With $5.1B adjusted net income and $8.2B
CFFO, TotalEnergies delivers strong results in line
with its ambitious 2024 objectives
Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
1Q24
4Q23
Change vs 4Q23
1Q23
Change vs 4Q23
Net income (TotalEnergies share) (B$)
5.7
5.1
+13%
5.6
+3%
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$)
5.1
5.2
-2%
6.5
-22%
- in dollars per share
2.14
2.16
-1%
2.61
-18%
Adjusted EBITDA(1) (B$)
11.5
11.7
-2%
14.2
-19%
Cash flow from operationsexcluding working capital (CFFO)(1) (B$)
8.2
8.5
-4%
9.6
-15%
Cash flow from operating activities (B$)
2.2
16.2
-87%
5.1
-58%
The Board of Directors of TotalEnergies SE, chaired by CEO
Patrick Pouyanné, met on April 25, 2024, to approve the first
quarter 2024 financial statements. On the occasion, Patrick
Pouyanné said:
“Celebrating its 100th year anniversary in 2024, TotalEnergies
demonstrates once again this quarter the relevance of its balanced
transition strategy that is anchored on two pillars, hydrocarbons
and power, delivering strong results and an attractive shareholder
return. In a context of sustained oil prices and refining margins
but softening gas prices, the Company announced first quarter 2024
adjusted net income of $5.1 billion and cash flow of $8.2 billion,
in line with its ambitious 2024 objectives.
During the first quarter, Oil & Gas production was 2.46
Mboe/d, benefiting from 6% quarter-to-quarter production growth in
LNG and from start-ups at Mero 2 in Brazil and Akpo West in
Nigeria. The Company positively appraised the Venus discovery in
Namibia and Cronos in Cyprus. Exploration & Production
delivered adjusted net operating income of $2.6 billion and cash
flow of $4.5 billion, and confirms its leadership as a low-cost
operator with upstream production costs below 5 $/boe.
Integrated LNG achieved adjusted net operating income of $1.2
billion and cash flow of $1.3 billion for the quarter in a
softening and less volatile price environment. The Company
strengthened its integration in the LNG value chain with the
acquisition of Lewis Energy Group’s upstream natural gas assets in
the Eagle Ford Basin in the United States, and with the signature
of an LNG sales agreement to Sembcorp in Asia. The Company further
deployed its multi-energy strategy in Oman, launching the
fully-electric and very low emissions (3 kg/boe) Marsa LNG project
that targets in priority the marine fuels market and developing an
800 MW portfolio of wind and solar projects, including the 300 MW
solar project that will supply Marsa LNG.
During the first quarter, Integrated Power generated
sequentially higher adjusted net operating income of $0.6 billion
and $0.7 billion of cash flow, with a return on average capital
employed reaching 10%, confirming the Company's ability to
profitability grow across the electricity value chain.
TotalEnergies enhanced its integrated position in Texas through a
1.5 GW flexible gas capacity acquisition that closed this
quarter.
Downstream adjusted net operating income was $1.2 billion and
cash flow was $1.8 billion, benefiting from strong refining
margins. The Company finalized the divestment of part of its
European retail network to Alimentation Couche-Tard and advanced
its development in Sustainable Aviation Fuels (SAF) through
partnerships with Airbus and SINOPEC.
Given these strong results, in line with TotalEnergies’
ambitious 2024 objectives, the Board of Directors decided the
distribution of a first interim dividend of 0.79 €/share for fiscal
year 2024, an increase close to 7% compared to 2023, and authorized
the Company to buy back shares for $2 billion in the second quarter
of 2024.”
(1)
Refer to Glossary pages 23 & 24 for
the definitions and further information on alternative performance
measures (Non-GAAP measures) and to page 19 and following for
reconciliation tables.
1. Highlights (2)
- 100th anniversary of TotalEnergies on March 28, 2024, and
launch of the “100 for 100” operation:
- 100 TotalEnergies free shares allocation plan to the 100,000
employees of the Company*
- €100 offer to the first new 100,000 electricity customers and
to 100,000 individual gas station customers in France subject to
conditions
Social and environmental
responsibility
- Publication of the Sustainability & Climate – 2024 Progress
Report presenting the progress made by the Company in 2023 in the
implementation of its strategy and its climate ambition
- TotalEnergies ranks #1 in the Net Zero Standard for Oil &
Gas benchmark published by Climate Action 100+
- Launch of Care Together by TotalEnergies program, reflecting
the Company’s commitment to social responsibility towards its
employees
- Continuation of the €1.99/L gas price cap in France
- Launch of the 2024 annual share capital increase reserved for
employees, TotalEnergies ranking #1 in employee share ownership in
Europe according to the European Federation of Employee Share
Ownership
- Deployment of a generative artificial intelligence tool for all
TotalEnergies’ employees
Upstream
- Production start-up of the second phase of the Mero field in
Brazil
- Production start-up from the Akpo West field in Nigeria
- Gas production restart at the Tyra offshore hub in Denmark
after a major redevelopment
- Agreements with OMV and Sapura Upstream Assets to acquire 100%
of SapuraOMV shares, an independent gas producer and operator, in
Malaysia
- Acquisition of an interest in block 3B/4B, offshore South
Africa
- Positive appraisal of the Cronos gas discovery in block 6, in
Cyprus
- Expansion of the partnership with Sonatrach in the Timimoun
region in Algeria
- Creation of a joint venture with Vantage (75%/25%) to acquire
the Tungsten Explorer drillship
- Launch of an innovative subsea technology to separate and
reinject CO2-rich gas at the Mero field in Brazil
Downstream
- Closing of the divestment of retail networks in Belgium,
Luxemburg and the Netherlands to Couche-Tard
- Partnership with Bapco Energies in Bahrain in petroleum
products trading
- Strategic partnership with Airbus in Sustainable Aviation Fuels
(SAF)
- Partnership with SINOPEC to jointly develop a SAF production
unit at SINOPEC’s refinery in China
Integrated LNG
- Launch of the 1 Mt/y Marsa LNG project, which is a fully
electrified and very low emissions (3 kg CO2/boe) LNG plant in
Oman, supplied by a 300 MW solar farm
- Acquisition of the 20% interest held by Lewis Energy Group in
the Dorado leases in the Eagle Ford shale gas play in Texas
- Signature of a long-term LNG contract to supply 0.8 Mt/y to
Sembcorp in Singapore for 16 years
- Extension of the 2 Mt/y LNG supply contract with Sonatrach in
Algeria until 2025
Integrated Power
- Closing of the 1.5 GW acquisition of flexible power generation
capacity in Texas
- Launch of a new 75 MWh battery storage project, in Belgium
- Over 1.5 GW of PPAs signed with 600 industrial and commercial
customers worldwide
Decarbonization and low-carbon
molecules
- Acquisition of carbon storage projects from Talos Low Carbon
Solutions, in the United States
- Creation of a joint-venture with Vanguard Renewables (50%/50%),
a BlackRock subsidiary, to produce biomethane in the United
States
- Founding member of the international “e-NG Coalition” to
support the development of production and use of synthetic
methane
(2)
Some of the transactions mentioned in the
highlights remain subject to the agreement of the authorities or to
the fulfilment of conditions precedent under the terms of the
agreements.
*
Designates TotalEnergies SE and the
companies in which TotalEnergies holds more that 50% of the share
capital and which are directly and indirectly controlled by
TotalEnergies SE or under joint control, with the exception of a
limited number of companies co-managed with other oil players, as
well as those registered or incorporated in a country under
economic sanctions.
2. Key figures from TotalEnergies’ consolidated financial
statements (1)
In millions of dollars, except effective tax rate,earnings per
share and number of shares
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted EBITDA (1)
11,493
11,696
-2%
14,167
-19%
Adjusted net operating income from business segments
5,600
5,724
-2%
6,993
-20%
Exploration & Production
2,550
2,802
-9%
2,653
-4%
Integrated LNG
1,222
1,456
-16%
2,072
-41%
Integrated Power
611
527
+16%
370
+65%
Refining & Chemicals
962
633
+52%
1,618
-41%
Marketing & Services
255
306
-17%
280
-9%
Contribution of equity affiliates to adjusted net income
621
597
+4%
1,079
-42%
Effective tax rate (3)
37.8%
37.7%
-
41.4%
-
Adjusted net income (TotalEnergies share) (1)
5,112
5,226
-2%
6,541
-22%
Adjusted fully-diluted earnings per share (dollars) (4)
2.14
2.16
-1%
2.61
-18%
Adjusted fully-diluted earnings per share (euros) (5)
1.97
2.02
-2%
2.43
-19%
Fully-diluted weighted-average shares (millions)
2,352
2,387
-1%
2,479
-5%
Net income (TotalEnergies share)
5,721
5,063
+13%
5,557
+3%
Organic investments (1)
4,072
6,139
-34%
3,433
+19%
Acquisitions net of assets sales (1)
(500)
(5,404)
ns
2,987
ns
Net investments (1)
3,572
735
x4,9
6,420
-44%
Cash flow from operations excluding working capital (CFFO) (1)
8,168
8,500
-4%
9,621
-15%
Debt Adjusted Cash Flow (DACF) (1)
8,311
8,529
-3%
9,774
-15%
Cash flow from operating activities
2,169
16,150
-87%
5,133
-58%
Gearing (1) of 10.5% at March 31, 2024 vs.5.0% at December 31, 2023
and 11.5% at March, 31 2023.
(3)
Effective tax rate = (tax on adjusted net
operating income) / (adjusted net operating income – income from
equity affiliates – dividends received from investments –
impairment of goodwill + tax on adjusted net operating income).
(4)
In accordance with IFRS rules, adjusted
fully-diluted earnings per share is calculated from the adjusted
net income less the interest on the perpetual subordinated
bonds.
(5)
Average €-$ exchange rate: 1.0858 in the
first quarter 2024, 1.0751 in the fourth quarter 2023 and 1.0730 in
the first quarter 2023.
