriname
Award of the Ahara Exploration license, in Algeria Downstream
Announcement of the shut-down of the cracker NC2 in the Antwerp platform by 2027, in the context of over-capacity of petrochemicals in Europe Integrated LNG
Signature of an agreement with NextDecade for LNG offtake of 1.5 Mt/year over 20 years from the future Train 4 of Rio Grande LNG, in Texas
Signature of agreements with Western LNG for a future equity stake and LNG offtake in Ksi Lisims LNG project, in Canada
Agreement between with CMA CGM to create a JV for LNG bunkering in Rotterdam, with TotalEnergies providing up to 360,000 tons of LNG per year Integrated Power
Closing of the acquisition of the German renewable energy developer VSB
Closing of the sale of 50% of TotalEnergies’ 604 MW renewables portfolio, in Portugal
Closing of the acquisition of 50% of AES’ renewables portfolio, in the Dominican Republic
Acquisition of 350 MW of solar projects and 85 MW of BESS projects, in the UK
Award of a concession to develop a 1GW offshore wind farm, in Germany
Signature of an agreement with RGE for the development of a solar and battery project, in Indonesia, to supply the local market and Singapore Carbon footprint reduction and low-carbon molecules
Signature of an agreement for the sale of 50% of biogas leader PGB in Poland
Signature of a 15-year agreement with Quatra for the supply of 60,000 tons/yr of European used cooking oil to TotalEnergies’ biorefineries Innovation and Performance
Collaboration with Mistral AI through a joint innovation lab to increase the application of AI in TotalEnergies’ multi-energy strategy
(2) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements.