29 April 2026
If you are covering the latest results from TotalEnergies, please see the following comment from Maurizio Carulli, global energy analyst at Quilter Cheviot:
“TotalEnergies posted a strong set of first quarter results this morning, coming in comfortably ahead of expectations. Its shares are up 0.7%, a positive move compared to the French stock market index edging down 0.5%. Adjusted net income of $5.4bn marked a significant improvement both on the previous quarter and the same period last year, landing around 4% ahead of consensus. The standout contributor was the Refining and Chemicals division, which benefited from strong refining margins in the quarter.
“Net debt rose to $23bn, but this is largely due to working capital movements linked to higher oil prices and is a familiar pattern across the sector which should revert over time. Meanwhile, robust organic production growth is helping to offset the production losses in the Middle East linked to the ongoing war in Iran.
“TotalEnergies also announced a 5.9% increase in its interim dividend alongside a $1.5bn share buyback for the second quarter of 2026, set at the top end of its previously guided range. Under the helm of CEO Patrick Pouyanné, the company continues to deliver strong operational and financial performance.”
