TotalEnergies profit hits record on high oil prices
TotalEnergies said the surge in profits would be reflected in a higher dividend for shareholders.
PARIS – French oil and petrol conglomerate TotalEnergies announced on October 29 that its net profit for the third quarter reached a record high of US$8.3 billion (S$10.6 billion), due to a surge in oil and gas prices amidst the Middle East conflict. This marked a substantial increase from US$5.4 billion in the previous quarter.
In a statement, CEO Patrick Pouyanne praised the company's integrated business model and geographic diversification, stating that TotalEnergies is effectively utilizing its resources in a high-price environment characterized by record refining margins and a thriving gas market. The company has already demonstrated strong profitability in the two prior quarters, with the trend continuing into the third.
TotalEnergies plans to distribute this elevated profit by increasing shareholder dividends. The board of directors commended the exceptional performance of all business segments, enabling the company to capitalize on higher market prices. In addition, the firm will offer employees a 20% discount on shares, grant a higher interim dividend of €0.90 per share for 2026, up 5.9% from 2025, and initiate share buybacks totaling US$2.5 billion across the fourth quarter and the first quarter of 2027.
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