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TotalEnergies SE ( (FR:TTE) ) has issued an update.
TotalEnergies expects first-quarter 2026 hydrocarbon production to exceed its 3% annual organic growth target, helped by the start-up of Lapa SW and Mabruk, though offset by lost Middle East output, leaving volumes broadly in line with late 2025. Exploration and production earnings should rise sharply on higher liquids prices and new projects, while integrated LNG is set for a significant boost from a 10% rise in LNG output and strong trading amid volatile markets.
Integrated Power earnings and cash flow are projected to match year-earlier levels without asset farm-down gains, and downstream performance should improve on refinery utilization above 90%, robust crude and products trading, and steady marketing activities. The group anticipates about $5 billion of working capital build tied to seasonal factors and higher commodity prices, and expects its gearing to hover around 15%, as stronger cash flow from higher hydrocarbon prices only partially offsets this working capital increase.
More about TotalEnergies SE
TotalEnergies SE is a global integrated energy company active across oil, natural gas, liquefied natural gas, refining, petrochemicals, and power, including renewables. Listed in Paris, London and New York, it focuses on upstream hydrocarbon production, LNG, integrated power, and downstream refining and marketing, with a strong presence in European refining and gas markets.
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