REG-TotalEnergies SE TotalEnergies SE: Third Quarter 2024 Results
31/10/2024 07:30
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TotalEnergies SE: Third Quarter 2024 Results
TotalEnergies proves resiliency in a volatile oil environment thanks to its
integrated model with $4.1B adjusted net income for the 3(rd) quarter and
$13.9B for first 9 months of the year
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q24 Change 9M24 Change
vs 2Q24
vs 9M23
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 4.1 -13% 13.9 -23%
- in dollars per share 1.74 -12% 5.87 -19%
Net income (TotalEnergies share) (B$) 2.3 -39% 11.8 -28%
Adjusted EBITDA((1)) (B$) 10.0 -9% 32.6 -15%
Cash flow from operations excluding working capital (CFFO)((1)) (B$) 6.8 -12% 22.8 -17%
Cash flow from operating activities (B$) 7.2 -20% 18.3 -25%
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné,
met on October 30, 2024, to approve the third quarter 2024 financial
statements. On the occasion, Patrick Pouyanné said:
“In a volatile oil environment with sharply declining refining margins,
TotalEnergies demonstrates the resilience of its integrated multi-energy model
with $4.1 billion adjusted net income and $6.8 billion CFFO in the third
quarter of 2024.
This resilience is firstly underpinned by Exploration & Production,
posting solid adjusted net operating income of $2.5 billion, down only 7%,
stable cash flow of $4.3 billion and an attractive return on capital employed
of 15.6%. During the third quarter, Upstream production was 2.41 Mboe/d,
benefiting from the ramp up of Mero 2 in Brazil that partially offset
production losses at Ichtys LNG and in Libya. In the third quarter,
TotalEnergies commenced production from the high-margin Anchor oil project in
the US, as well as from the Fenix gas project in Argentina. The Company also
launched the GranMorgu project in Suriname, which will support its production
growth target of 3%/year through 2030.
Integrated LNG achieved adjusted net operating income of $1.1 billion and cash
flow of $0.9 billion, with gas and LNG trading not fully benefiting from
markets characterized by low volatility. TotalEnergies continues to strengthen
future cash flows by successfully marketing its LNG volumes through signing
several medium-term sales contracts in Asia this quarter.
Given the very sharp decrease in refining margins in Europe (-66%
quarter-to-quarter) and in the Rest of the World, Downstream posted adjusted
net operating income of $0.6 billion and cash flow of $1.2 billion, down
around 40% quarter-to-quarter, with marketing and trading activities
compensating for the very sharp decline in refining.
Integrated Power also contributes to the resilience of the Company’s
results, with reported adjusted net operating income of $0.5 billion and cash
flow of more than $0.6 billion. Year-to-date cash flow is strong at $1.95
billion at the end of the third quarter, which is up 35% year-on-year and in
line with annual guidance of more than $2.5 billion. During the third quarter,
TotalEnergies continued to deploy its differentiated Integrated Power model
through the start up of two giant solar farms with battery storage in Texas,
the acquisition of a CCGT in the United Kingdom and the strengthening of its
partnerships with Adani in India and RWE in offshore wind in Germany and the
Netherlands.
Comforted by these robust results, the Board of Directors decided the
distribution of the third interim dividend of 0.79 €/share for fiscal year
2024, an increase of close to 7% compared to 2023, and authorized the Company
to execute share buybacks of $2 billion* in the fourth quarter of 2024, in
line with the objective of reaching $8 billion throughout the year.”
1. Highlights ((2))
Upstream
* Production start-up of Mero-3 oil field, for 180,000 b/d, in Brazil
* Production start-up of Anchor oil field, for 75,000 b/d, in Gulf of Mexico
* Production start-up of Fenix gas field, for 10 Mm(3)/d, in Argentina
* Launch of GranMorgu oil project, for 220,000 b/d, on Block 58 in Suriname
* Exit from offshore Blocks 11B/12B and 5/6/7, in South Africa
* Closing of the Brunei assets sale
* Discovery of new gas condensate resources in offshore Harald field, in Denmark
Downstream
* Signature of agreements for the sale of a 50% stake in Total Parco Pakistan
Ltd to Gunvor
* Signature of agreements for the sale of petroleum products retail networks in
Brazil to SIM Distribuidora
Integrated LNG
* Acquisition from Lewis Energy of interests in producing assets, in the Eagle
Ford shale gas play in Texas
* Signature of LNG contracts
* 1.1 Mt/year over 10 years with BOTAŞ delivered in Turkey from 2027
* 0.2 Mt/year over 7 years with HD Hyundai Chemical delivered in South Korea
from 2027
* 5-year extension, until 2034, of a 1.25 Mt/year contract with CNOOC delivered
in China
Integrated Power
* Start of commercial operations at two solar farms with integrated battery
storage in Texas for a combined capacity of 1.2 GW
* Investment in a new solar portfolio of over 1 GW with Adani Green, in India
* Acquisition from RWE of a 50% stake in two 2 GW offshore wind projects, in
Germany
* Acquisition of stakes in renewable hydroelectric projects in Africa, through
an agreement with Scatec
* Signature with Saint-Gobain of a Clean Firm Power PPA for 875 GWh over 5 years
Decarbonization and low-carbon molecules
* SAF supply agreement with Air-France-KLM for up to 1.5 Mt over a 10-year
period
* Signature of a charter contract for an LNG bunker vessel, notably for Marsa
LNG, in Oman
* Launch of a floating wind turbine pilot project supplying renewable power to
Culzean platform, in British North Sea
* Agreement with Anew Climate and Aurora Sustainable Lands for deployment of
sustainable preservation of natural carbon sink projects
* Investment in the “Japan Hydrogen Fund,” dedicated to developing the
low-carbon hydrogen value chain
2. Key figures from TotalEnergies’ consolidated financial statements ((1))
3Q24 2Q24 3Q24 3Q23 In millions of dollars, except effective tax rate, 9M24 9M23 9M24
vs earnings per share and number of shares
vs
2Q24
9M23
10,048 11,073 -9% 13,062 Adjusted EBITDA ((1)) 32,614 38,334 -15%
4,635 5,339 -13% 6,808 Adjusted net operating income from business segments 15,574 19,383 -20%
2,482 2,667 -7% 3,138 Exploration & Production 7,699 8,140 -5%
1,063 1,152 -8% 1,342 Integrated LNG 3,437 4,744 -28%
485 502 -3% 506 Integrated Power 1,598 1,326 +21%
241 639 -62% 1,399 Refining & Chemicals 1,842 4,021 -54%
