A panel with the Totalenergies logo in Bouguenais
PARIS – Totalnergies published Thursday results in decline under the second quarter of 2025 due to the drop in oil and gas prices, online with expectations, while maintaining the level of its action buyout program.
The oil and gas group, also very present in renewable energies, stressed that the oil markets remained volatile “in an unstable geopolitical and macroeconomic context” linked to customs duties, with “an abundant offer” and “a low demand linked to the slowdown in global economic growth”.
Totalnergies also recalled in a press release that the margins of refining and petrochemicals faced “structural overcapacity with regard to a demand that remains weak”.
“We live in a very volatile world (…). Geopolitics influences markets more than ever, it’s not just a matter of supply and demand,” said his CEO, Patrick Pouyanné, during a call conference.
Totalnergies always plans to maintain its current share buybacks with a barrel price of Brent $ 70, he also said, while the board of directors has once again authorized a program for up to $ 2 billion.
The group recorded an adjusted net result of $ 3.6 billion (3.06 billion euros) (-23%) (-23%) in April-June for four years but online with the expectations of a consensus carried out by LSEG, as well as an adjusted ebitda of 9.7 billion (-12%) and a production of 2.503 million barrels per day (+2.5%).
Its clear debt was $ 25.9 billion at the end of June, compared to 20.1 billion at the end of March, representing a debt ratio of 17.9% against 14.3%.
The total action action ceded 3.71% to 51.36 euros around 3:15 p.m., while the CAC 40 fell 0.52%.
In a note, Jefferies mentioned online results with expectations but also underlined the leap of the group’s debt, believing that the attention of investors should in particular be on this point and on the sustainability of the action buy -back program in the current macroeconomic context.
Confirmed investment objective
Citi analysts have considered it “likely” that the share buy -back program is revised down the next day, Totalnergies, scheduled for September 29.
“The macroeconomic context has deteriorated and totaling has important investment opportunities for its growth, which should be preserved (…),” they wrote in a note.
Brent prices dropped by 20% in the second quarter of 2025 over a year, to be 67.9 dollars, including an abundant offer fueled by the decision of OPEC+ countries to put voluntary production reductions on the market.
In sectors, the exploration-production of Totalnergies has seen its operating profit adjusted drop by 26% in the second quarter while those of liquefied natural gas (GNL) and refining-chemistry fell by 10% and 39% respectively. The “Integrated Power” division, which includes renewables, however increased by 14%.
The group offers a second dividend deposit of 0.85 euros per share (+7.6%) for the year 2025.
Totalnergies confirmed for 2025 its increase in hydrocarbon production of more than 3% and net investments between 17 and 17.5 billion dollars “given the scheduled sale program for the second half”.
The group has approved engaging firm offers for an unconventional oil license in Argentina as well as for two other exploration-production assets, which will bring it a billion dollars in total, said Patrick Pouyanné.
Totalnergies is also used to finalize the disposals of land assets in Nigeria by the end of the year, also for nearly a billion dollars, and sales of participations in renewable energy portfolios, for around 1.5 billion.
(Written by Benjamin Mallet, with America Hernandez, edited by Augustin Turpin and Jean-Stéphane Brosse)
