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TotalEnergies Production to Hit 2.4 Mboe/d in Q2 Despite Regional Challenges

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TotalEnergies (TTE) expects Q2 hydrocarbon production to near 2.4 million barrels of oil equivalent per day, the company said on Thursday.

The impact of the Middle East conflict on production was estimated at 210,000 barrels per day, lower than the 360,000 barrels per day previously forecast, due to a successful ramp-up of operations in the UAE and the resumption of production in other regional countries during June, Total said.

Average liquids price is expected to be $91.6 per barrel, compared with $73.7/bbl in Q1 and $65.6/bbl a year ago.

Exploration and Production segment results are expected to rise, although they will be adjusted to account for a portion of the quarter's production that could not be lifted and was valued at lower end-of-June crude prices, the company said.

Meanwhile, the integrated LNG segment faced a significant decline, largely attributed to underperformance in gas trading amid a flat European market, it added. Average gas price in Q2 is expected to drop to $5.55 per million British thermal unit from $5.59/MMBtu in Q1 and $5.63/MMBtu a year ago.

Conversely, the downstream segment is expected to see a sharp increase in results and cash flow compared to Q1 2026.

This growth is supported by higher refining and petrochemical margins, as well as strong oil trading results that remained stable throughout the period, the energy major added.

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