REG-TotalEnergies SE TotalEnergies SE: Fourth Quarter and Full-Year 2024 Results
05/02/2025 07:30
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TotalEnergies SE: Fourth Quarter and Full-Year 2024 Results
TotalEnergies generated $4.4B of adjusted net income, up 8%, for the fourth
quarter thanks to strong performance in Integrated LNG and Integrated Power
In 2024, in a softer environment than 2023, TotalEnergies leveraged its
multi-energy integrated strategy, posting adjusted net income of more than
$18B and a 14.8% ROACE, the best among the majors
2024 dividend increase of 7% - $8 billion buybacks in 2024
8.3% gearing at year-end 2024
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
4Q24 Change 2024 Change
vs 3Q24
vs 2023
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 4.4 +8% 18.3 -21%
- in dollars per share 1.90 +9% 7.77 -17%
Net income (TotalEnergies share) (B$) 4.0 +72% 15.8 -26%
Adjusted EBITDA((1)) (B$) 10.5 +5% 43.1 -14%
Cash flow from operations excluding working capital (CFFO)((1)) (B$) 7.2 +5% 29.9 -17%
Cash flow from operating activities (B$) 12.5 +74% 30.9 -24%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on February 4, 2025, to approve the 4(th) quarter and the full-year 2024
financial statements. On the occasion, Patrick Pouyanné said:
“During the fourth quarter, TotalEnergies leveraged its multi-energy
integrated model, benefiting notably from strong performance in Integrated LNG
and Integrated Power, with $4.4 billion of adjusted net income, up 8% compared
to the third quarter, and $7.2 billion of CFFO, up 5%.
In 2024, TotalEnergies reported adjusted net income of $18.3 billion and cash
flow of $29.9 billion in a softer environment mainly affected by a sharp
decline in refining margins, after two exceptional years. 2024 IFRS net income
was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return
on average capital employed in 2024, the best among the majors for the third
consecutive year. TotalEnergies continued to implement its balanced growth
strategy in a disciplined manner by investing $17.8 billion in 2024, of which
one third was in new Oil & Gas projects and $4.8 billion in low-carbon
energies, including $3.9 billion in Integrated Power. With $8 billion in share
buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with
gearing below 10%, highlighting the Company’s strong financial health.
In the Oil & Gas business, fourth quarter production was 2.43 Mboe/d,
benefiting from the ramp up of projects commencing in 2024. With oil prices
down $5/b compared to previous quarter, partially offset by higher gas prices,
Exploration & Production delivered a strong quarter, with adjusted net
operating income of $2.3 billion and cash flow of $3.9 billion. In 2024,
TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3 in
Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark)
that support 2025 production growth of more than 3%. Exploration &
Production generated adjusted net operating income of $10 billion and cash
flow of $17 billion. During the year, the Company sanctioned major oil
projects in Suriname, Brazil and Angola, driving an outstanding reserves
replacement ratio (157%) and a proved reserves life index greater than 12
years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024,
TotalEnergies confirmed its low cost and low emission O&G model, with
operating costs below $5/boe and GHG emissions(†) and notably methane
emissions down 3% and 15%, respectively, over the year.
Integrated LNG results meaningfully increased sequentially with adjusted net
operating income and cash flow of $1.4 billion, up 35% and 63%, respectively,
compared to the third quarter, driven by 6% production growth, average LNG
prices above $10/Mbtu and LNG trading performance back to the level of the
fourth quarter 2023, taking advantage of higher market volatility. For
full-year 2024, Integrated LNG generated adjusted net operating income and
cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the
launch of Marsa LNG in Oman, Ubeta in Nigeria, the Sapura OMV acquisition in
Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in
Texas. Moreover, TotalEnergies continued to successfully market its LNG
volumes by signing several new medium-term sales contracts (6 Mt/ year) in
Asia, mostly Brent-indexed.
During the fourth quarter, Integrated Power continued its track record of
strong performance throughout the year with a higher adjusted net operating
income of $575 million and cash flow of $604 million. Full-year 2024 cash flow
totaled $2.6 billion, up 19% year-on-year and in line with annual Company
guidance, and with a ROACE of 10%. Net electricity production increased 23%
year-on-year to 41 TWh and contributed to reducing the average lifecycle
carbon intensity of all energy products sold by the Company to its clients
(-17% vs. 2015). During 2024, TotalEnergies continued to deploy its
differentiated Integrated Power model in key targeted markets through
strategic acquisitions: Quadra Energy and VSB that strengthen the Company’s
position in Germany, and gas-fired power plants in the United States and the
United Kingdom that further enhance the Company’s flexible generation
capacity. Thanks to its portfolio, TotalEnergies anticipates growing power
production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon
production.
During the fourth quarter, in a globally weak margin environment, Downstream
adjusted net operating income was $680 million, up 12%, and cash flow was $1.4
billion, up 15%, following a $10/t increase in European refining margins.
Full-year 2024 adjusted net operating income was $3.5 billion, down from 2023
levels due to a sharp decline (-44%) in European refining margins and
downgraded operations in some units. Importantly, cash flow remained above $6
billion, demonstrating the resilience of the Company’s integrated Downstream
model.
In view of the free cash flow growth outlook and share buybacks executed in
2024 (5% of the share capital), the Board of Directors will propose at the
Shareholders’ Meeting to be held on May 23, 2025, the distribution of a
final 2024 dividend of €0.85/share, resulting in an increase of 7% for the
2024 dividend to €3.22/share, compared to the 2023 dividend. Furthermore,
the Board of Directors confirmed a shareholder return policy for 2025
targeting >40% CFFO payout, which will combine interim dividends increasing
by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level
which will be pursued under reasonable market conditions.”
1. Highlights ((2))
Upstream
* Closing of the acquisition of the Upstream gas assets of SapuraOMV, in
Malaysia
* Production start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil
* Launch, as part of GGIP, of the construction of an early gas treatment unit to
stop flaring and supply gas-fired power plants in Iraq
Integrated LNG
* Signature of an LNG sales contract for 2 Mt/year over 15 years with Sinopec
delivered in China from 2028
Integrated Power
* Signature of an acquisition agreement of VSB, a German renewable energy
developer
* Sale of a 50% interest in a 2 GW solar and BESS portfolio in the United States
* Sale of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in
the United Kingdom
* Award of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water
Company, in Saudi Arabia
* Signature of an agreement with OQ Alternative Energy to develop 300 MW of
renewable energy projects, in Oman
* Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh
over 15 years
Decarbonization and low-carbon molecules
* Decision to deploy continuous, real-time methane emissions detection equipment
on all TotalEnergies operated upstream assets
* Launch by Northern Endurance Partnership of the first CCS project in the UK
(TotalEnergies, 10%)
* Launch of a renewable hydrogen production project (bio H(2)) with Air Liquide
at La Mède platform
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
4Q24 3Q24 4Q24 4Q23 In millions of dollars, except effective tax rate, 2024 2023 2024
vs
earnings per share and number of shares
vs
3Q24
2023
10,529 10,048 +5% 11,696 Adjusted EBITDA ((1)) 43,143 50,030 -14%
4,992 4,635 +8% 5,724 Adjusted net operating income from business segments 20,566 25,107 -18%
2,305 2,482 -7% 2,802 Exploration & Production 10,004 10,942 -9%
1,432 1,063 +35% 1,456 Integrated LNG 4,869 6,200 -21%
575 485 +19% 527 Integrated Power 2,173 1,853 +17%
318 241 +32% 633 Refining & Chemicals 2,160 4,654 -54%
362 364 -1% 306 Marketing & Services 1,360 1,458 -7%
706 706 - 597 Contribution of equity affiliates to adjusted net income 2,669 3,000 -11%
41.3% 38.0% - 37.7% Effective tax rate ((3)) 39.4% 37.5% -
4,406 4,074 +8% 5,226 Adjusted net income (TotalEnergies share) ((1)) 18,264 23,176 -21%
1.90 1.74 +9% 2.16 Adjusted fully-diluted earnings per share (dollars) ((4)) 7.77 9.40 -17%
1.78 1.58 +13% 2.02 Adjusted fully-diluted earnings per share (euros) ((5)) 7.18 8.70 -17%
2,282 2,310 -1% 2,387 Fully-diluted weighted-average shares (millions) 2,315 2,434 -5%
3,956 2,294 +72% 5,063 Net income (TotalEnergies share) 15,758 21,384 -26%
3,839 4,102 -6% 6,139 Organic investments ((1)) 16,423 18,126 -9%
24 1,662 -99% (5,404) Acquisitions net of assets sales ((1)) 1,406 (1,289) ns
3,863 5,764 -33% 735 Net investments ((1)) 17,829 16,837 +6%
7,151 6,821 +5% 8,500 Cash flow from operations excluding working capital (CFFO) ((1)) 29,917 35,946 -17%
7,398 7,009 +6% 8,529 Debt Adjusted Cash Flow (DACF) ((1)) 30,614 36,451 -16%
12,507 7,171 +74% 16,150 Cash flow from operating activities 30,854 40,679 -24%
Gearing ((1)) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and
5.0% at December 31, 2023
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
4Q24 3Q24 4Q24 4Q23 2024 2023 2024
vs
vs
3Q24
2023
74.7 80.3 -7% 84.3 Brent ($/b) 80.8 82.6 -2%
3.0 2.2 +34% 2.9 Henry Hub ($/Mbtu) 2.4 2.7 -9%
13.6 11.5 +18% 13.6 TTF ($/Mbtu) 11.0 13.1 -16%
14.0 13.0 +7% 15.2 JKM ($/Mbtu) 11.9 13.8 -14%
71.8 77.0 -7% 80.2 Average price of liquids ((6),(7)) ($/b) 77.1 76.2 +1%
Consolidated subsidiaries
6.26 5.78 +8% 6.17 Average price of gas ((6),(8)) ($/Mbtu) 5.54 6.64 -16%
Consolidated subsidiaries
10.37 9.91 +5% 10.28 Average price of LNG ((6),(9)) ($/Mbtu) 9.80 10.76 -9%
Consolidated subsidiaries and equity affiliates
25.9 15.4 +68% 52.6 European Refining Margin Marker (ERM) ((6),(10)) ($/t) 39.5 71.0 -44%
3.2 Greenhouse gas emissions ((11))
4Q24 3Q24 4Q24 4Q23 Scope 1+2 emissions (MtCO2e) 2024 2023 2024
vs
vs
3Q24
2023
9.6 8.8 +9% 7.9 Scope 1+2 from operated facilities ((12)) 34.3 34.6 -1%
7.9 7.4 +7% 7.2 of which Oil & Gas 29.4 30.3 -3%
1.7 1.4 +21% 0.7 of which CCGT 4.9 4.3 +14%
12.2 11.7 +4% 11.5 Scope 1+2 - equity share 46.4 48.9 -5%
4Q24 3Q24 4Q24 4Q23 Methane emissions (ktCH4) 2024 2023 2024
vs
vs
3Q24
2023
7 7 - 9 Methane emissions from operated facilities 29 34 -15%
9 8 +13% 11 Methane emissions - equity share 33 40 -18%
Estimated quarterly emissions.
