TotalEnergies posted adjusted net income of US$4.0 billion in the third quarter, down 2.4% from US$4.1 billion a year earlier. The company raised hydrocarbon production by 4% to 2.5 million barrels-of-oil-equivalent per day, boosting upstream earnings by 10%. Meanwhile downstream earnings climbed 76% (+US$462 million) thanks to a greater than 300% jump in European refining margins following the EU’s ban on Russian oil-based fuels. LNG earnings fell 18% amid maintenance outages and muted demand; the gearing ratio improved to 17.3% on US$400 million of disposals. The group trimmed its Q4 share-buyback to US$1.5 billion. The company’s cross-listing on the NYSE is scheduled for 8 December.