TotalEnergies Boosts Interim Dividends to €0.90, Extends Share Buyback
TotalEnergies said it is prioritising deleveraging, with a gearing ratio down to 13%, and increasing the dividend, with a second-quarter dividend of €0.90/share, up 5.9%.
The company said this following its earnings release, delivering $5.4 billion in net income in the second quarter of 2026, 6% lower than the Q1 record.
The Board of Directors meeting on July 22, 2026, under the chairmanship of Mr Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of a second interim dividend of €0.90/share for fiscal year 2026.
The amount represents an increase of 5.9% compared to the three interim dividends and final dividend paid for fiscal year 2025 and equal to the first interim dividend paid for fiscal year 2026.
On the occasion, Pouyanné said: “In a high-price environment related to the Middle East conflict, TotalEnergies is leveraging its integrated model and portfolio diversification to post adjusted net income of $6.0 billion and cash flow of $9.8 billion in the second quarter, up almost 15% quarter-to-quarter.
The CEO disclosed that second quarter Oil & Gas production reached 2.395 Mboe/d, benefiting from organic production growth of more than 4% year-on-year, notably from the ramp-up of projects started last year (Mero 4 and Lapa SW in Brazil, Ballymore in the U.S. and Mabruk in Libya) which partly compensated for the impact of production losses in the Middle East to an average 210 kboe/d over the quarter.
TotalEnergies boss stated that despite a lower lifting level because of difficulties accessing the Strait of Hormuz, Exploration & Production posted adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, up by more than 25% over the quarter, capturing the increase in the average selling price of liquids — +$17.9/b compared to the first quarter of 2026.
The Company also kept its Upstream operating costs at $5/b.
The Integrated LNG segment achieved adjusted net operating income and cash flow of $0.8 billion in the second quarter of 2026, decreasing significantly due to the underperformance of gas trading in a broadly flat to declining market in Europe, whereas it had outperformed in the first quarter.
The ECA LNG project, located on the Pacific coast of Mexico, started up in early July, strengthening the diversification of the Company’s LNG portfolio towards the Asian market. Moreover, the Company pursued its strategy of signing long-term oil-indexed LNG contracts with Chugoku in Japan and Hangzhou Gas in China. Integrated Power generated adjusted cash flow of $700 million, up strongly, by 25%, supported by the contribution, in line with expectations, of EPH assets since early May, net operating income is stable quarter-to-quarter.
Downstream posted cash flow of $2.9 billion, up sharply by 35% and adjusted net operating income of $2.3 billion, up 24% in the quarter, driven by the ability of the Refining & Chemicals segment to fully capture the increase in refining and petrochemical margins and the strong performance of crude oil and petroleum products trading activities, at the same level as in the first quarter of 2026.
Downstream results also benefited from the outstanding results and cash flow of Marketing & Services activities. Net investments in the second quarter amounted to $3.4 billion and $7.9 billion in the first half of 2026, consistent with the annual guidance of $15 billion.
The gearing ratio stood at 13.1% at the end of the quarter, an improvement of 2.4 percentage points, benefiting from a $3.3 billion reduction in net debt.
Given the Company’s strong cash flow generation in the first half of the year and its ability to deliver growth quarter after quarter, the Board of Directors confirmed its priority for the dividend and the Company’s deleveraging.
TotalEnergies decided to distribute a second interim dividend of €0.90/share for fiscal year 2026, up 5.9% compared to 2025. The Board also authorised the continuation of share buybacks up to $1.5 billion for the third quarter. #TotalEnergies Boosts Interim Dividends to €0.90, Extends Share Buyback#