In 2024, Scope 1+2 emissions from operated installations amounted to 34.3
million tons CO2e.
2024 methane emissions from operated facilities were down 15% compared to 2023
mainly due to a continuous decrease in flaring and fugitive emissions in
Exploration & Production, which were down 55% compared to the 2020
reference level, reaching the objective of -50% one year early. In 2025,
TotalEnergies therefore reinforces its ambition through a new methane
emissions reduction objective of -60% vs. 2020.
2024 Scope 3 ((13)) Category 11 emissions are estimated to be 347 Mt CO(2)e
vs. 355 Mt CO(2)e in 2023.
3.3 Production ((14))
4Q24 3Q24 4Q24 4Q23 Hydrocarbon production 2024 2023 2024
vs
vs
3Q24
2023
2,427 2,409 +1% 2,462 Hydrocarbon production (kboe/d) 2,434 2,483 -2%
1,292 1,324 -2% 1,341 Oil (including bitumen) (kb/d) 1,314 1,388 -5%
1,135 1,086 +5% 1,121 Gas (including condensates and associated NGL) (kboe/d) 1,120 1,095 +2%
2,427 2,409 +1% 2,462 Hydrocarbon production (kboe/d) 2,434 2,483 -2%
1,445 1,466 -1% 1,506 Liquids (kb/d) 1,468 1,550 -5%
5,323 5,093 +5% 5,158 Gas (Mcf/d) 5,211 5,028 +4%
Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in
2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and
was comprised of:
* +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil,
Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West
in Nigeria, Fenix in Argentina and Anchor in the United States,
* +1% due to higher availability of production facilities,
* +1% portfolio effect related to entry into the producing fields of SARB Umm
Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of
interests in the Eagle Ford shale gas plays in Texas,
* -3% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
4Q24 3Q24 4Q24 4Q23 Hydrocarbon production 2024 2023 2024
vs
vs
3Q24
2023
1,933 1,944 -1% 1,998 EP (kboe/d) 1,947 2,034 -4%
1,385 1,414 -2% 1,448 Liquids (kb/d) 1,408 1,492 -6%
2,924 2,830 +3% 2,946 Gas (Mcf/d) 2,880 2,900 -1%
4.1.2 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars, except effective tax rate 2024 2023 2024
vs
vs
3Q24
2023
2,305 2,482 -7% 2,802 Adjusted net operating income 10,004 10,942 -9%
207 183 +13% 130 including adjusted income from equity affiliates 742 539 +38%
50.5% 45.1% - 47.7% Effective tax rate ((15)) 47.8% 50.0% -
2,104 2,330 -10% 3,117 Organic investments ((1)) 9,060 10,232 -11%
(258) (42) ns (4,306) Acquisitions net of assets sales ((1)) (207) (2,706) ns
1,846 2,288 -19% (1,189) Net investments ((1)) 8,853 7,526 +18%
3,945 4,273 -8% 4,690 Cash flow from operations excluding working capital (CFFO) ((1)) 17,049 19,126 -11%
4,500 4,763 -6% 5,708 Cash flow from operating activities 17,388 18,531 -6%
In the fourth quarter 2024, for Exploration & Production:
* adjusted net operating income was $2,305 million, down 7% quarter-to-quarter,
driven by lower oil prices that were partially compensated by increased
production and higher gas realizations,
* cash flow from operations excluding working capital (CFFO) was $3,945 million,
down 8% quarter-to-quarter for the same reasons.
In 2024, adjusted net operating income was $10,004 million, down 9%
year-on-year, and cash flow from operations excluding working capital (CFFO)
was $17,049 million, down 11% year-on-year, mainly driven by lower oil and gas
prices and by the impact of the disposal of the Canadian oil sands assets.
4.2 Integrated LNG
4.2.1 Production
4Q24 3Q24 4Q24 4Q23 Hydrocarbon production for LNG 2024 2023 2024
vs
vs
3Q24
2023
494 465 +6% 464 Integrated LNG (kboe/d) 487 449 +8%
60 52 +14% 58 Liquids (kb/d) 60 58 +3%
2,399 2,263 +6% 2,212 Gas (Mcf/d) 2,331 2,128 +10%
4Q24 3Q24 4Q24 4Q23 Liquefied Natural Gas in Mt 2024 2023 2024
vs
vs
3Q24
2023
10.8 9.5 +14% 11.8 Overall LNG sales 39.8 44.3 -10%
3.8 3.8 +1% 4.0 incl. Sales from equity production* 15.5 15.2 +1%
9.4 8.4 +11% 10.8 incl. Sales by TotalEnergies from equity production and third party purchases 34.7 40.1 -14%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG in the fourth quarter was up 6%
quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys
LNG, which occurred in the third quarter.
LNG sales, although down year-on-year reflecting lower LNG demand in Europe,
were up 14% quarter-to-quarter, notably due to increased spot volumes in a
context of seasonal inventory replenishment.
4.2.2 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars, except the average price of LNG 2024 2023 2024
vs
vs
3Q24
2023
10.37 9.91 +5% 10.28 Average price of LNG ($/Mbtu) * 9.80 10.76 -9%
Consolidated subsidiaries and equity affiliates
1,432 1,063 +35% 1,456 Adjusted net operating income 4,869 6,200 -21%
525 538 -2% 500 including adjusted income from equity affiliates 1,978 2,103 -6%
554 451 +23% 790 Organic investments ((1)) 2,169 2,063 +5%
1,116 65 x17.2 48 Acquisitions net of assets sales ((1)) 1,367 1,096 +25%
1,670 516 x3.2 838 Net investments ((1)) 3,536 3,159 +12%
1,447 888 +63% 1,763 Cash flow from operations excluding working capital (CFFO) ((1)) 4,903 7,293 -33%
2,214 830 x2.7 2,702 Cash flow from operating activities 5,185 8,442 -39%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
In the fourth quarter 2024, for Integrated LNG:
* adjusted net operating income was $1,432 million, up 35% on the quarter,
driven by higher hydrocarbon production for LNG, an average LNG selling price
above $10/Mbtu and LNG trading results benefitting from higher market
volatility,
* cash flow from operations excluding working capital (CFFO) was $1,447 million,
up 63% on the quarter for the same reasons and due to a positive timing effect
in dividend payments from some equity affiliates of around $150 million.
In 2024, for Integrated LNG:
* adjusted net operating income was $4,869 million, down 21% year-on-year,
mainly due to lower average LNG selling prices and low market volatility
during the first three quarters that impacted gas trading results,
* cash flow from operations excluding working capital (CFFO) was $4,903 million,
down 33% year-on-year for the same reasons.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
4Q24 3Q24 4Q24 4Q23 Integrated Power 2024 2023 2024
vs
vs
3Q24
2023
11.4 11.1 +2% 8.0 Net power production (TWh) * 41.1 33.4 +23%
6.5 6.7 -4% 5.5 o/w production from renewables 26.0 18.9 +38%
4.9 4.4 +12% 2.5 o/w production from gas flexible capacities 15.1 14.5 +4%
21.5 21.6 -1% 17.3 Portfolio of power generation net installed capacity (GW) ** 21.5 17.3 +24%
15.1 14.5 +4% 13.0 o/w renewables 15.1 13.0 +16%
6.5 7.1 -9% 4.3 o/w gas flexible capacities 6.5 4.3 +50%
97.2 89.6 +9% 80.1 Portfolio of renewable power generation gross capacity (GW) **,*** 97.2 80.1 +21%
26.0 24.2 +8% 22.4 o/w installed capacity 26.0 22.4 +16%
6.1 6.0 +1% 5.9 Clients power - BtB and BtC (Million) ** 6.1 5.9 +2%
2.8 2.8 - 2.8 Clients gas - BtB and BtC (Million) ** 2.8 2.8 -
13.8 10.9 +26% 13.9 Sales power - BtB and BtC (TWh) 50.7 52.1 -3%
30.1 13.9 x2.2 30.7 Sales gas - BtB and BtC (TWh) 98.6 100.9 -2%
* 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 11.4 TWh in the fourth quarter 2024, up 2% on the
quarter due to the seasonal increase in power production from flexible
capacities in Europe.
Over the year, net power production was up 23%, at 41 TWh. Notably, production
from renewables increased 38% and accounted for more than 60% of the
electricity generated.
Gross installed renewable power generation capacity reached 26 GW at the end
of the fourth quarter 2024, up 1.8 GW quarter-to-quarter.
4.3.2 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
575 485 +19% 527 Adjusted net operating income 2,173 1,853 +17%
(25) 29 ns 21 including adjusted income from equity affiliates - 137 -100%
109 707 -85% 674 Organic investments ((1)) 2,355 2,582 -9%
(662) 1,529 ns 532 Acquisitions net of assets sales ((1)) 1,514 2,363 -36%
(553) 2,236 ns 1,206 Net investments ((1)) 3,869 4,945 -22%
604 636 -5% 705 Cash flow from operations excluding working capital (CFFO) ((1)) 2,555 2,152 +19%
1,201 373 x3.2 638 Cash flow from operating activities 2,972 3,573 -17%
In the fourth quarter 2024, Integrated Power adjusted net operating income was
$575 million, up 19% quarter-to-quarter.
