TotalEnergies Q3 2026: Refining Doubles, EPS Beats Despite Revenue Miss
As seen on the 24/7 Wall St. homepage on October 29, 2026.
Refining is carrying TotalEnergies: segment adjusted net operating income doubled to $3.6 billion on historically high margins, beating expectations on EPS even with revenue missing expectations. Net debt fell to $13.8 billion, and management sees oil above $100 a barrel entering the fourth quarter.
Continue ReadingShow less
TotalEnergies earned $3.66 per share in Q3 2026, beating expectations even as revenue of $61.86 billion missed them, because the profitability engine ran far harder than the top line suggested.
Refining and Chemicals adjusted net operating income doubled sequentially to $3.6 billion on historically high refining margins and elevated Brent prices.
The balance sheet strengthened as net debt fell to $13.8 billion, with operating cash flow and continued buybacks funded from the quarter's cash generation.
Sponsored
Management sees oil remaining above $100 per barrel into the fourth quarter as Middle East tensions persist, with LNG selling prices and the dividend policy pointing higher.
Net income of $8.26 billion absorbed asset impairment and provision charges tied to offshore wind and the Hanwha TotalEnergies Petrochemical stake. The Middle East conflict constrained LNG exports through the Strait of Hormuz and petroleum product sales volumes fell 4% year over year. Those headwinds tempered the refining windfall.