PARIS – TotalEnergies published on Thursday a slight decline in adjusted net income for the third quarter of 2025, marked by a drop in oil prices partly offset by the increase in production and refining margins, while forecasting a drop in its debt by the end of the year.

The French oil and gas company, also very present in renewable energies, specified in a press release that, taking into account in particular a balance of disposals net of acquisitions of 1.5 billion dollars anticipated in the fourth quarter, its debt level at the end of 2025 should be between 15% and 16%.

TotalEnergies’ debt ratio reached 17.3% as of September 30, compared to 12.9% a year earlier.

The board of directors also approved the termination of the group’s American depositary receipt (ADR) program, the conversion of which into ordinary shares listed in New York is planned from December 8, a project which should allow it to meet the expectations of American investors.

TotalEnergies stressed that, “in an economic and geopolitical context that remains uncertain”, oil prices were on a downward trend due to abundant supply fueled by non-OPEC countries and the decision of OPEC+ to continue putting voluntary production reductions back on the market.

It also forecasts that its hydrocarbon production will be between 2.525 and 2.575 million barrels per day in the fourth quarter, an increase of more than 4%.

The group confirmed that its net investments should be in line with its annual forecast of $17 to $17.5 billion, particularly taking into account $2 billion in disposals by the end of 2025.

FINALIZATION OF DISPOSALS PLANNED FOR Q4

These must in particular include the finalization of asset sales in exploration-production in Nigeria and Norway, as well as partial disposals in renewables in North America and Greece.

Around 10:05 a.m., TotalEnergies shares fell by 1.64% to 53.25 euros while the CAC 40 lost 0.17%.

“The main challenge (…) will be to reduce the risks linked to the sales of $2 billion planned” in the fourth quarter in order to further reduce debt, estimated Biraj Borkhataria, analyst at RBC.

TotalEnergies could generate more cash by selling the assets it jointly holds with Adani Green Energy in renewable energy in India, he added.

The French group recorded over the July-September period an adjusted net profit of 4.0 billion dollars (-2.4%), an adjusted EBITDA of 10.3 billion (+3%) and a production of 2.508 million barrels per day (+4.1%).

According to LSEG data, analysts on average expected adjusted net income of $4 billion.

TotalEnergies is proposing a third interim dividend of 0.85 euros per share (+7.6%) for the 2025 financial year.

The group, which has sought to reassure in recent months in the face of the slowdown in its asset sales and the increase in its debt, announced at the end of September during its investors day the implementation of a savings plan of 7.5 billion dollars over the period 2026-2030, after indicating that it would reduce its share buybacks to adapt to the drop in oil prices.

In line with these announcements, it authorized up to $1.5 billion in share repurchases in the fourth quarter, up from $2 billion per quarter previously.

TotalEnergies also announced at the end of September that it planned to reduce its annual investments by a billion dollars per year compared to its previous indications.

(Writing by Benjamin Mallet, with America Hernandez, editing by Kate Entringer)

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