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment – liquids and gas price realizations,
refining margins
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Brent ($/b)
83.2
84.3
-1%
81.2
+3%
Henry Hub ($/Mbtu)
2.1
2.9
-28%
2.7
-22%
NBP ($/Mbtu)
8.7
13.3
-35%
16.1
-46%
JKM ($/Mbtu)
9.3
15.2
-39%
16.5
-44%
Average price of liquids (6),(7) ($/b)Consolidated subsidiaries
78.9
80.2
-2%
73.4
+7%
Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries
5.11
6.17
-17%
8.89
-43%
Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and
equity affiliates
9.58
10.28
-7%
13.27
-28%
Variable cost margin - Refining Europe, VCM (6),(10) ($/t)
71.7
52.6
+36%
90.7
-21%
3.2 Greenhouse gas emissions (11)
GHG emissions (MtCO2e)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Scope 1+2 from operated facilities (12)
8.2
7.9
+4%
9.1
-10%
of which Oil & Gas
7.1
7.2
-1%
7.6
-7%
of which CCGT
1.1
0.7
+57%
1.5
-27%
Scope 1+2 - equity share
11.6
11.5
+1%
12.8
-9%
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were up 4%
quarter-to-quarter, given the perimeter effect related to gas-fired
capacity acquisition in Texas for 1.5 GW. They were nevertheless
down 10% year-on-year thanks to the lower gas-fired power plants
utilization rate in Europe, continuous decline in flaring emissions
on Exploration & Production facilities and carbon footprint
reduction initiatives in Refining & Chemicals.
Methane emissions (ktCH4)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Methane emissions from operated facilities
8
9
-11%
9
-11%
Methane emissions - equity share
9
11
-18%
11
-18%
Estimated quarterly emissions.
Scope 3 emissions (MtCO2e)
1Q24
2023
Scope 3 from Oil, Biofuels and Gas Worldwide (13)
est. 85
355
(6)
Does not include oil, gas and LNG trading
activities, respectively.
(7)
Sales in $ / Sales in volume for
consolidated affiliates.
(8)
Sales in $ / Sales in volume for
consolidated affiliates.
(9)
Sales in $ / Sales in volume for
consolidated and equity affiliates.
(10)
This market indicator for European
refining, calculated based on public market prices ($/t), uses a
basket of crudes, petroleum product yields and variable costs
representative of the European refining system of
TotalEnergies.
(11)
The six greenhouse gases in the Kyoto
protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their
respective GWP (Global Warming Potential) as described in the 2007
IPCC report. HFCs, PFCs and SF6 are virtually absent from the
Company’s emissions or are considered as non-material and are
therefore not counted.
(12)
Scope 1+2 GHG emissions of operated
facilities are defined as the sum of direct emissions of greenhouse
gases from sites or activities that are included in the scope of
reporting (as defined in the Company’s 2023 Universal Registration
Document) and indirect emissions attributable to brought-in energy
(electricity, heat, steam), excluding purchased industrial gases
(H2).
(13)
TotalEnergies reports Scope 3 GHG
emissions, category 11, which correspond to indirect GHG emissions
related to the end use of energy products sold to the Company’s
customers, i.e., from their combustion, i.e., combustion of the
products to obtain energy. The Company follows the oil & gas
industry reporting guidelines published by IPIECA, which comply
with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the
oil, biofuels and gas value chains, i.e., the higher of the two
production volumes or sales. The highest point for each value chain
for 2024 will be evaluated considering realizations over the full
year, TotalEnergies gradually providing quarterly estimates.
3.3 Production (14)
Hydrocarbon production
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Hydrocarbon production (kboe/d)
2,461
2,462
-
2,524
-2%
Oil (including bitumen) (kb/d)
1,322
1,341
-1%
1,398
-5%
Gas (including condensates and associated NGL) (kboe/d)
1,139
1,121
+2%
1,126
+1%
Hydrocarbon production (kboe/d)
2,461
2,462
-
2,524
-2%
Liquids (kb/d)
1,482
1,506
-2%
1,562
-5%
Gas (Mcf/d)
5,249
5,158
+2%
5,191
+1%
Hydrocarbon production was 2,461 thousand barrels of oil
equivalent per day in the first quarter 2024, stable
quarter-to-quarter thanks to production growth in LNG and from
start-ups at Mero 2 in Brazil and Akpo West in Nigeria, which were
partially compensated by the Canadian oil sands assets disposals
that were effective this quarter. Hydrocarbon production excluding
Canada was up 1%.
Hydrocarbon production was up 1.5% year-on-year (excluding
Canada) and was comprised of:
- +2% due to projects ramp-ups, including Mero 2 in Brazil, Block
10 in Oman, Tommeliten Alpha in Norway, and Absheron in
Azerbaijan,
- +1% due to lower planned maintenance and unplanned
shutdowns,
- +1% portfolio effect related to the entry in the producing
fields of SARB Umm Lulu in the United Arab Emirates, partially
offset by the end of the Bongkot operating licenses in
Thailand,
- -2.5% due to the natural decline of the fields.
When taking into account the Canadian oil sands assets
disposals, production was down 2% year-on-year.
(14)
Company production = E&P production +
Integrated LNG production.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
Hydrocarbon production
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
EP (kboe/d)
1,969
1,998
-1%
2,061
-4%
Liquids (kb/d)
1,419
1,448
-2%
1,500
-5%
Gas (Mcf/d)
2,937
2,946
-
3,012
-2%
4.1.2 Results
In millions of dollars, except effective tax rate
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
2,550
2,802
-9%
2,653
-4%
including adjusted income from equity affiliates
145
130
+12%
135
+7%
Effective tax rate (15)
48.5%
47.7%
-
57.1%
-
Organic investments (1)
2,041
3,117
-35%
2,134
-4%
Acquisitions net of assets sales (1)
36
(4,306)
ns
1,938
-98%
Net investments (1)
2,077
(1,189)
ns
4,072
-49%
Cash flow from operations excluding working capital (CFFO) (1)
4,478
4,690
-5%
4,907
-9%
Cash flow from operating activities
3,590
5,708
-37%
4,536
-21%
Exploration & Production adjusted net operating income was
$2,550 million in the first quarter 2024, down 9%
quarter-to-quarter and down 4% year-on-year, primarily driven by
lower gas prices and production.
Cash flow from operations excluding working capital (CFFO) was
$4,478 million in the first quarter 2024, down 5%
quarter-to-quarter and down 9% year-on-year, for the same
reasons.
(15)
Effective tax rate = (tax on adjusted net
operating income) / (adjusted net operating income – income from
equity affiliates – dividends received from investments –
impairment of goodwill + tax on adjusted net operating income).
4.2 Integrated LNG
4.2.1 Production
Hydrocarbon production for LNG
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Integrated LNG (kboe/d)
492
464
+6%
463
+6%
Liquids (kb/d)
63
58
+9%
62
+1%
Gas (Mcf/d)
2,312
2,212
+5%
2,179
+6%
Liquefied Natural Gas in Mt
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Overall LNG sales
10.7
11.8
-9%
11.0
-3%
incl. Sales from equity production*
4.2
4.0
+5%
4.0
+5%
incl. Sales by TotalEnergies from equity production and third party
purchases
9.3
10.8
-14%
9.9
-6%
*
The Company’s equity production may be
sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG was up 6% quarter-to-quarter,
thanks to higher installations availability, mainly on Ichthys in
Australia and QatarEnergy LNG N(2) in Qatar, as well as the
increased supply of NLNG in Nigeria.
In the first quarter 2024, LNG sales decreased by 9%
quarter-to-quarter, mainly due to lower demand in Europe as a
result of milder winter weather and high inventories. Volumes were
also impacted by partial downtime at Freeport LNG in the United
States this quarter.
4.2.2 Results
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
1,222
1,456
-16%
2,072
-41%
including adjusted income from equity affiliates
494
500
-1%
786
-37%
Organic investments (1)
540
790
-32%
396
+36%
Acquisitions net of assets sales (1)
(12)
48
ns
759
ns
Net investments (1)
528
838
-37%
1,155
-54%
Cash flow from operations excluding working capital (CFFO) (1)
1,348
1,763
-24%
2,081
-35%
Cash flow from operating activities
1,710
2,702
-37%
3,536
-52%
Integrated LNG adjusted net operating income was $1,222 million
in the first quarter 2024, down 16% quarter-to-quarter, reflecting
lower LNG prices and sales. Due to the low price volatility
observed this quarter, the LNG trading result was in line with the
historical average.
Cash flow from operations excluding working capital (CFFO) for
Integrated LNG was $1,348 million in the first quarter 2024, down
24% quarter-to-quarter, for the same reasons and due to the timing
effect in dividend payments from some equity affiliates.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
Integrated Power
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Net power production (TWh) *
9.6
8.0
+20%
8.4
+14%
o/w production from renewables
6.0
5.5
+10%
3.8
+56%
o/w production from gas flexible capacities
3.6
2.5
+42%
4.5
-21%
Portfolio of power generation net installed capacity (GW) **
19.5
17.3
+13%
12.7
+54%
o/w renewables
13.7
13.0
+5%
8.4
+64%
o/w gas flexible capacities
5.8
4.3
+35%
4.3
+35%
Portfolio of renewable power generation gross capacity (GW) **,***
84.1
80.1
+5%
70.4
+19%
o/w installed capacity
23.5
22.4
+5%
17.9
+31%
Clients power - BtB and BtC (Million) **
6.0
5.9
+1%
6.0
-1%
Clients gas - BtB and BtC (Million) **
2.8
2.8
-
2.8
-
Sales power - BtB and BtC (TWh)
14.9
13.9
+7%
15.5
-4%
Sales gas - BtB and BtC (TWh)
35.7
30.7
+16%
37.3
-4%
*
Solar, wind, hydroelectric and gas
flexible capacities.
**
End of period data.
***
Includes 20% of Adani Green Energy Ltd’s
gross capacity, 50% of Clearway Energy Group’s gross capacity and
49% of Casa dos Ventos’ gross capacity.
Net power production was 9.6 TWh in the first quarter 2024, up
20% quarter-to-quarter. Renewable production is up 10%
quarter-to-quarter and gas flexible capacities production growth
benefited from the 1.5 GW gas flexible capacity acquisition in
Texas that closed during the first quarter.
Gross installed renewable power generation capacity reached 23.5
GW at the end of the first quarter 2024, up by more than 1 GW
quarter-to-quarter, including 0.5 GW installed in the United States
(Clearway, Danish Fields) and 0.4 GW in India.
4.3.2 Results
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
611
527
+16%
370
+65%
including adjusted income from equity affiliates
(39)
21
ns
56
ns
Organic investments (1)
943
674
+40%
577
+63%
Acquisitions net of assets sales (1)
735
532
+38%
519
+42%
Net investments (1)
1,678
1,206
+39%
1,096
+53%
Cash flow from operations excluding working capital (CFFO) (1)
692
705
-2%
440
+57%
Cash flow from operating activities
(249)
638
ns
(1,285)
ns
Integrated Power adjusted net operating income was $611 million
in the first quarter 2024, up 16% quarter-to-quarter, reflecting
activity growth.
