During the third quarter, TotalEnergies sold 10.4 million tonnes of LNG, up from 9.5 million tonnes in the same quarter last year.
LNG sales dropped 1 percent compared to 10.6 million tonnes of LNG in the prior quarter.
TotalEnergies said quarterly LNG sales were “stable over the quarter, with third-party purchases offsetting lower sales from equity production.”
The company sold 31.6 million tonnes of LNG in the January-September period of this year, a rise of 9 percent compared to 29 million tonnes in the same period last year.
Hydrocarbon production for LNG reached 482 kboe/d in the third quarter, up from 465 kboe/d in the same period last year, and down 12 percent compared to 547 kboe/d in the previous quarter.
According to TotalEnergies, hydrocarbon production for LNG was down 12 percent this quarter compared to the second quarter of 2025, primarily due to the planned turnaround at the Inpex-operated Ichthys LNG project in Australia.
LNG earnings down
The company’s integrated LNG business logged a decline in its adjusted net operating income in the third quarter of this year.
TotalEnergies said adjusted net operating income for integrated LNG was $852 million, down from $1.06 billion in the same quarter last year and $1.04 billion in the prior quarter.
According to TotalEnergies, adjusted net operating income for integrated LNG was down compared to the prior quarter primarily due to the planned turnaround at Ichthys LNG.
“Cash flow from operations excluding working capital (CFFO) was $1,134 million, in line with the second quarter under similar market conditions (average LNG price around $9/MMBtu),” the company said.
LNG price
TotalEnergies recently reported a year-on-year drop in its average price for equity LNG sales in the third quarter of this year.
The average LNG price was $8.91/MMBtu in the three-month period, down by $1/MMBtu compared to $9.91/MMBtu in the third quarter of 2024.
Additionally, the average price decreased compared to $9.10/MMBtu in the second quarter and $10/MMBtu in the first quarter of this year.
The company’s average price was $10.37/MMBtu in the fourth quarter of last year.
Net income
Overall, TotalEnergies reported adjusted net income of $3.98 billion in the third quarter, slightly down compared to $4.07 billion in the same quarter in 2024.
Adjusted net income rose 11 percent compared to the prior quarter.
“Despite a $10/b drop in oil prices year-on-year, TotalEnergies posted adjusted net income at the same level as the third quarter 2024 at $4.0 billion and $7.1 billion of cash flow during the quarter, which is up 4 percent year-on-year,” chief executive Patrick Pouyanne, said.
He said the company’s “strong financials are underpinned by accretive hydrocarbon production growth of more than 4 percent year-on-year and improved downstream results that highlight the company’s profitable growth strategy and integrated model.”
“Integrated LNG achieved cash flow of $1.1 billion this quarter, in line with the second quarter in a similar price environment (average LNG price around $9/MMBtu). TotalEnergies further progressed its integration strategy in the U.S. LNG value chain through the final investment decision of Rio Grande LNG Train 4 and the acquisition of new shale gas interests,” Pouyanne said.
“Upon observing the company’s ability to deliver on its energy production growth objective, the board of directors has decided the distribution of the third interim dividend of 0.85 €/share for fiscal year 2025, an increase close to 7.6 percent compared to 2024 and at the same level as previous interim dividends. As announced on September 24th, the board of directors authorized share buybacks for up to $1.5 billion for the fourth quarter of 2025,” he said.
Average LNG selling price to be 8.5/MMBtu in Q4
In the context of continued uncertainty in the geopolitical and macroeconomic environment, oil prices are trending downwards, facing an abundant supply that is fueled by production from non-OPEC countries (Guyana, Brazil, US) and OPEC+’s decision to unwind some voluntary productions cuts, according to TotalEnergies.
At the beginning of the fourth quarter of 2025, refining margins remain above $50/t reflecting disruptions of diesel flows and low inventory levels, the firm said.
Forward European gas prices remain sustained at around $11/MMBtu for the fourth quarter of 2025 and winter 2025/26 due to anticipated winter consumption.
Given the evolution of oil and gas prices in recent months and the lag effect on pricing formulas, TotalEnergies anticipates an average LNG selling price of $8.5/MMBtu for the fourth quarter of 2025.
Hydrocarbon production in the fourth quarter of 2025 is expected to be between 2.525 and 2.575 Mboe/d, growing over 4 percent compared to the fourth quarter of 2024, notably benefiting from the restart of Ichthys LNG, the company said.
