TotalEnergies expects sharply higher downstream results and cash flow in the second quarter compared to the first quarter of 2026, driven by stronger refining and petrochemical margins and robust oil trading. The French supermajor said in an earnings preview that oil trading results are expected to remain at the same strong level as in the first quarter, while Exploration & Production cash flow is forecast to be about $1 billion higher. However, Integrated LNG results and cash flow are expected to decrease significantly due to underperformance in gas trading amid a flat to declining European market. The company also lowered its assessment of the impact of the Middle East conflict on production to around 210,000 barrels of oil equivalent per day, down from the 360,000 barrels per day guidance given last quarter, citing a ramp-up in offshore United Arab Emirates output and restarts in other regional countries during June. TotalEnergies is scheduled to report full quarterly earnings on July 23.
TotalEnergies SEExpects sharply higher Q2 profit driven by strong refining margins and oil trading.