Cash flow from operations excluding working capital (CFFO) for
Integrated Power was $692 million, as fourth quarter 2023 benefited
from higher dividends from equity affiliates.
4.4 Downstream (Refining & Chemicals and Marketing &
Services)
4.4.1 Results
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
1,217
939
+30%
1,898
-36%
Organic investments (1)
520
1,504
-65%
290
+79%
Acquisitions net of assets sales (1)
(1,258)
(1,679)
ns
(229)
ns
Net investments (1)
(738)
(175)
ns
61
ns
Cash flow from operations excluding working capital (CFFO) (1)
1,770
1,692
+5%
2,189
-19%
Cash flow from operating activities
(2,237)
6,584
ns
(1,524)
ns
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization
rates
Refinery throughput and utilization rate*
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Total refinery throughput (kb/d)
1,424
1,381
+3%
1,403
+2%
France
382
444
-14%
357
+7%
Rest of Europe
618
582
+6%
596
+4%
Rest of world
424
355
+19%
450
-6%
Utilization rate based on crude only**
79%
79%
-
78%
-
*
Includes refineries in Africa reported in
the Marketing & Services segment.
**
Based on distillation capacity at the
beginning of the year.
Petrochemicals production and utilization rate
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Monomers* (kt)
1,287
1,114
+16%
1,295
-1%
Polymers (kt)
1,076
985
+9%
1,111
-3%
Steam cracker utilization rate**
73%
60%
-
75%
-
*
Olefins.
**
Based on olefins production from steam
crackers and their treatment capacity at the start of the year.
Refining throughput was up 3% quarter-to-quarter mainly due to
the restart of Satorp in Saudi Arabia, despite an unplanned
shutdown at the Donges refinery in France.
Petrochemicals production was up 16% quarter-to-quarter for
monomers and 9% for polymers thanks to better steam cracker
utilization rates in Europe and the United States.
4.5.2 Results
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
962
633
+52%
1,618
-41%
Organic investments (1)
419
1,002
-58%
198
x2,1
Acquisitions net of assets sales (1)
(20)
(11)
ns
5
ns
Net investments (1)
399
991
-60%
203
+97%
Cash flow from operations excluding working capital (CFFO) (1)
1,291
1,173
+10%
1,733
-26%
Cash flow from operating activities
(2,129)
4,825
ns
(851)
ns
Refining & Chemicals adjusted net operating income was $962
million in the first quarter 2024, up 52% quarter-to-quarter thanks
to higher refining margins and higher refinery throughput.
Cash flow from operations excluding working capital (CFFO) of
$1,291 million in the first quarter 2024 grew less than adjusted
net operating income (+10% quarter-to-quarter) due to the timing
effect in dividend payments from equity affiliates.
4.6 Marketing & Services
4.6.1 Petroleum product sales
Sales in kb/d*
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Total Marketing & Services sales
1,312
1,341
-2%
1,360
-4%
Europe
715
755
-5%
757
-6%
Rest of world
597
587
+2%
602
-1%
*
Excludes trading and bulk refining
sales.
Sales of petroleum products were down year-on-year by 4% in the
first quarter 2024, mainly due to the lower industrial and
commercial demand in Europe.
4.6.2 Results
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income
255
306
-17%
280
-9%
Organic investments (1)
101
502
-80%
92
+10%
Acquisitions net of assets sales (1)
(1,238)
(1,668)
ns
(234)
ns
Net investments (1)
(1,137)
(1,166)
ns
(142)
ns
Cash flow from operations excluding working capital (CFFO) (1)
479
519
-8%
456
+5%
Cash flow from operating activities
(108)
1,759
ns
(673)
ns
Marketing & Services adjusted net operating income was $255
million for the first quarter 2024, down 9% year-on-year, due to
lower sales of petroleum products.
Cash flow from operations excluding working capital (CFFO)
increased by 5% year-on-year to $479 million in the first quarter
2024, the growth of high-value activities, notably lubricants,
compensating the disposal of part of the European retail
network.
5. TotalEnergies results
5.1 Adjusted net operating income from business
segments
Adjusted net operating income from business segments was $5,600
million in the first quarter of 2024:
- versus $5,724 million in the fourth quarter 2023, mainly due to
softening gas prices but was partially compensated by higher
refining margins,
- versus $6,993 million in the first quarter 2023, mainly due to
softening gas prices and refining margins.
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $5,112 million in the
first quarter 2024 versus $5,226 million in the fourth quarter
2023, mainly due to softening gas prices, partially compensated by
higher refining margins.
Adjustments to net income were $0.6 billion in the first quarter
2024 consisting mainly of:
- $1.5 billion capital gain on disposal and revaluation of shares
held and consolidated under the equity method, after the partial
divestment of retail network in Belgium and Luxembourg and the full
divestment in the Netherlands,
- ($0.2) billion in inventory effects and effects of changes in
fair value,
- ($0.7) billion impairment of the Company’s minority stake in
Sunpower and Maxeon, based on their market value.
TotalEnergies’ average tax rate was stable at 37.8% in the first
quarter 2024 versus 37.7% in the fourth quarter 2023.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were $2.14 in the first
quarter 2024, based on 2,352 million weighted average diluted
shares, compared to $2.16 in the fourth quarter 2023.
As of March 31, 2024, the number of diluted shares was 2,344
million.
As part of its shareholder return policy, TotalEnergies
repurchased 30.6 million shares in the first quarter 2024 for $2
billion.
5.4 Acquisitions – asset sales
Acquisitions were $1,074 million in the first quarter 2024,
primarily related to:
- the acquisition of 1.5 GW gas flexible capacity in Texas,
- the acquisition of battery storage developer Kyon in
Germany,
- the acquisition of Talos Low Carbon Solutions, in the carbon
storage industry in the United States.
Divestments were $1,574 million in the first quarter 2024,
primarily related to:
- the closing of the retail network transaction with Alimentation
Couche-Tard in Belgium, Luxemburg, and the Netherlands,
- The sale of a 15% interest in Absheron, in Azerbaijan, to
ADNOC.
5.5 Net cash flow (1)
TotalEnergies' net cash flow was $4,596 million in the first
quarter 2024 compared to $7,765 million in the fourth quarter 2023,
reflecting the $332 million decrease in CFFO and the $2,837 million
increase in net investments to $3,572 million.
2024 first quarter cash flow from operating activities was
$2,169 million versus CFFO of $8,168 million, and was impacted by
increased working capital of $6.0 billion, mainly due to:
- The reversal of the exceptional working capital release of $2
billion in the fourth quarter 2023,
- $1.5 billion effect of higher oil and petroleum products prices
on inventories at the end of the quarter,
- $1 billion seasonal effect on tax liabilities,
- $1 billion seasonal effect on gas and power distribution
activities.
5.6 Profitability
Return on equity was 19.0% for the twelve months ended March 31,
2024.
In millions of dollars
April 1, 2023
January 1, 2023
April 1, 2022
March 31, 2024
December 31, 2023
March 31, 2023
Adjusted net income (1)
22,047
23,450
34,219
Average adjusted shareholders' equity
115,835
115,006
115,233
Return on equity (ROE)
19.0%
20.4%
29.7%
Return on average capital employed (1) was 16.5% for the twelve
months ended March 31,2024.
In millions of dollars
April 1, 2023
January 1, 2023
April 1, 2022
March 31, 2024
December 31, 2023
March 31, 2023
Adjusted net operating income (1)
23,278
24,684
35,712
Average capital employed (1)
140,662
130,517
140,842
ROACE (1)
16.5%
18.9%
25.4%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to
€3,410 million in the first quarter 2024, compared to €2,189
million in the first quarter 2023.
7. Annual 2024 Sensitivities (16)
Change Estimated impact onadjustednet operating
income Estimated impact oncash flow fromoperations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$ Average liquids price (17)
+/- 10 $/b +/- 2.3 B$ +/- 2.8 B$ European gas price - NBP / TTF +/-
2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$ European Refining Margin Marker
(ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
(16)
Sensitivities are revised once per year
upon publication of the previous year’s fourth quarter results.
Sensitivities are estimates based on assumptions about
TotalEnergies’ portfolio in 2024. Actual results could vary
significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net
operating income is essentially attributable to Refining &
Chemicals.
(17)
In a 80 $/b Brent environment.
8. Outlook
Brent prices are strong at around $90/b at the start of the
second quarter 2024, supported by elevated geopolitical tensions
and by the OPEC+ decision to maintain production quotas through the
second quarter 2024.
These elevated prices are impacting refining margins, which had
been elevated since the beginning of the year.
Despite exiting winter at high gas storage levels, European gas
prices have been trading within a range of $8 to $10/Mbtu at the
beginning of the second quarter 2024. Recovering Asian LNG demand
and limited global LNG capacity additions in 2024 support forward
prices above $11/Mbtu for the 2024-2025 winter period.
Given the evolution of oil and gas prices in recent months and
the lag effect on price formulas, TotalEnergies anticipates that
its average LNG selling price should be between $9 and $10/Mbtu in
the second quarter 2024.
Second quarter 2024 hydrocarbon production is expected to be
between 2.4 and 2.45 Mboe/d, impacted by planned maintenance that
is partially compensated by ramp-ups of Mero 2 in Brazil and Tyra
in Denmark.
The second quarter 2024 refining utilization rate is anticipated
to be above 85%, notably as the Donges refinery progressively
restarts.
The Company confirms net investments guidance of $17-$18 billion
in 2024, of which $5 billion is dedicated to Integrated Power.