In 2024, Integrated Power adjusted net operating income and cash flow from
operations excluding working capital (CFFO) were $2,173 million and $2,555
million, respectively, up nearly 20% year-on-year and in line with growth in
the business. These results demonstrate the relevance of the integrated model,
with all segments of the value chain contributing to achieving annual guidance
(> $2.5 billion CFFO).
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
680 605 +12% 939 Adjusted net operating income 3,520 6,112 -42%
1,013 561 +81% 1,504 Organic investments ((1)) 2,662 3,105 -14%
(172) 112 ns (1,679) Acquisitions net of assets sales ((1)) (1,262) (2,042) ns
841 673 +25% (175) Net investments ((1)) 1,400 1,063 +32%
1,356 1,177 +15% 1,692 Cash flow from operations excluding working capital (CFFO) ((1)) 6,079 8,171 -26%
4,610 1,145 x4 6,584 Cash flow from operating activities 6,709 9,914 -32%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
4Q24 3Q24 4Q24 4Q23 Refinery throughput and utilization rate 2024 2023 2024
vs
vs
3Q24
2023
1,432 1,539 -7% 1,381 Total refinery throughput (kb/d) 1,472 1,436 +2%
424 451 -6% 444 France 422 414 +2%
541 625 -13% 582 Rest of Europe 605 592 +2%
467 463 +1% 355 Rest of world 446 431 +3%
82% 86% 79% Utilization rate based on crude only* 83% 81%
* Based on distillation capacity at the beginning of the year, excluding the
African refinery SIR (divested) from 3(rd) quarter 2024 and the African
refinery Natref (divested) during the 4(th) quarter 2024.
4Q24 3Q24 4Q24 4Q23 Petrochemicals production and utilization rate 2024 2023 2024
vs
vs
3Q24
2023
1,233 1,314 -6% 1,114 Monomers* (kt) 5,082 4,896 +4%
1,080 1,167 -7% 985 Polymers (kt) 4,433 4,130 +7%
79% 85% 60% Steam cracker utilization rate** 79% 69%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year, excluding Lavera (divested) from 2(nd)
quarter 2024.
Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround
at the Leuna refinery in Germany.
Over 2024, the utilization rate based on crude was 83%, below the annual
objective of 85% due to unplanned shutdowns notably at the Normandy and Donges
platforms, in France as well as at the Port-Arthur refinery in the United
States.
4.5.2 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars, except ERM 2024 2023 2024
vs
vs
3Q24
2023
25.9 15.4 +68% 52.6 European Refining Margin Marker (ERM) ($/t) * 39.5 71.0 -44%
318 241 +32% 633 Adjusted net operating income 2,160 4,654 -54%
581 329 +77% 1,002 Organic investments ((1)) 1,711 2,040 -16%
(92) 34 ns (11) Acquisitions net of assets sales ((1)) (173) (118) ns
489 363 +35% 991 Net investments ((1)) 1,538 1,922 -20%
822 530 +55% 1,173 Cash flow from operations excluding working capital (CFFO) ((1)) 3,760 5,853 -36%
3,832 564 x6.8 4,825 Cash flow from operating activities 3,808 7,957 -52%
* 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. Does not include oil trading activities.
In the fourth quarter 2024, for Refining & Chemicals:
* adjusted net operating income was $318 million, up 32% quarter-to-quarter,
thanks to a $10/t increase in European refining margins,
* cash flow from operations excluding working capital (CFFO) was $822 million,
up 55% quarter-to-quarter, for the same reasons and thanks to dividends
received from equity affiliates during the quarter.
In 2024, for Refining & Chemicals, adjusted net operating income and cash
flow from operations excluding working capital (CFFO) were both down,
amounting to $2,160 million and $3,760 million, respectively, reflecting lower
refining margins in Europe and the Rest of the World.
4.6 Marketing & Services
4.6.1 Petroleum product sales
4Q24 3Q24 4Q24 4Q23 Sales in kb/d* 2024 2023 2024
vs
vs
3Q24
2023
1,312 1,383 -5% 1,341 Total Marketing & Services sales 1,342 1,375 -2%
724 795 -9% 755 Europe 752 776 -3%
587 588 - 587 Rest of world 591 599 -1%
* Excludes trading and bulk refining sales.
Sales of petroleum products in the fourth quarter 2024 were down 5%
quarter-to-quarter, mainly due to seasonality of European fuel demand.
4.6.2 Results
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
362 364 -1% 306 Adjusted net operating income 1,360 1,458 -7%
432 232 +86% 502 Organic investments ((1)) 951 1,065 -11%
(80) 78 ns (1,668) Acquisitions net of assets sales ((1)) (1,089) (1,924) ns
352 310 +14% (1,166) Net investments ((1)) (138) (859) ns
534 647 -17% 519 Cash flow from operations excluding working capital (CFFO) ((1)) 2,319 2,318 -
778 581 +34% 1,759 Cash flow from operating activities 2,901 1,957 +48%
Marketing & Services adjusted net operating income was stable
quarter-to-quarter at $362 million and cash flow from operations excluding
working capital (CFFO) was $534 million.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
* $4,992 million in the fourth quarter 2024 versus $4,635 million in the third
quarter 2024, mainly due to increases in hydrocarbon production, gas prices
and refining margins that were partially offset by lower oil prices,
* $20,566 million in 2024 versus $25,107 million in 2023, linked to lower oil
& gas prices and refining margins and to low market volatility impacting
gas & LNG trading.
5.2 Adjusted net income ((1)) (TotalEnergies share)
TotalEnergies adjusted net income was $4,406 million in the fourth quarter
2024 versus $4,074 million in the third quarter 2024, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($ 0.5) billion in the fourth quarter 2024,
consisting mainly of:
* ($0.4) billion related to impairments,
* $0.2 billion in inventory effects,
* ($0.3) billion related to the effect of changes in fair value.
TotalEnergies’ average tax rate was:
* 41.3% in the fourth quarter 2024 versus 38.0% in the third quarter 2024,
notably due to the higher relative weight of highly taxed North Sea assets in
Exploration & Production,
* 39.4% in 2024 versus 37.5% a year ago, notably due to a higher weight of
Exploration & Production in the Company’s results.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
* $1.90 in the fourth quarter 2024, based on 2,282 million weighted average
diluted shares, compared to $1.74 in the third quarter 2024,
* $7.77 in 2024, based on 2,315 million weighted average diluted shares,
compared to $9.40 in 2023.
As of December 31, 2024, the number of diluted shares was 2,270 million.
As part of its shareholder return policy, TotalEnergies repurchased:
* 32.9 million shares for cancellation in the fourth quarter 2024 for $2
billion,
* 121 million shares for cancellation in 2024 for $8 billion.
5.4 Acquisitions – asset sales
Acquisitions were :
* $1,233 million in the fourth quarter 2024, primarily related to Sapura OMV in
Malaysia and interests in dry gas fields operated by Lewis Energy in the Eagle
Ford in Texas,
* $4,646 million in 2024, related to the above acquisitions as well as the
acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle
Ford) gas field in Texas, the German renewable energy aggregator Quadra
Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible gas
capacity in the United Kingdom and interest in offshore wind in Germany in
2023 and in The Netherlands in 2024.
Divestments were :
* $1,209 million in the fourth quarter 2024, primarily related to the farm down
of renewable and flexible assets in the United States, the sale of a 50%
interest in the West Burton plant in the United Kingdom as well as the sales
of TotalEnergies EP Brunei, TotalEnergies’ interest in Total PARCO in
Pakistan and a minority interest in the Natref refinery in South Africa.
* $3,240 million in 2024, related to the above divestments as well as 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, the farm down of the Seagreen offshore wind farm in the United
Kingdom, and the sale of petrochemical assets in Lavera, France.
5.5 Net cash flow ((1))
TotalEnergies’ net cash flow was:
* $3,288 million in the fourth quarter 2024 versus $1,057 million in the third
quarter, reflecting the $330 million increase in CFFO and the $1,901 million
decrease in net investments to $3,863 million in the fourth quarter 2024.
* $12,088 million in 2024 versus $19,109 million in 2023, reflecting the $6,029
million decrease in CFFO and the $992 million increase in net investments to
$17,829 million in 2024.
2024 cash flow from operating activities was $12,507 million in the fourth
quarter 2024 versus CFFO of $7,151 million, which reflects positive variation
from a $5.4 billion working capital release, including around $1.5 billion
related to exceptional items.
5.6 Profitability
Return on equity was 15.8% for the twelve months ended December 31, 2024.
In millions of dollars January 1, 2024 October 1, 2023 January 1, 2023
December 31, 2024 September 30, 2024 December 31, 2023
Adjusted net income ((1)) 18,586 19,398 23,450
Average adjusted shareholders' equity 117,835 116,572 115,006
Return on equity (ROE) 15.8% 16.6% 20.4%
Return on average capital employed ((1)) was 14.8% for the twelve months ended
December 31, 2024.
In millions of dollars January 1, 2024 October 1, 2023 January 1, 2023
December 31, 2024 September 30, 2024 December 31, 2023
Adjusted net operating income ((1)) 19,974 20,701 24,684
Average capital employed ((1)) 135,174 142,195 130,517
ROACE ((1)) 14.8% 14.6% 18.9%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €15,275
million in 2024, compared to €11,232 million in 2023.
7. Annual 2025 Sensitivities ((16))
Change Estimated impact on adjusted Estimated impact on cash flow from operations
net operating income
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price ((17)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
At the beginning of 2025, Brent prices remain volatile between $70 and $80/b,
supported by the willingness of OPEC+ countries to balance oil markets that
are facing strong supply growth from non-OPEC countries (US, Guyana, Brazil).
