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Name | Symbol | Market | Type |
---|---|---|---|
TotalEnergies SE | NYSE:TTE | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.02 | 1.45% | 71.52 | 71.75 | 71.13 | 71.35 | 836,428 | 01:00:00 |
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$)
5.1
5.2
-2%
6.5
-22%
- in dollars per share2.14
2.16
-1%
2.61
-18%
Adjusted EBITDA(1) (B$)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)
Social and environmental responsibility
Upstream
Downstream
Integrated LNG
Integrated Power
Decarbonization and low-carbon molecules
(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 shares1Q24
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 segments5,600
5,724
-2%
6,993
-20%
Exploration & Production2,550
2,802
-9%
2,653
-4%
Integrated LNG1,222
1,456
-16%
2,072
-41%
Integrated Power611
527
+16%
370
+65%
Refining & Chemicals962
633
+52%
1,618
-41%
Marketing & Services255
306
-17%
280
-9%
Contribution of equity affiliates to adjusted net income621
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 activities2,169
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) ($/b)Consolidated subsidiaries78.9
80.2
-2%
73.4
+7%
Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries5.11
6.17
-17%
8.89
-43%
Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates9.58
10.28
-7%
13.27
-28%
Variable cost margin - Refining Europe, VCM (6),(10) ($/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 & Gas7.1
7.2
-1%
7.6
-7%
of which CCGT1.1
0.7
+57%
1.5
-27%
Scope 1+2 - equity share11.6
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 facilities8
9
-11%
9
-11%
Methane emissions - equity share9
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 production1Q24
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:
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 production1Q24
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 rate1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income2,550
2,802
-9%
2,653
-4%
including adjusted income from equity affiliates145
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 activities3,590
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 LNG1Q24
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 Mt1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Overall LNG sales10.7
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 purchases9.3
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 dollars1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income1,222
1,456
-16%
2,072
-41%
including adjusted income from equity affiliates494
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 activities1,710
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 Power1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Net power production (TWh) *9.6
8.0
+20%
8.4
+14%
o/w production from renewables6.0
5.5
+10%
3.8
+56%
o/w production from gas flexible capacities3.6
2.5
+42%
4.5
-21%
Portfolio of power generation net installed capacity (GW) **19.5
17.3
+13%
12.7
+54%
o/w renewables13.7
13.0
+5%
8.4
+64%
o/w gas flexible capacities5.8
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 capacity23.5
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 dollars1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income611
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 dollars1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income1,217
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%
France382
444
-14%
357
+7%
Rest of Europe618
582
+6%
596
+4%
Rest of world424
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 rate1Q24
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 dollars1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income962
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 sales1,312
1,341
-2%
1,360
-4%
Europe715
755
-5%
757
-6%
Rest of world597
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 dollars1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Adjusted net operating income255
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:
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:
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:
Divestments were $1,574 million in the first quarter 2024, primarily related to:
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:
5.6 Profitability
Return on equity was 19.0% for the twelve months ended March 31, 2024.
In millions of dollarsApril 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' equity115,835
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 dollarsApril 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
Europe570
592
-4%
583
-2%
Africa463
451
+3%
494
-6%
Middle East and North Africa815
788
+3%
718
+13%
Americas352
376
-6%
441
-20%
Asia-Pacific261
256
+2%
288
-9%
Total production2,461
2,462
-
2,524
-2%
includes equity affiliates346
331
+5%
344
+1%
Liquids production by region (kb/d)1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe224
236
-5%
235
-4%
Africa331
328
+1%
371
-11%
Middle East and North Africa652
629
+4%
578
+13%
Americas171
207
-17%
263
-35%
Asia-Pacific104
106
-1%
116
-10%
Total production1,482
1,506
-2%
1,562
-5%
includes equity affiliates154
141
+9%
150
+3%
Gas production by region (Mcf/d)1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe1,869
1,921
-3%
1,879
