Key facts: TTE plans buybacks; +1 Bcf/d gas target; 50% OPL257

TotalEnergies reported Q3 earnings with record refining margins at $33/barrel, driven by global supply disruptions. Hydrocarbon production grew 3% QoQ to 2.47M boe/day, despite Middle East conflict impacts. The company expects a production plateau of 3M boe/day from 2030-2035. Refining and chemicals segment posted $3.6B net income, while LNG saw $1.9B income despite a 7% production decline. TotalEnergies raised its 2026 cash flow outlook to over $42B and returned $3.7B to shareholders.

Six European oil companies (BP, Eni, Equinor, Repsol, Shell, TotalEnergies) reported $89bn in profits for the first nine months of 2026, more than double the same period last year, driven by higher energy prices due to the war with Iran. Shell and TotalEnergies saw refining profits nearly quadruple, while BP's profit nearly quadrupled, exceeding analyst forecasts. Companies used profits to reduce debt and return cash to shareholders, with Shell cutting its 2026 capital spending guidance by $1bn.

TotalEnergies bought a 25% stake in 26 Chevron-operated Gulf of Mexico exploration leases. Chevron gained a 75% interest in two TotalEnergies leases. The deal expands TotalEnergies' US offshore exposure and builds on their existing partnership, according to the company.

ExxonMobil, Chevron, BP, Shell, and TotalEnergies reported combined adjusted net income of $56.3 billion in Q3, driven by high fuel prices due to geopolitical conflicts. ExxonMobil and Chevron saw record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Companies resisted increasing share buybacks to avoid political backlash. ExxonMobil raised dividends and maintained $20 billion in annual buybacks, while Chevron focused on debt reduction.

Big Oil companies reported combined adjusted net income of $56.3 billion for Q3, driven by high fuel prices due to conflicts in the Persian Gulf and Russia. ExxonMobil and Chevron reported record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Both companies exceeded analyst estimates and announced share buybacks. BP, Shell, and Total also reported strong results. Oil prices have risen nearly 60% since February due to supply disruptions.

TotalEnergies sold 40% of its stake in Nigeria's Block OPL257 to SAPETRO, retaining 50%. The block, near the Egina South oil field, may hold 140 million barrels. Drilling is planned, with development tied to the Egina FPSO. Deal awaits approvals.