BAKU, Azerbaijan, July 25. TotalEnergies reported a 29% quarter-over-quarter increase in adjusted net operating income from its refining segment in the second quarter of 2025, reaching $389 million, according to the company's latest financial results, Trend reports.
The rebound reflects slightly improved refining margins and higher utilization rates.
The company’s European Refining Margin Marker (ERM) rose to $35.3/ton in Q2, up from $29.4/ton in the first quarter, although still well below the $44.9/ton reported in 2Q2024. This modest recovery in margins helped drive the sequential improvement in profitability.
Despite the quarterly gains, TotalEnergies’ refining segment continues to face significant year-on-year pressure. Adjusted net operating income for the first half of 2025 totaled $690 million, representing a sharp 57% decline compared to the $1.6 billion posted in 1H2024. The performance mirrors broader industry trends, where weaker global demand and structural overcapacity have weighed on refining economics.
Organic investments in refining rose 41% in Q2 to $333 million, signaling TotalEnergies’ continued commitment to maintaining operational flexibility, even amid a subdued margin environment.
