Financial Data and Key Metrics Changes - In 2025, the company generated $28 billion in cash flow from operations, exceeding initial expectations of $25 billion [21][24] - The net adjusted income reached $15.6 billion, with a return on equity of 13.6% and a return on average capital employed (ROACE) of 12.6% [24][36] - The company maintained a low gearing ratio of 14.7% at the end of the year, indicating a strong balance sheet [25] Business Line Data and Key Metrics Changes - Upstream production grew by 4%, surpassing the guidance of above 3%, with a proved reserve replacement rate of 120% [15][16] - Integrated power production saw over 20% growth, contributing significantly to the overall energy production increase of 5% [17][20] - LNG sales increased by 10% compared to the previous year, aligning with production growth [19] Market Data and Key Metrics Changes - The company reported a cumulative reduction of 38% in Scope 1 and 2 greenhouse gas emissions, with a 65% reduction in methane emissions compared to 2020 [10][9] - The refining utilization rates were in line with targets after addressing technical incidents in the first half of the year [19] Company Strategy and Development Direction - The company is focused on a balanced strategy anchored on oil and gas, as well as gas and LNG, with significant achievements in new oil fields in the U.S. and Brazil [12][13] - The acquisition of interests in Malaysia and the development of a hub for gas supply in Asia are part of the strategic growth plan [14] - The company aims to achieve near-zero methane emissions by 2030 and has invested $1 billion in energy efficiency improvements [10][11] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in both oil and gas and integrated power, with a cash-saving program launched to strengthen resilience in a potentially challenging environment in 2026 [69] - The company plans to operate under a price assumption of $60 per barrel for oil, while recognizing stable demand and supply fundamentals [70][72] Other Important Information - The company has successfully listed its ordinary shares on the NYSE, aiming to attract new investors and enhance liquidity [34][35] - A significant focus on AI and data centers is being integrated into operations, with plans to enhance data capabilities and operational efficiency [63][65] Q&A Session Summary Question: What are the key developments in Namibia? - The company confirmed substantial discoveries in Namibia, establishing a new deepwater hub with projects like Venus and Mopane, which are expected to significantly contribute to production by 2030 [42][50] Question: How is the company addressing emissions? - The company has exceeded its emission reduction targets, achieving a 65% reduction in methane emissions and a 38% reduction in overall greenhouse gas emissions [9][10] Question: What is the outlook for 2026? - The company expects continued growth in cash flow from operations and integrated power, while implementing a cash-saving program to enhance resilience [69][70]

Financial Data and Key Metrics Changes - In 2025, TotalEnergies generated $28 billion in cash flow from operations, exceeding initial expectations of $25 billion [21][24] - The net adjusted income reached $15.6 billion, with a return on equity of 13.6% and a return on average capital employed (ROACE) of 12.6% [24][36] - The company maintained a strong balance sheet with a gearing ratio of 14.7% [25] Business Line Data and Key Metrics Changes - Upstream production grew by 4%, surpassing the guidance of above 3%, with a total production increase of 150,000 barrels of oil equivalent per day [12][18] - Integrated power production saw over 20% growth, reaching approximately 50 terawatt-hours in 2025 [19][20] - LNG sales increased by 10% compared to the previous year, aligning with production growth [19] Market Data and Key Metrics Changes - The refining utilization rates were in line with targets after addressing technical incidents in the first half of the year [19] - The company reported a cumulative reduction of 38% in Scope 1 and 2 greenhouse gas emissions compared to 2020 [10] - The average operating expenditure (OpEx) per barrel was $5, the best among peers, which is crucial for maintaining competitiveness in a low-price environment [15][36] Company Strategy and Development Direction - TotalEnergies is focusing on a balanced strategy anchored on oil and gas, as well as gas and LNG, with significant achievements in Namibia and Brazil [12][14] - The company aims to establish a sustainable multi-FPSO hub in Namibia, with projects like Venus and Mopane expected to contribute significantly to production beyond 2030 [42][46] - The integrated power segment is expected to grow independently of oil and gas cycles, reinforcing the company's resilience [67] Management's Comments on Operating Environment and Future Outlook - Management anticipates a stable demand for oil, with no peak demand expected in the near future, despite some market volatility [68][70] - The company has launched a cash-saving program to strengthen resilience in a potentially challenging environment in 2026 [67] - The outlook for LNG prices is expected to be gradual, with a transition year anticipated in 2026 [73] Other Important Information - TotalEnergies has invested $1 billion in energy efficiency improvements from 2023 to 2025, resulting in a reduction of 2 million tons of CO2 equivalent emissions [10] - The company has signed significant agreements with major tech firms for data center power supply, enhancing its integrated power strategy [56][58] Q&A Session Summary Question: What are the key achievements in Namibia? - TotalEnergies confirmed substantial discovered resources in Namibia, with a focus on developing the Venus and Mopane projects, which are expected to establish a new deepwater hub [41][42] Question: How is the company addressing emissions? - The company has exceeded its methane emissions reduction target, achieving a 65% reduction compared to 2020, and aims for near-zero methane emissions by 2030 [8][10] Question: What is the outlook for LNG and gas prices? - Management expects gradual price changes in the LNG market, with a transition year in 2026, and anticipates increased demand in Europe due to the EU's decision to ban Russian gas by 2027 [73]

2025 Results & 2026 Objectives Delivering accretive energy growth, while strengthening resilience Delivering accretive energy growth, while strengthening resilience February 11, 2026 February 2026 – Results and Objectives | 2 Table of contents 03 | Safety, our core value 04 | Relentlessly reducing emissions 06 | 2025: delivered growth while preparing 2030+ 07 | Delivered on our growth objectives 08 | Sustaining attractive distributions supported by accretive growth and strong balance sheet 09 | Disciplined ...

