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During the fourth quarter, TotalEnergies sold 12.2 million tonnes of LNG, up from 10.8 million tonnes in the same quarter in 2024.
LNG sales rose 17 percent compared to 10.4 million tonnes of LNG in the prior quarter.
TotalEnergies said LNG sales rose by 1.8 Mt in the quarter, driven by the restart of the Inpex-led Ichthys project in Australia and higher spot activity.
Hydrocarbon production for LNG reached 543 kboe/d in the fourth quarter, up from 494 kboe/d in the same period in 2024, and up 13 percent compared to 482 kboe/d in the previous quarter.
Compared to the previous quarter, hydrocarbon production for LNG increased mainly due to the restart of Ichthys LNG, TotalEnergies said.
The company sold 43.9 million tonnes of LNG in 2025.
This marks a 10 percent rise compared to 39.8 million tonnes in 2024.
LNG earnings
The company’s integrated LNG business logged a decline in its adjusted net operating income in the fourth quarter of last year.
TotalEnergies said adjusted net operating income for integrated LNG was $922 million, down from $1.43 billion in the same quarter in 2024.
However, adjusted net operating income rose 8 percent compared to the prior quarter.
According to TotalEnergies, adjusted net operating income for integrated LNG was higher compared to the previous quarter as LNG production and sales offset a 5 percent decrease in the average LNG selling price.
“Cash flow from operations excluding working capital (CFFO) amounted to $1,156 million, up 2 percent over the quarter for the same reasons,” the company said.
For 2025, the company’s integrated LNG business logged a 16 percent drop in adjusted net operating income compared to 2024.
Adjusted net operating income reached $4.11 billion.
LNG price
TotalEnergies recently reported a year-on-year drop in its average price for equity LNG sales in the fourt quarter of last year.
The average LNG price was $8.48/MMBtu in the three-month period, down by $1.89/MMBtu compared to $10.37/MMBtu in the fourth quarter of 2024.
Additionally, the average price decreased from $8.91/MMBtu in the third quarter, $9.10/MMBtu in the second quarter, and $10/MMBtu in the first quarter of last year.
Net income
Overall, TotalEnergies reported adjusted net income of $3.84 billion in the fourth quarter, down compared to $4.40 billion in the same quarter in 2024.
Adjusted net income dropped 21 percent compared to the prior quarter.
For the full year of 2025, adjusted net income reached $15.59 billion, down 15 percent compared to the year before.
“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 percent in 2025, exceeding the guidance of above 3 percent,” chief executive Patrick Pouyanne, said.
In 2025, the company reported cash flow of $27.8 billion in an environment marked by a decline of 15 percent in oil prices, he said.
“TotalEnergies continued to implement its balanced, disciplined growth strategy by investing $17.1 billion in 2025, including 37 percent for new Oil & Gas projects and around $3.5 billion in low‑carbon energies, of which nearly $3 billion in electricity,” Pouyanne said.
“Given the company’s strong cash‑flow generation and solid balance sheet despite uncertain environment, the board of directors will propose to the annual shareholders’ meeting on May 29, 2026, the distribution of a final 2025 dividend of €0.85/share, bringing the full‑year 2025 dividend to €3.40/share, up 5.6 percent from the 2024 dividend, reflecting the share buybacks executed in 2025 ($7.5 billion for a 55 percent payout),” he said.
The board also confirmed the 2026 share‑buyback guidance of $3 billion to $6 billion for an oil price between $60 and $70/b and an exchange rate around $1.20/€.
“Considering the uncertain price environment, it authorized $750 million of buybacks in the first quarter 2026, consistent with the budget assumption ($60/b), thereby preserving the flexibility to adjust the level of buybacks during 2026 depending on price developments,” Pouyanne said.
Average LNG selling price to be 8.5/MMBtu in Q1
TotalEnergies said its integrated LNG business is expected to continue its growth in 2026 with the start‑up of the North Field East project in Qatar (2 Mtpa of offtake) and Costa Azul on the North American Pacific coast (1.7 Mtpa of offtake).
“This growth, combined with LNG sales of over 44 Mt in 2026, should offset the expected decline in LNG prices and enable the segment to generate, at $60/b (Brent) and $10/MBtu (TTF), cash flow equivalent to that generated in 2025,” it said.
Given recent oil and gas price trends and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG sales price close to $8.5/MMBtu in the first quarter of 2026, the company said.