TotalEnergies Expects Windfall as Conflict Squeezes Energy Supplies
By Adam Whittaker
TotalEnergies said it expects to report exceptional results from its downstream business after third-quarter refining margins jumped, lifted by global conflict and export restrictions that removed millions of barrels of refined products from the market and left customers scrambling for alternate supplies.
The French energy major said Thursday that its European refining margin marker margin will rise to $33.2 a barrel from $13.5 in the prior quarter, and compared with the $8.4 it reported in the same period a year prior.
A 10% rise in refining output over the quarter enabled TotalEnergies to fully capture the higher margins, while continued outperformance by its oil traders will add to the cash windfall.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
October 15, 2026 02:35 ET (06:35 GMT)
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