道達爾第二季淨利潤飆升102%至54.38億美元 上半年業績受油價及煉油利潤率帶動

TotalEnergies SE_2026-06-30
TotalEnergies SE00008797646-K2026-06-30false2026Q2--12-310.850.850.850.850.9877851.001640.970020.900.900.500000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-04-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-04-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsGainsOrLossesOnAssetDisposalsMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-04-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2026-04-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2026-04-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-04-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-04-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsRestructuringChargesMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsOtherMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsGainsOrLossesOnAssetDisposalsMember2026-04-012026-06-300000879764tot:NonIFRSAdjustmentsChangesInFairValueMember2026-04-012026-06-300000879764tot:NonIFRSAdjustedTotalMember2026-04-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsGainsOrLossesOnAssetDisposalsMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2026-01-012026-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsRestructuringChargesMember2026-01-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsGainsOrLossesOnAssetDisposalsMember2026-01-012026-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsRestructuringChargesMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsOtherMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsInventoryValuationEffectMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsGainsOrLossesOnAssetDisposalsMember2026-01-012026-06-300000879764tot:NonIFRSAdjustmentsChangesInFairValueMember2026-01-012026-06-300000879764tot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2026-01-012026-06-300000879764tot:NonIFRSAdjustedTotalMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-04-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-04-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-04-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2025-04-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-04-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-04-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2025-04-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-04-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-04-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:NonIFRSAdjustmentsOtherMember2025-04-012025-06-300000879764tot:NonIFRSAdjustmentsMember2025-04-012025-06-300000879764tot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-04-012025-06-300000879764tot:NonIFRSAdjustmentsChangesInFairValueMember2025-04-012025-06-300000879764tot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-04-012025-06-300000879764tot:NonIFRSAdjustedTotalMember2025-04-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-01-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-01-012025-06-300000879764tot:RefiningAndChemicalsSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-01-012025-06-300000879764tot:MarketingAndServicesSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2025-01-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-01-012025-06-300000879764tot:IntegratedPowerSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-01-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustmentsChangesInFairValueMember2025-01-012025-06-300000879764tot:IntegratedLngSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-01-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:ExplorationAndProductionSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsOtherMember2025-01-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:CorporateSegmentMembertot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:NonIFRSAdjustmentsOtherMember2025-01-012025-06-300000879764tot:NonIFRSAdjustmentsMember2025-01-012025-06-300000879764tot:NonIFRSAdjustmentsInventoryValuationEffectMember2025-01-012025-06-300000879764tot:NonIFRSAdjustmentsChangesInFairValueMember2025-01-012025-06-300000879764tot:NonIfrsAdjustmentsAssetImpairmentAndProvisionsChargesMember2025-01-012025-06-300000879764tot:NonIFRSAdjustedTotalMember2025-01-012025-06-300000879764tot:IfrsMiddleEastMember2026-04-012026-06-3000008797642026-05-292026-05-290000879764tot:FlexiblePowerGenerationPlatformInWesternEuropeMember2026-04-292026-04-290000879764ifrs-full:CountryOfDomicileMembertot:DisputeRelatingToCompletionOfVigilancePlanMember2020-01-012040-12-310000879764tot:UnitedArabEmiratesQatarAndIraqMember2026-03-310000879764tot:IfrsMiddleEastMemberifrs-full:TopOfRangeMember2026-06-302026-06-300000879764tot:IfrsMiddleEastMemberifrs-full:BottomOfRangeMember2026-06-302026-06-300000879764tot:SaudiAramcoTotalRefiningAndPetrochemicalCompanyMember2026-05-072026-05-070000879764tot:SaudiAramcoTotalRefiningAndPetrochemicalCompanyMember2026-04-072026-04-070000879764tot:RepsolUkMembertot:NeoNextPlusMember2026-03-300000879764tot:HitechvisionMembertot:NeoNextPlusMember2026-03-300000879764tot:NeoNextPlusMember2026-03-300000879764tot:TotalenergiesEpNigeriaLtdMembertot:SpdcJvLicensesMembertot:ChappalEnergiesMember2024-07-172024-07-170000879764ifrs-full:TreasurySharesMember2026-04-302026-04-300000879764ifrs-full:TreasurySharesMember2026-02-132026-02-130000879764ifrs-full:CountryOfDomicileMembertot:DisputeRelatingToAnnulmentOfResolutionNo.3PassedByAnnualShareholdersMeetingOnMay262023Member2023-07-042023-07-040000879764ifrs-full:CountryOfDomicileMembertot:DisputeRelatingToCompletionOfVigilancePlanMember2024-06-182024-06-180000879764ifrs-full:CountryOfDomicileMembertot:DisputeRelatingToCompletionOfVigilancePlanMember2026-06-252026-06-250000879764srt:ParentCompanyMember2026-06-300000879764srt:ParentCompanyMember2025-12-310000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:RefiningAndChemicalsSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:MarketingAndServicesSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedPowerSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedLngSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:ExplorationAndProductionSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:CorporateSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:RefiningAndChemicalsSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:MarketingAndServicesSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedPowerSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedLngSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:ExplorationAndProductionSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:CorporateSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:RefiningAndChemicalsSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:MarketingAndServicesSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedPowerSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedLngSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:ExplorationAndProductionSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:CorporateSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:RefiningAndChemicalsSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:MarketingAndServicesSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedPowerSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:IntegratedLngSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:ExplorationAndProductionSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMembertot:CorporateSegmentMember2025-01-012025-06-300000879764tot:SeniorBond2.50PercentMaturingMarch2026Membertot:TotalCapitalInternationalMember2026-01-012026-06-300000879764tot:AramcoMembertot:SaudiAramcoTotalRefiningAndPetrochemicalCompanyMember2026-06-302026-06-300000879764tot:SaudiAramcoTotalRefiningAndPetrochemicalCompanyMember2026-06-302026-06-300000879764tot:YemenLNGCompanyLimitedMember2026-01-012026-06-300000879764tot:PerpetualSubordinatedNoteIssued3.79CallableFromFebruary2031Member2026-02-262026-02-260000879764tot:SeniorBond4.857PercentMaturingJanuary2036Membertot:TotalenergiesCapitalUsaLlcMember2026-01-012026-01-310000879764tot:SeniorBond4.569PercentMaturingJanuary2033Membertot:TotalenergiesCapitalUsaLlcMember2026-01-012026-01-310000879764tot:SeniorBond4.248PercentMaturingJanuary2031Membertot:TotalenergiesCapitalUsaLlcMember2026-01-012026-01-310000879764ifrs-full:OperatingSegmentsMembertot:RefiningAndChemicalsSegmentMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:MarketingAndServicesSegmentMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedPowerSegmentMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedLngSegmentMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:ExplorationAndProductionSegmentMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:CorporateSegmentMember2026-04-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMember2026-04-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:RefiningAndChemicalsSegmentMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:MarketingAndServicesSegmentMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedPowerSegmentMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedLngSegmentMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:ExplorationAndProductionSegmentMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:CorporateSegmentMember2026-01-012026-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMember2026-01-012026-06-300000879764ifrs-full:OperatingSegmentsMembertot:RefiningAndChemicalsSegmentMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:MarketingAndServicesSegmentMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedPowerSegmentMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedLngSegmentMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:ExplorationAndProductionSegmentMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:CorporateSegmentMember2025-04-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMember2025-04-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:RefiningAndChemicalsSegmentMember2025-01-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:MarketingAndServicesSegmentMember2025-01-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedPowerSegmentMember2025-01-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:IntegratedLngSegmentMember2025-01-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:ExplorationAndProductionSegmentMember2025-01-012025-06-300000879764ifrs-full:OperatingSegmentsMembertot:CorporateSegmentMember2025-01-012025-06-300000879764ifrs-full:EliminationOfIntersegmentAmountsMember2025-01-012025-06-300000879764tot:SpdcJvLicensesMember2026-06-300000879764tot:FlexiblePowerGenerationPlatformInWesternEuropeMembertot:SharePremiumAndRetainedEarningsMembertot:EphMember2026-04-292026-04-290000879764tot:FlexiblePowerGenerationPlatformInWesternEuropeMemberifrs-full:IssuedCapitalMembertot:EphMember2026-04-292026-04-290000879764tot:FlexiblePowerGenerationPlatformInWesternEuropeMembertot:EphMember2026-04-292026-04-290000879764tot:SharePremiumAndRetainedEarningsMember2026-06-300000879764ifrs-full:TreasurySharesMember2026-06-300000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