Core Viewpoint - TotalEnergies (TTE.US) is expected to report its Q3 earnings on October 30, with Jefferies maintaining a "Hold" rating and a target price of €57. The market consensus for net operating income is largely reflected in the trading updates, despite some positive signals [1] Group 1: Performance Expectations - The company's upstream production growth remains strong, with a year-on-year increase of +4%, although actual realized oil prices appear slightly lower than expected [1] - Liquefied natural gas (LNG) prices are weaker than Jefferies' expectations, and planned maintenance at the Ichthys LNG project is expected to have a negative impact [1] - European refining margins are a highlight, significantly exceeding consensus expectations and showing a quarter-on-quarter increase [1] Group 2: Financial Metrics - Overall, TotalEnergies' business segments and cash flow are projected to grow by 0-5% year-on-year, with consensus expectations at $4.73 billion, implying a +2% year-on-year growth compared to $4.64 billion in Q3 2025 [1] - Net capital expenditures are estimated at $3 billion, which is $1 billion lower than Jefferies' expectations, along with an operational capital inflow that will improve the net debt ratio by 0.5% to 1% compared to Q2 2025 [1] - Operational capital inflow is expected to be around $1-2 billion, with the net debt ratio improving by 0.5-1% from 17% in Q2 [1]