TotalEnergies posts record profits, fueled by global diesel market turmoil
The French energy giant, with its refineries running at full capacity, reported a net profit up 124% year-on-year in the third quarter, reaching $8.3 billion.
TotalEnergies and Shell both doubled their profits in the third quarter of 2026, marking their strongest quarterly results since 2022. MercoPress reports that this growth was driven by refining margins that were nearly four times higher than the previous year due to Middle East tensions. Both companies expanded their share buyback programmes.
MercoPress states that TotalEnergies posted an adjusted net income of $9.1 billion, surpassing the $8.3 billion forecast. The company's refining and chemicals division earned a record $3.6 billion, which MercoPress notes is more than five times the previous year's figure, with a refining margin of $33.2 per barrel. Chief executive Patrick Pouyanné attributed the results to market conditions and a near-10% increase in refined volumes.
Le Monde English reported that the company's net profit reached $8.3 billion, a 124% increase year-on-year, as refineries ran at full capacity.
Shell reported adjusted earnings of $10.81 billion for the July to September period, which exceeded the $10.33 billion expected by analysts. MercoPress reports that Shell's refining margin reached $42 per barrel and that the company increased its quarterly share buyback from $3 billion to $5 billion. However, Shell's oil and gas production fell 17% during the first nine months.
Brief written by urgent.news from Le Monde English, MercoPress — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