364 379 -4% 423 Marketing & Services 998 1,152 -13%
706 636 +11% 662 Contribution of equity affiliates to adjusted net income 1,963 2,403 -18%
38.0% 40.4% - 33.4% Effective tax rate ((3)) 38.7% 37.5% -
4,074 4,672 -13% 6,453 Adjusted net income (TotalEnergies share) ((1)) 13,858 17,950 -23%
1.74 1.98 -12% 2.63 Adjusted fully-diluted earnings per share (dollars) ((4)) 5.87 7.24 -19%
1.58 1.85 -15% 2.41 Adjusted fully-diluted earnings per share (euros) ((5)) 5.40 6.68 -19%
2,310 2,328 -1% 2,423 Fully-diluted weighted-average shares (millions) 2,327 2,448 -5%
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
4,102 4,410 -7% 4,283 Organic investments ((1)) 12,584 11,987 +5%
1,662 220 x7.5 808 Acquisitions net of assets sales ((1)) 1,382 4,115 -66%
5,764 4,630 +24% 5,091 Net investments ((1)) 13,966 16,102 -13%
6,821 7,777 -12% 9,340 Cash flow from operations excluding working capital (CFFO) ((1)) 22,766 27,446 -17%
7,009 7,895 -11% 9,551 Debt Adjusted Cash Flow (DACF) ((1)) 23,215 27,922 -17%
7,171 9,007 -20% 9,496 Cash flow from operating activities 18,347 24,529 -25%
Gearing ((1)) of 12,9% at September 30, 2024 vs. 10.2% at June 30, 2024 and 12.3% at September 30, 2023
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
3Q24 2Q24 3Q24 3Q23 9M24 9M23 9M24
vs
vs
2Q24
9M23
80.3 85.0 -5% 86.7 Brent ($/b) 82.8 82.1 +1%
2.2 2.3 -4% 2.7 Henry Hub ($/Mbtu) 2.2 2.6 -14%
11.1 9.7 +14% 10.6 NBP ($/Mbtu) 9.8 12.4 -21%
13.0 11.2 +16% 12.5 JKM ($/Mbtu) 11.2 13.3 -16%
77.0 81.0 -5% 78.9 Average price of liquids ((6),(7)) ($/b) 78.9 74.9 +5%
Consolidated subsidiaries
5.78 5.05 +14% 5.47 Average price of gas ((6),(8)) ($/Mbtu) 5.30 6.80 -22%
Consolidated subsidiaries
9.91 9.32 +6% 9.56 Average price of LNG ((6),(9)) ($/Mbtu) 9.61 10.92 -12%
Consolidated subsidiaries and equity affiliates
15.4 44.9 -66% 100.6 European Refining Margin Marker (ERM) ((6),(10)) ($/t) 44.0 77.2 -43%
3.2 Greenhouse gas emissions ((11))
3Q24 2Q24 3Q24 3Q23 Scope 1+2 emissions (MtCO2e) 9M24 9M23 9M24
vs
vs
2Q24
9M23
8.8 7.7 +14% 8.5 Scope 1+2 from operated facilities ((12)) 24.7 26.7 -7%
7.4 7.0 +6% 7.5 of which Oil & Gas 21.5 23.1 -7%
1.4 0.7 +100% 1.0 of which CCGT 3.2 3.6 -11%
11.7 10.8 +8% 12.1 Scope 1+2 - equity share 34.2 37.4 -9%
Estimated quarterly emissions.
Scope 1+2 emissions from operated facilities were 8.8 Mt this quarter, notably
due to the increase in the gas-fired power plants utilization rate in the US
and in Europe.
Scope 1+2 emissions from operated installations were down 7% in the first nine
months of 2024, mainly thanks to the continuous decline in flaring emissions
at Exploration & Production facilities, the implementation of emissions
reduction initiatives in Refining & Chemicals and lower utilization of
gas-fired power plants in Europe.
3Q24 2Q24 3Q24 3Q23 Methane emissions (ktCH4) 9M24 9M23 9M24
vs
vs
2Q24
9M23
7 7 - 7 Methane emissions from operated facilities 22 25 -12%
8 8 - 9 Methane emissions - equity share 25 30 -17%
Estimated quarterly emissions.
Scope 3 emissions (MtCO2e) 9M24 2023
Scope 3 from Oil, Biofuels and Gas Worldwide ((13)) est. 260 355
3.3 Production ((14))
3Q24 2Q24 3Q24 3Q23 Hydrocarbon production 9M24 9M23 9M24
vs
vs
2Q24
9M23
2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,324 1,318 - 1,399 Oil (including bitumen) (kb/d) 1,321 1,404 -6%
1,086 1,123 -3% 1,077 Gas (including condensates and associated NGL) (kboe/d) 1,116 1,086 +3%
2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,466 1,477 -1% 1,561 Liquids (kb/d) 1,475 1,565 -6%
5,093 5,180 -2% 4,921 Gas (Mcf/d) 5,174 4,985 +4%
Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in
the third quarter 2024, down 1% quarter-to-quarter, benefiting from the
ramp-up of the Mero 2 project in Brazil that partially offset unplanned
shutdowns in Ichthys LNG and security-related disruptions in Libya.
Hydrocarbon production in the third quarter 2024 was up 1% year-on-year
(excluding Canada) and was comprised of:
* +2% due to project start-ups and ramp-ups, including Mero 2 in Brazil,
Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Block
10 in Oman,
* +3% due to the higher availability of production facilities,
* -1% due to security-related production disruptions in Libya,
* -3% due to the natural field decline.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q24 2Q24 3Q24 3Q23 Hydrocarbon production 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,944 1,943 - 2,043 EP (kboe/d) 1,952 2,045 -5%
1,414 1,413 - 1,507 Liquids (kb/d) 1,415 1,506 -6%
2,830 2,829 - 2,865 Gas (Mcf/d) 2,865 2,885 -1%
4.1.2 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars, except effective tax rate 9M24 9M23 9M24
vs
vs
2Q24
9M23
2,482 2,667 -7% 3,138 Adjusted net operating income 7,699 8,140 -5%
183 207 -12% 125 including adjusted income from equity affiliates 535 409 +31%
45.1% 46.9% - 44.6% Effective tax rate ((15)) 46.9% 50.7% -
2,330 2,585 -10% 2,557 Organic investments ((1)) 6,956 7,115 -2%
(42) 57 ns (514) Acquisitions net of assets sales ((1)) 51 1,600 -97%
2,288 2,642 -13% 2,043 Net investments ((1)) 7,007 8,715 -20%
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital (CFFO) ((1)) 13,104 14,436 -9%
4,763 4,535 +5% 4,240 Cash flow from operating activities 12,888 12,823 +1%
Exploration & Production adjusted net operating income was $2,482 million
in the third quarter 2024, down 7% quarter-to-quarter, driven by the decrease
in liquid prices that was partially compensated by an increase in gas prices.
Cash flow from operations excluding working capital (CFFO) was $4,273 million
in the third quarter 2024, down 2% quarter-to-quarter.
4.2 Integrated LNG
4.2.1 Production
3Q24 2Q24 3Q24 3Q23 Hydrocarbon production for LNG 9M24 9M23 9M24
vs
vs
2Q24
9M23
465 498 -7% 433 Integrated LNG (kboe/d) 485 445 +9%
52 64 -19% 54 Liquids (kb/d) 60 59 +2%
2,263 2,351 -4% 2,056 Gas (Mcf/d) 2,309 2,100 +10%
3Q24 2Q24 3Q24 3Q23 Liquefied Natural Gas in Mt 9M24 9M23 9M24
vs
vs
2Q24
9M23
9.5 8.8 +8% 10.5 Overall LNG sales 29.0 32.5 -11%
3.8 3.6 +5% 3.7 incl. Sales from equity production* 11.6 11.2 +3%
8.4 7.6 +11% 9.4 incl. Sales by TotalEnergies from equity production and third party purchases 25.3 29.3 -14%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG in the third quarter 2024 was down 7%
quarter-to-quarter, notably linked to unplanned maintenance on Ichthys LNG.
LNG sales increased by 8% quarter-to-quarter, notably due to higher spot
volumes, in a context of seasonal inventory replenishment.