* * * *
To listen to the conference call with Chairman & CEO Patrick
Pouyanné and CFO Jean-Pierre Sbraire today at 1:00pm (Paris time),
please log on to totalenergies.com or dial +33 (0) 1 70 91 87
04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay
will be available on the Company's website totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production +
Integrated LNG)
Upstream Production Combined liquids and
gasproduction by region (kboe/d)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe
570
592
-4%
583
-2%
Africa
463
451
+3%
494
-6%
Middle East and North Africa
815
788
+3%
718
+13%
Americas
352
376
-6%
441
-20%
Asia-Pacific
261
256
+2%
288
-9%
Total production
2,461
2,462
-
2,524
-2%
includes equity affiliates
346
331
+5%
344
+1%
Liquids production by region (kb/d)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe
224
236
-5%
235
-4%
Africa
331
328
+1%
371
-11%
Middle East and North Africa
652
629
+4%
578
+13%
Americas
171
207
-17%
263
-35%
Asia-Pacific
104
106
-1%
116
-10%
Total production
1,482
1,506
-2%
1,562
-5%
includes equity affiliates
154
141
+9%
150
+3%
Gas production by region (Mcf/d)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe
1,869
1,921
-3%
1,879
-1%
Africa
648
612
+6%
615
+5%
Middle East and North Africa
896
881
+2%
772
+16%
Americas
1,003
941
+7%
994
+1%
Asia-Pacific
833
803
+4%
931
-11%
Total production
5,249
5,158
+2%
5,191
+1%
includes equity affiliates
1,043
1,027
+2%
1,054
-1%
9.2 Downstream (Refining & Chemicals and Marketing &
Services)
Petroleum product sales by region (kb/d)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe
1,774
1,789
-1%
1,600
+11%
Africa
591
610
-3%
667
-11%
Americas
1,033
1,055
-2%
849
+22%
Rest of world
711
697
+2%
623
+14%
Total consolidated sales
4,109
4,151
-1%
3,739
+10%
Includes bulk sales
401
402
-
387
+4%
Includes trading
2,397
2,408
-
1,992
+20%
Petrochemicals production* (kt)
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe
990
845
+17%
1,047
-5%
Americas
645
528
+22%
607
+6%
Middle East and Asia
727
725
-
753
-3%
*
Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
1Q24
4Q23
Net power production (TWh) Solar OnshoreWind OffshoreWind
Gas Others
Total Solar OnshoreWind OffshoreWind Gas Others
Total France
0.1
0.2
-
1.8
0.0
2.2
0.1
0.3
-
1.6
0.0
2.0
Rest of Europe
0.1
0.6
0.6
0.7
0.1
2.0
0.0
0.5
0.6
0.6
0.1
1.8
Africa
0.0
0.0
-
-
-
0.0
0.0
0.0
-
-
-
0.0
Middle East
0.2
-
-
0.3
-
0.5
0.2
-
-
0.3
-
0.4
North America
0.5
0.5
-
0.7
-
1.8
0.4
0.5
-
-
-
0.9
South America
0.2
0.7
-
-
-
0.8
0.1
0.9
-
-
-
1.0
India
1.6
0.2
-
-
-
1.8
1.3
0.2
-
-
-
1.5
Pacific Asia
0.3
0.0
0.1
-
-
0.4
0.3
0.0
0.1
-
-
0.4
Total
2.9
2.3
0.7
3.6
0.1
9.6
2.4
2.3
0.7
2.5
0.1
8.0
9.3.2 Installed power generation net capacity
1Q24
4Q23
Installed power generation net capacity (GW) (18)
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
Solar
Onshore Wind
Offshore Wind
Gas
Others
Total
France
0.6
0.4
-
2.6
0.1
3.7
0.5
0.3
-
2.6
0.1
3.6
Rest of Europe
0.3
0.9
0.6
1.4
0.1
3.2
0.2
0.9
0.6
1.4
0.1
3.2
Africa
0.1
0.0
-
-
0.0
0.1
0.1
0.0
-
-
0.0
0.1
Middle East
0.4
-
-
0.3
-
0.7
0.4
-
-
0.3
-
0.7
North America
2.2
0.8
-
1.5
0.3
4.9
2.0
0.8
-
-
0.2
3.0
South America
0.4
0.9
-
-
-
1.2
0.4
0.8
-
-
-
1.2
India
4.0
0.5
-
-
-
4.5
3.8
0.5
-
-
-
4.3
Pacific Asia
1.0
0.0
0.1
-
0.0
1.1
1.0
0.0
0.1
-
0.0
1.1
Total
9.0
3.5
0.7
5.8
0.6
19.5
8.5
3.4
0.7
4.3
0.5
17.3
(18)
End-of-period data.
9.3.3 Power generation gross capacity from renewables
1Q24
4Q23
Installed power generation gross capacity from renewables (GW)
(19),(20)
Solar
Onshore Wind
Offshore Wind
Other
Total
Solar
Onshore Wind
Offshore Wind
Other
Total
France
0.9
0.7
-
0.1
1.7
0.9
0.6
-
0.1
1.6
Rest of Europe
0.3
1.1
1.1
0.2
2.7
0.2
1.1
1.1
0.2
2.6
Africa
0.1
0.0
-
0.0
0.2
0.1
0.0
-
0.0
0.2
Middle East
1.2
-
-
-
1.2
1.2
-
-
-
1.2
North America
5.2
2.2
-
0.6
8.0
4.9
2.1
-
0.5
7.5
South America
0.4
1.2
-
-
1.6
0.4
1.2
-
-
1.6
India
5.8
0.5
-
-
6.3
5.4
0.5
-
-
5.9
Asia-Pacific
1.5
0.0
0.3
0.0
1.8
1.5
0.0
0.3
0.0
1.8
Total
15.4
5.7
1.4
1.0
23.5
14.6
5.5
1.4
0.8
22.4
1Q24
4Q23
Power generation gross capacity from renewables in construction
(GW) (19),(20) Solar OnshoreWind OffshoreWind Other
Total Solar OnshoreWind OffshoreWind Other
Total
France
0.1
-
0.0
0.0
0.2
0.2
0.0
0.0
0.0
0.2
Rest of Europe
0.4
0.0
-
0.1
0.5
0.4
0.0
-
0.1
0.5
Africa
0.3
-
-
0.1
0.4
0.0
-
-
0.0
0.0
Middle East
0.1
-
-
-
0.1
0.1
-
-
-
0.1
North America
1.6
0.0
-
0.2
1.8
1.4
0.1
-
0.2
1.7
South America
0.0
0.7
-
0.0
0.7
0.0
0.4
-
0.0
0.4
India
0.6
0.1
-
-
0.6
0.6
-
-
-
0.6
Asia-Pacific
0.1
0.0
0.4
-
0.4
0.0
0.0
0.4
-
0.4
Total
3.1
0.8
0.4
0.4
4.8
2.8
0.6
0.4
0.3
4.1
1Q24
4Q23
Power generation gross capacity from renewables in development
(GW) (19),(20) Solar OnshoreWind OffshoreWind Other
Total Solar OnshoreWind OffshoreWind Other
Total
France
1.2
0.4
-
0.0
1.6
0.7
0.4
-
0.0
1.2
Rest of Europe
4.4
0.5
7.4
1.8
14.2
4.6
0.3
7.4
0.1
12.4
Africa
1.4
0.3
-
0.0
1.7
1.1
0.3
-
0.3
1.7
Middle East
1.7
-
-
-
1.7
1.5
0.7
-
-
2.2
North America
10.3
3.1
4.1
4.8
22.3
8.2
3.4
4.1
5.4
21.1
South America
1.5
1.2
-
0.1
2.8
1.4
0.8
-
0.4
2.6
India
4.5
0.2
-
-
4.7
4.7
0.2
-
-
4.9
Asia-Pacific
3.2
0.1
2.6
1.0
6.9
2.9
0.4
2.9
1.3
7.5
Total
28.2
5.8
14.1
7.7
55.9
25.3
6.5
14.4
7.5
53.7
(19)
Includes 20% of the gross capacities of
Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of
Casa dos Ventos.
(20)
End-of-period data.
10. Alternative Performance Measures (Non-GAAP
measures)
10.1 Adjustment items to net income (TotalEnergies
share)
In millions of dollars
1Q24
4Q23
1Q23
Net income (TotalEnergies share)
5,721
5,063
5,557
Special items affecting net income (TotalEnergies share)
805
180
(159)
Gain (loss) on asset sales
1,507
1,844
203
Restructuring charges
-
(51)
-
Impairments
(644)
(1,023)
(60)
Other *
(58)
(590)
(302)
After-tax inventory effect : FIFO vs. replacement cost
124
(535)
(391)
Effect of changes in fair value
(320)
192
(434)
Total adjustments affecting net income
609
(163)
(984)
Adjusted net income (TotalEnergies share)
5,112
5,226
6,541
10.2 Reconciliation of adjusted EBITDA with consolidated
financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Net income (TotalEnergies share)
5,721
5,063
+13%
5,557
+3%
Less: adjustment items to net income (TotalEnergies share)
(609)
163
ns
984
ns
Adjusted net income (TotalEnergies share)
5,112
5,226
-2%
6,541
-22%
Adjusted items
Add: non-controlling interests
100
57
+75%
74
+35%
Add: income taxes
2,991
3,004
-
4,090
-27%
Add: depreciation, depletion and impairment of tangible assets and
mineral interests
2,942
3,060
-4%
3,026
-3%
Add: amortization and impairment of intangible assets
92
115
-20%
99
-7%
Add: financial interest on debt
708
660
+7%
710
-
Less: financial income and expense from cash & cash equivalents
(452)
(426)
ns
(373)
ns
Adjusted EBITDA
11,493
11,696
-2%
14,167
-19%
10.2.2 Reconciliation of revenues from sales to adjusted
EBITDA and net income (TotalEnergies share)
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted items
Revenues from sales
51,883
54,765
-5%
58,309
-11%
Purchases, net of inventory variation
(33,525)
(36,651)
ns
(37,479)
ns
Other operating expenses
(7,580)
(6,956)
ns
(7,752)
ns
Exploration costs
(88)
(174)
ns
(94)
ns
Other income
240
169
+42%
77
x3,1
Other expense, excluding amortization and impairment of intangible
assets
(125)
(150)
ns
(38)
ns
Other financial income
282
276
+2%
248
+14%
Other financial expense
(215)
(180)
ns
(183)
ns
Net income (loss) from equity affiliates
621
597
+4%
1,079
-42%
Adjusted EBITDA
11,493
11,696
-2%
14,167
-19%
Adjusted items
Less: depreciation, depletion and impairment of tangible assets and
mineral interests
(2,942)
(3,060)
ns
(3,026)
ns
Less: amortization of intangible assets
(92)
(115)
ns
(99)
ns
Less: financial interest on debt
(708)
(660)
ns
(710)
ns
Add: financial income and expense from cash & cash equivalents
452
426
+6%
373
+21%
Less: income taxes
(2,991)
(3,004)
ns
(4,090)
ns
Less: non-controlling interests
(100)
(57)
ns
(74)
ns
Add: adjustment (TotalEnergies share)
609
(163)
ns
(984)
ns
Net income (TotalEnergies share)
5,721
5,063
+13%
5,557
+3%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net
investments
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Cash flow used in investing activities ( a )
3,467
632
x5,5
6,362
-46%
Other transactions with non-controlling interests ( b )
-
-
ns
-
ns
Organic loan repayment from equity affiliates ( c )
3
3
-
(6)
ns
Change in debt from renewable projects financing ( d ) *
-
(3)
-100%
3
-100%
Capex linked to capitalized leasing contracts ( e )
103
71
+45%
60
+72%
Expenditures related to carbon credits ( f )
(1)
32
ns
1
ns
Net investments ( a + b + c + d + e + f = g - i + h )
3,572
735
x4,9
6,420
-44%
of which acquisitions net of assets sales ( g-i )
(500)
(5,404)
ns
2,987
ns
Acquisitions ( g )
1,074
698
+54%
3,256
-67%
Asset sales ( i )
1,574
6,102
-74%
269
x5,9
Change in debt from renewable projects (partner share)
-
-
ns
(3)
-100%
of which organic investments ( h )
4,072
6,139
-34%
3,433
+19%
Capitalized exploration
145
214
-32%
205
-29%
Increase in non-current loans
538
683
-21%
374
+44%
Repayment of non-current loans, excluding organic loan repayment
from equity affiliates
(146)
(91)
ns
(229)
ns
Change in debt from renewable projects (TotalEnergies share)
-
(3)
-100%
-
ns
*
Change in debt from renewable projects
(TotalEnergies share and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash
flow from operations excluding working capital (CFFO), to DACF and
to Net cash flow
In millions of dollars
1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Cash flow from operating activities ( a )
2,169
16,150
-87%
5,133
-58%
(Increase) decrease in working capital ( b ) *
(6,121)
8,377
ns
(3,989)
ns
Inventory effect ( c )
125
(724)
ns
(502)
ns
Capital gain from renewable project sales ( d )
-
(0)
-100%
3
-100%
Organic loan repayments from equity affiliates ( e )
3
3
-
(6)
ns
Cash flow from operations excluding working capital (CFFO) ( f =
a - b - c + d + e )
8,168
8,500
-4%
9,621
-15%
Financial charges
(143)
(29)
ns
(153)
ns
Debt Adjusted Cash Flow (DACF)
8,311
8,529
-3%
9,774
-15%
Organic investments ( g )
4,072
6,139
-34%
3,433
+19%
Free cash flow after organic investments ( f - g )
4,096
2,361
+73%
6,188
-34%
Net investments ( h )
3,572
735
x4,9
6,420
-44%
Net cash flow ( f - h )
4,596
7,765
-41%
3,201
+44%
*
Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power segments’ contracts.
