TotalEnergies Expects Strong Q4 Refining to Offset Lower Oil Prices

OilPrice · Tsvetana Paraskova · last updated January 20, 2026 – 4:29 AM

TotalEnergies expects higher oil and gas production and stronger refining margins in the fourth quarter to have offset a drop of more than $10 per barrel in oil prices, the French supermajor said on Tuesday. “Once again, despite a year?on?year decline of more than $10/b in oil prices, the cash flow from business segments this quarter is expected to remain at the same level as last year, supported by accretive Upstream production growth and continued improvement of Downstream results in the fourth quarter,” TotalEnergies said in…

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