TotalEnergies posts $8.3bn Q3 net income on refining gains

TotalEnergies agreed to sell a 40% stake in Nigeria's OPL257 to SAPETRO, retaining 50%. The block contains the Egina South field, which may be developed as a subsea tie-back. The deal aligns with TotalEnergies' strategy to focus on low-cost, low-emission resources. Completion is subject to regulatory approvals.

TotalEnergies declared a third interim dividend of €0.90 per share, up 5.9% from the previous year. The dividend, payable in April 2027, aligns with the company's policy of annual dividend growth over 5% through 2030. Ex-dividend dates and payment schedules were announced for Euronext and NYSE listings.

TotalEnergies (TTE) is selling a 40% stake in Nigeria's offshore block OPL257 to South Atlantic Petroleum Limited, retaining a 50% interest. The block is adjacent to PPL261, where the Egina South field was discovered. The deal, pending approvals, includes plans for an appraisal campaign. TotalEnergies produced 188,000 barrels of oil equivalent per day in Nigeria in 2025, according to the company.

TotalEnergies reported Q3 2026 adjusted net income of $9.1B, up 127% YoY, with revenue of $66.82B. The company announced a $5B share buyback plan. Shipping costs rose to ~$25/bbl, impacting price realization. An impairment of $1.9B was recorded, primarily from offshore wind and petrochemical assets. The company also cut diesel prices in France and sold a stake in a Nigerian offshore block.

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Oil majors report impacts from soaring tanker rates. Shell disclosed a $5.4B non-cash increase in shipping lease liabilities, while TotalEnergies and Eni noted higher freight costs affecting margins. Equinor reported trading losses due to tight shipping markets. Industry experts expect rates to remain high.