According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in
2025, up from a 0.8 Mb/d increase in 2024.
European gas prices increased at the end of 2024 and forward markets currently
expect prices to be above $13/Mbtu in the first quarter of 2025, supported by
high winter consumption and rapid inventory declines in Europe in the context
of the interruption of Russian imports via Ukraine. Gas markets should remain
in tension in 2025 due to very limited expected capacity additions related to
delays of some projects. TotalEnergies expects more than 40 Mt of LNG sales in
2025. Given the evolution of oil and gas prices in the recent months and the
lag effect on price formulas, TotalEnergies anticipates its average LNG
selling price will be above $10/Mbtu in the first quarter 2025.
In 2025, TotalEnergies anticipates its hydrocarbon production will grow more
than 3%, benefiting from the ramp-up of 2024 start-ups and production
start-ups, notably Ballymore in the Gulf of Mexico and Mero-4 in Brazil.
First quarter 2025 hydrocarbon production is expected to be between 2.5 and
2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the
acquisitions of SapuraOMV in Malaysia and of interests in the Eagle Ford shale
gas play in Texas that occurred during the fourth quarter 2024.
The Integrated Power segment is expected to expand in 2025 supported by
electricity production growth greater than 20% to reach an annual net
electricity generation of more than 50 TWh. Cash flow before working capital
(CFFO) is expected to be between $2.5 and $3 billion in 2025.
By combining hydrocarbon and electricity production growth, the Company
expects to increase energy production by 5% in 2025. Integrated Power
production will represent 10% of hydrocarbon production.
For 2025, TotalEnergies expects net investments of $17 to $17.5 billion, of
which $4.5 billion is dedicated to low carbon energies, mostly Integrated
Power. Organic investments should amount to approximately $17 billion, focused
on core growth projects to achieve 2030 production targets, down from the $18
billion guidance presented during the Strategy & Outlook in October 2024.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 3:00pm (Paris time), please log on to
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=totalenergies.com&index=1&md5=521dd187a87124000aa161ec75a67cb3)
or dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501. The
conference replay will be available on the Company's website totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=totalenergies.com&index=2&md5=2062dd6198b59d1e3c417e9c4eededb5)
after the event.
* * * *
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l
presse@totalenergies.com (mailto:presse@totalenergies.com) l @TotalEnergiesPR
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergiesPR&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=%40TotalEnergiesPR&index=3&md5=0837dd4387efc8c65ac3d8fe4ac3a656)
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com (mailto:ir@totalenergies.com)
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
4Q24 3Q24 4Q24 4Q23 Combined liquids and gas 2024 2023 2024
vs production by region (kboe/d)
vs
3Q24
2023
589 556 +6% 592 Europe 569 565 +1%
437 452 -3% 451 Africa 450 471 -4%
790 799 -1% 788 Middle East and North Africa 807 764 +6%
401 388 +3% 376 Americas 375 426 -12%
210 214 -2% 256 Asia-Pacific 233 257 -9%
2,427 2,409 +1% 2,462 Total production 2,434 2,483 -2%
369 371 -1% 331 includes equity affiliates 361 335 +8%
4Q24 3Q24 4Q24 4Q23 Liquids production by region (kb/d) 2024 2023 2024
vs
vs
3Q24
2023
228 221 +3% 236 Europe 225 232 -3%
318 329 -3% 328 Africa 325 348 -6%
627 637 -1% 629 Middle East and North Africa 644 612 +5%
193 189 +2% 207 Americas 180 251 -28%
79 90 -13% 106 Asia-Pacific 94 107 -12%
1,445 1,466 -1% 1,506 Total production 1,468 1,550 -5%
151 154 -2% 141 includes equity affiliates 152 150 +2%
4Q24 3Q24 4Q24 4Q23 Gas production by region (Mcf/d) 2024 2023 2024
vs
vs
3Q24
2023
1,951 1,812 +8% 1,921 Europe 1,862 1,801 +3%
620 632 -2% 612 Africa 630 614 +3%
889 888 - 881 Middle East and North Africa 894 833 +7%
1,154 1,100 +5% 941 Americas 1,080 975 +11%
709 661 +7% 803 Asia-Pacific 745 805 -7%
5,323 5,093 +5% 5,158 Total production 5,211 5,028 +4%
1,181 1,190 -1% 1,027 includes equity affiliates 1,135 1,004 +13%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
4Q24 3Q24 4Q24 4Q23 Petroleum product sales by region (kb/d) 2024 2023 2024
vs
vs
3Q24
2023
1,820 1,932 -6% 1,789 Europe 1,842 1,734 +6%
614 585 +5% 610 Africa 587 624 -6%
970 1,091 -11% 1,055 Americas 1,021 942 +8%
975 747 +31% 697 Rest of world 768 652 +18%
4,380 4,355 +1% 4,151 Total consolidated sales 4,218 3,953 +7%
343 395 -13% 402 Includes bulk sales 384 405 -5%
2,725 2,578 +6% 2,408 Includes trading 2,492 2,173 +15%
4Q24 3Q24 4Q24 4Q23 Petrochemicals production* (kt) 2024 2023 2024
vs
vs
3Q24
2023
875 954 -8% 845 Europe 3,719 3,936 -6%
701 765 -8% 528 Americas 2,867 2,366 +21%
737 762 -3% 725 Middle East and Asia 2,929 2,724 +8%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
4Q24 3Q24
Net power production (TWh) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind
Wind
Wind
Wind
France 0.2 0.3 - 1.4 0.0 1.9 0.2 0.1 - 0.6 0.0 0.9
Rest of Europe 0.1 0.6 0.4 2.1 0.0 3.2 0.1 0.4 0.2 1.3 0.1 2.1
Africa 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0
Middle East 0.2 - - 0.2 - 0.4 0.2 - - 0.3 - 0.5
North America 0.9 0.5 - 1.1 - 2.5 1.2 0.4 - 2.2 - 3.8
South America 0.1 0.9 - - - 1.1 0.1 1.1 - - - 1.2
India 1.6 0.2 - - - 1.9 1.6 0.4 - - - 2.0
Pacific Asia 0.3 0.0 0.2 - - 0.4 0.4 0.0 0.0 - - 0.4
Total 3.4 2.5 0.6 4.9 0.1 11.4 4.0 2.4 0.3 4.4 0.1 11.1
9.3.2 Installed power generation net capacity
4Q24 3Q24
Installed power generation net capacity (GW) ((18)) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind Wind Wind Wind
France 0.7 0.4 - 2.6 0.2 4.0 0.6 0.4 - 2.6 0.2 3.7
Rest of Europe 0.6 0.9 0.3 2.1 0.2 4.0 0.3 0.9 0.3 2.7 0.2 4.4
Africa 0.0 - - - - 0.0 0.1 0.0 - - 0.0 0.1
Middle East 0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8
North America 2.3 0.8 - 1.5 0.3 4.9 2.6 0.8 - 1.5 0.4 5.3
South America 0.4 0.9 - - - 1.3 0.4 0.9 - - - 1.2
India 4.8 0.6 - - - 5.3 4.3 0.5 - - - 4.9
Pacific Asia 1.1 0.0 0.2 - - 1.3 1.1 0.0 0.1 - 0.0 1.2
Total 10.3 3.6 0.5 6.5 0.6 21.5 9.8 3.6 0.4 7.1 0.7 21.6
9.3.3 Power generation gross capacity from renewables
4Q24 3Q24
Installed power generation gross capacity from renewables (GW) ((19),(20)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 1.2 0.7 - 0.2 2.1 1.1 0.7 - 0.2 2.1
Rest of Europe 0.6 1.1 1.1 0.3 3.1 0.3 1.1 1.1 0.2 2.8
Africa 0.1 - - 0.0 0.1 0.1 - - 0.0 0.1
Middle East 1.2 - - - 1.2 1.2 - - - 1.2
North America 5.4 2.2 - 0.7 8.2 4.9 2.2 - 0.7 7.7
South America 0.4 1.3 - - 1.7 0.4 1.3 - - 1.6
India 6.7 0.6 - - 7.3 6.1 0.6 - - 6.7
Asia-Pacific 1.6 0.0 0.6 0.0 2.2 1.6 0.0 0.4 0.0 2.0
Total 17.2 6.0 1.7 1.1 26.0 15.6 5.9 1.6 1.1 24.2
4Q24 3Q24
Power generation gross capacity from renewables in construction (GW) ((19),(20)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.3 0.0 0.0 0.0 0.3 0.2 0.0 0.0 0.0 0.2
Rest of Europe 0.5 0.2 0.8 0.0 1.4 0.4 0.1 0.8 0.1 1.4
Africa 0.4 0.1 - 0.1 0.6 0.3 - - 0.1 0.4
Middle East 0.1 - - - 0.1 0.1 - - - 0.1
North America 1.2 0.0 - 0.5 1.8 1.7 0.0 - 0.4 2.1
South America 0.4 0.6 - 0.2 1.2 0.3 0.6 - 0.2 1.1
India 3.2 - - - 3.2 3.9 - - - 3.9
Asia-Pacific 0.1 - 0.1 - 0.1 0.1 - 0.2 - 0.3
Total 6.2 1.0 0.8 0.9 8.9 6.9 0.8 1.0 0.7 9.5
4Q24 3Q24
Power generation gross capacity from renewables in development (GW) ((19),(20)) Solar Onshore Offshore Other Total Solar Onshore Offshore Other Total
Wind
Wind
Wind
Wind
France 0.9 0.5 - 0.1 1.5 1.1 0.4 - 0.1 1.6
Rest of Europe 4.9 0.7 13.3 2.7 21.6 4.6 0.8 8.9 2.6 16.9
Africa 0.6 0.2 - - 0.8 0.7 0.3 - - 1.0
Middle East 2.3 0.2 - - 2.6 1.8 - - - 1.8
North America 10.3 3.1 4.1 4.4 21.9 8.8 3.3 4.1 4.9 21.0
South America 1.6 1.1 - 0.0 2.8 1.8 1.2 - 0.0 3.0
India 2.3 0.1 - - 2.5 2.2 0.1 - - 2.3
Asia-Pacific 3.4 1.1 3.0 1.2 8.6 3.6 1.1 2.6 1.1 8.4
Total 26.5 7.1 20.4 8.3 62.3 24.4 7.2 15.6 8.7 55.9
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
4Q24 3Q24 4Q23 In millions of dollars 2024 2023
3,956 2,294 5,063 Net income (TotalEnergies share) 15,758 21,384
(413) (1,337) 180 Special items affecting net income (TotalEnergies share) (1,219) (1,105)
(25) - 1,844 Gain (loss) on asset sales 1,372 2,047
(6) (10) (51) Restructuring charges (27) (56)
(232) (1,100) (1,023) Impairments (1,976) (2,166)
(150) (227) (590) Other (588) (930)
