TotalEnergies Reports Strong Refining Margins Amid Lower Upstream Sales for Fourth Quarter
TotalEnergies reports lower oil and gas sales for Q4 2025 but sees a major boost from European refining. Higher margins helped offset upstream revenue weakness.
洞察:
TotalEnergies SE released its fourth-quarter earnings results for 2025 on January 20, 2026, revealing a period of mixed performance across its business segments. The company reported that it expects lower sales volumes for both Crude Oil WTI and liquefied Natural Gas during the quarter. However, these declines in the upstream segment were significantly mitigated by stronger performance in the downstream refining operations.