4.2.2 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars, except the average price of LNG 9M24 9M23 9M24
vs
vs
2Q24
9M23
9.91 9.32 +6% 9.56 Average price of LNG ($/Mbtu) * 9.61 10.92 -12%
Consolidated subsidiaries and equity affiliates
1,063 1,152 -8% 1,342 Adjusted net operating income 3,437 4,744 -28%
538 421 +28% 385 including adjusted income from equity affiliates 1,453 1,603 -9%
451 624 -28% 495 Organic investments ((1)) 1,615 1,273 +27%
65 198 -67% 84 Acquisitions net of assets sales ((1)) 251 1,048 -76%
516 822 -37% 579 Net investments ((1)) 1,866 2,321 -20%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital (CFFO) ((1)) 3,456 5,530 -38%
830 431 +93% 872 Cash flow from operating activities 2,971 5,740 -48%
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does
not include LNG trading activities.
Integrated LNG adjusted net operating income was $1,063 million in the third
quarter 2024, down 8% quarter-to-quarter, mainly due to lower hydrocarbon
production for LNG. Moreover, gas trading did not fully benefit from markets
characterized by low volatility.
Cash flow from operations excluding working capital (CFFO) was $888 million in
the third quarter 2024, down 27% quarter-to-quarter, for the same reasons and
due to a timing effect in dividend payments from some equity affiliates of
around $200 million.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
3Q24 2Q24 3Q24 3Q23 Integrated Power 9M24 9M23 9M24
vs
vs
2Q24
9M23
11.1 9.1 +23% 8.9 Net power production (TWh) * 29.7 25.5 +17%
6.7 6.8 -1% 5.4 o/w production from renewables 19.6 13.5 +45%
4.4 2.2 +96% 3.5 o/w production from gas flexible capacities 10.2 12.0 -15%
21.6 19.6 +10% 15.9 Portfolio of power generation net installed capacity (GW) ** 21.6 15.9 +36%
14.5 13.8 +5% 11.6 o/w renewables 14.5 11.6 +25%
7.1 5.8 +23% 4.3 o/w gas flexible capacities 7.1 4.3 +67%
89.6 87.4 +2% 80.5 Portfolio of renewable power generation gross capacity (GW) **,*** 89.6 80.5 +11%
24.2 24.0 +1% 20.2 o/w installed capacity 24.2 20.2 +20%
6.0 6.0 - 6.0 Clients power - BtB and BtC (Million) ** 6.0 6.0 +1%
2.8 2.8 +1% 2.8 Clients gas - BtB and BtC (Million) ** 2.8 2.8 -
10.9 11.1 -1% 11.2 Sales power - BtB and BtC (TWh) 36.9 38.2 -3%
13.9 18.9 -27% 13.8 Sales gas - BtB and BtC (TWh) 68.4 70.2 -3%
* 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 11.1 TWh in the third quarter 2024, up 23%
quarter-to-quarter mainly due to higher production from flexible gas assets in
the United States and the acquisition of the West Burton gas-fired power plant
in the United Kingdom.
Gross installed renewable power generation capacity reached 24.2 GW at the end
of the third quarter 2024, up 0.2 GW quarter-to-quarter.
4.3.2 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
485 502 -3% 506 Adjusted net operating income 1,598 1,326 +21%
29 35 -17% 37 including adjusted income from equity affiliates 25 116 -78%
707 596 +19% 578 Organic investments ((1)) 2,246 1,908 +18%
1,529 (88) ns 1,354 Acquisitions net of assets sales ((1)) 2,176 1,831 +19%
2,236 508 x4,4 1,932 Net investments ((1)) 4,422 3,739 +18%
636 623 +2% 516 Cash flow from operations excluding working capital (CFFO) ((1)) 1,951 1,447 +35%
373 1,647 -77% 1,936 Cash flow from operating activities 1,771 2,935 -40%
Integrated Power adjusted net operating income and cash flow from operations
excluding working capital (CFFO) were stable in the third quarter 2024 at $485
million and $636 million, respectively. This demonstrates the value of the
Company’s integrated business model along the power value chain, with all
segments (renewables, flexible assets, marketing to customers) contributing
positively to the results.
Cash flow from operations excluding working capital (CFFO) was $1,951 million
for the nine first months of 2024, up 35% year-on-year, in line with the
growth of the business.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
605 1,018 -41% 1,822 Adjusted net operating income 2,840 5,173 -45%
561 568 -1% 625 Organic investments ((1)) 1,649 1,601 +3%
112 56 +100% (115) Acquisitions net of assets sales ((1)) (1,090) (363) ns
673 624 +8% 510 Net investments ((1)) 559 1,238 -55%
1,177 1,776 -34% 2,205 Cash flow from operations excluding working capital (CFFO) ((1)) 4,723 6,479 -27%
1,145 3,191 -64% 2,266 Cash flow from operating activities 2,099 3,330 -37%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
3Q24 2Q24 3Q24 3Q23 Refinery throughput and utilization rate* 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,539 1,511 +2% 1,489 Total refinery throughput (kb/d) 1,468 1,456 +1%
451 430 +5% 489 France 406 404 +1%
625 636 -2% 589 Rest of Europe 627 596 +5%
463 446 +4% 410 Rest of world 435 456 -5%
86% 84% 84% Utilization rate based on crude only** 83% 81%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year.
3Q24 2Q24 3Q24 3Q23 Petrochemicals production and utilization rate 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,314 1,248 +5% 1,330 Monomers* (kt) 3,850 3,782 +2%
1,167 1,109 +5% 1,070 Polymers (kt) 3,352 3,145 +7%
85% 79% 75% Steam cracker utilization rate** 79% 72%
* 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 up 2% quarter-to-quarter in the third quarter 2024,
mainly thanks to the restart of the Donges refinery in France.
The utilization rate based on crude was 86% in the third quarter 2024.
4.5.2 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars, except ERM 9M24 9M23 9M24
vs
vs
2Q24
9M23
15.4 44.9 -66% 100.6 European Refining Margin Marker (ERM) ($/t) * 44.0 77.2 -43%
241 639 -62% 1,399 Adjusted net operating income 1,842 4,021 -54%
329 382 -14% 386 Organic investments ((1)) 1,130 1,038 +9%
34 (95) ns (97) Acquisitions net of assets sales ((1)) (81) (107) ns
363 287 +26% 289 Net investments ((1)) 1,049 931 +13%
530 1,117 -53% 1,618 Cash flow from operations excluding working capital (CFFO) ((1)) 2,938 4,680 -37%
564 1,541 -63% 2,060 Cash flow from operating activities (24) 3,132 ns
* 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.
Refining & Chemicals adjusted net operating income was $241 million in the
third quarter 2024, down 62% quarter-to-quarter, due to much lower refining
margins in Europe (-66% quarter-to-quarter) and in the Rest of the World.
Cash flow from operations excluding working capital (CFFO) was $530 million,
down 53% quarter-to-quarter, for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q24 2Q24 3Q24 3Q23 Sales in kb/d* 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,383 1,363 +1% 1,399 Total Marketing & Services sales 1,353 1,386 -2%
795 773 +3% 792 Europe 761 783 -3%
588 591 -1% 608 Rest of world 592 603 -2%
* Excludes trading and bulk refining sales.
Sales of petroleum products in the third quarter 2024 were stable compared to
the second quarter.
4.6.2 Results
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
364 379 -4% 423 Adjusted net operating income 998 1,152 -13%
232 186 +25% 239 Organic investments ((1)) 519 563 -8%
78 151 -48% (18) Acquisitions net of assets sales ((1)) (1,009) (256) ns
310 337 -8% 221 Net investments ((1)) (490) 307 ns
647 659 -2% 587 Cash flow from operations excluding working capital (CFFO) ((1)) 1,785 1,799 -1%
581 1,650 -65% 206 Cash flow from operating activities 2,123 198 x10.7
Marketing & Services results were stable quarter-to-quarter, with adjusted
net operating income of $364 million and cash flow from operations excluding
working capital (CFFO) of $647 million for the third quarter 2024.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
* $4,635 million in the third quarter 2024 versus $5,339 million in the second
quarter 2024, mainly due to much lower refining margins and the decrease in
oil prices,
* $15,574 million in the first nine months of 2024 versus $19,383 million in the
first nine months of 2023, linked to lower gas and LNG prices and, for the
third quarter, lower refining margins.
