TotalEnergies SE Ordinary Shares (TTE) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to Total Energy's second quarter and first half 2025 results conference call. I now hand over to Patrick Pouyanné, Chairman and CEO, and Jean-Pierre Sbrer, CFO, who will lead you through this call. Sir, please go ahead. Good afternoon or good morning, everyone. Before Jean-Pierre goes through the details of the second quarter financials, I would like to make some few opening comments. We are facing an unstable geopolitical and macroeconomic environment, which has been dominated by during the quarter by the Israel-Iran 12 days war and also the tariff war between the U.S. and some commercial partners. In this context, all markets have been volatile during the second quarter, with price broadly fluctuating between $60 and $70 per barrel, an average of $68 per barrel, with a short and ultimately modest increase during the Iran crisis, with crude prices reaching $81 per barrel at the highest point. We could consider, in our view, that this is quite a limited price response to this major crisis. And somewhere it is a signal that the whole market is well supplied, in particular fueled by OPEC Plus' decision to unwind some voluntary production cuts and also facing a weaker demand linked to the global slowdown of economic growth. In such a context, and Jean-Pierre will detail that in a few moments, this quarter Total Energy is once again demonstrating the company's robustness thanks to its balanced and consistent strategy, but also thanks, and it's more important, to its differentiated and unique energy production growth profile, both in oil and gas and in electricity. And that drives cash flow growth as well as attractive and is a basis for attractive shareholder returns through cycles. So starting first with our first pillar, oil and gas, The f...