• Pouyanné confirms $2b share buybacks in Q2
• Brent trades below $70 amid rising global uncertainty
TotalEnergies has reported $4.2 billion in adjusted net income and $7.0 billion in cash flow from operations (CFFO), maintaining the positive momentum recorded in the fourth quarter of 2024, despite a soft global price environment, according to its first quarter results for 2025.
The company’s hydrocarbon production rose to over 2.55 million barrels of oil equivalent per day (Mboe/d), a 4 per cent increase year-on-year, driven by continued project ramp-ups in Brazil, the United States, Malaysia, Argentina, and Denmark. Additional start-ups, including the Ballymore offshore field in the U.S. and Mero-4 in Brazil, expected in the second and third quarters, respectively, are set to boost high-margin output further and reinforce its 2025 production growth target of over 3 per cent.
Chairman, Board of Directors of Total Energies SE and Chief Executive Officer (CEO), Patrick Pouyanné, during the approval of the financial statements, confirmed that TotalEnergies will continue share buybacks of up to $2 billion in the second quarter, despite Brent crude trading below $70 per barrel since early April and ongoing geopolitical and macroeconomic volatility.
“Confident in the Company’s ability to reach its 2025 underlying growth objective and taking into account the strength of its balance sheet (normalised gearing of 11 per cent, excluding the seasonal effect of working capital), the Board of Directors has confirmed the distribution of the first interim dividend of €0.85/share for fiscal year 2025, an increase of 7.6 per cent compared to 2024 and consistent with the attractive dividend growth guidance announced in February.
He added that Exploration & Production generated adjusted net operating income of $2.5 billion and cash flow of $4.3 billion in the first quarter, up 6 per cent and 9 per cent quarter-to-quarter, respectively, noted that cash flow benefited from the accretive effect of new production that is both low-cost and low-emission.
“In a price environment globally similar to the fourth quarter 2024, TotalEnergies delivered strong results in the first quarter 2025 that are in line with the positive results of the fourth quarter 2024, reporting $4.2 billion of adjusted net income and $7.0 billion of CFFO,” he said.
Pouyanné added that Integrated LNG generated $1.3 billion in adjusted net operating income and $1.2 billion in cash flow, supported by higher year-on-year LNG prices. While LNG trading met expectations, gas trading faced headwinds amid a downturn in European markets, following fresh uncertainties surrounding the Russia-Ukraine conflict.
He also highlighted the progress in the Integrated Power segment, which delivered over $500 million in adjusted net operating income and $600 million in cash flow aligned with annual guidance. The company recently closed the acquisition of German renewable energy developer VSB and launched new battery storage projects through Kyon.