2026-06-300000879764ifrs-full:NoncontrollingInterestsMember2026-06-300000879764ifrs-full:IssuedCapitalMember2026-06-300000879764ifrs-full:EquityAttributableToOwnersOfParentMember2026-06-300000879764tot:SharePremiumAndRetainedEarningsMember2025-12-310000879764ifrs-full:TreasurySharesMember2025-12-310000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2025-12-310000879764ifrs-full:NoncontrollingInterestsMember2025-12-310000879764ifrs-full:IssuedCapitalMember2025-12-310000879764ifrs-full:EquityAttributableToOwnersOfParentMember2025-12-310000879764tot:SharePremiumAndRetainedEarningsMember2025-06-300000879764ifrs-full:TreasurySharesMember2025-06-300000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2025-06-300000879764ifrs-full:NoncontrollingInterestsMember2025-06-300000879764ifrs-full:IssuedCapitalMember2025-06-300000879764ifrs-full:EquityAttributableToOwnersOfParentMember2025-06-300000879764tot:SharePremiumAndRetainedEarningsMember2024-12-310000879764ifrs-full:TreasurySharesMember2024-12-310000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2024-12-310000879764ifrs-full:NoncontrollingInterestsMember2024-12-310000879764ifrs-full:IssuedCapitalMember2024-12-310000879764ifrs-full:EquityAttributableToOwnersOfParentMember2024-12-310000879764tot:FirstInterimDividendMember2026-04-282026-04-280000879764tot:SecondInterimDividendMember2026-07-222026-07-220000879764tot:FinalDividendMember2026-07-222026-07-220000879764tot:FinalDividendMember2026-07-022026-07-020000879764tot:ThirdInterimDividendMember2026-04-232026-04-230000879764tot:ThirdInterimDividendMember2026-04-022026-04-020000879764tot:SecondInterimDividendMember2026-01-232026-01-230000879764tot:SecondInterimDividendMember2026-01-052026-01-050000879764tot:FirstInterimDividendMember2025-10-032025-10-030000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2026-01-012026-06-300000879764ifrs-full:NoncontrollingInterestsMember2026-01-012026-06-300000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2025-07-012025-12-310000879764ifrs-full:NoncontrollingInterestsMember2025-07-012025-12-310000879764ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2025-01-012025-06-300000879764ifrs-full:NoncontrollingInterestsMember2025-01-012025-06-300000879764tot:RefiningAndChemicalsSegmentMember2026-04-012026-06-300000879764tot:MarketingAndServicesSegmentMember2026-04-012026-06-300000879764tot:IntegratedPowerSegmentMember2026-04-012026-06-300000879764tot:IntegratedLngSegmentMember2026-04-012026-06-300000879764tot:ExplorationAndProductionSegmentMember2026-04-012026-06-300000879764tot:CorporateSegmentMember2026-04-012026-06-300000879764tot:RefiningAndChemicalsSegmentMember2026-01-012026-06-300000879764tot:MarketingAndServicesSegmentMember2026-01-012026-06-300000879764tot:IntegratedPowerSegmentMember2026-01-012026-06-300000879764tot:IntegratedLngSegmentMember2026-01-012026-06-300000879764tot:ExplorationAndProductionSegmentMember2026-01-012026-06-300000879764tot:CorporateSegmentMember2026-01-012026-06-300000879764tot:RefiningAndChemicalsSegmentMember2025-04-012025-06-300000879764tot:MarketingAndServicesSegmentMember2025-04-012025-06-300000879764tot:IntegratedPowerSegmentMember2025-04-012025-06-300000879764tot:IntegratedLngSegmentMember2025-04-012025-06-300000879764tot:ExplorationAndProductionSegmentMember2025-04-012025-06-300000879764tot:CorporateSegmentMember2025-04-012025-06-300000879764tot:RefiningAndChemicalsSegmentMember2025-01-012025-06-300000879764tot:MarketingAndServicesSegmentMember2025-01-012025-06-300000879764tot:IntegratedPowerSegmentMember2025-01-012025-06-300000879764tot:IntegratedLngSegmentMember2025-01-012025-06-300000879764tot:ExplorationAndProductionSegmentMember2025-01-012025-06-300000879764tot:CorporateSegmentMember2025-01-012025-06-3000008797642025-03-3100008797642024-12-310000879764tot:SharePremiumAndRetainedEarningsMember2026-01-012026-06-300000879764ifrs-full:TreasurySharesMember2026-01-012026-06-300000879764ifrs-full:IssuedCapitalMember2026-01-012026-06-300000879764ifrs-full:EquityAttributableToOwnersOfParentMember2026-01-012026-06-300000879764tot:SharePremiumAndRetainedEarningsMember2025-07-012025-12-310000879764ifrs-full:TreasurySharesMember2025-07-012025-12-310000879764ifrs-full:IssuedCapitalMember2025-07-012025-12-310000879764ifrs-full:EquityAttributableToOwnersOfParentMember2025-07-012025-12-3100008797642025-07-012025-12-310000879764tot:SharePremiumAndRetainedEarningsMember2025-01-012025-06-300000879764ifrs-full:TreasurySharesMember2025-01-012025-06-300000879764ifrs-full:IssuedCapitalMember2025-01-012025-06-300000879764ifrs-full:EquityAttributableToOwnersOfParentMember2025-01-012025-06-300000879764tot:SeniorBond2.50PercentMaturingMarch2026Membertot:TotalCapitalInternationalMember2026-06-300000879764tot:PerpetualSubordinatedNoteIssued3.79CallableFromFebruary2031Member2026-02-260000879764tot:SeniorBond4.857PercentMaturingJanuary2036Membertot:TotalenergiesCapitalUsaLlcMember2026-01-310000879764tot:SeniorBond4.569PercentMaturingJanuary2033Membertot:TotalenergiesCapitalUsaLlcMember2026-01-310000879764tot:SeniorBond4.248PercentMaturingJanuary2031Membertot:TotalenergiesCapitalUsaLlcMember2026-01-3100008797642026-06-3000008797642026-03-3100008797642025-12-3100008797642025-06-3000008797642026-04-012026-06-3000008797642026-01-012026-03-3100008797642025-04-012025-06-3000008797642025-01-012025-06-3000008797642026-01-012026-06-30tot:shareholderutr:GWutr:MBoeutr:Diso4217:USDiso4217:USDxbrli:sharesiso4217:EURxbrli:sharesxbrli:pureiso4217:EURxbrli:sharestot:segmenttot:countrytot:item
Exhibit 99.1
​

OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.
The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the second quarter of 2026 and six months ended June 30, 2026 has been derived from TotalEnergies’ unaudited consolidated balance sheets as of June 30, 2026, unaudited statements of income, comprehensive income, cash flow and business segment information for the second quarter of 2026 and six months ended June 30, 2026 and unaudited consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2026 on pages 26 et seq. of this exhibit.
The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies’ audited consolidated financial statements and related notes, provided in TotalEnergies’ Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 27, 2026.
​
A.KEY FIGURES
​

​

​

​

​

​

​

​

​

​
​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
In millions of dollars,
1H26
1H25
vs

​
  ​ ​ ​
​
1Q26
​
except earnings per share and number of shares
​
​
1H25

 61,771
​
 54,163
+14%
 49,627
Sales
 115,934
 101,881
+14%

 5,438
 
 5,810
-6%
 2,687
Net income (TotalEnergies share)
 11,248
 6,538
+72%

 13,179
​
 12,552
+5%
 9,690
Adjusted EBITDA (1)
 25,731
 20,194
+27%

 6,871
 
 6,300
+9%
 4,390
Adjusted net operating income (2) from business segments
 13,171
 9,182
+43%

 3,231
 
 2,576
+25%
 1,974
Exploration & Production
 5,807
 4,425
+31%

 807
 
 1,318
-39%
 1,041
Integrated LNG
 2,125
 2,335
-9%

 533
​
 545
-2%
 574
Integrated Power
 1,078
 1,080
-

 1,800
​
 1,599
+13%
 389
Refining & Chemicals
 3,399
 690
x4.9

 500
 
 262
+91%
 412
Marketing & Services
 762
 652
+17%

 6,027
 
 5,394
+12%
 3,578
Adjusted net income (1) (TotalEnergies share)
 11,421
 7,770
+47%

 2.41
 
 2.64
-
 1.17
Fully-diluted earnings per shares ($)
 5.06
 2.85
-

 2,216
 
 2,164
+2%
 2,224
Fully-diluted weighted-average shares (millions)
 2,187
 2,236
-2%