216 (359) (535) After-tax inventory effect : FIFO vs. replacement cost (339) (699)
(253) (84) 192 Effect of changes in fair value (948) 12
(450) (1,780) (163) Total adjustments affecting net income (2,506) (1,792)
4,406 4,074 5,226 Adjusted net income (TotalEnergies share) 18,264 23,176
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
3,956 2,294 +72% 5,063 Net income (TotalEnergies share) 15,758 21,384 -26%
450 1,780 -75% 163 Less: adjustment items to net income (TotalEnergies share) 2,506 1,792 +40%
4,406 4,074 +8% 5,226 Adjusted net income (TotalEnergies share) 18,264 23,176 -21%
Adjusted items
65 90 -28% 57 Add: non-controlling interests 322 274 +18%
2,872 2,369 +21% 3,004 Add: income taxes 11,209 12,939 -13%
2,715 3,048 -11% 3,060 Add: depreciation, depletion and impairment of tangible assets and mineral interests 11,667 12,012 -3%
107 103 +4% 115 Add: amortization and impairment of intangible assets 389 394 -1%
786 797 -1% 660 Add: financial interest on debt 3,016 2,820 +7%
(422) (433) ns (426) Less: financial income and expense from cash & cash equivalents (1,724) (1,585) ns
10,529 10,048 +5% 11,696 Adjusted EBITDA 43,143 50,030 -14%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
Adjusted items
47,115 47,429 -1% 54,765 Revenues from sales 195,610 218,945 -11%
(30,305) (30,856) ns (36,651) Purchases, net of inventory variation (126,000) (142,247) ns
(7,094) (7,147) ns (6,956) Other operating expenses (29,485) (29,808) ns
(242) (101) ns (174) Exploration costs (528) (575) ns
280 59 x4.7 169 Other income 725 504 +44%
(34) (121) ns (150) Other expense, excluding amortization and impairment of intangible assets (317) (288) ns
296 293 +1% 276 Other financial income 1,304 1,221 +7%
(193) (214) ns (180) Other financial expense (835) (722) ns
706 706 - 597 Net income (loss) from equity affiliates 2,669 3,000 -11%
10,529 10,048 +5% 11,696 Adjusted EBITDA 43,143 50,030 -14%
Adjusted items
(2,715) (3,048) ns (3,060) Less: depreciation, depletion and impairment of tangible assets and mineral interests (11,667) (12,012) ns
(107) (103) ns (115) Less: amortization of intangible assets (389) (394) ns
(786) (797) ns (660) Less: financial interest on debt (3,016) (2,820) ns
422 433 -3% 426 Add: financial income and expense from cash & cash equivalents 1,724 1,585 +9%
(2,872) (2,369) ns (3,004) Less: income taxes (11,209) (12,939) ns
(65) (90) ns (57) Less: non-controlling interests (322) (274) ns
(450) (1,780) ns (163) Add: adjustment (TotalEnergies share) (2,506) (1,792) ns
3,956 2,294 +72% 5,063 Net income (TotalEnergies share) 15,758 21,384 -26%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
3,745 5,562 -33% 632 Cash flow used in investing activities ( a ) 17,332 16,454 +5%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
(2) 57 ns 3 Organic loan repayment from equity affiliates ( c ) 29 (2) ns
(52) - ns (3) Change in debt from renewable projects financing ( d ) * (52) 78 ns
152 119 +28% 71 Capex linked to capitalized leasing contracts ( e ) 471 259 +82%
20 26 -23% 32 Expenditures related to carbon credits ( f ) 49 48 +2%
3,863 5,764 -33% 735 Net investments ( a + b + c + d + e + f = g - i + h ) 17,829 16,837 +6%
24 1,662 -99% (5,404) of which acquisitions net of assets sales ( g-i ) 1,406 (1,289) ns
1,233 1,795 -31% 698 Acquisitions ( g ) 4,646 6,428 -28%
1,209 133 x9.1 6,102 Asset sales ( i ) 3,240 7,717 -58%
26 - ns - Change in debt from renewable projects (partner share) 26 (81) ns
3,839 4,102 -6% 6,139 of which organic investments ( h ) 16,423 18,126 -9%
122 148 -17% 214 Capitalized exploration 516 1,094 -53%
625 458 +36% 683 Increase in non-current loans 2,210 1,845 +20%
(619) (140) ns (91) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (1,083) (524) ns
(26) - ns (3) Change in debt from renewable projects (TotalEnergies share) (26) (3) 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
4Q24 3Q24 4Q24 4Q23 In millions of dollars 2024 2023 2024
vs
vs
3Q24
2023
12,507 7,171 74% 16,150 Cash flow from operating activities ( a ) 30,854 40,679 -24%
5,072 871 x5.8 8,377 (Increase) decrease in working capital ( b ) * 1,491 5,526 -73%
282 (464) ns (724) Inventory effect ( c ) (525) (714) ns
- - ns (0) Capital gain from renewable project sales ( d ) - 81 -100%
(2) 57 ns 3 Organic loan repayments from equity affiliates ( e ) 29 (2) ns
7,151 6,821 +5% 8,500 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 29,917 35,946 -17%
(247) (188) ns (29) Financial charges (697) (505) ns
7,398 7,009 +6% 8,529 Debt Adjusted Cash Flow (DACF) 30,614 36,451 -16%
3,839 4,102 -6% 6,139 Organic investments ( g ) 16,423 18,126 -9%
3,312 2,719 +22% 2,361 Free cash flow after organic investments ( f - g ) 13,494 17,820 -24%
3,863 5,764 -33% 735 Net investments ( h ) 17,829 16,837 +6%
3,288 1,057 x3.1 7,765 Net cash flow ( f - h ) 12,088 19,109 -37%
* 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 12/31/2024 09/30/2024 12/31/2023
Current borrowings * 7,929 11,805 7,869
Other current financial liabilities 664 488 446
Current financial assets * , ** (6,536) (5,780) (6,256)
Net financial assets classified as held for sale * 33 204 17
Non-current financial debt * 35,711 37,824 32,722
Non-current financial assets * (1,027) (1,307) (1,229)
Cash and cash equivalents (25,844) (25,672) (27,263)
Net debt ( a ) 10,930 17,562 6,306
Shareholders’ equity (TotalEnergies share) 117,858 116,059 116,753
Non-controlling interests 2,397 2,557 2,700
Shareholders' equity (b) 120,255 118,616 119,453
Gearing = a / ( a+b ) 8.3% 12.9% 5.0%
Leases (c) 8,272 8,338 8,275
Gearing including leases ( a+c ) / ( a+b+c ) 13.8% 17.9% 10.9%
* 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
In millions of dollars Exploration & Integrated Integrated Refining & Marketing & Company
Production LNG Power Chemicals Services
Adjusted net operating income 10,004 4,869 2,173 2,160 1,360 19,974
Capital employed at 12/31/2023 63,870 36,048 21,511 6,043 7,674 132,222
Capital employed at 12/31/2024 64,430 41,477 21,739 5,564 6,870 138,125
ROACE 15.6% 12.6% 10.0% 37.2% 18.7% 14.8%
10.7 Payout
In millions of dollars 2024 9M24 2023
Dividend paid (parent company shareholders) 7,717 5,719 7,517
Repayment of treasury shares 7,995 6,018 9,167
Payout ratio 50% 49% 46%
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.
Acquisitions net of assets sales 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 (or free 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 Acquisitions net of assets sales (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 Acquisitions net of assets sales 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 for cancellation 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 fourth quarter of 2024 and the
full year of 2024 from the consolidated financial statements of TotalEnergies
SE as of December 31, 2024 (unaudited). The audit procedures by the Statutory
Auditors are underway. The consolidated financial statements (unaudited) are
available on the website totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=totalenergies.com&index=4&md5=945375701689e00ce5d0f5470d0176f2)
. This document does not constitute the annual financial report (rapport
financier annuel) within the meaning of article L.451.1.2 of the French
monetary and financial code (code monétaire et financier).
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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=totalenergies.com&index=5&md5=e5b7dec79016143487905102292a516a)
. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fsec.gov&esheet=54199857&newsitemid=20250204581873&lan=en-US&anchor=sec.gov&index=6&md5=4261acd3f74557bde0fffd3ac5e70535)
.
((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.
* Including coverage of employees share grant plans.
(†) Scope 1+2 of Oil & Gas operated activities
((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.
((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: 1.0681 in the 4(th) quarter 2024, 1.0983 in the
3(rd) quarter 2024, 1.0751 in the 4(th) quarter 2023, 1.0824 in 2024, and
1.0813 in 2023.
((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 2021 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. For TotalEnergies in 2024, the
calculation of scope 3 GHG emissions for the oil and biofuels value chains
considers product sales (higher than production) and for the gas value chain,
marketable gas production (higher than gas sales either as LNG or as part of
direct sales to B2B/B2C).
((14)) Company production = E&P production + Integrated LNG production.
((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).
