TotalEnergies records record net profit in the 3rd quarter, more than doubled year-on-year due to soaring hydrocarbon prices
The oil and gas giant is taking advantage of the tension on diesel and the rise in gas prices.
Quick Look
TotalEnergies announced a record net profit of $8.3 billion in the third quarter, more than doubling year-on-year, driven by historic refining margins and rising gas prices.
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Why It Matters
TotalEnergies benefits from a context of high prices and tensions on global energy markets.
The French oil and gas giant TotalEnergies announced, Thursday, October 29, a record net profit in the third quarter, more than doubled year-on-year to $8.3 billion, boosted by global tension over diesel and the sharp rise in gas prices.
“In an environment of high prices, marked by refining margins at historic levels and a bullish gas market, TotalEnergies is once again taking full advantage of its integrated model and its geographic diversification,” said group CEO Patrick Pouyanné in a press release Thursday morning.
The multinational is doing much better than in the 3rd quarter of 2025, when it recorded a net profit of $3.7 billion, an increase of around 125% year-on-year. It also far exceeds its already exceptional results for the first two quarters of 2026, with net profits at $5.8 and $5.4 billion respectively. These results had revived calls from associations and political parties for the taxation of “superprofits”. TotalEnergies was boosted between July and September by a historic result on its Refining-Chemicals activity, at 3.5 billion dollars, compared to 687 million a year earlier.
The strong tension on the diesel market, caused by the strikes on energy installations and refineries in Ukraine, Russia and the Middle East, caused a surge in the prices of this fuel in the 3rd quarter, and therefore in refining margins, which reflect the price gap between crude and refined oil. For consumers, diesel prices have soared in recent months, to more than 2.35 euros per liter at the pump, which is partly fueling the social crisis in France.
TotalEnergies caps its prices at 2.25 euros per liter of diesel in its service stations, gaining market share in the process. On liquefied natural gas (LNG), the adjusted net operating profit more than doubled, to 1.9 billion over one year, driven by the increase in LNG sales prices and the “outperformance of the trading activities” of the group, specifies TotalEnergies. On Wednesday, European gas exceeded 100 euros per megawatt hour for the first time in four years.
Open Questions
- What will be the government measures against superprofits?
- What will be the evolution of diesel prices for consumers?
