TotalEnergies SE, the French integrated energy major, reported a 13 percent decline in adjusted net profit for the fourth quarter of 2025, as weaker crude oil and natural gas prices weighed on earnings.
For the quarter ended December 31, TotalEnergies recorded an adjusted net income of $3.8 billion, down from about $4.4 billion in the same period a year earlier. The drop in profitability was driven largely by lower selling prices for oil and gas, which more than offset gains in other parts of the business.
Production volumes for oil and gas rose by approximately 5 percent year-on-year, helping to partially cushion the impact of the price slump. However, revenue contributions from upstream exploration and production were lower compared with the prior year. In contrast, downstream segments such as refining and chemicals delivered stronger results due to improved margins in those markets.
In response to the earnings environment, the company’s board approved a $750 million share buyback programme for the first quarter of 2026. TotalEnergies also reaffirmed its commitment to a broader share repurchase plan, targeting between $3 billion and $6 billion over the coming year, subject to market conditions.
Despite the decline in quarterly profit, TotalEnergies maintained its quarterly dividend and reiterated confidence in its diversified portfolio, which includes refining, petrochemicals and growing renewable energy assets. The company has been strategically positioning these segments to help stabilise earnings amid volatility in commodity markets.
TotalEnergies’ performance echoes a broader trend across international energy companies, many of which have reported softening profits as global oil and gas prices remain subdued compared with previous peaks. The earnings results reflect the ongoing challenges faced by energy producers in balancing upstream revenue pressures with opportunities in downstream and low-carbon businesses.
