TTE · TTE Q2 FY2026 earnings call record财报电话会记录

“As we speak, integrated margins this morning are around $130 per barrel, Brent crude oil around $95 per barrel, and margins at $35 per barrel.”

“First, of course, we are deleveraging down to a gearing ratio of 13%, which show an improvement of 2.4 percentage points quarter-to-quarter, benefiting from a $3.3 billion reduction in net debt and also a $1.2 billion working capital release.”

“Along this quarter, our cash generation has also allowed us to sustain our production growth targets with disciplined capital investment of $3.4 billion, comforting our annual guidance of $15 billion, and also to increase, as announced, our buybacks to $1.5 billion during the second quarter.”

“With second quarter 2026 cash flow of $9.8 billion and adjusted net income increasing to $6 billion.”

“On production on a year-on-year basis, excluding the impact of the Middle East conflict, second quarter hydrocarbons production increased by more than 4%, above the guidance provided of 3% for 2026, benefiting from the ramp-up of the project started since the beginning of 2025 and from an operational improved facility availability.”

“Turning on the quarterly results and starting with E&P results, the segments generated an adjusted net operating income of $3.2 billion this quarter, up by 25% quarter-to-quarter, capturing the increase in average liquid price of $17.90 per barrel over the quarter, demonstrating the accretive new project contributing this quarter to the yearly production growth.”

“In contrast to the outperformance in the first quarter, the second quarter was impacted by the underperformance of gas trading activities in an overall flat or even bearish European markets, reflecting the significantly decreased adjusted net operating income and the cash flow of the segment quarter-to-quarter of $0.8 billion.”

“Marketing and Services delivered outstanding results, the best in at least 10 years, driven by the positive impact of the seasonality in Europe and the higher unit margin, as noted by Patrick, notably on lubricants.”

“As a result, the gearing is improved by more than 2 points to reach 13.1% at the end of the quarter, reflecting a reduction in net debt of $3.3 billion.”

“I gave even to you end of April, I think I mentioned a cash flow guidance of $80 per barrel, $7 per barrel, $7 per barrel refining margin of $32 billion obviously will be higher than that.”

“The ambition to continue to develop it in some geographies, just to, again, to frame completely, where we can develop the integrated model, where gas, renewable, customers, trading is possible.”

“Which region do you see as offering the most attractive risk-adjusted investment opportunities of the coming years, and how might this influence your future capital allocation priorities?”