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TotalEnergies announced this in its trading statement, ahead of the release of its second-quarter results on July 23.
“Integrated LNG cash flow and results are expected to decrease significantly, affected by an underperformance in gas trading activities amid a broadly flat to declining European market, after outperforming in the first quarter,” TotalEnergies said.
The company’s adjusted net operating income for integrated LNG in the first quarter was $1.32 billion, up 2 percent compared to $1.29 billion in the same quarter in 2025.
Compared to the 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.
Average LNG price climbs
TotalEnergies said its average price for equity LNG sales in the second quarter was $10.20/MMBtu over the three-month period, up $1.1/MMBtu from $9.10/MMBtu in the second quarter of 2025.
Additionally, the average price rose $1.1/MMBtu compared to the first quarter of this year and the fourth quarter of last year.
These prices do not include LNG trading activity.
In its April results report, TotalEnergies said it anticipates an average LNG selling price of around $10/MMBtu in the second quarter of 2026, given the evolution of oil and gas prices in recent months and the lag effect in pricing formulas.
Hydrocarbon production
TotalEnergies said that hydrocarbon production for the second quarter is expected to be at nearly 2.4 Mboe/d.
This production should leverage a “strong” organic growth in line with the quarterly guidance of 4 percent, it said.
TotalEnergies noted that the impact of the Middle East conflict for the second quarter “is around 210 kboe/d, which is below the guidance communicated last quarter of 360 kboe/d.”
“This is notably driven by the ramp-up of the company’s production in offshore United Arab Emirates over the course of the quarter and the restart of production in the other countries in the region during June. However, a significant portion of this production could not be lifted during the quarter and is recognized in exploration and production results based on the crude price from end-June (less than $70/b),” the company said.
TotalEnergies also said that a decrease in working capital of $1-1.5 billion is anticipated over the quarter, mainly due to the impact of lower hydrocarbon prices at quarter-end on inventories.