((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 2025. 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 70-80 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
(M$) ((a)) 4th quarter 3rd quarter 4th quarter
2024
2024
2023
Sales 52,508 52,021 59,237
Excise taxes (5,393) (4,592) (4,472)
Revenues from sales 47,115 47,429 54,765
Purchases, net of inventory variation (30,342) (31,425) (37,150)
Other operating expenses (7,219) (7,269) (7,166)
Exploration costs (242) (572) (174)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,715) (3,392) (3,539)
Other income 306 45 2,685
Other expense (341) (374) (802)
Financial interest on debt (786) (797) (660)
Financial income and expense from cash & cash equivalents 449 457 439
Cost of net debt (337) (340) (221)
Other financial income 319 319 303
Other financial expense (193) (214) (189)
Net income (loss) from equity affiliates 597 333 (136)
Income taxes (2,929) (2,179) (3,339)
Consolidated net income 4,019 2,361 5,037
TotalEnergies share 3,956 2,294 5,063
Non-controlling interests 63 67 (26)
Earnings per share ($) 1.72 0.97 2.11
Fully-diluted earnings per share ($) 1.70 0.96 2.09
((a)) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
(M$) 4th quarter 3rd quarter 4th quarter
2024
2024
2023
Consolidated net income 4,019 2,361 5,037
Other comprehensive income
Actuarial gains and losses (3) 3 (251)
Change in fair value of investments in equity instruments 142 (141) (17)
Tax effect 36 29 42
Currency translation adjustment generated by the parent company (5,125) 3,151 3,025
Items not potentially reclassifiable to profit and loss (4,950) 3,042 2,799
Currency translation adjustment 3,594 (2,457) (3,182)
Cash flow hedge 1,732 (13) 701
Variation of foreign currency basis spread (13) (4) (16)
Share of other comprehensive income of equity affiliates, net amount 76 (208) (144)
Other (1) 2 3
Tax effect (441) (1) (212)
Items potentially reclassifiable to profit and loss 4,947 (2,681) (2,850)
Total other comprehensive income (net amount) (3) 361 (51)
Comprehensive income 4,016 2,722 4,986
TotalEnergies share 4,001 2,631 4,995
Non-controlling interests 15 91 (9)
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(M$) ((a)) Year Year
2024
2023
(unaudited)
Sales 214,550 237,128
Excise taxes (18,940) (18,183)
Revenues from sales 195,610 218,945
Purchases, net of inventory variation (127,664) (143,041)
Other operating expenses (29,860) (30,419)
Exploration costs (999) (573)
Depreciation, depletion and impairment of tangible assets and mineral interests (12,025) (12,762)
Other income 2,112 3,677
Other expense (1,281) (2,396)
Financial interest on debt (3,016) (2,820)
Financial income and expense from cash & cash equivalents 1,786 1,801
Cost of net debt (1,230) (1,019)
Other financial income 1,403 1,285
Other financial expense (835) (731)
Net income (loss) from equity affiliates 1,575 1,845
Income taxes (10,775) (13,301)
Consolidated net income 16,031 21,510
TotalEnergies share 15,758 21,384
Non-controlling interests 273 126
Earnings per share ($) 6.74 8.72
Fully-diluted earnings per share ($) 6.69 8.67
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$) Year Year
2024
2023
(unaudited)
Consolidated net income 16,031 21,510
Other comprehensive income
Actuarial gains and losses 20 (114)
Change in fair value of investments in equity instruments 144 (11)
Tax effect 46 (11)
Currency translation adjustment generated by the parent company (4,163) 2,573
Items not potentially reclassifiable to profit and loss (3,953) 2,437
Currency translation adjustment 2,759 (3,277)
Cash flow hedge 3,119 2,898
Variation of foreign currency basis spread (32) (11)
Share of other comprehensive income of equity affiliates, net amount (246) (208)
Other 1 (2)
Tax effect (814) (730)
Items potentially reclassifiable to profit and loss 4,787 (1,330)
Total other comprehensive income (net amount) 834 1,107
Comprehensive income 16,865 22,617
TotalEnergies share 16,636 22,534
Non-controlling interests 229 83
CONSOLIDATED BALANCE SHEET
TotalEnergies
(unaudited)
(M$) December 31, 2024 September 30, 2024 December 31, 2023
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net 34,238 33,891 33,083
Property, plant and equipment, net 109,095 110,125 108,916
Equity affiliates : investments and loans 34,405 33,963 30,457
Other investments 1,665 1,656 1,543
Non-current financial assets 2,305 2,578 2,395
Deferred income taxes 3,202 3,727 3,418
Other non-current assets 4,006 4,170 4,313
Total non-current assets 188,916 190,110 184,125
Current assets
Inventories, net 18,868 18,532 19,317
Accounts receivable, net 19,281 18,777 23,442
Other current assets 23,687 21,933 20,821
Current financial assets 6,914 6,151 6,585
Cash and cash equivalents 25,844 25,672 27,263
Assets classified as held for sale 1,977 2,830 2,101
Total current assets 96,571 93,895 99,529
Total assets 285,487 284,005 283,654
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,577 7,577 7,616
Paid-in surplus and retained earnings 135,496 130,804 126,857
Currency translation adjustment (15,259) (13,793) (13,701)
Treasury shares (9,956) (8,529) (4,019)
Total shareholders' equity - TotalEnergies share 117,858 116,059 116,753
Non-controlling interests 2,397 2,557 2,700
Total shareholders' equity 120,255 118,616 119,453
Non-current liabilities
Deferred income taxes 12,114 11,750 11,688
Employee benefits 1,753 1,890 1,993
Provisions and other non-current liabilities 19,872 20,290 21,257
Non-current financial debt 43,533 45,750 40,478
Total non-current liabilities 77,272 79,680 75,416
Current liabilities
Accounts payable 39,932 34,668 41,335
Other creditors and accrued liabilities 35,961 34,716 36,727
Current borrowings 10,024 13,853 9,590
Other current financial liabilities 664 488 446
Liabilities directly associated with the assets classified as held for sale 1,379 1,984 687
Total current liabilities 87,960 85,709 88,785
Total liabilities & shareholders' equity 285,487 284,005 283,654
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
(M$) 4th quarter 3rd quarter 4th quarter
2024
2024
2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 4,019 2,361 5,037
Depreciation, depletion, amortization and impairment 2,971 4,020 3,815
Non-current liabilities, valuation allowances and deferred taxes 44 (93) (268)
(Gains) losses on disposals of assets (66) (3) (2,609)
Undistributed affiliates' equity earnings 99 (13) 940
(Increase) decrease in working capital 5,201 836 8,308
Other changes, net 239 63 927
Cash flow from operating activities 12,507 7,171 16,150
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,680) (4,110) (5,076)
Acquisitions of subsidiaries, net of cash acquired (932) (497) (10)
Investments in equity affiliates and other securities (313) (845) (1,066)
Increase in non-current loans (658) (458) (683)
Total expenditures (5,583) (5,910) (6,835)
Proceeds from disposals of intangible assets and property, plant and equipment 314 32 2,776
Proceeds from disposals of subsidiaries, net of cash sold 654 82 3,333
Proceeds from disposals of non-current investments 220 37 -
Repayment of non-current loans 650 197 94
Total divestments 1,838 348 6,203
Cash flow used in investing activities (3,745) (5,562) (632)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - -
- Treasury shares (1,977) (2,005) (2,964)
Dividends paid:
- Parent company shareholders (1,998) (1,963) (1,869)
- Non-controlling interests (18) (171) (17)
Net issuance (repayment) of perpetual subordinated notes 1,165 - -
Payments on perpetual subordinated notes (82) (23) (54)
Other transactions with non-controlling interests (17) (14) (16)
Net issuance (repayment) of non-current debt 91 3,080 (21)
Increase (decrease) in current borrowings (4,136) 911 (8,458)
Increase (decrease) in current financial assets and liabilities (965) 760 360
Cash flow from / (used in) financing activities (7,937) 575 (13,039)
Net increase (decrease) in cash and cash equivalents 825 2,184 2,479
Effect of exchange rates (653) 277 53
Cash and cash equivalents at the beginning of the period 25,672 23,211 24,731
Cash and cash equivalents at the end of the period 25,844 25,672 27,263
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(M$) Year Year
2024
2023
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 16,031 21,510
Depreciation, depletion, amortization and impairment 13,107 13,818
Non-current liabilities, valuation allowances and deferred taxes 190 813
(Gains) losses on disposals of assets (1,497) (3,452)
Undistributed affiliates' equity earnings 124 649
(Increase) decrease in working capital 2,364 6,091
Other changes, net 535 1,250
Cash flow from operating activities 30,854 40,679
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (14,909) (17,722)
Acquisitions of subsidiaries, net of cash acquired (2,439) (1,772)
Investments in equity affiliates and other securities (2,127) (3,477)
Increase in non-current loans (2,275) (1,889)
Total expenditures (21,750) (24,860)
Proceeds from disposals of intangible assets and property, plant and equipment 727 3,789
Proceeds from disposals of subsidiaries, net of cash sold 2,167 3,561
Proceeds from disposals of non-current investments 347 490
Repayment of non-current loans 1,177 566
Total divestments 4,418 8,406
Cash flow used in investing activities (17,332) (16,454)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 521 383
- Treasury shares (7,995) (9,167)
Dividends paid:
- Parent company shareholders (7,717) (7,517)
- Non-controlling interests (322) (311)
Net issuance (repayment) of perpetual subordinated notes (457) (1,081)
Payments on perpetual subordinated notes (314) (314)
Other transactions with non-controlling interests (67) (126)
Net issuance (repayment) of non-current debt 7,532 130
Increase (decrease) in current borrowings (5,142) (14,289)
Increase (decrease) in current financial assets and liabilities (464) 2,562
Cash flow from / (used in) financing activities (14,425) (29,730)