5.2 Adjusted net income ((1)) (TotalEnergies share)
TotalEnergies adjusted net income was $4,074 million in the third quarter 2024
versus $4,672 million in the second quarter 2024, mainly due to much lower
refining margins and the decrease in oil prices.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value.
Adjustments to net income( )were ($1,780) million in the third quarter 2024,
consisting mainly of:
* ($1.1) billion related to impairments, notably linked to the Chapter 11
bankruptcy filing of Sunpower and the exit of blocks 11B/12B and 5/6/7 in
South Africa,
* ($0.4) billion in inventory effects,
* ($0.3) billion in other adjustments, notably related to the effect of changes
in fair value and adjustments of deferred tax assets linked to changes in tax
rates.
TotalEnergies’ average tax rate was:
* 38.0% in the third quarter 2024 versus 40.4% in the second quarter 2024,
* 38.7% in the first nine months of 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:
* $1.74 in the third quarter 2024, based on 2,310 million weighted average
diluted shares, compared to $1.98 in the second quarter 2024,
* $5.87 in the first nine months of 2024, based on 2,327 million weighted
average diluted shares, compared to $7.24 a year ago.
As of September 30, 2024, the number of diluted shares was 2,299 million.
TotalEnergies repurchased*:
* 29.3 million shares in the third quarter 2024 for $2 billion,
* 88.1 million shares* in the first nine months of 2024 for $6 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
* $1,795 million in the third quarter 2024, primarily related to the acquisition
of the West Burton flexible gas capacity in the United Kingdom, acquisitions
of stakes in offshore wind projects in Germany in 2023 and in the Netherlands
in 2024 and investment in a new solar portfolio with Adani Green in India.
* $3,413 million in the first nine months of 2024, related to the above elements
as well as the acquisitions of a 20% interest from Lewis Energy Group in the
Dorado (Eagle Ford) gas field in the United States, the German renewable
energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas,
battery storage developer Kyon in Germany, and Talos Low Carbon Solutions in
the carbon storage industry in the United States.
Divestments were:
* $133 million in the third quarter 2024, primarily related to earn-out payments
from the sale of upstream Canadian oil assets,
* $2,031 million in the first nine months of 2024, related to the above elements
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 farmdown 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:
* $1,057 million in the third quarter 2024 compared to $3,147 million in the
second quarter 2024, reflecting the $956 million decrease in CFFO and the
$1,134 million increase in net investments to $5,764 million in the third
quarter 2024,
* $8,800 million in the first nine months of 2024 compared to $11,344 million a
year ago, reflecting the $4,680 million decrease in CFFO and the $2,136
million decrease in net investments to $13,966 million in the first nine
months of 2024.
2024 third quarter cash flow from operating activities was $7,171 million
versus CFFO of $6,821 million, and was impacted by an improvement in working
capital of $0.4 billion, mainly due to the stock effect at the end of the
quarter that was partially compensated by the decrease of tax payables.
5.6 Profitability
Return on equity was 16.6% for the twelve months ended September 30, 2024.
In millions of dollars October 1, 2023 July 1, 2023 October 1, 2022
September 30, 2024 June 30, 2024 September 30, 2023
Adjusted net income ((1)) 19,398 21,769 25,938
Average adjusted shareholders' equity 116,572 116,286 116,529
Return on equity (ROE) 16.6% 18.7% 22.3%
Return on average capital employed ((1)) was 14.6% for the twelve months ended
September 30, 2024.
In millions of dollars October 1, 2023 July 1, 2023 October 1, 2022
September 30, 2024 June 30, 2024 September 30, 2023
Adjusted net operating income ((1)) 20,701 23,030 27,351
Average capital employed ((1)) 142,195 138,776 135,757
ROACE ((1)) 14.6% 16.6% 20.1%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to:
* €4,336 million in the third quarter 2024, compared to €1,348 million in
the third quarter 2023,
* €12,331 million in the first nine months of 2024, compared to €8,388
million in the first nine months of 2023.
7. Annual 2024 Sensitivities ((16))
Change Estimated impact on adjusted Estimated impact on
net operating income cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price ((17)) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
In a context of modest global macroeconomic growth and geopolitical tensions
in the Middle East, oil prices are volatile. At the end of October, the
European Refining Marker (ERM) is close to 25 $/t, compared to an average of
15$/t in the third quarter.
European gas prices remain at sustained levels and are expected to be between
$12 and $13/Mbtu in the fourth quarter 2024, supported by the anticipation of
winter gas consumption. Given the evolution of oil and gas prices in the
recent months and the lag effect on price formulas, TotalEnergies anticipates
that its average LNG selling price should be around $10/Mbtu in the fourth
quarter 2024.
Fourth quarter 2024 hydrocarbon production is expected to be between 2.4 and
2.45 Mboe/d, benefiting from the end of security-related disruptions in Libya
and the start-up of the Mero-3 project in Brazil, which are compensated by
several planned shutdowns during the fourth quarter of 2024.
The fourth quarter 2024 refining utilization rate is anticipated to remain
above 85%, with a turnaround planned at Leuna refinery in October.