-1%
Africa648
612
+6%
615
+5%
Middle East and North Africa896
881
+2%
772
+16%
Americas1,003
941
+7%
994
+1%
Asia-Pacific833
803
+4%
931
-11%
Total production5,249
5,158
+2%
5,191
+1%
includes equity affiliates1,043
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
Europe1,774
1,789
-1%
1,600
+11%
Africa591
610
-3%
667
-11%
Americas1,033
1,055
-2%
849
+22%
Rest of world711
697
+2%
623
+14%
Total consolidated sales4,109
4,151
-1%
3,739
+10%
Includes bulk sales401
402
-
387
+4%
Includes trading2,397
2,408
-
1,992
+20%
Petrochemicals production* (kt)1Q24
4Q23
1Q24 vs 4Q23
1Q23
1Q24 vs 1Q23
Europe990
845
+17%
1,047
-5%
Americas645
528
+22%
607
+6%
Middle East and Asia727
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 France0.1
0.2
-
1.8
0.0
2.2
0.1
0.3
-
1.6
0.0
2.0
Rest of Europe0.1
0.6
0.6
0.7
0.1
2.0
0.0
0.5
0.6
0.6
0.1
1.8
Africa0.0
0.0
-
-
-
0.0
0.0
0.0
-
-
-
0.0
Middle East0.2
-
-
0.3
-
0.5
0.2
-
-
0.3
-
0.4
North America0.5
0.5
-
0.7
-
1.8
0.4
0.5
-
-
-
0.9
South America0.2
0.7
-
-
-
0.8
0.1
0.9
-
-
-
1.0
India1.6
0.2
-
-
-
1.8
1.3
0.2
-
-
-
1.5
Pacific Asia0.3
0.0
0.1
-
-
0.4
0.3
0.0
0.1
-
-
0.4
Total2.9
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
France0.6
0.4
-
2.6
0.1
3.7
0.5
0.3
-
2.6
0.1
3.6
Rest of Europe0.3
0.9
0.6
1.4
0.1
3.2
0.2
0.9
0.6
1.4
0.1
3.2
Africa0.1
0.0
-
-
0.0
0.1
0.1
0.0
-
-
0.0
0.1
Middle East0.4
-
-
0.3
-
0.7
0.4
-
-
0.3
-
0.7
North America2.2
0.8
-
1.5
0.3
4.9
2.0
0.8
-
-
0.2
3.0
South America0.4
0.9
-
-
-
1.2
0.4
0.8
-
-
-
1.2
India4.0
0.5
-
-
-
4.5
3.8
0.5
-
-
-
4.3
Pacific Asia1.0
0.0
0.1
-
0.0
1.1
1.0
0.0
0.1
-
0.0
1.1
Total9.0
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
France0.9
0.7
-
0.1
1.7
0.9
0.6
-
0.1
1.6
Rest of Europe0.3
1.1
1.1
0.2
2.7
0.2
1.1
1.1
0.2
2.6
Africa0.1
0.0
-
0.0
0.2
0.1
0.0
-
0.0
0.2
Middle East1.2
-
-
-
1.2
1.2
-
-
-
1.2
North America5.2
2.2
-
0.6
8.0
4.9
2.1
-
0.5
7.5
South America0.4
1.2
-
-
1.6
0.4
1.2
-
-
1.6
India5.8
0.5
-
-
6.3
5.4
0.5
-
-
5.9
Asia-Pacific1.5
0.0
0.3
0.0
1.8
1.5
0.0
0.3
0.0
1.8
Total15.4
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 France0.1
-
0.0
0.0
0.2
0.2
0.0
0.0
0.0
0.2
Rest of Europe0.4
0.0
-
0.1
0.5
0.4
0.0
-
0.1
0.5
Africa0.3
-
-
0.1
0.4
0.0
-
-
0.0
0.0
Middle East0.1
-
-
-
0.1
0.1
-
-
-
0.1
North America1.6
0.0
-
0.2
1.8
1.4
0.1
-
0.2
1.7
South America0.0
0.7
-
0.0
0.7
0.0
0.4
-
0.0
0.4
India0.6
0.1
-
-
0.6
0.6
-
-
-
0.6
Asia-Pacific0.1
0.0
0.4
-
0.4
0.0
0.0
0.4
-
0.4
Total3.1
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 France1.2
0.4
-
0.0
1.6
0.7
0.4
-
0.0
1.2
Rest of Europe4.4
0.5
7.4
1.8
14.2
4.6
0.3
7.4
0.1
12.4
Africa1.4
0.3
-
0.0
1.7
1.1
0.3
-
0.3
1.7
Middle East1.7
-
-
-
1.7
1.5
0.7
-
-
2.2
North America10.3
3.1
4.1
4.8
22.3
8.2
3.4
4.1
5.4
21.1
South America1.5
1.2
-
0.1
2.8
1.4
0.8
-
0.4
2.6
India4.5
0.2
-
-
4.7
4.7
0.2
-
-
4.9
Asia-Pacific3.2
0.1
2.6
1.0
6.9
2.9
0.4
2.9
1.3
7.5
Total28.2
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 dollars1Q24
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 sales1,507
1,844
203
Restructuring charges-
(51)
-
Impairments(644)
(1,023)
(60)
Other *(58)
(590)
(302)
After-tax inventory effect : FIFO vs. replacement cost124
(535)
(391)
Effect of changes in fair value(320)
192
(434)
Total adjustments affecting net income609
(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 dollars1Q24
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 taxes2,991
3,004
-
4,090
-27%
Add: depreciation, depletion and impairment of tangible assets and mineral interests2,942
3,060
-4%
3,026
-3%
Add: amortization and impairment of intangible assets92
115
-20%
99
-7%
Add: financial interest on debt708
660
+7%
710
-
Less: financial income and expense from cash & cash equivalents(452)
(426)
ns
(373)
ns
Adjusted EBITDA11,493
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 dollars1Q24
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 income240
169
+42%
77
x3,1
Other expense, excluding amortization and impairment of intangible assets(125)
(150)
ns
(38)
ns
Other financial income282
276
+2%
248
+14%
Other financial expense(215)
(180)
ns
(183)
ns
Net income (loss) from equity affiliates621
597
+4%
1,079
-42%
Adjusted EBITDA11,493
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 equivalents452
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 dollars1Q24
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 exploration145
214
-32%
205
-29%
Increase in non-current loans538
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 dollars1Q24
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 dollars03/31/2024
12/31/2023
03/31/2023
Current borrowings *16,068
7,869
16,280
Other current financial liabilities481
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 interests2,734
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 dollarsExploration & Production
Integrated LNG
Integrated Power
Refining & Chemicals
Marketing & Services
Company
Adjusted net operating income10,839
5,350
2,094
3,998
1,433
23,278
Capital employed at 03/31/202367,658
34,183
18,982
10,115
8,811
139,830
Capital employed at 03/31/202464,968
36,678
22,890
9,360
8,013
141,494
ROACE16.3%
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425822663/en/
TotalEnergies Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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