 3,276
 
 4,312
-24%
 6,689
Cash flow used in investing activities
 7,588
 11,494
-34%

 4,694
 
 4,650
+1%
 4,819
Organic investments (1)
 9,344
 9,320
-

 (1,247)
 
 (172)
ns
 1,813
Acquisitions net of assets sales(1)
 (1,419)
 2,233
ns

 3,447
​
 4,478
-23%
 6,632
Net investments (1)
 7,925
 11,553
-31%

 10,858
​
 3,361
x3.2
 5,960
Cash flow from operating activities
 14,219
 8,523
+67%

 9,804
 
 8,576
+14%
 6,618
Cash flow from operations excluding working capital (CFFO) (1)
 18,380
 13,610
+35%

 10,188
​
 8,979
+13%
 6,943
Debt Adjusted Cash Flow (DACF) (1)
 19,167
 14,220
+35%

Gearing(1) of 13.1% at June 30, 2026 vs. 15.5% at March 31, 2026 and 17.9% at June 30, 2025.

(1)Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO), debt adjusted cash flow (DACF) and gearing are non-GAAP financial measures. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.
(2)Detail of adjustment items shown in the business segment information starting on page 40.
​

​

Key figures of environment, greenhouse gas emissions (GHG) and production
Environment – liquids and gas price realizations, refining margins
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
  ​ ​ ​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
​
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 103.8
 
 81.1
+28%
 67.9
Brent ($/b)
 92.3
 71.9
+28%

 2.9
 
 3.5
-17%
 3.5
Henry Hub ($/Mbtu)
 3.2
 3.7
-14%

 15.6
 
 13.7
+14%
 11.9
TTF ($/Mbtu)(1)
 14.7
 13.2
+11%

 17.5
 
 14.1
+24%
 12.2
JKM ($/Mbtu)(2)
 15.8
 13.1
+20%

 91.6
 
 73.7
+24%
 65.6
Average price of liquids (3), (4) ($/b) 
 Consolidated subsidiaries 
 82.2
 68.7
+20%

 5.55
 
 5.59
-1%
 5.63
Average price of gas (3), (5) ($/Mbtu) 
 Consolidated subsidiaries 
 5.57
 6.13
-9%

 10.20
 
 8.48
+20%
 9.10
Average price of LNG (3), (6) ($/Mbtu) 
Consolidated subsidiaries and equity affiliates
 9.29
 9.55
-3%

 13.5
 
 11.4
+19%
 4.7
European Refining Margin (ERM) (3), (7) ($/t)
 12.4
 4.3
x2.9

(1)TTF (Title Transfer Facility) is a virtual trading point in the Netherlands for transferring rights in respect of physical gas. It is the most liquid and widely used price benchmark for the natural gas markets in Europe. TTF is operated by Gasunie Transport Services (GTS), the owner and operator of the national transmission network in the Netherlands. It is traded in €/MWh.
(2)JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time.
(3)Does not include oil, gas and LNG trading activities, respectively.
(4)Sales in $ / Sales in volume for consolidated affiliates.
(5)Sales in $ / Sales in volume for consolidated affiliates.
(6)Sales in $ / Sales in volume for consolidated and equity affiliates.
(7)This market indicator for European refining, calculated based on public market prices ($/b), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.

Greenhouse gas emissions (GHG)(1)
​
​

​

​

​

​

​

​

​

​

2Q26
  ​ ​ ​
1Q26
2Q26
vs
1Q26
2Q25
​
Scope 1+2 emissions (2) (MtCO2e)
1H26
1H25
1H26
vs
1H25

 7.3
 
7.9
-8%
 8.0
Scope 1+2 from operated perimeter(3)
15.1
16.4
-8%

 6.4
 
6.9
-7%
 7.1
of which Oil & Gas
13.2
14.3
-8%

 0.9
 
1.0
-10%
 0.9
of which CCGT
1.9
2.1
-10%

 10.2
 
10.4
-2%
 10.6
Scope 1+2 - ESRS perimeter (3)
20.6
21.7
-5%

Estimated quarterly emissions.
(1)The seven greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3, with their respective 100-year time horizon GWP (Global Warming Potential) as described in the most recent IPCC report. HFCs, PFCs, SF6 and NF3 are virtually absent from the Company’s emissions and are not accounted for by the Company.
(2)Scope 1+2 GHG emissions are defined as the sum of direct emissions of GHG from sites or activities that are included in the scope of reporting for climate change-related indicators and indirect emissions resulting from the production of electricity, steam, heat or cooling, purchased or acquired, and consumed by the sites or activities included in the scope of reporting for climate change-related indicators, net from potential energy sales, excluding purchased industrial gases (H2). If not stated otherwise, TotalEnergies reports Scope 2 GHG emissions according to the market-based method defined by the GHG Protocol.
(3)Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.

