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TotalEnergies Sees Strong Cash Flow and Output Growth in Q4 2025 Despite Lower Oil Prices

Story Highlights
  • TotalEnergies expects Q4 and full-year 2025 cash flow to stay robust despite lower oil and gas prices, driven by accretive upstream growth and significantly stronger refining margins.
  • The company forecasts nearly 5% Q4 and about 4% full-year 2025 production growth, targeted net investments of $17 billion and a reduced gearing ratio near 15% supported by divestments and working capital release.
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TotalEnergies Sees Strong Cash Flow and Output Growth in Q4 2025 Despite Lower Oil Prices

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TotalEnergies SE ( (FR:TTE) ) has issued an announcement.

TotalEnergies reported key indicators for the fourth quarter of 2025 showing that, despite a year-on-year drop of more than $10 per barrel in oil prices and lower liquids and gas sales prices, cash flow from its business segments is expected to remain broadly in line with the prior year. The group anticipates nearly 5% oil and gas production growth in the quarter and close to 4% for full-year 2025, exceeding its guidance, while accretive upstream volumes and strong refining margins—helped by more than 30% higher European refining margins and solid operational performance—are set to offset weaker commodity prices. Integrated LNG earnings and cash flow are projected to match the previous quarter, supported by higher production after maintenance at Ichthys LNG, and integrated power cash flow should surpass $2.5 billion for the year, in line with guidance, thanks to asset farm-downs. Marketing and services are expected to remain steady, net investments for 2025 should come in around $17 billion aided by over $2 billion of fourth-quarter divestments, and a release of more than $3 billion in working capital is forecast to reduce the year-end 2025 gearing ratio to about 15%. The company is also changing its European Refining Margin Indicator reporting from dollars per tonne to dollars per barrel from the fourth quarter to better align refining with the broader energy value chain, without altering the underlying margin basket.

More about TotalEnergies SE

TotalEnergies SE is a global multi-energy company active across the oil, gas, liquefied natural gas (LNG), refining, chemicals and power value chains. The group produces and sells hydrocarbons and electricity, with a growing focus on integrated LNG and integrated power, and operates a substantial European refining network and marketing and services activities worldwide.

For a thorough assessment of TTE stock, go to TipRanks’ Stock Analysis page.

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