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PARIS - French energy giant TotalEnergies SE (PARIS:TTE) (LSE:TTE) (NYSE:TTE) expects oil and gas production to reach 2.5 million barrels of oil equivalent per day (Mboe/d) in the third quarter of 2025, representing a 4% year-on-year increase despite a planned turnaround at its Ichthys LNG facility.
The company’s production growth exceeds its quarterly guidance of more than 3%, according to a press release statement outlining its third quarter 2025 indicators.
TotalEnergies anticipates its Exploration & Production results and cash flow will outpace the production growth due to the "accretive impact of the new barrels," while Integrated LNG cash flow should remain in line with the second quarter in a similar price environment of approximately $9/Mbtu.
Downstream results and cash flow are expected to improve by $400 to $600 million compared to the same period last year, reflecting the significant improvement in European refining margins, which grew to $63 per tonne from $15 per tonne in the third quarter of 2024. This improvement comes despite turnarounds at the company’s Antwerp and Port Arthur facilities.
The company expects results and cash flow from business segments to increase by 0 to 5% year-on-year, despite a $10 per barrel drop in oil prices compared to the third quarter of 2024. This growth is attributed to increased hydrocarbon production and improved Downstream results.
Net investments for the quarter are projected to be around $3 billion, benefiting from approximately $500 million in divestments net of acquisitions. The company also anticipates a positive contribution from working capital of $1 to $2 billion and expects its gearing ratio to improve by 0.5 to 1% compared to the end of the second quarter 2025.
For the third quarter, Brent crude averaged $69.1 per barrel, down from $80.3 per barrel in the same period last year, while the average euro-dollar exchange rate was 1.17, compared to 1.10 in the third quarter of 2024.
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