The Company confirms net investments guidance of $17-$18 billion in 2024.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and
CFO Jean-Pierre Sbraire today at 12:00pm (Paris time), please log on to
totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54145165&newsitemid=20241031219798&lan=en-US&anchor=totalenergies.com&index=1&md5=cef702c62e9319b6bd49a62d0ad3f361)
or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The
conference replay will be available on the Company's website totalenergies.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ftotalenergies.com&esheet=54145165&newsitemid=20241031219798&lan=en-US&anchor=totalenergies.com&index=2&md5=e79fb6199a8f376f3a37bc958d85c966)
after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
3Q24 2Q24 3Q24 3Q23 Combined liquids and gas 9M24 9M23 9M24
vs production by region (kboe/d)
vs
2Q24
9M23
556 561 -1% 550 Europe 563 556 +1%
452 449 +1% 459 Africa 454 478 -5%
799 825 -3% 781 Middle East and North Africa 813 756 +8%
388 358 +8% 445 Americas 366 443 -17%
214 248 -14% 241 Asia-Pacific 241 257 -6%
2,409 2,441 -1% 2,476 Total production 2,437 2,490 -2%
371 359 +3% 327 includes equity affiliates 359 336 +7%
3Q24 2Q24 3Q24 3Q23 Liquids production by region (kb/d) 9M24 9M23 9M24
vs
vs
2Q24
9M23
221 225 -2% 229 Europe 224 230 -3%
329 325 +1% 335 Africa 328 354 -7%
637 660 -4% 627 Middle East and North Africa 649 607 +7%
189 167 +14% 268 Americas 176 267 -34%
90 100 -10% 102 Asia-Pacific 98 107 -8%
1,466 1,477 -1% 1,561 Total production 1,475 1,565 -6%
154 150 +3% 156 includes equity affiliates 153 153 -
3Q24 2Q24 3Q24 3Q23 Gas production by region (Mcf/d) 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,812 1,814 - 1,733 Europe 1,832 1,760 +4%
632 620 +2% 619 Africa 633 615 +3%
888 904 -2% 844 Middle East and North Africa 896 817 +10%
1,100 1,061 +4% 989 Americas 1,055 986 +7%
661 781 -15% 736 Asia-Pacific 758 807 -6%
5,093 5,180 -2% 4,921 Total production 5,174 4,985 +4%
1,190 1,127 +6% 933 includes equity affiliates 1,120 996 +12%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q24 2Q24 3Q24 3Q23 Petroleum product sales by region (kb/d) 9M24 9M23 9M24
vs
vs
2Q24
9M23
1,932 1,840 +5% 1,838 Europe 1,849 1,716 +8%
585 558 +5% 621 Africa 578 629 -8%
1,091 989 +10% 946 Americas 1,038 904 +15%
747 639 +17% 624 Rest of world 699 637 +10%
4,355 4,026 +8% 4,029 Total consolidated sales 4,164 3,886 +7%
395 397 -1% 407 Includes bulk sales 397 406 -2%
2,578 2,266 +14% 2,222 Includes trading 2,414 2,095 +15%
3Q24 2Q24 3Q24 3Q23 Petrochemicals production* (kt) 9M24 9M23 9M24
vs
vs
2Q24
9M23
954 900 +6% 1,018 Europe 2,844 3,091 -8%
765 756 +1% 611 Americas 2,166 1,837 +18%
762 702 +9% 771 Middle East and Asia 2,192 1,999 +10%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
3Q24 2Q24
Net power production (TWh) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind
Wind
Wind
Wind
France 0.2 0.1 - 0.6 0.0 0.9 0.2 0.2 - 0.4 0.0 0.8
Rest of Europe 0.1 0.4 0.2 1.3 0.1 2.1 0.1 0.4 0.4 0.4 0.1 1.4
Africa 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0
Middle East 0.2 - - 0.3 - 0.5 0.3 - - 0.2 - 0.5
North America 1.2 0.4 - 2.2 - 3.8 0.9 0.6 - 1.2 - 2.8
South America 0.1 1.1 - - - 1.2 0.1 0.8 - - - 0.9
India 1.6 0.4 - - - 2.0 1.9 0.4 - - - 2.2
Pacific Asia 0.4 0.0 0.0 - - 0.4 0.4 0.0 0.0 - - 0.5
Total 4.0 2.4 0.3 4.4 0.1 11.1 3.9 2.3 0.5 2.2 0.1 9.1
9.3.2 Installed power generation net capacity
3Q24 2Q24
Installed power generation net capacity (GW) ((18)) Solar Onshore Offshore Gas Others Total Solar Onshore Offshore Gas Others Total
Wind
Wind
Wind
Wind
France 0.6 0.4 - 2.6 0.2 3.7 0.6 0.4 - 2.6 0.1 3.7
Rest of Europe 0.3 0.9 0.3 2.7 0.2 4.4 0.3 0.9 0.3 1.4 0.1 2.9
Africa 0.1 0.0 - - 0.0 0.1 0.1 0.0 - - 0.0 0.1
Middle East 0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8
North America 2.6 0.8 - 1.5 0.4 5.3 2.3 0.8 - 1.5 0.4 5.0
South America 0.4 0.9 - - - 1.2 0.4 0.9 - - - 1.2
India 4.3 0.5 - - - 4.9 4.2 0.5 - - - 4.7
Pacific Asia 1.1 0.0 0.1 - 0.0 1.2 1.1 0.0 0.1 - 0.0 1.2
Total 9.8 3.6 0.4 7.1 0.7 21.6 9.3 3.5 0.4 5.8 0.7 19.6
9.3.3 Power generation gross capacity from renewables
3Q24 2Q24
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 1.1 0.7 - 0.2 2.1 1.1 0.7 - 0.2 2.0
Rest of Europe 0.3 1.1 1.1 0.2 2.8 0.3 1.1 1.1 0.2 2.7
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 4.9 2.2 - 0.7 7.7 5.2 2.2 - 0.7 8.1
South America 0.4 1.3 - - 1.6 0.4 1.3 - - 1.6
India 6.1 0.6 - - 6.7 5.9 0.5 - - 6.5
Asia-Pacific 1.6 0.0 0.4 0.0 2.0 1.5 - 0.3 - 1.8
Total 15.6 5.9 1.6 1.1 24.2 15.7 5.8 1.4 1.1 24.0
3Q24 2Q24
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 0.2 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.2
Rest of Europe 0.4 0.1 0.8 0.1 1.4 0.4 0.2 - 0.1 0.6
Africa 0.3 - - 0.1 0.4 0.3 - - 0.1 0.4
Middle East 0.1 - - - 0.1 0.1 - - - 0.1
North America 1.7 0.0 - 0.4 2.1 1.7 0.0 - 0.3 2.0
South America 0.3 0.6 - 0.2 1.1 0.0 0.6 - - 0.7
India 3.9 - - - 3.9 0.5 0.1 - - 0.5
Asia-Pacific 0.1 - 0.2 - 0.3 0.0 0.0 0.4 - 0.4
Total 6.9 0.8 1.0 0.7 9.5 3.2 0.9 0.4 0.4 5.0
3Q24 2Q24
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 1.1 0.4 - 0.1 1.6 1.4 0.4 - 0.1 1.9
Rest of Europe 4.6 0.8 8.9 2.6 16.9 4.4 0.8 8.9 2.2 16.4
Africa 0.7 0.3 - - 1.0 0.7 0.3 - - 1.0
Middle East 1.8 - - - 1.8 1.8 - - - 1.8
North America 8.8 3.3 4.1 4.9 21.0 9.7 2.9 4.1 4.4 21.1
South America 1.8 1.2 - 0.0 3.0 2.1 1.2 - 0.2 3.4
India 2.2 0.1 - - 2.3 4.5 0.2 - - 4.7
Asia-Pacific 3.6 1.1 2.6 1.1 8.4 3.4 1.1 2.6 1.1 8.2
Total 24.4 7.2 15.6 8.7 55.9 28.0 6.8 15.6 8.0 58.5
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q24 2Q24 3Q23 In millions of dollars 9M24 9M23
2,294 3,787 6,676 Net income (TotalEnergies share) 11,802 16,321
(1,337) (274) (749) Special items affecting net income (TotalEnergies share) (806) (1,285)
- (110) - Gain (loss) on asset sales 1,397 203
(10) (11) - Restructuring charges (21) (5)
(1,100) - (614) Impairments (1,744) (1,143)
(227) (153) (135) Other (438) (340)
(359) (320) 607 After-tax inventory effect : FIFO vs. replacement cost (555) (164)
(84) (291) 365 Effect of changes in fair value (695) (180)
(1,780) (885) 223 Total adjustments affecting net income (2,056) (1,629)
4,074 4,672 6,453 Adjusted net income (TotalEnergies share) 13,858 17,950
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
1,780 885 x2 (223) Less: adjustment items to net income (TotalEnergies share) 2,056 1,629 +26%
4,074 4,672 -13% 6,453 Adjusted net income (TotalEnergies share) 13,858 17,950 -23%
Adjusted items
90 67 +34% 82 Add: non-controlling interests 257 217 +18%
2,369 2,977 -20% 3,130 Add: income taxes 8,337 9,935 -16%
3,048 2,962 +3% 2,967 Add: depreciation, depletion and impairment of tangible assets and mineral interests 8,952 8,952 -
103 87 +18% 88 Add: amortization and impairment of intangible assets 282 279 +1%
797 725 +10% 726 Add: financial interest on debt 2,230 2,160 +3%
(433) (417) ns (384) Less: financial income and expense from cash & cash equivalents (1,302) (1,159) ns
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
Adjusted items
47,429 49,183 -4% 54,413 Revenues from sales 148,495 164,180 -10%
(30,856) (31,314) ns (34,738) Purchases, net of inventory variation (95,695) (105,596) ns
(7,147) (7,664) ns (7,346) Other operating expenses (22,391) (22,852) ns
(101) (97) ns (245) Exploration costs (286) (401) ns
