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During the first quarter, TotalEnergies sold 12.4 million tonnes of LNG, up 16 percent from 10.6 million tonnes in the same quarter in 2025.
LNG sales rose 1 percent compared to 12.2 million tonnes of LNG in the prior quarter.
TotalEnergies said LNG sales were “stable quarter-to-quarter, in the context of strong spot activity.”
Hydrocarbon production for LNG reached 606 kboe/d in the first quarter, up 4 percent from the same period in 2025, and up 12 percent compared to the previous quarter.
LNG hydrocarbon production increased by 12 percent quarter-to-quarter, mainly supported by production growth in Australia, the United States, and Malaysia, TotalEnergies said.
LNG earnings up
The company’s integrated LNG business logged a rise in its adjusted net operating income in the first quarter.
TotalEnergies said adjusted net operating income for integrated LNG was $1.32 billion, up 2 percent compared to $1.29 billion in the comparable quarter.
Compared to prior quarter, adjusted net operating income jumped 43 percent.
Cash flow from operations excluding working capital (CFFO) amounted to $1.78 billion, up 43 percent and 54 percent, respectively.
TotalEnergies said adjusted net operating income and cash flow from operations increased “significantly” quarter-to-quarter, underpinned by the LNG production increase and “strong” trading activities benefiting from market volatility.
LNG price
TotalEnergies recently said that it expects its integrated LNG results to be “significantly higher” in the first quarter compared to the prior quarter, underpinned by “strong” trading activities benefiting from market volatility.
The company said its average price for equity LNG sales in the first quarter was $8.48/MMBtu over the three-month period, down $1.52/MMBtu from $10/MMBtu in the first quarter of 2025.
Additionally, the average price was the same compared to the fourth quarter last year, and it decreased from $8.91/MMBtu in the third quarter and $9.10/MMBtu in the second quarter.
These prices do not include LNG trading activity.
Net income
Overall, TotalEnergies reported adjusted net income of $5.4 billion in the first quarter, up 20 percent year-on-year.
Adjusted net income rose 11 percent compared to the prior quarter.
“Driven by a 4 percent year-on-year organic production growth, offsetting the impact on production of the current Middle East conflict, TotalEnergies reports adjusted net income of $5.4 billion and a cash flow of $8.6 billion in the first quarter, demonstrating its ability to capture price upside through a high-performing and diversified integrated portfolio in oil, gas, and power. IFRS net income amounted to $5.8 billion,” chief executive Patrick Pouyanne, said.
He said first quarter oil and Gas production reached 2.553 Mboe/d, benefiting from the ramp-ups and start-ups of new projects, in particular this quarter Lapa SW in Brazil and Mabruk in Libya, offsetting production losses in the Middle East (around 100 kboe/d on average over the quarter).
“Given the company’s strong cash flow generation in the first quarter and supported by the ability of the company to maintain a strong balance sheet, the board of directors decided to increase the first interim dividend by 5.9 percent to 0.90 euros per share, the highest dividend growth among the oil and gas majors,” Pouyanne said.
Furthermore, the board authorized the continuation of share buybacks up to $1.5 billion in the second quarter and confirmed the objective of a payout ratio above 40 percent over the year, he added.
Average LNG selling price to be 10/MMBtu in Q2
In the context of the conflict in the Middle East, oil markets remain elevated, around $100/b, and “extremely volatile,” TotalEnergies said.
“Given the time required to restart production facilities in the Middle East (2-3 months), prices should remain at high levels during the second quarter,” the company said.
Furthermore, the impact of this conflict on global hydrocarbon inventories is leading to the drop of the 2026 surplus scenario that was anticipated at the beginning of the year, the company noted.
TotalEnergies said European gas prices for the second quarter on forward markets are high, around $14-15/MMBtu, in the context of inventory replenishment in Europe, where storage levels, at the end of the winter season, are at the lowest point in the last five years (25 percent).
“Competition between LNG demand in Europe to replenish storage and in Asia for the warm season should support prices in the coming months,” it said.
Given the evolution of oil and gas prices in recent months and the lag effect in pricing formulas, TotalEnergies anticipates an average LNG selling price of around $10/MMBtu in the second quarter of 2026.
Excluding the impact of the conflict in the Middle East, the production of the second quarter is expected to grow around 4 percent compared to the second quarter of 2025, “in line” with the first quarter growth, TotalEnergies said.