TotalEnergies posts $8.3bn quarterly profit as government presses for lower fuel prices

A record quarter across the oil majors

TotalEnergies announced on Thursday, 29 October, a third-quarter net profit of $8.3 billion, up 124 percent from $3.7 billion in the same quarter of 2025. The figure also surpassed the group's results for the first two quarters of 2026, which already reflected the price jump that followed the start of the conflict in the Middle East. Refining and chemicals contributed $3.5 billion, compared with $687 million a year earlier. The gas business saw its adjusted net operating result double, helped by higher selling prices and a stronger trading performance. One report put oil and gas output 1 percent lower year on year, while another described production as rising despite the war. In a statement issued Thursday morning, chief executive Patrick Pouyanné pointed to the group's integrated model.

“TotalEnergies is once again fully benefiting from its integrated model and geographic diversification.”

Peers post similar jumps

Shell reported net profit of $12.1 billion, a rise of 126.6 percent, which it linked to gas production and marketing, including liquefied gas, and to higher refining margins. Repsol's net profit for the first nine months of the year reached 5.006 billion euros, up 325 percent. Its third-quarter profit alone was 2.8 billion euros, against 574 million euros a year earlier. Wael Sawan, chief executive of Shell, described the quarter in a statement.

“Shell's constant focus on operational performance delivered very solid results in a quarter marked by a still severe disruption to the global energy system.”

TotalEnergies Q3 20253.7

TotalEnergies Q3 20268.3

Shell Q3 202612.1

TotalEnergies Q3 2025

3.7 US$ bn

TotalEnergies Q3 2026

8.3 US$ bn

Shell Q3 2026

12.1 US$ bn

Data from the article text

What drove the margins

Disruption to fuel production and exports in the Middle East has reduced global supply and pushed fuel prices up relative to crude, which widens refiners' margins. Ukrainian attacks on Russian refineries have also cut output there, prompting Moscow to limit gasoline and diesel exports to protect domestic supply. On the gas side, European prices rose above 100 euros per megawatt-hour on 28 October for the first time in four years. That rise followed difficulties moving LNG cargoes from the Middle East and European gas storage that stood below last year's level at the same date.

Government calls for pass-through at the pump

Government spokeswoman Maud Bregeon, who is also minister delegate for energy, spoke on BFMTV-RMC on Thursday. She said it would be wrong to slide into 'Total bashing' and praised the fuel price cap TotalEnergies has applied. She asked the company to be 'exemplary' in the coming weeks.

“We are lucky to have a major oil company in a crisis like the one we are going through, and especially to deal with supply risks.”

She asked TotalEnergies to pass the benefit of released barrels on to prices and to keep its price cap for as long as the crisis lasts. A decree setting the economic terms for releasing strategic diesel stocks, announced in early October, takes effect on Saturday, 31 October. The government expects diesel to fall by 12 to 18 cents per litre, from an average between 2.30 and 2.40 euros since early October, a range Bregeon confirmed. She promised a visible drop at the pump from next week and said the government would ensure all distributors pass it on. Smaller independent distributors, whose tanks still hold expensive fuel, would receive a cash advance to help them cut prices. Associations and political parties, meanwhile, have called for taxing 'superprofits'.

Dates to watch

The timeline below sets out the key dates in the coverage. TotalEnergies, Shell and Repsol published their results on Thursday, 29 October. The decree on diesel stock releases takes effect on Saturday, 31 October. Bregeon promised a visible drop at the pump from the week of 2 November.