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During the second quarter, TotalEnergies sold 10.6 million tonnes of LNG, up from 8.8 percent in the same quarter last year, and almost flat compared to 10.6 million tonnes of LNG in the prior quarter.
TotalEnergies sold 21.2 million tonnes of LNG in the first half of this year, a rise of 9 percent compared to 19.5 million tonnes in the same period last year.
Hydrocarbon production for LNG reached 547 kboe/d in the second quarter, up from 498 kboe/d in the same period last year, and down compared to 582 kboe/d in the previous quarter.
TotalEnergies said hydrocarbon production for LNG was down 6 percent this quarter compared to the first quarter of 2025, notably due to scheduled maintenance at Snøhvit in Norway and Malaysia LNG, which impacted SK408 production.
LNG earnings down
The company’s integrated LNG business logged a decline in its adjusted net operating income in the second quarter of this year.
TotalEnergies said adjusted net operating income for integrated LNG was $1.04 billion, down from $1.15 billion in the same quarter last year and $1.29 billion in the prior quarter.
According to TotalEnergies, adjusted net operating income for integrated LNG was down 20 percent compared to the prior quarter primarily due to a lower average LNG selling price reflecting oil price evolution and low market volatility for gas trading activities.
Cash flow from operations excluding working capital (CFFO) was $1.16 billion, down 7 percent from the prior quarter, reflecting a lower average LNG selling price.
LNG price
TotalEnergies recently reported a year-on-year drop in its average price for equity LNG sales in the second quarter of this year.
The average LNG price was $9.10/MMBtu in the three-month period, down by $0.22/MMBtu compared to $9.32/MMBtu in the second quarter of 2024.
Additionally, the average price decreased compared to $10/MMBtu in the first quarter of this year.
The company’s average price was $10.37/MMBtu in the fourth quarter of last year and $9.91/MMBtu in the third quarter.
Net income decreases
Overall, TotalEnergies reported adjusted net income of $3.6 billion in the second quarter.
This is a drop of 15 percent compared to the prior quarter and a drop compared $4.7 billion in the same quarter in 2024.
“TotalEnergies delivered robust financial results in the second quarter: cash flow only decreased by 5 percent to $6.6 billion despite a 10 percent decrease in oil price, notably thanks to accretive hydrocarbon production growth,” chief executive Patrick Pouyanne, said.
TotalEnergies reported 2.53 million barrels of oil equivalent per day (Mboe/d) of hydrocarbon production, representing an increase of more than 3 percent year-over-year, with notable benefits from the start-up of the Ballymore field in the US.
Pouyanne said that integrated LNG achieved adjusted net operating income of $1 billion and cash flow of $1.2 billion this quarter, reflecting a 10 percent decrease in the LNG selling price, in line with oil price evolution, and low market volatility for gas trading activities.
“Comforted by the company’s ability to reach its 2025 underlying growth objective while maintaining a strong balance sheet, the board of directors has confirmed the distribution of the second interim dividend of 0.85 €/share for fiscal year 2025, an increase close to 7.6 percent compared to 2024. It also decided to continue share buybacks for up to $2 billion in the third quarter,” he said.
Average LNG selling price to be between $9 and $9.5/MMBtu in Q3
TotalEnergies said that, in an unstable geopolitical and macroeconomic environment (tariff war), oil markets remain volatile with prices fluctuating between $60 and $70/b.
“The market is facing an abundant supply that is fueled by OPEC+’s decision to unwind some voluntary production cuts and weak demand that is linked to the slowdown in global economic growth,” the company said.
TotalEnergies said that forward European gas prices remain sustained around $12/MMbtu for the third quarter of 2025 and winter 2025/26 due to European stock replenishment.
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 of $9 to $9.5/MMbtu for the third quarter of 2025.
Hydrocarbon production in the third quarter of 2025 is expected to increase by over 3 percent compared to the third quarter of 2024, which is in line with the company’s annual objective of over 3 percent production growth in 2025 compared to 2024.