Cash Flow Increase Despite Lower Oil Prices
Despite a $10 per barrel year-on-year drop in oil pricing, the cash flow for the third quarter increased by 4% and adjusted net income held steady, demonstrating strong cash flow generation.
Upstream Production Growth
Hydrocarbon production growth was over 4% year-on-year, with new projects in Brazil and the U.S. contributing 170,000 barrels per day, generating around $400 million of additional cash flow.
Refining Margin Improvement
European refining margin significantly improved to $63 per ton compared to $35 per ton in the previous quarter, marking an increase of close to 80%.
Dividend and Share Buyback Enhancements
The Board of Directors decided to increase the first interim dividend by close to 8% in euros and over 10% in dollars compared to 2024, with a share buyback authorization up to $1.5 billion for Q4 2025.
Strong Quarterly Financial Results
Third quarter cash flow increased by 7% compared to the second quarter, and adjusted net income increased by 11%, showing robust financial performance.
Net Investments and Gearing Reduction
Net investments decreased by $3.5 billion quarter-over-quarter, and gearing improved to close to 17% compared to nearly 18%.