​
​

​

​

​

​

​

​

​

​

2Q26
  ​ ​ ​
1Q26
2Q26
vs
1Q26
2Q25
Methane emissions (ktCH4)
1H26
1H25
1H26
vs
1H25

4
 
4
-
6
Methane emissions from operated perimeter (1)
8
11
-27%

Estimated quarterly emissions.
(1)
Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.

First half of 2026 Scope 3(1) Category 11 emissions are estimated at 163 Mt CO2e.
1 If not stated otherwise, TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the direct use phase emissions of sold products over their expected lifetime (i.e., the scope 1 and scope 2 emissions of end users that occur from the combustion of fuels) in accordance with the definition of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard Supplement. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil and gas value chains, i.e. the higher of the two production volumes or sales for end use. The highest point for each value chain for the year 2026 will be determined with regard to the achievement over the whole year, with TotalEnergies providing estimates as the quarters progress. A stoichiometric emission factor (oxidation of molecules to carbon dioxide) is applied to these sales or production to obtain an emission volume. In accordance with the Technical Guidance for Calculating Scope 3 Emissions Supplement to the Corporate Value Chain (Scope 3) Accounting and Reporting Standard which defines end users as both consumers and business customers that use final products, and with IPIECA’s Estimating petroleum industry value chain (Scope 3) greenhouse gas emissions guidelines, under which reporting of emissions from fuel purchased for resale to non-end users (e.g. traded) is optional, TotalEnergies does not report emissions associated with trading activities.
​

​

Production*
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
  ​ ​ ​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
Hydrocarbon production 
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 2,395
 
 2,553
-6%
 2,503
Hydrocarbon production (kboe/d)
 2,474
 2,531
-2%

 1,298
 
 1,326
-2%
 1,343
Oil (including bitumen) (kb/d)
 1,312
 1,349
-3%

 1,097
​
 1,227
-11%
 1,160
Gas (including condensates and associated NGL) (kboe/d)
 1,162
 1,182
-2%

 2,395
​
 2,553
-6%
 2,503
Hydrocarbon production (kboe/d)
 2,474
 2,531
-2%

 1,410
​
 1,481
-5%
 1,506
Liquids (kb/d)
 1,445
 1,511
-4%

 5,330
​
 5,799
-8%
 5,395
Gas (Mcf/d)
 5,563
 5,524
+1%

*
Company production = Exploration & Production production + Integrated LNG production.

Hydrocarbon production was 2,395 thousand barrels of oil equivalent per day in the second quarter of 2026, down 4% year‑on‑year, due to the following:
●+4% from project start‑up and ramp‑up of projects, including Mero‑3, Mero‑4 and Lapa SW in Brazil, Anchor and Ballymore in the United States, Begonia and Clov Phase 3 in Angola and Mabruk in Libya,
●+3% due to improved plant availability,
●-1% due to pricing effect,
●-2% due to the natural decline of fields,
●-8% due to the impact of the conflict in the Middle East.
​
Excluding the impact of the conflict in the Middle East, production was up more than 4% year-on-year, driven by the ramp-up and start-up of new projects and improved facility availability.
​

​

B.ANALYSIS OF BUSINESS SEGMENT RESULTS
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
Management presents adjusted financial indicators to assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.
The inventory valuation effect: in accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
Effect of changes in fair value: the effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
Special items: due to their unusual nature or particular significance, certain transactions qualifying as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments described below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
-
An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, as well as carbon storage activities, conducted in about 50 countries;

-
An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities), biogas and synthetic methane activities, gas trading, as well as, from January 1, 2026, the LNG bunkering activity previously reported within the Marketing & Services segment;

-
An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;

-
A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil supply, trading and marine shipping, as well as hydrogen activities;

-
A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. 

