• LNG Prime reports that TotalEnergies expects its integrated LNG results to rise sharply in Q3 versus Q2, driven by higher prices; the size of the rise has not been published.
• In its Q2 2026 half-year report, issued on 22 July 2026, TotalEnergies guided to an average LNG selling price above $11.5 per million BTU in Q3.
• That guidance is roughly 13% above the $10.20 average the company reported for Q2, which was itself 20% above Q1's $8.48.
• The Q2 earnings base was low: Integrated LNG adjusted net operating income was $807 million, down 39% from $1,318 million in Q1.
• This is analysis of company guidance, not a trading call or investment advice.

TotalEnergies expects its integrated LNG results to rise sharply in the third quarter compared with the second, driven by higher prices, according to LNG Prime. No third-quarter earnings figure has been issued, so the size of the rise is not yet public. The company's own half-year report, issued on 22 July 2026, supplies the one quantified marker: a guided Q3 average LNG selling price above $11.5 per million BTU.

What the company has actually guided

TotalEnergies' half-year report states that it anticipates an average LNG selling price above $11.5 per million BTU in the third quarter of 2026. The company ties that outlook to recent oil and gas price moves and to the lag built into its pricing formulas. The guidance concerns price only. It gives no volume, trading or earnings forecast, so any translation into segment income remains an outside estimate rather than company data.

How big the price step is

The Q2 2026 average LNG price was $10.20 per million BTU, up 20% from $8.48 in Q1, according to the half-year report. Guidance above $11.5 therefore implies a further rise of roughly 13%, by our arithmetic. That is a meaningful but not dramatic step. Whether it alone explains a result described as sharply higher depends on volumes and trading margins, which the company has not yet disclosed for the quarter.

Why the second-quarter base was low

Integrated LNG adjusted net operating income was $807 million in Q2 2026, down 39% from $1,318 million in Q1, the half-year report shows. The release points to weaker gas trading in a flat-to-bearish European market. A quarter-on-quarter rebound therefore starts from a depressed base, which makes a large percentage gain easier to achieve even if the absolute improvement proves modest.

What to watch next

The decisive documents are TotalEnergies' third-quarter indicators and full results, expected after this article was written. They should show realised LNG prices, sales volumes and segment earnings. Watch whether the realised price clears the $11.5 guidance, whether trading margins recover from the second quarter, and how much of any gain comes from price rather than volume. This is analysis, not trading advice.