Adjusted net income for the three months to June 30 was $4.7 billion, down from $4.96 billion a year earlier and $5.1 billion in the first quarter, the company said.
Analysts had expected income to be flat at $4.96 billion in a consensus of estimates compiled by LSEG.
Total, which generates most of its income from oil and gas production and sales, is the first Western oil major to report first-half results.
Biraj Borkhataria, head of global energy transition research at RBC Europe, said the results were "modestly disappointing".
Earnings in recent quarters have fallen from 2022 records when they were buoyed by a spike in energy prices following Russia's invasion of Ukraine but they remain above pre-pandemic levels as demand continues to rise, in particular for seaborne liquefied natural gas (LNG).
However, lower demand for refined products is weighing on profits.
Low diesel demand in Europe continues to impact refining margins, the company said in a statement, coupled with lower prices as market volatility from the Russian supply disruption normalises.
The company said however it would buy back up to $2 billion in shares in the third quarter. It confirmed net investment guidance of between $17 billion and $18 billion for the year.
