TTE · TotalEnergies SE

TotalEnergies SE reported robust first quarter 2026 results, with net income (TotalEnergies share) surging 51% year-over-year to $5,810 million, driven by higher oil prices and strong operational performance across all segments except Marketing & Services. Adjusted net income rose 41% to $5,394 million, reflecting the underlying strength of the business. The Exploration & Production segment saw adjusted net operating income increase 43% sequentially and 5% year-over-year, benefiting from higher liquids and gas realizations. Integrated LNG also grew 43% sequentially, while Refining & Chemicals posted a 60% sequential increase and a fivefold year-over-year jump, aided by a sharp rise in European refining margins. Hydrocarbon production remained stable at 2,553 kboe/d, with project ramp-ups offsetting the impact of the Middle East conflict. The company declared a first interim dividend of €0.90 per share for fiscal 2026, a 5.9% increase, underscoring confidence in cash flow generation. On the strategic front, TotalEnergies completed the acquisition of a 50% stake in EPH's flexible power generation platform, creating TTEP, Europe's second-largest flexgen player. It also took final investment decision for the Mirny wind and BESS project in Kazakhstan, with $1.2 billion investment and 25-year PPA. Additionally, the company signed a 12-year nuclear power allocation contract with EDF to secure low-carbon electricity for its French refining and chemicals sites. These actions highlight TotalEnergies' commitment to growth across oil & gas, LNG, renewables, and power, while returning capital to shareholders.