TotalEnergies reported its second-quarter 2025 earnings with adjusted earnings per share (EPS) of $1.51, below the estimated $1.63. Adjusted net income stood at $3.58 billion versus an expected $3.67 billion, while adjusted EBITDA was $9.69 billion compared to the $10.11 billion forecast. Production was slightly under expectations at 2.50 million barrels of oil equivalent per day (boe/d) against an estimate of 2.51 million, and discretionary cash flow (DACF) came in at $6.94 billion versus $7.04 billion anticipated. Despite the decline in profitability amid lower oil prices, TotalEnergies maintained its capital expenditure plans and continues a quarterly share buyback program of up to $2 billion. The company also raised its interim dividend per share to €0.85, surpassing the €0.80 estimate, representing a 7.6% increase. TotalEnergies' net debt rose by approximately 29% from the previous quarter, driven in part by the ongoing share repurchases. The company warned of an oil supply glut caused by OPEC+ unwinding voluntary production cuts combined with weak demand linked to slowing global economic growth. Additionally, TotalEnergies' CEO highlighted that the European Union's ban on diesel refined from Russian crude oil has pushed diesel prices higher than anticipated, compounded by a shift toward lighter crude supplies from more distant sources such as the US and Middle East, which increases costs. The CEO also noted increased caution among oil and gas traders due to political volatility. Meanwhile, other French energy companies reported their results, with Michelin posting a first-half 2025 net income of €840 million, below estimates, and EDF reporting a first-half EBITDA of €15.5 billion and net income of €5.5 billion, while forecasting lower full-year EBITDA amid falling prices but maintaining 2027 targets.