Net increase (decrease) in cash and cash equivalents (903) (5,505)
Effect of exchange rates (516) (258)
Cash and cash equivalents at the beginning of the period 27,263 33,026
Cash and cash equivalents at the end of the period 25,844 27,263
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2024)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - Non-controlling interests Total shareholders' equity
TotalEnergies share
(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 2023 - - 21,384 - - - 21,384 126 21,510
Other comprehensive Income - - 1,987 (837) - - 1,150 (43) 1,107
Comprehensive Income - - 23,371 (837) - - 22,534 83 22,617
Dividend - - (7,611) - - - (7,611) (311) (7,922)
Issuance of common shares 8,002,155 22 361 - - - 383 - 383
Purchase of treasury shares - - - - (144,700,577) (9,167) (9,167) - (9,167)
Sale of treasury shares ((1)) - - (396) - 6,463,426 396 - - -
Share-based payments - - 291 - - - 291 - 291
Share cancellation (214,881,605) (569) (11,737) - 214,881,605 12,306 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
Payments on perpetual subordinated notes - - (294) - - - (294) - (294)
Other operations with non-controlling interests - - 30 (28) - - 2 85 87
Other items - - (2) - - - (2) (3) (5)
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 2024 - - 15,758 - - - 15,758 273 16,031
Other comprehensive Income - - 2,436 (1,558) - - 878 (44) 834
Comprehensive Income - - 18,194 (1,558) - - 16,636 229 16,865
Dividend - - (7,756) - - - (7,756) (455) (8,211)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (120,463,232) (7,995) (7,995) - (7,995)
Sale of treasury shares ((1)) - - (395) - 6,071,266 395 - - -
Share-based payments - - 556 - - - 556 - 556
Share cancellation (25,405,361) (68) (1,595) - 25,405,361 1,663 - - -
Net issuance (repayment) of perpetual subordinated notes - - (576) - - - (576) - (576)
Payments on perpetual subordinated notes - - (272) - - - (272) - (272)
Other operations with non-controlling interests - - - - - - - (67) (67)
Other items - - (9) - - - (9) (10) (19)
As of December 31, 2024 2,397,679,661 7,577 135,496 (15,259) (149,529,818) (9,956) 117,858 2,397 120,255
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 1,496 2,890 6,137 21,540 20,440 5 - 52,508
Intersegment sales 9,382 2,968 765 7,207 168 70 (20,560) -
Excise taxes - - - (193) (5,200) - - (5,393)
Revenues from sales 10,878 5,858 6,902 28,554 15,408 75 (20,560) 47,115
Operating expenses (4,754) (4,431) (6,536) (27,616) (14,772) (254) 20,560 (37,803)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,853) (326) (28) (250) (227) (31) - (2,715)
Net income (loss) from equity affiliates and other items 40 548 26 (90) 90 74 - 688
Tax on net operating income (2,163) (288) (70) (139) (215) (60) - (2,935)
Adjustments ((a)) (157) (71) (281) 141 (78) (23) - (469)
Adjusted Net operating income 2,305 1,432 575 318 362 (173) - 4,819
Adjustments ((a)) (469)
Net cost of net debt (331)
Non-controlling interests (63)
Net income - TotalEnergies share 3,956
((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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
4th quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 1,983 1,904 529 630 458 79 - 5,583
Total divestments 295 247 1,038 132 106 20 - 1,838
Cash flow from operating activities 4,500 2,214 1,201 3,832 778 (18) - 12,507
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 1,425 2,350 4,444 22,926 20,872 4 - 52,021
Intersegment sales 9,633 2,017 424 7,927 218 58 (20,277) -
Excise taxes - - - (213) (4,379) - - (4,592)
Revenues from sales 11,058 4,367 4,868 30,640 16,711 62 (20,277) 47,429
Operating expenses (5,257) (3,393) (4,329) (30,273) (16,082) (209) 20,277 (39,266)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,324) (294) (114) (400) (229) (31) - (3,392)
Net income (loss) from equity affiliates and other items 47 482 (274) (79) (29) (38) - 109
Tax on net operating income (1,879) (250) (66) 40 (102) 117 - (2,140)
Adjustments ((a)) (837) (151) (400) (313) (95) (23) - (1,819)
Adjusted Net operating income 2,482 1,063 485 241 364 (76) - 4,559
Adjustments ((a)) (1,819)
Net cost of net debt (379)
Non-controlling interests (67)
Net income - TotalEnergies share 2,294
((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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
3rd quarter 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 2,251 599 2,291 388 329 52 - 5,910
Total divestments 90 99 70 69 19 1 - 348
Cash flow from operating activities 4,763 830 373 564 581 60 - 7,171
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2023 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
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)
Adjustments ((a)) (709) (141) 42 (524) 1,095 (7) - (244)
Adjusted Net operating income 2,802 1,456 527 633 306 (178) - 5,546
Adjustments ((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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values 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$)
Total expenditures 3,080 855 1,241 1,011 588 60 - 6,835
Total divestments 4,362 28 32 22 1,754 5 - 6,203
Cash flow from operating activities 5,708 2,702 638 4,825 1,759 518 - 16,150
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Year 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 5,655 9,885 22,127 93,515 83,341 27 - 214,550
Intersegment sales 38,546 10,591 2,348 31,480 819 268 (84,052) -
Excise taxes - - - (784) (18,156) - - (18,940)
Revenues from sales 44,201 20,476 24,475 124,211 66,004 295 (84,052) 195,610
Operating expenses (19,124) (15,530) (22,936) (120,424) (63,551) (1,010) 84,052 (158,523)
Depreciation, depletion and impairment of tangible assets and mineral interests (8,001) (1,251) (344) (1,442) (870) (117) - (12,025)
Net income (loss) from equity affiliates and other items 325 2,051 (837) (114) 1,457 92 - 2,974
Tax on net operating income (8,466) (1,073) (255) (414) (526) 89 - (10,645)
Adjustments ((a)) (1,069) (196) (2,070) (343) 1,154 (59) - (2,583)
Adjusted Net operating income 10,004 4,869 2,173 2,160 1,360 (592) - 19,974
Adjustments ((a)) (2,583)
Net cost of net debt (1,360)
Non-controlling interests (273)
Net income - TotalEnergies share 15,758
((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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
Year 2024 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 9,225 3,912 5,328 1,896 1,190 199 - 21,750
Total divestments 840 425 1,431 366 1,328 28 - 4,418
Cash flow from operating activities 17,388 5,185 2,972 3,808 2,901 (1,400) - 30,854
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
Year 2023 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
External sales 6,561 12,086 27,337 101,203 89,909 32 - 237,128
Intersegment sales 42,595 14,789 4,126 36,581 631 206 (98,928) -
Excise taxes - - - (841) (17,342) - - (18,183)
Revenues from sales 49,156 26,875 31,463 136,943 73,198 238 (98,928) 218,945
Operating expenses (20,355) (21,569) (28,763) (130,899) (70,497) (878) 98,928 (174,033)
Depreciation, depletion and impairment of tangible assets and mineral interests (8,493) (1,288) (281) (1,685) (905) (110) - (12,762)
Net income (loss) from equity affiliates and other items (307) 2,194 (345) (42) 2,208 (28) - 3,680
Tax on net operating income (10,095) (810) (394) (938) (1,246) 271 - (13,212)
Adjustments ((a)) (1,036) (798) (173) (1,275) 1,300 (84) - (2,066)
Adjusted Net operating income 10,942 6,200 1,853 4,654 1,458 (423) - 24,684
Adjustments ((a)) (2,066)
Net cost of net debt (1,108)
Non-controlling interests (126)
Net income - TotalEnergies share 21,384
((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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
Year 2023 Exploration & Production Integrated LNG Integrated Power Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
Total expenditures 12,378 3,410 5,497 2,149 1,273 153 - 24,860
Total divestments 5,118 290 661 196 2,132 9 - 8,406
Cash flow from operating activities 18,531 8,442 3,573 7,957 1,957 219 - 40,679
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
1,688 2,161 (1,282) ns Cash flow used in investing activities ( a ) 8,385 7,260 15%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- 1 - ns Organic loan repayment from equity affiliates ( c ) 1 - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
138 100 61 x2.3 Capex linked to capitalized leasing contracts ( e ) 418 218 92%
20 26 32 -38% Expenditures related to carbon credits ( f ) 49 48 2%
1,846 2,288 (1,189) ns Net investments ( a + b + c + d + e + f = g - i + h ) 8,853 7,526 18%
(258) (42) (4,306) ns of which net acquisitions ( g - i ) (207) (2,706) ns
11 36 39 -72% Acquisitions ( g ) 534 2,320 -77%
269 78 4,345 -94% Assets sales ( i ) 741 5,026 -85%
- - - ns Change in debt from renewable projects (partner share) - - ns
2,104 2,330 3,117 -32% of which organic investments ( h ) 9,060 10,232 -11%
119 140 208 -43% Capitalized exploration 483 1,081 -55%
41 46 61 -33% Increase in non-current loans 196 154 27%
(26) (11) (17) ns Repayment of non-current loans, excluding organic loan repayment from equity (98) (92) ns
affiliates
- - - 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
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
1,657 500 827 x2 Cash flow used in investing activities ( a ) 3,487 3,120 12%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- 2 - ns Organic loan repayment from equity affiliates ( c ) 3 2 50%
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
13 14 11 18% Capex linked to capitalized leasing contracts ( e ) 46 37 24%
- - - ns Expenditures related to carbon credits ( f ) - - ns
1,670 516 838 99% Net investments ( a + b + c + d + e + f = g - i + h ) 3,536 3,159 12%
1,116 65 48 x23.3 of which net acquisitions ( g - i ) 1,367 1,096 25%
1,149 69 56 x20.5 Acquisitions ( g ) 1,417 1,253 13%
33 4 8 x4.1 Assets sales ( i ) 50 157 -68%
