The company signaled that downstream cash flows will climb significantly compared to the first quarter of 2026. While the Integrated LNG division is projected to see a notable decline due to underperforming gas trading, the surge in oil-related profits aligns TotalEnergies with industry peers Shell and BP, both of whom recently reported similar upward trends in their refining segments.
TotalEnergies Anticipates Q2 Profit Surge on Refining Gains
With oil prices climbing and fuel markets tightening following regional volatility, TotalEnergies expects a sharper second-quarter performance. The French energy giant points to robust refining margins and sustained strength in oil trading as the primary drivers of this growth, even as its LNG division faces a cooling European market.
Operational adjustments are also underway regarding regional production. TotalEnergies lowered its estimated impact from Middle East conflict-related disruptions to 210,000 boe/d, down from the 360,000 boe/d forecast last quarter. This improvement stems from a production ramp-up in the United Arab Emirates and the resumption of regional operations throughout June. Despite these gains, the company noted that a portion of this output remains unlifted, with accounting values pegged to late-June crude prices below $70 per barrel. TotalEnergies will release its full financial report on July 23.
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