10.5 Gearing ratio
In millions of dollars
03/31/2024
12/31/2023
03/31/2023
Current borrowings *
16,068
7,869
16,280
Other current financial liabilities
481
446
597
Current financial assets * , **
(5,969)
(6,256)
(7,223)
Net financial assets classified as held for sale *
(11)
17
(38)
Non-current financial debt *
30,452
32,722
34,820
Non-current financial assets *
(1,165)
(1,229)
(1,101)
Cash and cash equivalents
(25,640)
(27,263)
(27,985)
Net debt ( a )
14,216
6,306
15,350
Shareholders’ equity (TotalEnergies share)
118,409
116,753
115,581
Non-controlling interests
2,734
2,700
2,863
Shareholders' equity (b)
121,143
119,453
118,444
Gearing = a / ( a+b )
10.5%
5.0%
11.5%
Leases (c)
8,013
8,275
8,131
Gearing including leases ( a+c ) / ( a+b+c )
15.5%
10.9%
16.5%
*
Excludes leases receivables and leases
debts.
**
Including initial margins held as part of
the Company's activities on organized markets.
10.6 Return on average capital employed
Twelve months ended March 31, 2024 In millions of
dollars
Exploration &
Production
Integrated LNG
Integrated Power
Refining &
Chemicals
Marketing &
Services
Company
Adjusted net operating income
10,839
5,350
2,094
3,998
1,433
23,278
Capital employed at 03/31/2023
67,658
34,183
18,982
10,115
8,811
139,830
Capital employed at 03/31/2024
64,968
36,678
22,890
9,360
8,013
141,494
ROACE
16.3%
15.1%
10.0%
41.1%
17.0%
16.5%
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial
measure and its most directly comparable IFRS measure is Cash flow
used in investing activities. Net Acquisitions refer to
acquisitions minus assets sales (including other operations with
non-controlling interests). This indicator can be a valuable tool
for decision makers, analysts and shareholders alike because it
illustrates the allocation of cash flow used for growing the
Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax,
Depreciation and Amortization) is a non-GAAP financial measure and
its most directly comparable IFRS measure is Net Income. It refers
to the adjusted earnings before depreciation, depletion and
impairment of tangible and intangible assets and mineral interests,
income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income. This indicator
can be a valuable tool for decision makers, analysts and
shareholders alike to measure and compare the Company’s
profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP
financial measure and its most directly comparable IFRS measure is
Net Income (TotalEnergies share). Adjusted Net Income
(TotalEnergies share) refers to Net Income (TotalEnergies share)
less adjustment items to Net Income (TotalEnergies share).
Adjustment items are inventory valuation effect, effect of changes
in fair value, and special items. This indicator can be a valuable
tool for decision makers, analysts and shareholders alike to
evaluate the Company’s operating results and to understand its
operating trends by removing the impact of non-operational results
and special items.
Adjusted net operating income is a non-GAAP financial
measure and its most directly comparable IFRS measure is Net
Income. Adjusted Net Operating Income refers to Net Income before
net cost of net debt, i.e., cost of net debt net of its tax
effects, less adjustment items. Adjustment items are inventory
valuation effect, effect of changes in fair value, and special
items. Adjusted Net Operating Income can be a valuable tool for
decision makers, analysts and shareholders alike to evaluate the
Company’s operating results and understanding its operating trends,
by removing the impact of non-operational results and special items
and is used to evaluate the Return on Average Capital Employed
(ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They
are calculated at replacement cost and refer to capital employed
(balance sheet) less inventory valuations effect. Capital employed
(balance sheet) refers to the sum of the following items: (i)
Property, plant and equipment, intangible assets, net, (ii)
Investments & loans in equity affiliates, (iii) Other
non-current assets, (iv) Working capital which is the sum of:
Inventories, net, Accounts receivable, net, other current assets,
Accounts payable, Other creditors and accrued liabilities(v)
Provisions and other non-current liabilities and (vi) Assets and
liabilities classified as held for sale. Capital Employed can be a
valuable tool for decision makers, analysts and shareholders alike
to provide insight on the amount of capital investment used by the
Company or its business segments to operate. Capital Employed is
used to calculate the Return on Average Capital Employed
(ROACE).
Cash Flow From Operations excluding working capital
(CFFO) is a non-GAAP financial measure and its most directly
comparable IFRS measure is Cash flow from operating activities.
Cash Flow From Operations excluding working capital is defined as
cash flow from operating activities before changes in working
capital at replacement cost, excluding the mark-to-market effect of
Integrated LNG and Integrated Power contracts, including capital
gain from renewable projects sales and including organic loan
repayments from equity affiliates.
This indicator can be a valuable tool for decision makers,
analysts and shareholders alike to help understand changes in cash
flow from operating activities, excluding the impact of working
capital changes across periods on a consistent basis and with the
performance of peer companies in a manner that, when viewed in
combination with the Company’s results prepared in accordance with
GAAP, provides a more complete understanding of the factors and
trends affecting the Company’s business and performance. This
performance indicator is used by the Company as a base for its cash
flow allocation and notably to guide on the share of its cash flow
to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial
measure and its most directly comparable IFRS measure is Cash flow
from operating activities. DACF is defined as Cash Flow From
Operations excluding working capital (CFFO) without financial
charges. This indicator can be a valuable tool for decision makers,
analysts and shareholders alike because it corresponds to the funds
theoretically available to the Company for investments, debt
repayment and distribution to shareholders, and therefore
facilitates comparison of the Company’s results of operations with
those of other registrants, independent of their capital structure
and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP
financial measure and its most directly comparable IFRS measure is
Cash flow from operating activities. Free cash flow after Organic
Investments, refers to Cash Flow From Operations excluding working
capital minus Organic Investments. Organic Investments refer to Net
Investments excluding acquisitions, asset sales and other
transactions with non-controlling interests. This indicator can be
a valuable tool for decision makers, analysts and shareholders
alike because it illustrates operating cash flow generated by the
business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most
directly comparable IFRS measure is the ratio of total financial
liabilities to total equity. Gearing is a Net-debt-to-capital
ratio, which is calculated as the ratio of Net debt excluding
leases to (Equity + Net debt excluding leases). This indicator can
be a valuable tool for decision makers, analysts and shareholders
alike to assess the strength of the Company’s balance sheet.
Net cash flow is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow from operating
activities. Net cash flow refers to Cash Flow From Operations
excluding working capital minus Net Investments. Net cash flow can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow generated by the operations
of the Company post allocation of cash for Organic Investments and
Net Acquisitions (acquisitions - assets sales - other operations
with non-controlling interests). This performance indicator
corresponds to the cash flow available to repay debt and allocate
cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow used in
investing activities. Net Investments refer to Cash flow used in
investing activities including other transactions with
non-controlling interests, including change in debt from renewable
projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts
and excluding organic loan repayment from equity affiliates. This
indicator can be a valuable tool for decision makers, analysts and
shareholders alike to illustrate the cash directed to growth
opportunities, both internal and external, thereby showing, when
combined with the Company’s cash flow statement prepared under
IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments
and Net Acquisitions each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow used in
investing activities. Organic investments refers to Net
Investments, excluding acquisitions, asset sales and other
operations with non-controlling interests. Organic Investments can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow used by the Company to grow
its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined
as the ratio of the dividends and share buybacks to the Cash Flow
From Operations excluding working capital. This indicator can be a
valuable tool for decision makers, analysts and shareholders as it
provides the portion of the Cash Flow From Operations excluding
working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a
non-GAAP financial measure. ROACE is the ratio of Adjusted Net
Operating Income to average Capital Employed at replacement cost
between the beginning and the end of the period. This indicator can
be a valuable tool for decision makers, analysts and shareholders
alike to measure the profitability of the Company’s average Capital
Employed in its business operations and is used by the Company to
benchmark its performance internally and externally with its
peers.