59 146 -60% 142 Other income 445 335 +33%
(121) (37) ns 64 Other expense, excluding amortization and impairment of intangible assets (283) (138) ns
293 433 -32% 296 Other financial income 1,008 945 +7%
(214) (213) ns (186) Other financial expense (642) (542) ns
706 636 +11% 662 Net income (loss) from equity affiliates 1,963 2,403 -18%
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%
Adjusted items
(3,048) (2,962) ns (2,967) Less: depreciation, depletion and impairment of tangible assets and mineral interests (8,952) (8,952) ns
(103) (87) ns (88) Less: amortization of intangible assets (282) (279) ns
(797) (725) ns (726) Less: financial interest on debt (2,230) (2,160) ns
433 417 +4% 384 Add: financial income and expense from cash & cash equivalents 1,302 1,159 +12%
(2,369) (2,977) ns (3,130) Less: income taxes (8,337) (9,935) ns
(90) (67) ns (82) Less: non-controlling interests (257) (217) ns
(1,780) (885) ns 223 Add: adjustment (TotalEnergies share) (2,056) (1,629) ns
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
5,562 4,558 +22% 4,987 Cash flow used in investing activities ( a ) 13,587 15,822 -14%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
57 (29) ns (17) Organic loan repayment from equity affiliates ( c ) 31 (5) ns
- - ns 43 Change in debt from renewable projects financing ( d ) * - 81 -100%
119 97 +23% 64 Capex linked to capitalized leasing contracts ( e ) 319 188 +70%
26 4 x6.5 14 Expenditures related to carbon credits ( f ) 29 16 +81%
5,764 4,630 +24% 5,091 Net investments ( a + b + c + d + e + f = g - i + h ) 13,966 16,102 -13%
1,662 220 x7.5 808 of which acquisitions net of assets sales ( g-i ) 1,382 4,115 -66%
1,795 544 x3.3 1,992 Acquisitions ( g ) 3,413 5,730 -40%
133 324 -59% 1,184 Asset sales ( i ) 2,031 1,615 +26%
- - ns (43) Change in debt from renewable projects (partner share) - (81) -100%
4,102 4,410 -7% 4,283 of which organic investments ( h ) 12,584 11,987 +5%
148 101 +46% 346 Capitalized exploration 394 879 -55%
458 589 -22% 422 Increase in non-current loans 1,585 1,162 +36%
(140) (178) ns (120) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (464) (433) ns
- - ns - Change in debt from renewable projects (TotalEnergies share) - - 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
3Q24 2Q24 3Q24 3Q23 In millions of dollars 9M24 9M23 9M24
vs
vs
2Q24
9M23
7,171 9,007 -20% 9,496 Cash flow from operating activities ( a ) 18,347 24,529 -25%
871 1,669 -48% (582) (Increase) decrease in working capital ( b ) * (3,581) (2,851) ns
(464) (468) ns 764 Inventory effect ( c ) (807) 10 ns
- - ns 43 Capital gain from renewable project sales ( d ) - 81 -100%
57 (29) ns (17) Organic loan repayments from equity affiliates ( e ) 31 (5) ns
6,821 7,777 -12% 9,340 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) 22,766 27,446 -17%
(188) (118) ns (211) Financial charges (449) (476) ns
7,009 7,895 -11% 9,551 Debt Adjusted Cash Flow (DACF) 23,215 27,922 -17%
4,102 4,410 -7% 4,283 Organic investments ( g ) 12,584 11,987 +5%
2,719 3,367 -19% 5,058 Free cash flow after organic investments ( f - g ) 10,182 15,459 -34%
5,764 4,630 +24% 5,091 Net investments ( h ) 13,966 16,102 -13%
1,057 3,147 -66% 4,249 Net cash flow ( f - h ) 8,800 11,344 -22%
* 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 09/30/2024 06/30/2024 09/30/2023
Current borrowings * 11,805 9,358 15,193
Other current financial liabilities 488 461 415
Current financial assets * , ** (5,780) (6,425) (6,585)
Net financial assets classified as held for sale * 204 (61) (44)
Non-current financial debt * 37,824 34,726 33,947
Non-current financial assets * (1,307) (1,166) (1,519)
Cash and cash equivalents (25,672) (23,211) (24,731)
Net debt ( a ) 17,562 13,682 16,676
Shareholders’ equity (TotalEnergies share) 116,059 117,379 115,767
Non-controlling interests 2,557 2,648 2,657
Shareholders' equity (b) 118,616 120,027 118,424
Gearing = a / ( a+b ) 12.9% 10.2% 12.3%
Leases (c) 8,338 8,012 8,277
Gearing including leases ( a+c ) / ( a+b+c ) 17.9% 15.3% 17.4%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on
organized markets.
10.6 Return on average capital employed
Twelve months ended September 30, 2024
In millions of dollars Exploration & Integrated Integrated Refining & Marketing & Company
Production LNG Power Chemicals Services
Adjusted net operating income 10,501 4,893 2,125 2,475 1,304 20,701
Capital employed at 09/30/2023 69,392 36,033 20,043 9,002 9,025 141,093
Capital employed at 09/30/2024 64,859 39,460 24,589 9,050 7,325 143,297
ROACE 15.6% 13.0% 9.5% 27.4% 16.0% 14.6%
10.7 Payout
In millions of dollars 9M24 9M23 2023
Dividend paid (parent company shareholders) 5,719 5,648 7,517
Repayment of treasury shares 6,018 6,203 9,167
Payout ratio 49% 43% 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 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 third quarter of 2024 and
first nine months of 2024 from the consolidated financial statements of
TotalEnergies SE as of September 30, 2024 (unaudited). The limited review
procedures by the Statutory Auditors are underway. The notes to the
consolidated financial statements (unaudited) are available on the website
totalenergies.com
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. 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
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. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov
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.
((1)) Refer to Glossary pages 22 & 23 for the definitions and further
information on alternative performance measures (Non-GAAP measures) and to
page 18 and following for reconciliation tables.
* Including coverage of employees share grant plans.
((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: 1.0983 in the 3(rd) quarter 2024, 1.0767 in the
2(nd) quarter 2024, 1.0884 in the 3(rd) quarter 2023, 1.0871 in the first nine
months of 2024 and 1.0833 in the first nine months of 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 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent
from the Company’s emissions or are considered as non-material and are
therefore not counted.
((12)) Scope 1+2 GHG emissions of operated facilities are defined as the sum of
direct emissions of greenhouse gases from sites or activities that are
included in the scope of reporting (as defined in the Company’s 2023
Universal Registration Document) and indirect emissions attributable to
brought-in energy (electricity, heat, steam), excluding purchased industrial
gases (H2).
((13)) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to
indirect GHG emissions related to the end use of energy products sold to the
Company’s customers, i.e., from their combustion, i.e., combustion of the
products to obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG Protocol
methodologies. In order to avoid double counting, this methodology accounts
for the largest volume in the oil, biofuels and gas value chains, i.e., the
higher of the two production volumes or sales. The highest point for each
value chain for 2024 will be evaluated considering realizations over the full
year, TotalEnergies gradually providing quarterly estimates.
((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).
* Including coverage of employees share grant plans.
