​

  ​

​

  ​

​

  ​

​

  ​

​

  ​

Net balance

  ​

​

  ​

​

  ​

​

As of December 31, 2025

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  ​

Assets

  ​

Liabilities

  ​

Assets^(c)

  ​

Liabilities^(c)

  ​

Assets

  ​

Liabilities

  ​

offset

  ​

amount

  ​

value^(b)

Gas & Power activities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Swaps

304

(329)

(108)

108

196

(221)

–

(25)

(25)

Forwards^(a)

4,326

(2,692)

(94)

94

4,232

(2,598)

–

1,634

1,634

Options

129

(8)

–

–

129

(8)

–

121

121

Futures

–

–

–

–

–

–

–

–

–

Other/Collateral

–

–

–

–

–

–

123

123

123

Total Gas & Power

4,759

(3,029)

(202)

202

4,557

(2,827)

123

1,853

1,853

Crude oil, petroleum products and freight rates activities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Petroleum products, crude oil and freight rate swaps

87

(53)

(33)

33

54

(20)

–

34

34

Forwards^(a)

1,061

(1,389)

(1)

1

1,060

(1,388)

–

(328)

(328)

Options

55

(202)

(42)

42

13

(160)

–

(147)

(147)

Futures

–

​

–

​

–

​

–

​

–

​

–

​

–

​

–

​

–

Options on futures

​

60

​

(34)

​

(34)

​

34

​

26

​

–

​

–

​

26

​

26

Other/Collateral

–

–

–

–

–

–

–

​

–

–

Total crude oil, petroleum products and freight rates

1,263

(1,678)

(110)

110

1,153

(1,568)

–

(415)

(415)

TOTAL

6,022

(4,707)

(312)

312

5,710

(4,395)

123

1,438

1,438

Total of fair value non recognized in the balance sheet

​

​

​

​

​

​

​

​

–

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

​

  ​

​

  ​

​

  ​

​

  ​

​

  ​

Net balance

  ​

​

  ​

​

  ​

​

As of December 31, 2024

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  ​

Assets

  ​

Liabilities

  ​

Assets^(c)

  ​

Liabilities^(c)

  ​

Assets

  ​

Liabilities

  ​

 offset

  ​

amount

  ​

value^(b)

Gas & Power activities

​

​

​

​

​

​

​

​

​

Swaps

117

(129)

(7)

7

110

(122)

–

(12)

(12)

Forwards^(a)

8,060

(6,595)

(79)

79

7,981

(6,516)

–

1,465

1,465

Options

277

–

–

–

277

–

–

277

277

Futures

–

–

–

–

–

–

–

–

–

Other/Collateral

–

–

–

–

–

–

403

403

403

Total Gas & Power

8,454

(6,724)

(86)

86

8,368

(6,638)

403

2,133

2,133

Crude oil, petroleum products and freight rates activities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Petroleum products, crude oil and freight rate swaps

85

(46)

(44)

44

41

(2)

–

39

39

Forwards^(a)

656

(1,012)

(14)

14

642

(998)

–

(356)

(356)

Options

70

(102)

(60)

60

10

(42)

–

(32)

(32)

Futures

–

​

–

​

—

​

–

​

–

​

–

​

–

​

—

​

–

Options on futures

66

​

(55)

​

(55)

​

55

​

11

​

–

​

–

​

11

​

11

Other/Collateral

–

–

–

–

–

–

–

​

–

–

Total crude oil, petroleum products and freight rates

877

(1,215)

(173)

173

704

(1,042)

–

(338)

(338)

TOTAL

9,331

(7,939)

(259)

259

9,072

(7,680)

403

1,795

1,795

Total of fair value non recognized in the balance sheet

​

​

​

​

​

​

​

​

–

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

​

  ​

​

  ​

​

  ​

​

  ​

​

  ​

Net balance

  ​

​

  ​

​

  ​

​

As of December 31, 2023

​

Gross value

​

Amounts

​

sheet value

​

Other

​

​

​

​

(M$)

​

before offsetting

​

offset

​

presented

​

amounts not

​

Net carrying

​

Fair

Assets / (Liabilities)

  ​

Assets

  ​

Liabilities

  ​

Assets^(c)

  ​

Liabilities^(c)

  ​

Assets

  ​

Liabilities

  ​

offset

  ​

amount

  ​

value^(b)

Gas & Power activities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Swaps

116

(125)

(27)

27

89

(98)

–

(9)

(9)

Forwards^(a)

5,875

(6,369)

(253)

253

5,622

(6,116)

–

(494)

(494)

Options

540

–

–

–

540

–

–

540

540

Futures

2

–

–

–

2

–

–

2

2

Other/Collateral

–

–

–

–

–

–

109

109

109

Total Gas & Power

6,533

(6,494)

(280)

280

6,253

(6,214)

109

148

148

Crude oil, petroleum products and freight rates activities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Petroleum products, crude oil and freight rate swaps

66

(50)

(28)

28

38

(22)

–

16

16

Forwards^(a)

655

(1,348)

(13)

13

642

(1,335)

–

(693)

(693)

Options

23

(97)

(23)

23

–

(74)

–

(74)

(74)

Futures

1

–

—

–

1

–

–

1

1

Options on futures

287

(214)

(209)

209

78

(5)

–

73

73

Other/Collateral

–

–

–

–

–

–

–

–

–

Total crude oil, petroleum products and freight rates

1,032

(1,709)

(273)

273

759

(1,436)

–

(677)

(677)

TOTAL

7,565

(8,203)

(553)

553

7,012

(7,650)

109

(529)

(529)

Total of fair value non recognized in the balance sheet

  ​

  ​

  ​

  ​

  ​

  ​

  ​

  ​

–

(a)

Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown.

(b)

When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero.

(c)

Amounts offset in accordance with IAS 32.

As of December 31,

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

(M$)

​

High

​

Low

​

Average

​

Year end

2025

108

​

11

​

38

​

36

2024

139

​

19

​

54

​

77

2023

111

​

16

​

54

​

54

As of December 31

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

(M$)

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Profit (Loss) recorded in other comprehensive income of the period

(730)

2,670

2,770

Recycled amount from other comprehensive income to the income statement of the period

(807)

(2,671)

117