BAKU, Azerbaijan, July 25. TotalEnergies posted a 22% increase in cash flow from operations excluding working capital (CFFO) in its refining segment for the second quarter of 2025, reaching $772 million, Trend reports.
The improvement was attributed to stronger utilization rates and a slight uptick in refining margins, which climbed to $35.3/ton from $29.4/ton in the previous quarter.
While the 2Q2025 results signal some operational resilience, the broader half-year picture remains subdued. CFFO for 1H2025 totaled $1.4 billion, down 42% compared to $2.41 billion in the same period last year. The sharp decline reflects both lower year-on-year refining margins and ongoing global market pressures.
Cash flow from total operating activities, including working capital changes, was also highly volatile. After posting a negative $1.98 billion in 1Q2025, the second quarter brought a positive inflow of $887 million, bringing the 1H2025 figure to negative $1.096 billion. This marks a steep deterioration compared to the negative $588 million recorded in 1H2024.
Despite reduced earnings and cash generation, TotalEnergies maintained consistent organic investments in its refining business, with $569 million allocated in the first half of 2025. The company also reported net investments of $545 million, down 21% from the same period last year, possibly indicating a cautious capital allocation strategy amid an uncertain macroeconomic landscape.