((16)) Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2024. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.
((17)) In a 80 $/b Brent environment.
((18)) End-of-period data.
((19)) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of
Clearway Energy Group and 49% of Casa dos Ventos.
((20)) End-of-period data.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$)((a)) 2024 2024 2023
Sales 52,021 53,743 59,017
Excise taxes (4,592) (4,560) (4,604)
Revenues from sales 47,429 49,183 54,413
Purchases, net of inventory variation (31,425) (32,117) (33,676)
Other operating expenses (7,269) (7,729) (7,562)
Exploration costs (572) (97) (245)
Depreciation, depletion and impairment of tangible assets and mineral (3,392) (2,976) (3,055)
interests
Other income 45 3 535
Other expense (374) (251) (928)
Financial interest on debt (797) (725) (726)
Financial income and expense from cash & cash equivalents 457 408 459
Cost of net debt (340) (317) (267)
Other financial income 319 459 311
Other financial expense (214) (213) (186)
Net income (loss) from equity affiliates 333 627 754
Income taxes (2,179) (2,725) (3,404)
Consolidated net income 2,361 3,847 6,690
TotalEnergies share 2,294 3,787 6,676
Non-controlling interests 67 60 14
Earnings per share ($) 0.97 1.61 2.74
Fully-diluted earnings per share ($) 0.96 1.60 2.73
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2024 2024 2023
Consolidated net income 2,361 3,847 6,690
Other comprehensive income
Actuarial gains and losses 3 22 (1)
Change in fair value of investments in equity instruments (141) 103 3
Tax effect 29 (11) (2)
Currency translation adjustment generated by the parent company 3,151 (683) (1,861)
Items not potentially reclassifiable to profit and loss 3,042 (569) (1,861)
Currency translation adjustment (2,457) 523 1,204
Cash flow hedge (13) 593 306
Variation of foreign currency basis spread (4) - (3)
Share of other comprehensive income of equity affiliates, net amount (208) (38) 31
Other 2 (2) (4)
Tax effect (1) (153) (46)
Items potentially reclassifiable to profit and loss (2,681) 923 1,488
Total other comprehensive income (net amount) 361 354 (373)
Comprehensive income 2,722 4,201 6,317
TotalEnergies share 2,631 4,134 6,313
Non-controlling interests 91 67 4
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$)((a)) 2024 2023
Sales 162,042 177,891
Excise taxes (13,547) (13,711)
Revenues from sales 148,495 164,180
Purchases, net of inventory variation (97,322) (105,891)
Other operating expenses (22,641) (23,253)
Exploration costs (757) (399)
Depreciation, depletion and impairment of tangible assets and mineral (9,310) (9,223)
interests
Other income 1,806 992
Other expense (940) (1,594)
Financial interest on debt (2,230) (2,160)
Financial income and expense from cash & cash equivalents 1,337 1,362
Cost of net debt (893) (798)
Other financial income 1,084 982
Other financial expense (642) (542)
Net income (loss) from equity affiliates 978 1,981
Income taxes (7,846) (9,962)
Consolidated net income 12,012 16,473
TotalEnergies share 11,802 16,321
Non-controlling interests 210 152
Earnings per share ($) 5.02 6.61
Fully-diluted earnings per share ($) 4.99 6.57
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2024 2023
Consolidated net income 12,012 16,473
Other comprehensive income
Actuarial gains and losses 23 137
Change in fair value of investments in equity instruments 2 6
Tax effect 10 (53)
Currency translation adjustment generated by the parent company 962 (452)
Items not potentially reclassifiable to profit and loss 997 (362)
Currency translation adjustment (835) (95)
Cash flow hedge 1,387 2,197
Variation of foreign currency basis spread (19) 5
share of other comprehensive income of equity affiliates, net amount (322) (64)
Other 2 (5)
Tax effect (373) (518)
Items potentially reclassifiable to profit and loss (160) 1,520
Total other comprehensive income (net amount) 837 1,158
Comprehensive income 12,849 17,631
TotalEnergies share 12,635 17,539
Non-controlling interests 214 92
CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30, 2024 June 30, 2024 December 31, 2023 September 30, 2023
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,891 33,477 33,083 32,911
Property, plant and equipment, net 110,125 109,403 108,916 106,721
Equity affiliates : investments and loans 33,963 32,800 30,457 30,153
Other investments 1,656 1,740 1,543 1,342
Non-current financial assets 2,578 2,469 2,395 2,710
Deferred income taxes 3,727 3,568 3,418 3,535
Other non-current assets 4,170 4,235 4,313 3,991
Total non-current assets 190,110 187,692 184,125 181,363
Current assets
Inventories, net 18,532 20,189 19,317 22,512
Accounts receivable, net 18,777 20,647 23,442 23,598
Other current assets 21,933 20,014 20,821 22,252
Current financial assets 6,151 6,823 6,585 6,892
Cash and cash equivalents 25,672 23,211 27,263 24,731
Assets classified as held for sale 2,830 912 2,101 8,656
Total current assets 93,895 91,796 99,529 108,641
Total assets 284,005 279,488 283,654 290,004
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,577 7,577 7,616 7,616
Paid-in surplus and retained earnings 130,804 130,688 126,857 123,506
Currency translation adjustment (13,793) (14,415) (13,701) (13,461)
Treasury shares (8,529) (6,471) (4,019) (1,894)
Total shareholders' equity - TotalEnergies share 116,059 117,379 116,753 115,767
Non-controlling interests 2,557 2,648 2,700 2,657
Total shareholders' equity 118,616 120,027 119,453 118,424
Non-current liabilities
Deferred income taxes 11,750 12,461 11,688 11,633
Employee benefits 1,890 1,819 1,993 1,837
Provisions and other non-current liabilities 20,290 20,295 21,257 22,657
Non-current financial debt 45,750 42,526 40,478 41,022
Total non-current liabilities 79,680 77,101 75,416 77,149
Current liabilities
Accounts payable 34,668 36,449 41,335 37,268
Other creditors and accrued liabilities 34,716 33,442 36,727 37,405
Current borrowings 13,853 11,271 9,590 16,876
Other current financial liabilities 488 461 446 415
Liabilities directly associated with the assets classified as held for sale 1,984 737 687 2,467
Total current liabilities 85,709 82,360 88,785 94,431
Total liabilities & shareholders' equity 284,005 279,488 283,654 290,004
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
3(rd) quarter 2(nd) quarter 3(rd) quarter
(M$) 2024 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,361 3,847 6,690
Depreciation, depletion, amortization and impairment 4,020 3,080 3,621
Non-current liabilities, valuation allowances and deferred taxes (93) (53) 686
(Gains) losses on disposals of assets (3) 182 (521)
Undistributed affiliates' equity earnings (13) (250) (325)
(Increase) decrease in working capital 836 2,013 (923)
Other changes, net 63 188 268
Cash flow from operating activities 7,171 9,007 9,496
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,110) (3,699) (3,808)
Acquisitions of subsidiaries, net of cash acquired (497) (251) (1,607)
Investments in equity affiliates and other securities (845) (481) (482)
Increase in non-current loans (458) (621) (451)
Total expenditures (5,910) (5,052) (6,348)
Proceeds from disposals of intangible assets and property, plant and equipment 32 44 914
Proceeds from disposals of subsidiaries, net of cash sold 82 213 7
Proceeds from disposals of non-current investments 37 56 308
Repayment of non-current loans 197 181 132
Total divestments 348 494 1,361
Cash flow used in investing activities (5,562) (4,558) (4,987)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 521 -
- Treasury shares (2,005) (2,007) (2,098)
Dividends paid:
- Parent company shareholders (1,963) (1,853) (1,962)
- Non-controlling interests (171) (127) (168)
