Energy giant TotalEnergies SE generated stable fourth-quarter cash flow of $7.2 billion, defying a sharp drop of more than $5 per barrel in oil prices.
CEO Patrick Pouyanné said, “With cash flow stable at $7.2 billion, TotalEnergies once again demonstrates its ability to offset lower hydrocarbon prices thanks to accretive growth in its Upstream production of 3.9% in 2025, exceeding the guidance of above 3%.”
For the full year, the company posted adjusted net income of $15.6 billion, down 15% from 2024, reflecting weaker oil prices, while cash flow of $27.8 billion fell just 7%. IFRS net income came in at $13.1 billion, down 17%. Pouyanné highlighted, “Return on average capital employed stood at 12.6%, the best among the majors for the fourth consecutive year.”
TotalEnergies invested $17.1 billion in 2025, with 37% allocated to new oil and gas projects and nearly $3.5 billion to low-carbon energies, including $3 billion in electricity. The company ended the year with a solid 15% gearing ratio.
Fourth-quarter Oil & Gas production rose nearly 5% year-on-year to 2.545 million barrels of oil equivalent per day. Exploration & Production reported adjusted net operating income of $1.8 billion and cash flow of $3.6 billion in the quarter.
“Accretive upstream production growth helped offset $5/b of the $11/b price decline recorded over the year,” the company said. TotalEnergies maintained operating costs at $5/b and reduced operated methane emissions by more than 20% in 2025. Reserve replacement reached 116%, keeping proven reserves life above 12 years.
The company expanded its upstream portfolio through agreements with Galp in the PEL83 license and new licenses in Algeria, the US, Nigeria, Malaysia, Indonesia, Guyana, and Liberia. It also actively managed mature assets, including merging UK North Sea assets with NEO NEXT and selling non-operated interests in Nigeria and Brazil.
Integrated LNG posted stable quarterly results, with $0.9 billion in adjusted net operating income and $1.2 billion in cash flow. For the year, the segment reported $4.1 billion and $4.7 billion, respectively, supported by the restart of Ichthys LNG and new investments, including Train 4 of the Rio Grande LNG project.
Integrated Power delivered adjusted net operating income of $564 million in Q4, with cash flow of $788 million. Full-year 2025 cash flow reached $2.6 billion, while net electricity production surged 17% to 48 TWh, reducing carbon intensity of products sold by 18.5% versus 2015.
Pouyanné said, “To accelerate its gas-to-power integration strategy in Europe, TotalEnergies signed an agreement with EPH to acquire 50% of a portfolio of flexible power generation assets with more than 14 GW of gross capacity.”
Downstream operations also gained momentum, with Q4 adjusted net operating income of $1.3 billion, up 26%, and cash flow of $2 billion, up 19%, driven by a 30% jump in European refining margins.
Reflecting its strong cash flow and balance sheet, TotalEnergies’ board will propose a final 2025 dividend of €0.85 per share, bringing the total dividend to €3.40, up 5.6% from 2024. The board also confirmed 2026 share buyback guidance of $3–6 billion and authorized $750 million in Q1 buybacks.
Pouyanné said, “Considering the uncertain price environment, [this is] consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments.”
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