TotalEnergies has released its annual results for 2025 amid a decline in oil prices. The group recorded an adjusted EBITDA of USD40.5bn, down 6% from USD43.1bn in 2024, while net operating income stood at USD18.5 billion, a 10% decrease year-over-year (USD20.6bn in 2024). This resilience is driven by growth in hydrocarbon production and strong performance in the Power segment.
Key production highlights for 2025:
- Oil: 1,378 kb/d (+5% vs. 1,314 kb/d in 2024)
- Gas: 1,151 kboe/d (+3% vs. 1,120 kboe/d in 2024)
- LNG: 43.9 Mt (+10% vs. 39.8 Mt in 2024)
- Net electricity: 48.1 TWh (+17% vs. 41.1 TWh in 2024)
- Total refinery throughput: 1,526 kb/d (+5% vs. 1,472 kb/d in 2024).
The increase in hydrocarbon production stems from field start-ups and ramp-ups, including Mero-2, Mero-3, and Mero-4 in Brazil, Anchor and Ballymore in the US, Fenix in Argentina, and Tyra in Denmark, as well as acquisitions in Malaysia and Texas' Eagle Ford basin, offsetting a natural 3% decline. On the renewables side, gross installed renewable power capacity surged to 34.1 GW by end-2025, with over 8 GW added over the year.
For 2026, TotalEnergies expects overall energy production growth (oil, gas, and electricity) of 5%. On its first growth pillar, oil and gas output should rise 3%, supported by ramp-ups from 2025 projects and planned start-ups such as Lapa in Brazil, Ratawi in Iraq, North Field East in Qatar, TFT II & South in Algeria, and Tilenga in Uganda. Integrated LNG will sustain its momentum with North Field East (2 Mtpa) and Costa Azul (1.7 Mtpa). On the second pillar, electricity production aims to exceed 60 TWh (+25%), notably via the finalization of the Czech-basedEPH acquisition mid-2026. Net investments are projected at around USD15bn, including USD3bn for low-carbon energy, mainly electricity.