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TotalEnergies operates across the energy supply chain: it extracts oil and natural gas, refines crude into fuels and chemicals, and sells petroleum products to customers worldwide. Refining, chemicals and petroleum-product marketing account for most sales, while oil and gas production and liquefied natural gas (LNG) provide most operating earnings. Its LNG business sells both gas from its own projects and supplies bought from other producers.
It also generates electricity from renewable sources and gas-fired plants, trades power, and supplies electricity and gas to businesses and households. Customers pay for the energy and products they buy; earnings depend on oil and gas prices, production costs, and the margin between the cost of crude and the selling prices of refined products. The euro-dollar exchange rate also affects results.
Production in Qatar, Iraq and offshore UAE is shut down amid the Middle East crisis. Sanctions restrict parts of its Russian business: TotalEnergies cannot sell its Novatek stake under the shareholder arrangements because the prospective buyer is sanctioned, and its contractual rights and obligations in Arctic LNG 2 are suspended. It does not participate in or benefit from that project's LNG deliveries.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Shell and TotalEnergies face the same oil and gas price swings while competing to sell oil, liquefied natural gas (LNG), fuels, chemicals and traded power. Shell’s LNG trading results offer a comparison for the opportunities in TotalEnergies’ integrated gas business.
BP and TotalEnergies share exposure to oil and gas prices, refining margins and fuel demand, competing in production, energy trading, refining and fuel sales to motorists. BP’s customers & products results are worth watching for conditions in refining and retail fuel supply.
ExxonMobil and TotalEnergies compete worldwide to produce and sell oil and gas, petroleum products and petrochemicals, so oil prices and refining margins affect both. ExxonMobil’s petroleum-product and petrochemical results provide a comparison for TotalEnergies’ refining and chemicals business.
Chevron and TotalEnergies share oil and gas price exposure and compete internationally in producing oil and gas, processing and selling LNG, refining and selling petroleum products. Chevron’s LNG business offers a comparison for demand facing TotalEnergies’ gas sales.
Eni and TotalEnergies compete internationally to sell oil, gas, LNG, fuels, chemicals and electricity, with oil and gas prices and refining margins affecting both. Watch Eni’s production-cost news: it identifies scarce materials and labour as risks, while production costs also affect TotalEnergies’ earnings.
Equinor and TotalEnergies compete for European natural-gas customers and worldwide LNG buyers, making European gas prices a shared exposure. Equinor sells Norwegian gas on its own behalf and for the Norwegian State, mainly to the UK and mainland Europe; those sales are the relevant comparison for TotalEnergies’ European gas business.
ConocoPhillips and TotalEnergies compete to produce and sell oil, natural gas and LNG worldwide, sharing exposure to global commodity prices. ConocoPhillips generally sells at prevailing market prices, so the prices it receives for oil and gas are a useful comparison for TotalEnergies’ production revenues.
Petrobras is both a rival to TotalEnergies in producing and selling oil and refining fuels, and a partner in offshore exploration. Watch approvals for their announced Namibia Block 2613 acquisition: each is to acquire 42.5%, with TotalEnergies operating the block, but completion remains conditional.
Woodside and TotalEnergies both produce and sell substantial LNG volumes alongside oil and natural gas, sharing exposure to LNG demand and oil-linked LNG prices. Woodside’s LNG revenue fell from $6.40 billion in 2024 to $5.96 billion in 2025, a useful comparison with the lower average LNG price reported by TotalEnergies.
Cheniere Energy both competes with TotalEnergies for global energy-company, utility and trading-company LNG buyers and supplies it through its Sabine Pass partnership. Watch its uncontracted LNG sales into spot and short-term markets for a comparison with the trading opportunities facing TotalEnergies.
Cheniere Energy Partners supplies TotalEnergies with LNG from Sabine Pass under long-term contracts and sells to other global energy buyers; customers generally owe a fixed fee even when they cancel cargoes. TotalEnergies’ North American gas and power subsidiary accounted for 10% of the partnership’s consolidated external-customer contract revenue in 2025, making that customer revenue a direct measure of their supply relationship.
APA and TotalEnergies both produce oil and gas, but their shared GranMorgu development in Suriname ties TotalEnergies to a larger share of project costs under their cost-sharing terms. Watch APA’s updates on the estimated $10.5 billion investment and anticipated first oil in 2028 for changes to TotalEnergies’ spending and future production.
TotalEnergies is counting on NextDecade’s Rio Grande LNG Train 4 for 1.5 million tonnes of LNG a year under a 20-year purchase agreement priced against the U.S. Henry Hub gas benchmark. Watch Train 4’s progress, because the contract’s start is tied to that train.
Sempra’s infrastructure business jointly owns Cameron and ECA LNG with TotalEnergies and provides capacity to turn gas into LNG and contracted LNG supply. Watch ECA’s performance tests and commercial start: its 20-year agreement covers about 1.7 million tonnes a year for a TotalEnergies affiliate, with long-term sales due to begin after commercial operations start.
TotalEnergies relies on TechnipFMC for underwater production systems and services on projects including GranMorgu and Mozambique LNG. TechnipFMC’s progress in delivering those projects from its subsea order backlog is worth watching for TotalEnergies’ project execution.
TotalEnergies pays Noble to drill offshore wells, making rig availability relevant to its offshore development plans. TotalEnergies represented 12.6% of Noble’s contract backlog at year-end 2025; changes in that contracted work show how much drilling TotalEnergies has booked with this supplier.