Fourth-quarter earnings at French supermajor TotalEnergies (NYSE: TTE) fell by 13% from a year earlier as higher upstream production and improved refining margins couldn’t offset the decline in oil prices. TotalEnergies on Wednesday reported an adjusted net income of $3.84 billion for the fourth quarter, in line with the analyst consensus estimate of $3.8 billion. Cash flow remained more resilient, as cash flow from operations (CFFO) of $7.2 billion rose by 2% sequentially and fell by 7% from a year ea ...

Group 1 - The core viewpoint of the article highlights Total's fourth-quarter adjusted net profit of $3.84 billion, which exceeded market expectations of $3.81 billion [1] - The company declared an annual dividend of €3.40, surpassing the market forecast of €3.16 [1] - Total anticipates first-quarter production to exceed 2.6 million barrels of oil equivalent per day, aligning with market expectations [1]

本文源自：金融界AI电报 道达尔集团全年股息3.40欧元，市场预估3.16欧元。 ...

Core Viewpoint - TotalEnergies reported a fourth-quarter adjusted net income of $3.84 billion, exceeding market expectations of $3.81 billion [1] - The company’s adjusted earnings per share for the fourth quarter were $1.73, slightly below the forecast of $1.75 [1] - Fourth-quarter adjusted EBITDA reached $10.07 billion, surpassing the anticipated $9.87 billion [1] - The annual dividend was set at €3.40, higher than the market estimate of €3.16 [1] - Production for the first quarter is expected to exceed 2.6 million barrels of oil equivalent per day, in line with market expectations [1] Financial Performance - Fourth-quarter adjusted net income: $3.84 billion, market estimate: $3.81 billion [1] - Fourth-quarter adjusted earnings per share: $1.73, market estimate: $1.75 [1] - Fourth-quarter adjusted EBITDA: $10.07 billion, market estimate: $9.87 billion [1] - Annual dividend: €3.40, market estimate: €3.16 [1] Production Outlook - Expected first-quarter production: over 2.6 million barrels of oil equivalent per day, consistent with market expectations [1]

Core Insights - TotalEnergies SE reported a cash flow from operations excluding working capital (CFFO) of $7.2 billion for Q4 2025, reflecting a 2% increase compared to Q3 2025, but a 7% decrease compared to 2024 [1] - The adjusted net income attributable to TotalEnergies' shareholders was $3.84 billion for Q4 2025, down 4% from Q3 2025 and down 15% from 2024 [1] - The net income attributable to TotalEnergies' shareholders decreased to $2.9 billion in Q4 2025, representing a 21% decline from Q3 2025 and a 17% decline from 2024 [1] - Adjusted EBITDA for Q4 2025 was reported at $10.1 billion [1]

微软(MSFT.US)位列第三，持仓约5136万股，持仓市值约248.39亿美元，占投资组合比例为3.06%，较 上季度持仓数量减少5.86%。 来源：智通财经网 根据美国证券交易委员会(SEC)披露，高盛(GS.US)递交了截至2025年12月31日的第四季度持仓报告 (13F)。 据统计，高盛第四季度持仓总市值为8100亿美元，上一季度总市值为8200亿美元，环比下降约1.22%。 在第四季度的持仓组合中，高盛新增671只个股，增持3027只个股，清仓了555只个股。其中，前十大持 仓标的占总市值的22.11%。 | 2025-12-31 P | | | --- | --- | | 13F Activity | | | Market Value | $0.81t, Prior: $0.82t | | Inflows (Outflows) as % of Total MV | (-2.4403)% | | New Purchases | 671 stocks | | Added To | 3027 stocks | | Sold out of | 555 stocks | | Reduced holding ...

Core Viewpoint - TotalEnergies CEO Patrick Pouyanné stated that returning to Venezuela is "too expensive and too polluting," despite calls from the Trump administration for U.S. oil companies to invest in the country [1][2]. Group 1: Company Position - TotalEnergies exited Venezuela in 2022, citing a clash with its strategic goals, emphasizing that the situation remains unchanged regarding costs and environmental concerns [2]. - The company has not provided immediate comments regarding the situation when contacted by media [3]. Group 2: Industry Context - The Trump administration has urged U.S. energy companies to invest $100 billion to rebuild Venezuela's oil industry, promising government security assistance to those who comply [3]. - Despite Venezuela having the world's largest oil reserves, some U.S. oil firms, including Exxon Mobil, have expressed caution about re-entering the market [3].