TotalEnergies SE: Q3 2025 Performance and Strategic Developments

Earnings Snapshot

TotalEnergies SE delivered a stable third‑quarter earnings profile despite a discernible dip in global oil prices. Adjusted net profit for Q3 rose by 60.5 % to €3.185 billion, yet the company reported a 13.4 % decline in overall earnings to €8.839 billion up to September, reflecting the persistent volatility in commodity markets. The firm’s price‑earnings ratio of 11.565 and a 52‑week range between €47.65 and €60.92 underscore the company’s resilience amid price swings.

Key drivers of the Q3 results include:

  • Enhanced production levels across the Exploration & Production and Refining & Chemicals segments, which offset the impact of lower oil prices.
  • Robust refining margins that benefited from higher throughput and efficient operation.
  • Solid cash flow generation, reinforcing the company’s capacity to fund future investments and shareholder returns.

TotalEnergies maintains its dividend policy, with the board planning to distribute dividends in line with the adjusted earnings trajectory.

LNG Project in Mozambique

The company’s leadership in the Mozambique LNG project faces potential governmental counter‑arguments. The Mozambican government has signaled possible objections to the updated budget and schedule proposed by TotalEnergies for the LNG development. While the company has stated that the project is “ready to progress,” the latest remarks from CEO Patrick Pouyanne suggest that strategic adjustments may be required to reconcile the company’s commercial expectations with the sovereign’s fiscal considerations.

This development comes against a backdrop of broader geopolitical tensions, including concerns over U.S. sanctions on Russian oil, which have prompted market participants to anticipate oil prices above $65 per barrel in Q4.

New York Stock Exchange Listing

In a move designed to broaden investor access and deepen liquidity, TotalEnergies announced that its ordinary shares will commence trading on the New York Stock Exchange on 8 December. This dual‑listing will allow the company to be traded both in Paris and in the United States, potentially enhancing capital‑market visibility and providing a more diversified shareholder base.

CEO Patrick Pouyanne highlighted that the listing is “a milestone in our strategy to strengthen our global footprint” and that it will “enable us to tap into the deep capital markets of the United States while continuing to serve our European investors.”

Regulatory Environment in France

During a recent briefing, Patrick Pouyanne expressed that a proposed French supertax on large multinationals would not be compliant with the rule of law and could contravene double‑taxation safeguards. The company’s stance underscores its sensitivity to policy changes that could affect its global operations and financial reporting. As France navigates the balance between fiscal reform and competitive neutrality, TotalEnergies remains vigilant about the potential implications for its multinational structure.

Market Outlook

  • Oil and gas demand: Despite a current supply glut, major oil majors—including TotalEnergies—are increasing production to secure long‑term demand positions and investing heavily in new development projects.
  • Renewable energy: The company is capitalising on Brazil’s dual strategy of hydrocarbon development and renewable expansion, positioning itself as a key player in the country’s transition framework.
  • Investor sentiment: The company’s solid cash flows, stable earnings, and strategic expansion into U.S. markets are likely to reinforce investor confidence, even as commodity prices remain volatile.

In summary, TotalEnergies SE demonstrates a balanced approach: sustaining profitability through refining and production excellence, navigating geopolitical and regulatory challenges in key projects like Mozambique LNG, and expanding its market reach via a new U.S. listing—all while maintaining a forward‑looking stance on long‑term energy demand and investment.