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the
consolidated entities directly or indirectly controlled by
TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also
be used to refer to these entities or their employees. The entities
in which TotalEnergies SE directly or indirectly owns a
shareholding are separate and independent legal entities.
This press release presents the results for the first quarter of
2024 from the consolidated financial statements of TotalEnergies SE
as of March 31, 2024 (unaudited). The limited review procedures by
the Statutory Auditors are underway. The notes to the consolidated
financial statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995), notably with respect to
the financial condition, results of operations, business activities
and strategy of TotalEnergies. This document may also contain
statements regarding the perspectives, objectives, areas of
improvement and goals of TotalEnergies, including with respect to
climate change and carbon neutrality (net zero emissions). An
ambition expresses an outcome desired by TotalEnergies, it being
specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be
identified by the use of the future or conditional tense or
forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements
included in this document are based on economic data, estimates and
assumptions prepared in a given economic, competitive and
regulatory environment and considered to be reasonable by
TotalEnergies as of the date of this document. These
forward-looking statements are not historical data and should not
be interpreted as assurances that the perspectives, objectives or
goals announced will be achieved. They may prove to be inaccurate
in the future, and may evolve or be modified with a significant
difference between the actual results and those initially
estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due
to the occurrence of risk factors, such as, notably, the price
fluctuations in crude oil and natural gas, the evolution of the
demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost
reductions and operating efficiencies without unduly disrupting
business operations, changes in laws and regulations including
those related to the environment and climate, currency
fluctuations, technological innovations, meteorological conditions
and events, as well as socio-demographic, economic and political
developments, changes in market conditions, loss of market share
and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is
based on estimates particularly in the assessment of the
recoverable value of assets and potential impairments of assets
relating thereto. Readers are cautioned not to consider
forward-looking statements as accurate, but as an expression of the
Company’s views only as of the date this document is published.
TotalEnergies SE and its subsidiaries have no obligation, make no
commitment and expressly disclaim any responsibility to investors
or any stakeholder to update or revise, particularly as a result of
new information or future events, any forward-looking information
or statement, objectives or trends contained in this document. In
addition, the Company has not verified, and is under no obligation
to verify any third-party data contained in this document or used
in the estimates and assumptions or, more generally,
forward-looking statements published in this document. The
information on risk factors that could have a significant adverse
effect on TotalEnergies’ business, financial condition, including
its operating income and cash flow, reputation, outlook or the
value of financial instruments issued by TotalEnergies is provided
in the most recent version of the Universal Registration Document
which is filed by TotalEnergies SE with the French Autorité des
Marchés Financiers and the annual report on Form 20-F filed with
the United States Securities and Exchange Commission (“SEC”).
Additionally, the developments of environmental and climate
change-related issues in this document are based on various
frameworks and the interests of various stakeholders which are
subject to evolve independently of our will. Moreover, our
disclosures on such issues, including climate-related disclosures,
may include information that is not necessarily "material" under US
securities laws for SEC reporting purposes or under applicable
securities law.
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TotalEnergies. In addition to IFRS measures, certain
alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described
below (adjusted operating income, adjusted net operating income,
adjusted net income), return on equity (ROE), return on average
capital employed (ROACE), gearing ratio, operating cash flow before
working capital changes, the shareholder rate of return. These
indicators are meant to facilitate the analysis of the financial
performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally
to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain
transactions qualifying as "special items" are excluded from the
business segment figures. In general, special items relate to
transactions that are significant, infrequent, or unusual. However,
in certain instances, transactions such as restructuring costs or
assets disposals, which are not considered to be representative of
the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to
occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of
petroleum products in its financial statements according to the
First-In, First-Out (FIFO) method and other inventories using the
weighted-average cost method. Under the FIFO method, the cost of
inventory is based on the historic cost of acquisition or
manufacture rather than the current replacement cost. In volatile
energy markets, this can have a significant distorting effect on
the reported income. Accordingly, the adjusted results of the
Refining & Chemicals and Marketing & Services segments are
presented according to the replacement cost method. This method is
used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of its main
competitors.
In the replacement cost method, which approximates the Last-In,
First-Out (LIFO) method, the variation of inventory values in the
statement of income is, depending on the nature of the inventory,
determined using either the month-end prices differential between
one period and another or the average prices of the period rather
than the historical value. The inventory valuation effect is the
difference between the results under the FIFO and the replacement
cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment
item reflects, for trading inventories and storage contracts,
differences between internal measures of performance used by
TotalEnergies’ Executive Committee and the accounting for these
transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair
value using period-end spot prices. In order to best reflect the
management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations
of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage
contracts, whose future effects are recorded at fair value in
TotalEnergies’ internal economic performance. IFRS precludes
recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to
risk manage certain operational contracts or assets. Under IFRS,
these derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal
indicators defer the fair value on derivatives to match with the
transaction occurrence.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (€-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas
companies, in their filings with the SEC, to separately disclose
proved, probable and possible reserves that a company has
determined in accordance with SEC rules. We may use certain terms
in this press release, such as “potential reserves” or “resources”,
that the SEC’s guidelines strictly prohibit us from including in
filings with the SEC. U.S. investors are urged to consider closely
the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the
Company website totalenergies.com. You can also obtain this form
from the SEC by calling 1-800-SEC-0330 or on the SEC’s website
sec.gov.
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)(a)
2024
2023
2023
Sales
56,278
59,237
62,603
Excise taxes
(4,395)
(4,472)
(4,370)
Revenues from sales
51,883
54,765
58,233
Purchases, net of inventory variation
(33,780)
(37,150)
(38,351)
Other operating expenses
(7,643)
(7,166)
(7,785)
Exploration costs
(88)
(174)
(92)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,942)
(3,539)
(3,062)
Other income
1,758
2,685
341
Other expense
(315)
(802)
(300)
Financial interest on debt
(708)
(660)
(710)
Financial income and expense from cash
& cash equivalents
472
439
393
Cost of net debt
(236)
(221)
(317)
Other financial income
306
303
258
Other financial expense
(215)
(189)
(183)
Net income (loss) from equity
affiliates
18
(136)
960
Income taxes
(2,942)
(3,339)
(4,071)
Consolidated net income
5,804
5,037
5,631
TotalEnergies share
5,721
5,063
5,557
Non-controlling interests
83
(26)
74
Earnings per share ($)
2.42
2.11
2.23
Fully-diluted earnings per share ($)
2.40
2.09
2.21
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)
2024
2023
2023
Consolidated net income
5,804
5,037
5,631
Other comprehensive income
Actuarial gains and losses
(2)
(251)
3
Change in fair value of investments in
equity instruments
40
(17)
4
Tax effect
(8)
42
(8)
Currency translation adjustment generated
by the parent company
(1,506)
3,025
1,466
Items not potentially reclassifiable to
profit and loss
(1,476)
2,799
1,465
Currency translation adjustment
1,099
(3,182)
(1,250)
Cash flow hedge
807
701
1,202
Variation of foreign currency basis
spread
(15)
(16)
(3)
share of other comprehensive income of
equity affiliates, net amount
(76)
(144)
(98)
Other
2
3
3
Tax effect
(219)
(212)
(336)
Items potentially reclassifiable to
profit and loss
1,598
(2,850)
(482)
Total other comprehensive income (net
amount)
122
(51)
983
Comprehensive income
5,926
4,986
6,614
TotalEnergies share
5,870
4,995
6,550
Non-controlling interests
56
(9)
64
CONSOLIDATED BALANCE SHEET
TotalEnergies
March 31, 2024
December 31, 2023
March 31, 2023
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
33,193
33,083
33,234
Property, plant and equipment, net
109,462
108,916
107,499
Equity affiliates : investments and
loans
31,256
30,457
29,997
Other investments
1,895
1,543
1,209
Non-current financial assets
2,308
2,395
2,357
Deferred income taxes
3,165
3,418
4,772
Other non-current assets
4,328
4,313