- - - ns Change in debt from renewable projects (partner share) - - ns
554 451 790 -30% of which organic investments ( h ) 2,169 2,063 5%
3 8 6 -50% Capitalized exploration 33 13 x2.5
269 214 179 50% Increase in non-current loans 809 570 42%
(214) (79) (20) ns Repayment of non-current loans, excluding organic loan repayment from equity (372) (131) ns
affiliates
- - - 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
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
(509) 2,221 1,209 ns Cash flow used in investing activities ( a ) 3,897 4,836 -19%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
7 10 1 x7 Organic loan repayment from equity affiliates ( c ) 17 27 -37%
(52) - (3) ns Change in debt from renewable projects financing ( d ) * (52) 78 ns
1 5 (1) ns Capex linked to capitalized leasing contracts ( e ) 7 4 75%
- - - ns Expenditures related to carbon credits ( f ) - - ns
(553) 2,236 1,206 ns Net investments ( a + b + c + d + e + f = g - i + h ) 3,869 4,945 -22%
(662) 1,529 532 ns of which net acquisitions ( g - i ) 1,514 2,363 -36%
72 1,565 535 -87% Acquisitions ( g ) 2,515 2,739 -8%
734 36 3 x253.6 Assets sales ( i ) 1,001 376 x2.7
26 - - ns Change in debt from renewable projects (partner share) 26 (81) ns
109 707 674 -84% of which organic investments ( h ) 2,355 2,582 -9%
- - - ns Capitalized exploration - - ns
300 135 318 -6% Increase in non-current loans 979 870 13%
(323) (24) (28) ns Repayment of non-current loans, excluding organic loan repayment from equity (439) (177) ns
affiliates
(26) - (3) ns Change in debt from renewable projects (TotalEnergies share) (26) (3) ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
498 319 989 -50% Cash flow used in investing activities ( a ) 1,530 1,953 -22%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
(9) 44 2 ns Organic loan repayment from equity affiliates ( c ) 8 (31) ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
489 363 991 -51% Net investments ( a + b + c + d + e + f = g - i + h ) 1,538 1,922 -20%
(92) 34 (11) ns of which net acquisitions ( g - i ) (173) (118) ns
- 42 1 -100% Acquisitions ( g ) 77 32 x2.4
92 8 12 x7.7 Assets sales ( i ) 250 150 67%
- - - ns Change in debt from renewable projects (partner share) - - ns
581 329 1,002 -42% of which organic investments ( h ) 1,711 2,040 -16%
- - - ns Capitalized exploration - - ns
1 33 28 -96% Increase in non-current loans 99 79 25%
(16) (17) (8) ns Repayment of non-current loans, excluding organic loan repayment from equity (43) (33) ns
affiliates
- - - 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
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
352 310 (1,166) ns Cash flow used in investing activities ( a ) (138) (859) ns
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - - ns Organic loan repayment from equity affiliates ( c ) - - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
352 310 (1,166) ns Net investments ( a + b + c + d + e + f = g - i + h ) (138) (859) ns
(80) 78 (1,668) ns of which net acquisitions ( g - i ) (1,089) (1,924) ns
1 83 67 -99% Acquisitions ( g ) 103 84 23%
81 5 1,735 -95% Assets sales ( i ) 1,192 2,008 -41%
- - - ns Change in debt from renewable projects (partner share) - - ns
432 232 502 -14% of which organic investments ( h ) 951 1,065 -11%
- - - ns Capitalized exploration - - ns
19 16 99 -81% Increase in non-current loans 103 152 -32%
(20) (10) (12) ns Repayment of non-current loans, excluding organic loan repayment from equity (109) (82) ns
affiliates
- - - 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
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
4,500 4,763 5,708 -21% Cash flow from operating activities ( a ) 17,388 18,531 -6%
555 491 1,018 -45% (Increase) decrease in working capital ( b ) 340 (595) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- 1 - ns Organic loan repayments from equity affiliates ( e ) 1 - ns
3,945 4,273 4,690 -16% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 17,049 19,126 -11%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
2,214 830 2,702 -18% Cash flow from operating activities ( a ) 5,185 8,442 -39%
767 (56) 939 -18% (Increase) decrease in working capital ( b ) * 285 1,151 -75%
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- 2 - ns Organic loan repayments from equity affiliates ( e ) 3 2 50%
1,447 888 1,763 -18% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 4,903 7,293 -33%
+ e )
* Changes in working capital are presented excluding the mark-to-market effect
of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
1,201 373 638 88% Cash flow from operating activities ( a ) 2,972 3,573 -17%
604 (253) (66) ns (Increase) decrease in working capital ( b ) * 434 1,529 -72%
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - 81 -100%
7 10 1 x7 Organic loan repayments from equity affiliates ( e ) 17 27 -37%
604 636 705 -14% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 2,555 2,152 19%
+ e )
* 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
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
3,832 564 4,825 -21% Cash flow from operating activities ( a ) 3,808 7,957 -52%
2,758 413 4,161 -34% (Increase) decrease in working capital ( b ) 433 2,641 -84%
243 (335) (507) ns Inventory effect ( c ) (377) (568) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
(9) 44 2 ns Organic loan repayments from equity affiliates ( e ) 8 (31) ns
822 530 1,173 -30% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 3,760 5,853 -36%
+ e )
2.5 Marketing & Services
4(th) quarter 3(rd) quarter 4(th) quarter 4(th) quarter 2024 vs (in millions of dollars) 2024 2023 2024 vs
2024 2024 2023 4(th) quarter 2023 2023
778 581 1,759 -56% Cash flow from operating activities ( a ) 2,901 1,957 48%
205 63 1,457 -86% (Increase) decrease in working capital ( b ) 730 (215) ns
39 (129) (217) ns Inventory effect ( c ) (148) (146) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
534 647 519 3% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 2,319 2,318 0%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In millions of dollars) Exploration Integrated Integrated Refining Marketing Corporate InterCompany Company
&
LNG
&
&
Production
Power
Chemicals
Services
Adjusted net operating income 4(th) quarter 2024 2,305 1,432 575 318 362 (173) - 4,819
Adjusted net operating income 3(rd) quarter 2024 2,482 1,063 485 241 364 (76) - 4,559
Adjusted net operating income 2(nd) quarter 2024 2,667 1,152 502 639 379 (253) - 5,086
Adjusted net operating income 1(st) quarter 2024 2,550 1,222 611 962 255 (90) - 5,510
Adjusted net operating income ( a ) 10,004 4,869 2,173 2,160 1360 (592) - 19,974
Balance sheet as of December, 31 2024
Property plant and equipment intangible assets net 83,397 27,654 13,034 11,956 6,632 660 - 143,333
Investments & loans in equity affiliates 3,910 15,986 9,537 3,984 988 - - 34,405
Other non-current assets 3,732 1,952 1,316 646 1,116 111 - 8,873
Inventories, net 1,456 1,475 547 12,063 3,327 - - 18,868
Accounts receivable, net 5,845 8,412 7,466 16,362 7,167 581 (26,552) 19,281
Other current assets 6,663 10,198 4,086 2,208 2,870 2,342 (4,680) 23,687
Accounts payable (6,632) (8,888) (9,222) (32,204) (8,642) (805) 26,461 (39,932)
Other creditors and accrued liabilities (10,241) (11,060) (3,363) (4,992) (5,329) (5,747) 4,771 (35,961)
Working capital (2,909) 137 (486) (6,563) (607) (3,629) - (14,057)
Provisions and other non-current liabilities (24,271) (4,252) (1,663) (3,343) (1,113) 903 - (33,739)
Assets and liabilities classified as held for sale - Capital employed 571 - 1 - 70 - - 642
Capital Employed (Balance sheet) 64,430 41,477 21,739 6,680 7,086 (1,955) - 139,457
Less inventory valuation effect (1,116) (216) (1,332)
Capital Employed at replacement cost ( b ) 64,430 41,477 21,739 5,564 6,870 (1,955) - 138,125
Balance sheet as of December 31, 2023
Property plant and equipment intangible assets net 84,876 24,936 12,526 12,287 6,696 678 - 141,999
Investments & loans in equity affiliates 2,630 13,905 9,202 4,167 553 - - 30,457
Other non-current assets 3,451 2,720 1,027 677 1,258 141 - 9,274
Inventories, net 1,463 1,784 689 11,582 3,798 1 - 19,317
Accounts receivable, net 6,849 10,183 7,601 20,010 9,024 683 (30,908) 23,442
Other current assets 6,218 9,782 6,963 2,383 3,465 1,817 (9,807) 20,821
Accounts payable (6,904) (11,732) (8,114) (33,864) (10,693) (798) 30,770 (41,335)
Other creditors and accrued liabilities (9,875) (11,653) (6,985) (6,152) (5,707) (6,300) 9,945 (36,727)
Working capital (2,249) (1,636) 154 (6,041) (113) (4,597) - (14,482)
Provisions and other non-current liabilities (25,152) (3,877) (1,790) (3,706) (1,267) 854 - (34,938)
Assets and liabilities classified as held for sale - Capital employed 314 - 392 137 881 - - 1,724
Capital Employed (Balance sheet) 63,870 36,048 21,511 7,521 8,008 (2,924) - 134,034
Less inventory valuation effect (1,478) (334) (1,812)
Capital Employed ( c ) 63,870 36,048 21,511 6,043 7,674 (2,924) - 132,222
ROACE as a percentage ( a / average ( b + c )) 15.6% 12.6% 10.0% 37.2% 18.7% 14.8%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
4(th) quarter 3(rd) quarter 4(th) quarter (in millions of dollars) 2024 2023
2024 2024 2023
4,019 2,361 5,037 Consolidated net income ( a ) 16,031 21,510
(331) (379) (265) Net cost of net debt ( b ) (1,360) (1,108)
(425) (1,360) 113 Special items affecting net operating income (1,249) (1,384)
(25) - 1,844 Gain (loss) on asset sales 1,372 2,047
(6) (10) (51) Restructuring charges (27) (56)
(227) (1,107) (1,070) Impairments (1,978) (2,297)
(167) (243) (610) Other (616) (1,078)
209 (375) (549) After-tax inventory effect : FIFO vs. replacement cost (386) (694)
(253) (84) 192 Effect of changes in fair value (948) 12
(469) (1,819) (244) Total adjustments affecting net operating income ( c ) (2,583) (2,066)
4,819 4,559 5,546 Adjusted net operating income ( a - b - c ) 19,974 24,684
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