In addition, the Corporate segment includes holdings operating and financial activities.
​

​

B.1 Exploration & Production
​
1. Production
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
Hydrocarbon production
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 1,845
 
 1,948
-5%
 1,956
EP (kboe/d)
 1,896
 1,966
-4%

 1,342
 
 1,408
-5%
 1,437
Liquids (kb/d)
 1,375
 1,440
-4%

 2,668
 
 2,863
-7%
 2,767
Gas (Mcf/d)
 2,765
 2,807
-1%

​
2. Results
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
In millions of dollars, except effective tax rate
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 3,231
 
 2,576
+25%
 1,974
Adjusted net operating income (1)
 5,807
 4,425
+31%

 137
 
 139
-1%
 176
including adjusted income from equity affiliates
 276
 326
-15%

45.4%
​
49.5%
-
50.1%
Effective tax rate (2)
47.3%
49.7%
-

 1,822
 
 2,398
-24%
 3,106
Cash flow used in investing activities
 4,220
 5,795
-27%

 2,231
 
 2,724
-18%
 3,053
Organic investments
 4,955
 5,737
-14%

 (348)
 
 (227)
ns
 162
Acquisitions net of assets sales
 (575)
 278
ns

 1,883
 
 2,497
-25%
 3,215
Net investments
 4,380
 6,015
-27%

 5,546
 
 2,969
+87%
 3,675
Cash flow from operating activities
 8,515
 6,941
+23%

 5,777
 
 4,564
+27%
 3,760
Cash flow from operations excluding working capital (CFFO)
 10,341
 8,051
+28%

(1)
Detail of adjustment items shown in the business segment information starting on page 40.

(2)
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

In the second quarter of 2026, Exploration & Production: 
●adjusted net operating income was $3,231 million, up 25% in the quarter, reflecting in particular the increase in the average selling price of liquids (+$17.9/b compared to the first quarter of 2026, vs 22.7 $/b for Brent, reflecting a larger off-take schedule at the end of the quarter in a bearish oil market) affected by the effects of accounting for production not lifted,
●cash flow from operating activities was $5,546 million, up 87% in the quarter, and
●cash flow from operations excluding working capital (CFFO) was $5,777 million, up 27% in the quarter, for the same reasons stated above.
​

​

B.2 Integrated LNG
​
1.Production
​

​

​

​

​

​

​

​

​

​
​
​
2Q26
​
​
​
​
1H26

2Q26
  ​ ​ ​
1Q26
vs
2Q25
Hydrocarbon production for LNG
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 550
 
 605
-9%
 547
Integrated LNG (kboe/d)
 578
 565
+2%

 68
​
 73
-8%
 69
Liquids (kb/d)
 70
 71
-1%

 2,662
 
 2,936
-9%
 2,628
Gas (Mcf/d)
 2,798
 2,717
+3%

​
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
Liquefied Natural Gas in Mt
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 10.7
 
 12.4
-13%
 10.6
Overall LNG sales
 23.1
 21.2
+9%

 3.9
 
 4.1
-6%
 3.9
Incl. Sales from equity production*
 8.0
 7.9
+1%

 9.8
 
 10.9
-10%
 9.4
Incl. Sales by TotalEnergies from equity production and third party purchases
 20.7
 18.8
+10%

*The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
​
Hydrocarbon production for LNG decreased by 9% quarter-to-quarter, mainly due to shut-in production in Qatar related to the Middle East conflict.
​
2. Results
​

​

​

​

​

​

​

​

​

​
  ​ ​ ​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
In millions of dollars, except average price of LNG
1H26
1H25
vs

​
​
​
1Q26
​
​
​
​
1H25

 10.20
 
 8.48
+20%
 9.10
Average price of LNG ($/Mbtu)(1)
Consolidated subsidiaries and equity affiliates
 9.29
 9.55
-3%

 807
 
 1,318
-39%
 1,041
Adjusted net operating income(2)
 2,125
 2,335
-9%

 705
 
 431
+64%
 513
including adjusted income from equity affiliates
 1,136
 1,048
+8%

 910
 
 498
+83%
 852
Cash flow used in investing activities
 1,408
 1,744
-19%

 908
 
 410
x2.2
 743
Organic investments
 1,318
 1,495
-12%

 4
 
 92
-96%
 110
Acquisitions net of assets sales
 96
 250
-62%

 912
 
 502
+82%
 853
Net investments
 1,414
 1,745
-19%

 2,137
 
 (1,120)
ns
 539
Cash flow from operating activities
 1,017
 2,282
-55%

 833
 
 1,785
-53%
 1,159
Cash flow from operations excluding working capital (CFFO)
 2,618
 2,408
+9%

(1)Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.
(2)Detail of adjustment items shown in the business segment information starting on page 40.

