TTE · TotalEnergies SE

TotalEnergies delivered robust Q1 2026 results with adjusted net income of $5.4 billion, up 29% year-over-year and 41% quarter-over-quarter, propelled by a 4% organic hydrocarbon production growth to 2.553 Mboe/d from new project ramp-ups including Lapa SW in Brazil and Mabruk in Libya, which offset Middle East conflict-related shutdowns averaging 100 kboe/d. Exploration & Production shone with $2.6 billion adjusted net operating income and $4.6 billion cash flow, capturing higher liquids prices, while Integrated LNG contributed $1.3 billion on 12% production/trading growth amid volatility. Integrated Power held steady at $0.5 billion despite seasonal factors, bolstered by the EPH flexgen deal completion creating TTEP with 14 GW capacity. Downstream refining rebounded to over 90% utilization, seizing March margins. Cash flow from operations excluding working capital hit $8.6 billion, maintaining gearing at 15.5%. The board raised the interim dividend 5.9% to €0.90/share, signaling confidence, and authorized $1.5 billion Q2 buybacks toward a >40% payout. Strategically, the Masdar 50/50 JV merges 3 GW operational and 6 GW development assets across nine Asian countries including Kazakhstan's Mirny 1GW wind/BESS FID ($1.2B investment), plus Moho discoveries (~100MMbbl) and Philippines 440MWp solar financial close, advancing the renewables target of 100 TWh net production by 2030.