Oil & Energy
TotalEnergies Q2 Production Drops due to Middle East Disruptions, Partially Offset by Ramp Up Elsewhere
TotalEnergies (TTE) posted Q2 oil and gas production of 2.40 million barrels of oil equivalent per day, down from 2.50 mmboe/d in the same quarter of 2025.Outside the Middle East, production rose over 4% year over year, the energy major noted.The performance was largely driven by the ramp-up of key projects launched last year, including Mero-3, Mero-4, and Lapa SW in Brazil, Anchor and Ballymore in the US, Begonia and Clov Phase 3 in Angola, and Mabruk in Libya, it said.These gains helped partially offset regional production losses in the Middle East, which averaged 210,000 boe/d over the quarter due to security conflicts and export bottlenecks around the Strait of Hormuz.Meanwhile, net electricity production climbed 28% year over year to 14.8 terawatt-hours, propelled by a nearly 15% increase in renewable output and an expanded gross installed capacity of 37.4 gigawatts, nearly 8 GW higher year over year, alongside contributions from flexible gas-fired capacity.Downstream operations saw refinery throughput fall 12% quarter over quarter to 1.43 million barrels per day from 1.59 mmbbl/d. The drop was due to strategic distillate maximization, scheduled maintenance at Donges in France, lingering impacts at the Satorp refinery in Saudi Arabia, and an unplanned June storm outage at Port Arthur in the US.Looking ahead to Q3, TotalEnergies expects production to grow in line with its 3% annual guidance over 2025 levels, assuming a gradual restart in the Middle East where conflict impacts are projected between 5% and 10% of total output, subject to Strait of Hormuz export conditions.The company anticipates average Q3 LNG selling prices above $11.5/Mbtu, supported by tight European inventories and global competition for supply.Refinery utilization is guided between 80% and 85% as Satorp returns to nominal capacity by late Q3, it added.
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