ENI S.p.A. earningsE
Eni’s report will show whether production-cost pressures are also affecting TotalEnergies, its rival in oil and gas markets.
Read Eni’s production-cost changes alongside its production and upstream results. Lower costs with steady or higher output would suggest less cost pressure in oil and gas production, giving TotalEnergies’ production business more room to protect earnings; rising costs would indicate a heavier burden for a close competitor and make TotalEnergies’ own cost control more important.
Noble Corporation plc earningsNE
Noble’s report will show whether the offshore drilling supplier TotalEnergies hires can deliver the rig capacity its projects need.
Look at Noble’s contract backlog and delivery progress, along with any disclosure about rig availability. Steady contracted work and smooth delivery would support the view that drilling services booked by TotalEnergies can keep its offshore developments moving; a shrinking backlog or delays would make rig supply and project execution more uncertain.
Equinor ASA earningsEQNR
Equinor’s report will show whether gas sales to the UK and mainland Europe are supporting or pressuring the regional market TotalEnergies also serves.
Look at Equinor’s gas sales to the UK and mainland Europe, including volumes, prices or reported business performance. Stronger sales and prices would suggest better demand or pricing in a market both companies serve, which could support TotalEnergies’ European gas business; weaker results would indicate more pressure on that shared market and its sales.
TotalEnergies SE earningsThis company
TotalEnergies’ report will show whether higher oil and gas production can offset the effects of realized prices and refining margins on profit across its businesses.
Read oil and gas production alongside adjusted operating income from Exploration & Production and Integrated LNG, then compare both with realized oil and gas prices and refining margins. Higher production with steady income in those segments would show added volumes cushioning price or cost pressure; higher production with falling income would show that prices, costs or trading and margin effects outweighed the extra output. The comparison reveals whether growth is translating into stronger operating earnings.
Cheniere Energy Partners, LP earningsCQP
Cheniere Energy Partners’ report will show revenue from customer contracts, including its supply relationship with TotalEnergies’ North American subsidiary at Sabine Pass.
Look at Cheniere Energy Partners’ external-customer contract revenue alongside any explanation of contract performance or cancelled cargoes. Stable or higher revenue would show that this Sabine Pass supply channel is generating steady contract income; lower revenue would point to weaker contract revenue for the partnership, but would not alone prove that TotalEnergies bought less LNG.
TechnipFMC plc earningsFTI
TechnipFMC’s report will show how work from its subsea backlog for TotalEnergies’ GranMorgu and Mozambique LNG projects is progressing.
Track how TechnipFMC converts its subsea backlog into deliveries, especially work tied to GranMorgu and Mozambique LNG. On-schedule delivery would support TotalEnergies’ project execution and planned future capacity; delays would mean the projects and the production they are meant to enable could take longer to materialize.
Cheniere Energy Inc earningsLNG
Cheniere Energy’s report will show demand for spot and short-term LNG among global buyers that also buy from TotalEnergies.
Look at Cheniere Energy’s LNG sales not covered by long-term contracts and its discussion of spot and short-term markets. Higher sales would suggest global buyers are taking more flexible supply, leaving more room for TotalEnergies’ trading and sales; lower sales would point to weaker demand or fewer transactions in those markets.
NextDecade Corporation earningsNEXT
NextDecade’s report will show whether Rio Grande LNG Train 4 is progressing toward the start of the long-term supply contract with TotalEnergies.
Look for NextDecade’s updates on Train 4 construction, schedule and expected start. Progress on plan would support the expected start of TotalEnergies’ 1.5-million-tonne-a-year, 20-year purchase agreement; a delay could push the contract’s start later, leaving TotalEnergies waiting for that future supply.
Shell plc earningsSHEL
Shell’s LNG trading results will show whether global LNG trading conditions are helping or hindering TotalEnergies’ integrated gas business.
Read Shell’s discussion of LNG trading alongside its sales and trading results. Stronger trading performance would suggest more opportunity to match global LNG supply with buyers, a favorable sign for the market in which TotalEnergies’ integrated gas business operates; weaker performance would point to fewer opportunities or narrower returns from that activity.
BP p.l.c. earningsBP
BP’s customers and products results will show how refining and retail fuel markets are supporting TotalEnergies’ downstream businesses.
Read BP’s customers and products earnings alongside its refining margins and retail fuel sales. Resilient margins and sales would suggest that the refining and fuel markets in which the companies compete are supportive, easing pressure on TotalEnergies’ refining and marketing businesses; weakness in both would point to pressure on downstream margins or fuel demand.
APA Corporation earningsAPA
APA’s report will show whether costs or timing at the shared GranMorgu project are changing, affecting TotalEnergies’ spending and future production.
Look for APA’s updates to GranMorgu’s estimated investment, cost-sharing terms and anticipated first oil in 2028. Stable estimates and timing would leave TotalEnergies’ larger share of project spending and expected future output on the current footing; higher costs or delays would mean more spending or a longer wait for production.
Sempra earningsSRE
Sempra’s report will show whether jointly owned ECA LNG has passed tests and begun commercial operations, starting long-term sales to a TotalEnergies affiliate.
Look for Sempra’s updates on ECA LNG performance tests and the start of commercial operations. Passing the tests and starting operations would support the planned launch of long-term sales of about 1.7 million tonnes a year to a TotalEnergies affiliate; delays would push back that contracted supply and sales.
