TotalEnergies Q3 Refining Income Up 424% Y-o-Y to $3.6B


   
Daniel Rodriguez Huerta
DTN Refined Fuels Market Reporter

   CALGARY, CANADA (DTN) -- TotalEnergies SE reported Thursday (10/29) a more 
than five-fold year-on-year increase in third quarter refining and chemicals 
adjusted net operating income, driven by historically high refining margins in 
Europe and worldwide and higher refinery throughput.

France-based Total reported a third-quarter 2026 refining & chemicals adjusted 
net operating income of $3.601 billion versus $687 million from a year ago, 
marking a 424.16% increase. Compared with the 2026 second quarter figure of 
$1.8 billion, the increase was 100.06%.Downstream, which adds Marketing & 
Services, posted a record quarter at $4.068 billion versus $1.067 billion in 
the third quarter of 2025.Refinery throughput rose 5.21% year-on-year to 1.555 
million bpd from 1.478 million bpd, and was up 9.05% from 1.426 million bpd in 
the second quarter. Utilization based on crude only was 88% versus 84% a year 
ago and 80% a quarter ago.The European Refining Margin Marker averaged $33.2 
bbl versus $8.4 bbl in the third quarter 2025 and $13.5 bbl in the second 
quarter 2026.All European refineries and the 238,000 bpd Port Arthur refinery 
in Texas ran well, while the 465,000 bpd SATORP refinery in Saudi Arabia 
progressively returned to nominal capacity. TotalEnergies said it is maximizing 
refinery use and taking part in diesel imports from the Middle East to support 
European supply.Marketing & Services adjusted net operating income rose 22.89% 
to $467 million from $380 million as higher unit margins more than offset lower 
volumes. Petroleum product sales eased 4.02% to 1.218 million bpd, which the 
company attributed to demand elasticity in a high price 
environment.TotalEnergies expects fourth quarter refinery throughput to be 
broadly comparable to the third quarter, with SATORP returning to normal 
operations and despite a 20-day turnaround at its 240,000 bpd Gonfreville 
refinery on the Normandy platform in France


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