Just caught TTE's Q4 results and they're a bit mixed. The energy giant missed earnings expectations at $1.73 per share versus the $1.80 consensus, down about 9% year-over-year. But here's what caught my attention - revenues actually beat estimates by a solid 25%, coming in at $45.92 billion even though they're down from last year.

The production story is more interesting though. TTE ramped up hydrocarbon output to 2,545 thousand barrels of oil equivalent daily, up nearly 5% from a year ago. Liquid production jumped 7.6% and they're generating more renewable power too - 64% of their power output now comes from renewables. That's the kind of operational momentum that matters.

What dragged on results was pricing pressure across the board. Brent realized prices fell 14.7% to $63.70 per barrel, and LNG prices dropped 18% year-over-year. The Exploration & Production segment took the hardest hit with earnings down 21.7%, while their Refining & Chemicals business actually surged over 200% - so it's not all weakness.

For 2026, TTE is guiding for 5% production growth and planning $15 billion in capex. They're also committing $3 billion specifically to low-carbon energy. The share buyback program continues with $3-4 billion expected this year. Overall, TTE looks like they're investing through the cycle despite the near-term earnings pressure.