TotalEnergies SE Ordinary Shares (TTE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everybody, good afternoon or good morning for those who are in the US. And before Jean-Pierre will go through the details of the second quarter financial, I would like first to make some few opening comments. Starting obviously with the current conflict in the Middle East which has picked up again in the last few days and which is clearly impacting our markets and our operations and our perspectives. Although we are all hoping in mid-June that a resolution could be envisaged for the signature of EMOU and ceasefire between the US and Iran, the situation has remained, to say the least, extremely volatile, with the Strait of Hormuz being an intermittent battleground where the risk premium to navigate in these waters is increasingly high. Some are even beginning to consider but this could become a new normal with a straight opening on and off depending on the level of tensions between the parties. This unstable and chaotic environment has been prevailing for the second quarter but I would say the last 15 days in June where we have seen some quite interesting reactions of the market with crude oil going down very quickly but products going to the roof at the same time. We don't know how long this conflict will continue. We have no specific information. I don't know if anybody knows, by the way. But of course, for us, safety of our teams will remain our most priority. As Jean-Pierre will show you in a moment, we can say we have managed this quarter to deliver once again strong results and cash flows from both our strategic pillars. Thanks to the strong performance of the teams who managed to capture very favorable market conditions for many of the energies we are producing and selling, the oil prices rose about $100 per barrel, even if differentials have widened, whi...