In the second quarter of 2026, Integrated LNG: 
●adjusted net operating income was $807 million significantly lower quarter-on-quarter, impacted by the underperformance of gas trading activities in an overall flat, and even bearish, European market, whereas the segment outperformed in the first quarter,
●cash flow from operating activities was $2,137 million, and
●cash flow from operations excluding working capital (CFFO) was $833 million, for the same reasons stated above.
​

​

B.3 Integrated Power
​
1. Productions, capacities, clients and sales
​

​

​

​

​

​

​

​

​

​
​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
Integrated Power
1H26
1H25
vs

​
  ​ ​ ​
​
1Q26
​
​
​
​
1H25

14.8
 
11.7
+26%
11.6
Net power production (TWh) (1)
26.4
22.9
+16%

9.6
 
8.2
+18%
8.4
o/w power production from renewables
17.8
15.2
+17%

5.2
 
3.5
+47%
3.2
o/w power production from gas flexible capacities
8.7
7.7
+12%

33.4
 
26.8
+24%
24.0
Portfolio of power generation net installed capacity (GW) (2)
33.4
24.0
+39%

21.1
 
19.8
+7%
17.4
o/w renewables
21.1
17.4
+21%

12.2
 
7.0
+74%
6.5
o/w power production from gas flexible capacities
12.2
6.5
+88%

105.8
 
109.7
-4%
104.1
Portfolio of renewable power generation gross capacity (GW) (2), (3)
105.8
104.1
+2%

37.4
 
35.6
+5%
30.2
o/w installed capacity
37.4
30.2
+24%

6.1
 
6.1
-
6.0
Clients power – BtB and BtC (Million) (2)
6.1
6.0
+2%

2.7
 
2.7
-
2.7
Clients gas – BtB and BtC (Million) (2)
2.7
2.7
-2%

11.6
 
15.2
-23%
10.5
Sales power – BtB and BtC (TWh)
26.8
25.0
+7%

14.5
 
31.5
-54%
14.9
Sales gas – BtB and BtC (TWh) 
46.0
50.6
-9%

(1)
Solar, wind, hydroelectric and gas flexible capacities.

(2)
End of period data.

(3)
Includes 17.25% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Net electricity production was 14.8 TWh, up 28% year-on-year, driven by an increase of nearly 15% in generation from renewable sources, reflecting growth in installed capacity, and by a 2 TWh increase in production from flexible gas-fired capacity resulting notably from the completion of the transaction with EPH.
Gross installed renewable electricity generation capacity reached 37.4 GW at the end of the second quarter of 2026, representing nearly 8 GW of additional capacity year‑on‑year.
​
Results
​

​

​

​

​

​

​

​

​

​
​
​
2Q26
​
​
​
​
1H26

2Q26
​
1Q26
vs
2Q25
In millions of dollars
1H26
1H25
vs

​
  ​ ​ ​
​
1Q26
​
​
​
​
1H25

533
 
545
-2%
574
Adjusted net operating income(1)
1,078
1,080
-

168
 
52
x3.2
22
including adjusted income from equity affiliates
220
66
x3.3

63
 
683
-91%
2,156
Cash flow used in investing activities
746
3,034
-75%

920
 
823
+12%
421
Organic investments
1,743
1,066
+63%

(749)
 
(77)
ns
1,568
Acquisitions net of assets sales
(826)
1,806
ns

171
 
746
-77%
1,989
Net investments
917
2,872
-68%

(239)
 
(145)
ns
799
Cash flow from operating activities
(384)
400
ns

721
 
574
+26%
562
Cash flow from operations excluding working capital (CFFO)
1,295
1,159
+12%

(1)
Detail of adjustment items shown in the business segment information starting on page 40.

In the second quarter of 2026, Integrated Power: 
●adjusted net operating income was $533 million, in line wi