2,709
Total non-current assets
185,607
184,125
181,777
Current assets
Inventories, net
20,229
19,317
22,786
Accounts receivable, net
24,198
23,442
24,128
Other current assets
20,615
20,821
28,153
Current financial assets
6,319
6,585
7,535
Cash and cash equivalents
25,640
27,263
27,985
Assets classified as held for sale
525
2,101
668
Total current assets
97,526
99,529
111,255
Total assets
283,133
283,654
293,032
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
7,548
7,616
7,828
Paid-in surplus and retained earnings
129,937
126,857
123,357
Currency translation adjustment
(14,167)
(13,701)
(12,784)
Treasury shares
(4,909)
(4,019)
(2,820)
Total shareholders' equity -
TotalEnergies Share
118,409
116,753
115,581
Non-controlling interests
2,734
2,700
2,863
Total shareholders' equity
121,143
119,453
118,444
Non-current liabilities
Deferred income taxes
11,878
11,688
11,300
Employee benefits
1,941
1,993
1,840
Provisions and other non-current
liabilities
20,961
21,257
21,270
Non-current financial debt
38,053
40,478
42,915
Total non-current liabilities
72,833
75,416
77,325
Current liabilities
Accounts payable
37,647
41,335
36,037
Other creditors and accrued
liabilities
32,949
36,727
42,578
Current borrowings
17,973
9,590
17,884
Other current financial liabilities
481
446
597
Liabilities directly associated with the
assets classified as held for sale
107
687
167
Total current liabilities
89,157
88,785
97,263
Total liabilities & shareholders'
equity
283,133
283,654
293,032
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
1st quarter
4th quarter
1st quarter
(M$)
2024
2023
2023
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
5,804
5,037
5,631
Depreciation, depletion, amortization and
impairment
3,036
3,815
3,187
Non-current liabilities, valuation
allowances and deferred taxes
292
(268)
314
(Gains) losses on disposals of assets
(1,610)
(2,609)
(252)
Undistributed affiliates' equity
earnings
288
940
(349)
(Increase) decrease in working capital
(5,686)
8,308
(3,419)
Other changes, net
45
927
21
Cash flow from operating
activities
2,169
16,150
5,133
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(3,420)
(5,076)
(4,968)
Acquisitions of subsidiaries, net of cash
acquired
(759)
(10)
(136)
Investments in equity affiliates and other
securities
(488)
(1,066)
(1,407)
Increase in non-current loans
(538)
(683)
(389)
Total expenditures
(5,205)
(6,835)
(6,900)
Proceeds from disposals of intangible
assets and property, plant and equipment
337
2,776
68
Proceeds from disposals of subsidiaries,
net of cash sold
1,218
3,333
183
Proceeds from disposals of non-current
investments
34
-
49
Repayment of non-current loans
149
94
238
Total divestments
1,738
6,203
538
Cash flow used in investing
activities
(3,467)
(632)
(6,362)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
-
-
-
- Treasury shares
(2,006)
(2,964)
(2,103)
Dividends paid:
- Parent company shareholders
(1,903)
(1,869)
(1,844)
- Non-controlling interests
(6)
(17)
(21)
Net issuance (repayment) of perpetual
subordinated notes
-
-
-
Payments on perpetual subordinated
notes
(159)
(54)
(158)
Other transactions with non-controlling
interests
(17)
(16)
(86)
Net issuance (repayment) of non-current
debt
42
(21)
118
Increase (decrease) in current
borrowings
3,536
(8,458)
(1,274)
Increase (decrease) in current financial
assets and liabilities
271
360
1,394
Cash flow from (used in) financing
activities
(242)
(13,039)
(3,974)
Net increase (decrease) in cash and
cash equivalents
(1,540)
2,479
(5,203)
Effect of exchange rates
(83)
53
162
Cash and cash equivalents at the beginning
of the period
27,263
24,731
33,026
Cash and cash equivalents at the end of
the period
25,640
27,263
27,985
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued
Paid-in surplus and retained
earnings
Currency translation
adjustment
Treasury shares
Shareholders' equity -
TotalEnergies
Share
Non-controlling
interests
Total shareholders'
equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2023
2,619,131,285
8,163
123,951
(12,836)
(137,187,667)
(7,554)
111,724
2,846
114,570
Net income of the first quarter 2023
-
-
5,557
-
-
-
5,557
74
5,631
Other comprehensive income
-
-
913
80
-
-
993
(10)
983
Comprehensive Income
-
-
6,470
80
-
-
6,550
64
6,614
Dividend
-
-
-
-
-
-
-
(21)
(21)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(33,842,858)
(2,703)
(2,703)
-
(2,703)
Sale of treasury shares(a)
-
-
(395)
-
6,446,384
395
-
-
-
Share-based payments
-
-
54
-
-
-
54
-
54
Share cancellation
(128,869,261)
(335)
(6,707)
-
128,869,261
7,042
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(77)
-
-
-
(77)
-
(77)
Other operations with
non-controlling interests
-
-
39
(28)
-
-
11
(25)
(14)
Other items
-
-
22
-
-
-
22
(1)
21
As of March 31, 2023
2,490,262,024
7,828
123,357
(12,784)
(35,714,880)
(2,820)
115,581
2,863
118,444
Net income from April 1 to December 31,
2023
-
-
15,827
-
-
-
15,827
52
15,879
Other comprehensive income
-
-
1,074
(917)
-
-
157
(33)
124
Comprehensive Income
-
-
16,901
(917)
-
-
15,984
19
16,003
Dividend
-
-
(7,611)
-
-
-
(7,611)
(290)
(7,901)
Issuance of common shares
8,002,155
22
361
-
-
-
383
-
383
Purchase of treasury shares
-
-
-
-
(110,857,719)
(6,464)
(6,464)
-
(6,464)
Sale of treasury shares(a)
-
-
(1)
-
17,042
1
-
-
-
Share-based payments
-
-
237
-
-
-
237
-
237
Share cancellation
(86,012,344)
(234)
(5,030)
-
86,012,344
5,264
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(1,107)
-
-
-
(1,107)
-
(1,107)
Payments on perpetual subordinated
notes
-
-
(217)
-
-
-
(217)
-
(217)
Other operations with
non-controlling interests
-
-
(9)
-
-
-
(9)
110
101
Other items
-
-
(24)
-
-
-
(24)
(2)
(26)
As of December 31, 2023
2,412,251,835
7,616
126,857
(13,701)
(60,543,213)
(4,019)
116,753
2,700
119,453
Net income of the first quarter 2024
-
-
5,721
-
-
-
5,721
83
5,804
Other comprehensive income
-
-
614
(465)
-
-
149
(27)
122
Comprehensive Income
-
-
6,335
(465)
-
-
5,870
56
5,926
Dividend
-
-
-
-
-
-
-
(6)
(6)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(30,581,230)
(2,556)
(2,556)
-
(2,556)
Sale of treasury shares(a)
-
-
-
-
2,957
-
-
-
-
Share-based payments
-
-
59
-
-
-
59
-
59
Share cancellation
(25,405,361)
(68)
(1,597)
-
25,405,361
1,665
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(1,679)
-
-
-
(1,679)
-
(1,679)
Payments on perpetual subordinated
notes
-
-
(71)
-
-
-
(71)
-
(71)
Other operations with
non-controlling interests
-
-
-
-
-
-
-
(17)
(17)
Other items
-
-
33
(1)
-
1
33
1
34
As of March 31, 2024
2,386,846,474
7,548
129,937
(14,167)
(65,716,125)
(4,909)
118,409
2,734
121,143
(a)Treasury shares related to the
performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1st quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,318
2,659
7,082
24,533
20,671
15
-
56,278
Intersegment sales
9,735
3,495
790
8,143
269
63
(22,495)
-
Excise taxes
-
-
-
(170)
(4,225)
-
-
(4,395)
Revenues from sales
11,053
6,154
7,872
32,506
16,715
78
(22,495)
51,883
Operating expenses
(4,444)
(4,784)
(7,565)
(30,888)
(16,096)
(229)
22,495
(41,511)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,917)
(321)
(97)
(376)
(206)
(25)
-
(2,942)
Net income (loss) from equity affiliates
and other items
97
495
(615)
68
1,480
27
-
1,552
Tax on net operating income
(2,261)
(284)
(40)
(255)
(108)
55
-
(2,893)
Adjustment (a)
(22)
38
(1,056)
93
1,530
(4)
-
579
Adjusted net operating income
2,550
1,222
611
962
255
(90)
-
5,510
Adjustment (a)
579
Net cost of net debt
(285)
Non-controlling interests
(83)
Net income - TotalEnergies
share
5,721
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
1st quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,294
565
1,739
435
144
28
-
5,205
Total divestments
306
50
62
38
1,281
1
-
1,738
Cash flow from operating activities
3,590
1,710
(249)
(2,129)
(108)
(645)
-
2,169
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,622
3,050
7,350
24,372
22,826
17
-
59,237
Intersegment sales
10,630
3,651
1,276
8,796
157
26
(24,536)
-
Excise taxes
-
-
-
(216)
(4,256)
-
-
(4,472)
Revenues from sales
12,252
6,701
8,626
32,952
18,727
43
(24,536)
54,765
Operating expenses
(5,084)
(5,289)
(7,787)
(32,367)
(18,289)
(210)
24,536
(44,490)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,334)
(440)
(97)
(394)
(236)
(38)
-
(3,539)
Net income (loss) from equity affiliates
and other items
(370)
560
(17)
(158)
1,917
(71)
-
1,861
Tax on net operating income
(2,371)
(217)
(156)
76
(718)
91
-
(3,295)
Adjustment (a)
(709)
(141)
42
(524)
1,095
(7)
-
(244)
Adjusted net operating income
2,802
1,456
527
633
306
(178)
-
5,546
Adjustment (a)
(244)
Net cost of net debt
(265)
Non-controlling interests
26
Net income - TotalEnergies
share
5,063
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
4th quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
3,080
855
1,241
1,011
588
60
-
6,835
Total divestments
4,362
28
32
22
1,754
5
-
6,203
Cash flow from operating activities
5,708
2,702
638
4,825
1,759
518
-
16,150
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1st quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,954
4,872
8,555
24,855
22,359
8
-
62,603
Intersegment sales
10,728
5,999
1,685
9,061
120
57
(27,650)
-
Excise taxes
-
-
-
(184)
(4,186)
-
-
(4,370)
Revenues from sales
12,682
10,871
10,240
33,732
18,293
65
(27,650)
58,233
Operating expenses
(4,762)
(9,445)
(9,831)
(31,892)
(17,787)
(161)
27,650
(46,228)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,066)
(288)
(47)
(414)
(224)
(23)
-
(3,062)
Net income (loss) from equity affiliates
and other items
68
804
(70)
52
243
(21)
-
1,076
Tax on net operating income
(3,398)
(205)
(111)
(325)
(119)
63
-
(4,095)
Adjustment (a)
(129)
(335)
(189)
(465)
126
-
-
(992)
Adjusted net operating income
2,653
2,072
370
1,618
280
(77)
-
6,916
Adjustment (a)
(992)
Net cost of net debt
(293)
Non-controlling interests
(74)
Net income - TotalEnergies
share
5,557
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
1st quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,052
1,195
1,234
225
159
35
-
6,900
Total divestments
31
49
149
8
301
-
-
538
Cash flow from operating activities
4,536
3,536
(1,285)
(851)
(673)
(130)
-
5,133
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities
to Net investments
1.1 Exploration & Production
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow used in investing activities
( a )
1,988
(1,282)
4,021
-51%
Other transactions with non-controlling
interests ( b )
-
-
-
ns
Organic loan repayment from equity
affiliates ( c )
-
-
-
ns
Change in debt from renewable projects
financing ( d ) *
-
-
-
ns
Capex linked to capitalized leasing
