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During the second quarter, TotalEnergies sold 10.7 million tonnes of LNG, up 0.9 percent from 10.6 million tonnes in the same quarter in 2025.
LNG sales dropped 13 percent compared to 12.4 million tonnes of LNG in the prior quarter.
During January-June, LNG sales increased 9 percent year-on-year to 23.1 million tonnes.
Hydrocarbon production for LNG reached 550 kboe/d in the second quarter, up 550 kboe/d from the same quarter in 2025, and down 9 percent compared to the previous quarter.
TotalEnergies said hydrocarbon production for LNG decreased by 9 percent quarter-to-quarter, mainly due to shut-in production in Qatar
related to the Middle East conflict.
During the six-month period, hydrocarbon production for LNG increased 2 percent year-on-year to 578 kboe/d.
LNG earnings down
TotalEnergies said adjusted net operating income for integrated LNG was $807 million, down compared to $1.04 billion in the same quarter last year and $1,31 billion in the previous quarter.
Compared to the prior quarter, adjusted net operating income dropped 39 percent.
Cash flow from operations excluding working capital (CFFO) amounted to $833 million, down from $1.15 billion in the same quarter last year and $1.78 billion in the previous quarter.
TotalEnergies said operating income and CFFO were “significantly lower quarter-on-quarter, impacted by the underperformance of gas trading activities in an overall flat, and even bearish, European market, whereas the segment outperformed in the first quarter.”
LNG price
TotalEnergies recently said that it expects its integrated LNG results to decrease “significantly” in the second quarter compared to the prior quarter due to an underperformance in gas trading activities.
The company 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.
Net income jumps
Overall, TotalEnergies reported adjusted net income of $6 billion in the second quarter, up 68.4 percent year-on-year.
Adjusted net income rose 12 percent compared to the prior quarter.
“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 billion and cash flow of $9.8 billion in the second quarter, up almost 15 percent quarter-to-quarter,” chief executive Patrick Pouyanne, said.
He said that second-quarter oil and gas production reached 2.395 Mboe/d, benefiting from organic production growth of more than 4 percent year-on-year, notably from the ramp-up of projects started last year (Mero 4 and Lapa SW in Brazil, Ballymore in the US 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.
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.
“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 the priority to the dividend and to the deleveraging of the company. It has therefore decided the distribution of a second interim dividend of €0.90/share for fiscal year 2026, up 5.9 percent compared to 2025. The board also authorized the continuation of share buybacks up to $1.5 billion for the third quarter,” Pouyanne said.
Average LNG selling price to be 11.5/MMBtu in Q3
TotalEnergies said that oil prices navigate above $80/b at the start of the third quarter, in very “volatile” markets reacting to the evolution
of the security situation in the Strait of Hormuz.
European gas prices on the forward markets are around $16-20/Mbtu in the third quarter, in a context where inventories in Europe are low and need to recover before the winter season, the company said.
Continuing tensions in the Middle East, their impact on LNG production in Qatar (close to 20 percent of the world market) and competition between LNG demand in Europe and Asia should support prices in the coming months, the company noted.
“Given the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG selling price above $11.5/MMBtu in the third quarter of 2026,” TotalEnergies said.
