TotalEnergies reported oil and gas production of 2.395 million barrels of oil equivalent per day in the second quarter of 2026, supported by the ramp-up of recently started projects in Brazil, the US, Angola and Libya.
Reported production was 4% lower than in Q2 2025, primarily reflecting production losses associated with the conflict in the Middle East. Excluding this impact, production increased by more than 4% year on year, driven by new projects and improved facility availability.
The main contributors included Mero 3, Mero 4 and Lapa South-West in Brazil; Anchor and Ballymore in the US; Begonia and CLOV Phase 3 in Angola; and Mabruk in Libya. Production in the Americas increased by 18% year on year to 513,000 boe/d, while output from the Middle East and North Africa declined by 21% to 671,000 boe/d.
Exploration and Production generated adjusted net operating income of USD 3.2 billion and cash flow of USD 5.8 billion, both more than 25% higher than in the previous quarter. TotalEnergies said its upstream operating costs remained at approximately USD 5 per barrel.
During the quarter, the company expanded its upstream position in Abu Dhabi by acquiring a 10% interest in the Bab Gas Cap onshore concession. It also reached a final investment decision on the Umm Shaif Gas Cap development, which is expected to produce more than 600 million cubic feet of gas per day by 2030 while supporting condensate recovery.
In exploration, TotalEnergies signed a cooperation agreement with the Syrian Petroleum Company covering offshore Block 3 and entered into an agreement with Egypt’s EGAS to assess offshore exploration opportunities.
The company also announced plans to develop Pangea 5, a new high-performance supercomputer, in cooperation with Dell Technologies and NVIDIA. The system will provide computing power of 150 petaflops and is intended to support advanced subsurface imaging, seismic processing and reservoir modelling.
In LNG, TotalEnergies started production from the Energia Costa Azul LNG facility on Mexico’s Pacific coast in early July. The project strengthens the company’s ability to supply Asian markets and complements new long-term LNG supply agreements with Chugoku Electric in Japan and Hangzhou Gas in China.
At group level, TotalEnergies recorded adjusted net income of USD 6 billion and cash flow from operations excluding working capital of USD 9.8 billion. Net investments amounted to USD 3.4 billion during the quarter.
For the third quarter, the company expects underlying production growth to remain consistent with its annual target of approximately 3%, excluding the impact of the Middle East conflict. It estimates that disruption in the region could affect between 5% and 10% of its total production, depending partly on access to export routes through the Strait of Hormuz.
TotalEnergies maintained its 2026 net investment guidance of USD 15 billion.
Image credit: Total Energies