contracts ( e )
90
61
50
80%
Expenditures related to carbon credits ( f
)
(1)
32
1
ns
Net investments ( a + b + c + d + e + f
= g - i + h )
2,077
(1,189)
4,072
-49%
of which net acquisitions of assets sales
( g - i )
36
(4,306)
1,938
-98%
Acquisitions ( g )
327
39
1,946
-83%
Assets sales ( i )
291
4,345
8
x36.4
Change in debt from renewable projects
(partner share)
-
-
-
ns
of which organic investments ( h
)
2,041
3,117
2,134
-4%
Capitalized exploration
136
208
204
-33%
Increase in non-current loans
42
61
44
-5%
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(15)
(17)
(23)
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
1.2 Integrated LNG
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow used in investing activities
( a )
515
827
1,146
-55%
Other transactions with non-controlling
interests ( b )
-
-
-
ns
Organic loan repayment from equity
affiliates ( c )
1
-
1
ns
Change in debt from renewable projects
financing ( d ) *
-
-
-
ns
Capex linked to capitalized leasing
contracts ( e )
12
11
8
50%
Expenditures related to carbon credits ( f
)
-
-
-
ns
Net investments ( a + b + c + d + e + f
= g - i + h )
528
838
1,155
-54%
of which net acquisitions of assets sales
( g - i )
(12)
48
759
ns
Acquisitions ( g )
-
56
769
-100%
Assets sales ( i )
12
8
10
20%
Change in debt from renewable projects
(partner share)
-
-
-
ns
of which organic investments ( h
)
540
790
396
36%
Capitalized exploration
9
6
1
x9
Increase in non-current loans
173
179
143
21%
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(37)
(20)
(38)
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow used in investing activities
( a )
1,677
1,209
1,085
55%
Other transactions with non-controlling
interests ( b )
-
-
-
ns
Organic loan repayment from equity
affiliates ( c )
-
1
6
-100%
Change in debt from renewable projects
financing ( d ) *
-
(3)
3
-100%
Capex linked to capitalized leasing
contracts ( e )
1
(1)
2
-50%
Expenditures related to carbon credits ( f
)
-
-
-
ns
Net investments ( a + b + c + d + e + f
= g - i + h )
1,678
1,206
1,096
53%
of which net acquisitions of assets sales
( g - i )
735
532
519
42%
Acquisitions ( g )
736
535
537
37%
Assets sales ( i )
1
3
18
-94%
Change in debt from renewable projects
(partner share)
-
-
(3)
-100%
of which organic investments ( h
)
943
674
577
63%
Capitalized exploration
-
-
-
ns
Increase in non-current loans
305
318
163
87%
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(61)
(28)
(121)
ns
Change in debt from renewable projects
(TotalEnergies share)
-
(3)
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
1.4 Refining & Chemicals
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow used in investing activities
( a )
397
989
217
83%
Other transactions with non-controlling
interests ( b )
-
-
-
ns
Organic loan repayment from equity
affiliates ( c )
2
2
(14)
ns
Change in debt from renewable projects
financing ( d ) *
-
-
-
ns
Capex linked to capitalized leasing
contracts ( e )
-
-
-
ns
Expenditures related to carbon credits ( f
)
-
-
-
ns
Net investments ( a + b + c + d + e + f
= g - i + h )
399
991
203
97%
of which net acquisitions of assets sales
( g - i )
(20)
(11)
5
ns
Acquisitions ( g )
9
1
4
x2.3
Assets sales ( i )
29
12
(1)
ns
Change in debt from renewable projects
(partner share)
-
-
-
ns
of which organic investments ( h
)
419
1,002
198
x2.1
Capitalized exploration
-
-
-
ns
Increase in non-current loans
7
28
11
-36%
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(7)
(8)
(8)
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow used in investing activities
( a )
(1,137)
(1,166)
(142)
ns
Other transactions with non-controlling
interests ( b )
-
-
-
ns
Organic loan repayment from equity
affiliates ( c )
-
-
-
ns
Change in debt from renewable projects
financing ( d ) *
-
-
-
ns
Capex linked to capitalized leasing
contracts ( e )
-
-
-
ns
Expenditures related to carbon credits ( f
)
-
-
-
ns
Net investments ( a + b + c + d + e + f
= g - i + h )
(1,137)
(1,166)
(142)
ns
of which net acquisitions of assets sales
( g - i )
(1,238)
(1,668)
(234)
ns
Acquisitions ( g )
2
67
-
ns
Assets sales ( i )
1,240
1,735
234
x5.3
Change in debt from renewable projects
(partner share)
-
-
-
ns
of which organic investments ( h
)
101
502
92
10%
Capitalized exploration
-
-
-
ns
Increase in non-current loans
11
99
11
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(26)
(12)
(39)
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
2. Reconciliation of cash flow from operating activities to
CFFO
2.1 Exploration & Production
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow from operating activities ( a
)
3,590
5,708
4,536
-21%
(Increase) decrease in working capital ( b
)
(888)
1,018
(371)
ns
Inventory effect ( c )
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
-
-
-
ns
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
4,478
4,690
4,907
-9%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow from operating activities ( a
)
1,710
2,702
3,536
-52%
(Increase) decrease in working capital ( b
) *
363
939
1,456
-75%
Inventory effect ( c )
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
1
-
1
ns
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
1,348
1,763
2,081
-35%
*Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power sectors’ contracts.
2.3 Integrated Power
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow from operating activities ( a
)
(249)
638
(1,285)
ns
(Increase) decrease in working capital ( b
) *
(941)
(66)
(1,715)
ns
Inventory effect ( c )
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
3
-100%
Organic loan repayments from equity
affiliates ( e )
-
1
6
-100%
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
692
705
440
57%
*Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power sectors’ contracts.
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow from operating activities ( a
)
(2,129)
4,825
(851)
ns
(Increase) decrease in working capital ( b
)
(3,526)
4,161
(2,183)
ns
Inventory effect ( c )
108
(507)
(415)
ns
Capital gain from renewable project sales
( d )
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
2
2
(14)
ns
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
1,291
1,173
1,733
-26%
2.5 Marketing & Services
(in millions of dollars)
1st quarter
4th quarter
1st quarter
1st quarter 2024
vs
2024
2023
2023
1st quarter 2023
Cash flow from operating activities ( a
)
(108)
1,759
(673)
ns
(Increase) decrease in working capital ( b
)
(604)
1,457
(1,042)
ns
Inventory effect ( c )
17
(217)
(87)
ns
Capital gain from renewable project sales
( d )
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
-
-
-
ns
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
479
519
456
5%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and
calculation of ROACE
(In millions of dollars)
Exploration &
Production
Integrated
LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Inter
Company
Company
Adjusted net operating income 1 st quarter
2024
2,550
1,222
611
962
255
(90)
-
5,510
Adjusted net operating income 4 th quarter
2023
2,802
1,456
527
633
306
(178)
-
5,546
Adjusted net operating income 3 rd quarter
2023
3,138
1,342
506
1,399
423
80
-
6,888
Adjusted net operating income 2 nd quarter
2023
2,349
1,330
450
1,004
449
(248)
-
5,334
Adjusted net operating income ( a
)
10,839
5,350
2,094
3,998
1,433
(436)
-
23,278
Balance sheet as of March 31,
2024
Property plant and equipment intangible
assets net
84,713
25,054
13,626
12,089
6,508
665
-
142,655
Investments & loans in equity
affiliates
2,889
14,387
8,831
4,142
1,007
-
31,256
Other non-current assets
3,626
2,500
1,280
715
1,236
31
-
9,388
Inventories, net
1,428
1,010
657
13,390
3,744
-
-
20,229
Accounts receivable, net
6,329
8,061
6,819
20,658
9,822
983
(28,474)
24,198
Other current assets
6,404
8,918
5,939
2,674
3,288
5,024
(11,632)
20,615
Accounts payable
(6,347)
(9,053)
(6,565)
(32,774)
(10,361)
(874)
28,327
(37,647)
Other creditors and accrued
liabilities
(9,053)
(10,425)
(6,071)
(6,449)
(5,656)
(7,074)
11,779
(32,949)
Working capital
(1,239)
(1,489)
779
(2,501)
837
(1,941)
-
(5,554)
Provisions and other non-current
liabilities
(25,021)
(3,774)
(1,902)
(3,678)
(1,235)
830
-
(34,780)
Assets and liabilities classified as held
for sale - Capital employed
-
-
276
131
-
-
-
407
Capital Employed (Balance
sheet)
64,968
36,678
22,890
10,898
8,353
(415)
-
143,372
Less inventory valuation effect
-
-
-
(1,538)
(340)
-
-
(1,878)
Capital Employed at replacement cost (
b )
64,968
36,678
22,890
9,360
8,013
(415)
-
141,494
Balance sheet as of March 31,
2023
Property plant and equipment intangible
assets net
88,954
24,420
7,172
11,476
8,036
675
-
140,733
Investments & loans in equity
affiliates
2,344
13,013
9,580
4,471
589
-
-
29,997
Other non-current assets
3,253
3,034
445
656
1,077
225
-
8,690
Inventories, net
1,486
1,520
883
14,637
4,260
-
-
22,786
Accounts receivable, net
6,514
10,988
8,273
18,509
8,777
1,843
(30,776)
24,128
Other current assets
6,131
14,144
9,492
2,732
3,409
2,922
(10,677)
28,153
Accounts payable
(5,493)
(12,295)
(6,951)
(29,927)
(10,469)
(1,751)
30,849
(36,037)
Other creditors and accrued
liabilities
(10,938)
(16,778)
(8,855)
(7,018)
(5,220)
(4,373)
10,604
(42,578)
Working capital
(2,300)
(2,421)
2,842
(1,067)
757
(1,359)
-
(3,548)
Provisions and other non-current
liabilities
(24,812)
(3,863)
(1,213)
(3,789)
(1,273)
540
-
(34,410)
Assets and liabilities classified as held
for sale - Capital employed
219
-
156
88
-
-
-
463
Capital Employed (Balance
sheet)
67,658
34,183
18,982
11,835
9,186
81
-
141,925
Less inventory valuation effect
-
-
-
(1,720)
(375)
-
-
(2,095)
Capital Employed at replacement cost (
c )
67,658
34,183
18,982
10,115
8,811
81
-
139,830
ROACE as a percentage ( a / average ( b
+ c ))
16.3%
15.1%
10.0%
41.1%
17.0%
16.5%
Alternative Performance Measures
(Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net
operating income
(in millions of dollars)
1st quarter
4th quarter
1st quarter
2024
2023
2023
Consolidated net income ( a )
5,804
5,037
5,631
Net cost of net debt ( b )
(285)
(265)
(293)
Special items affecting net operating
income
792
113
(167)
Gain (loss) on asset sales
1,507
1,844
203
Restructuring charges
-
(51)
-
Impairments
(644)
(1,070)
(60)
Other
(71)
(610)
(310)
After-tax inventory effect: FIFO vs.
replacement cost
107
(549)
(391)
Effect of changes in fair value
(320)
192
(434)
Total adjustments affecting net
operating income ( c )
579
(244)
(992)
Adjusted net operating income ( a - b -
c )
5,510
5,546
6,916
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