Net issuance (repayment) of perpetual subordinated notes - (1,622) -
Payments on perpetual subordinated notes (23) (50) (22)
Other transactions with non-controlling interests (14) (19) (11)
Net issuance (repayment) of non-current debt 3,080 4,319 47
Increase (decrease) in current borrowings 911 (5,453) (446)
Increase (decrease) in current financial assets and liabilities 760 (530) (182)
Cash flow from / (used in) financing activities 575 (6,821) (4,842)
Net increase (decrease) in cash and cash equivalents 2,184 (2,372) (333)
Effect of exchange rates 277 (57) (508)
Cash and cash equivalents at the beginning of the period 23,211 25,640 25,572
Cash and cash equivalents at the end of the period 25,672 23,211 24,731
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9( )months 9( )months
(M$) 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 12,012 16,473
Depreciation, depletion, amortization and impairment 10,136 10,003
Non-current liabilities, valuation allowances and deferred taxes 146 1,081
(Gains) losses on disposals of assets (1,431) (843)
Undistributed affiliates' equity earnings 25 (291)
(Increase) decrease in working capital (2,837) (2,217)
Other changes, net 296 323
Cash flow from operating activities 18,347 24,529
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (11,229) (12,646)
Acquisitions of subsidiaries, net of cash acquired (1,507) (1,762)
Investments in equity affiliates and other securities (1,814) (2,411)
Increase in non-current loans (1,617) (1,206)
Total expenditures (16,167) (18,025)
Proceeds from disposals of intangible assets and property, plant and equipment 413 1,013
Proceeds from disposals of subsidiaries, net of cash sold 1,513 228
Proceeds from disposals of non-current investments 127 490
Repayment of non-current loans 527 472
Total divestments 2,580 2,203
Cash flow used in investing activities (13,587) (15,822)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 521 383
- Treasury shares (6,018) (6,203)
Dividends paid:
- Parent company shareholders (5,719) (5,648)
- Non-controlling interests (304) (294)
Net issuance (repayment) of perpetual subordinated notes (1,622) (1,081)
Payments on perpetual subordinated notes (232) (260)
Other transactions with non-controlling interests (50) (110)
Net issuance (repayment) of non-current debt 7,441 151
Increase (decrease) in current borrowings (1,006) (5,831)
Increase (decrease) in current financial assets and liabilities 501 2,202
Cash flow from / (used in) financing activities (6,488) (16,691)
Net increase (decrease) in cash and cash equivalents (1,728) (7,984)
Effect of exchange rates 137 (311)
Cash and cash equivalents at the beginning of the period 27,263 33,026
Cash and cash equivalents at the end of the period 25,672 24,731
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity - TotalEnergies Non-controlling interests Total shareholders' equity
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 of the first nine months 2023 - - 16,321 - - - 16,321 152 16,473
Other comprehensive income - - 1,815 (597) - - 1,218 (60) 1,158
Comprehensive Income - - 18,136 (597) - - 17,539 92 17,631
Dividend - - (5,765) - - - (5,765) (294) (6,059)
Issuance of common shares 8,002,155 22 361 - - - 383 - 383
Purchase of treasury shares - - - - (100,511,783) (7,024) (7,024) - (7,024)
Sale of treasury shares((a)) - - (396) - 6,463,426 396 - - -
Share-based payments - - 232 - - - 232 - 232
Share cancellation (214,881,605) (569) (11,720) - 214,881,605 12,289 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
Payments on perpetual subordinated notes - - (223) - - - (223) - (223)
Other operations with - - 39 (28) - - 11 12 23
non-controlling interests
Other items - - (2) - - (1) (3) 1 (2)
As of September 30, 2023 2,412,251,835 7,616 123,506 (13,461) (16,354,419) (1,894) 115,767 2,657 118,424
Net income of the fourth quarter 2023 - - 5,063 - - - 5,063 (26) 5,037
Other comprehensive income - - 172 (240) - - (68) 17 (51)
Comprehensive Income - - 5,235 (240) - - 4,995 (9) 4,986
Dividend - - (1,846) - - - (1,846) (17) (1,863)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (44,188,794) (2,143) (2,143) - (2,143)
Sale of treasury shares((a)) - - - - - - - - -
Share-based payments - - 59 - - - 59 - 59
Share cancellation - - (17) - - 17 - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (71) - - - (71) - (71)
Other operations with - - (9) - - - (9) 73 64
non-controlling interests
Other items - - - - - 1 1 (4) (3)
As of December 31, 2023 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first nine months 2024 - - 11,802 - - - 11,802 210 12,012
Other comprehensive income - - 924 (91) - - 833 4 837
Comprehensive Income - - 12,726 (91) - - 12,635 214 12,849
Dividend - - (5,863) - - - (5,863) (304) (6,167)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (88,066,669) (6,568) (6,568) - (6,568)
Sale of treasury shares((a)) - - (395) - 6,067,493 395 - - -
Share-based payments - - 458 - - - 458 - 458
Share cancellation (25,405,361) (68) (1,595) - 25,405,361 1,663 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual subordinated notes - - (200) - - - (200) - (200)
Other operations with - - - - - - - (50) (50)
non-controlling interests
Other items - - 3 (1) - - 2 (3) (1)
As of September 30, 2024 2,397,679,661 7,577 130,804 (13,793) (117,137,028) (8,529) 116,059 2,557 118,616
((a))Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(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 (2,324) (294) (114) (400) (229) (31) - (3,392)
interests
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 value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
3(rd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 2,251 599 2,291 388 329 52 - 5,910
Total divestments 90 99 70 69 19 1 - 348
Cash flow from operating activities 4,763 830 373 564 581 60 - 7,171
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2(nd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) -
Excise taxes - - - (208) (4,352) - - (4,560)
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)
Depreciation, depletion and impairment of tangible assets and mineral (1,907) (310) (105) (416) (208) (30) - (2,976)
interests
Net income (loss) from equity affiliates and other items 141 526 26 (13) (84) 29 - 625
Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677)
Adjustments( (a)) (53) (12) (333) (264) (203) (9) - (874)
Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086
Adjustments( (a)) (874)
Net cost of net debt (365)
Non-controlling interests (60)
Net income - TotalEnergies share 3,787
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
2(nd) quarter 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 2,697 844 769 443 259 40 - 5,052
Total divestments 149 29 261 127 (78) 6 - 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3(rd) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 1,551 2,144 5,183 27,127 23,012 - - 59,017
Intersegment sales 11,129 2,361 495 10,094 153 59 (24,291) -
Excise taxes - - - (210) (4,394) - - (4,604)
Revenues from sales 12,680 4,505 5,678 37,011 18,771 59 (24,291) 54,413
Operating expenses (5,347) (3,038) (4,811) (34,598) (17,749) (231) 24,291 (41,483)
Depreciation, depletion and impairment of tangible assets and mineral (1,976) (283) (86) (483) (204) (23) - (3,055)
interests
Net income (loss) from equity affiliates and other items 10 358 (8) 61 (16) 81 - 486
Tax on net operating income (2,437) (251) (86) (502) (247) 157 - (3,366)
Adjustments( (a)) (208) (51) 181 90 132 (37) - 107
Adjusted net operating income 3,138 1,342 506 1,399 423 80 - 6,888
Adjustments( (a)) 107
Net cost of net debt (305)
Non-controlling interests (14)
Net income - TotalEnergies share 6,676
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
3(rd) quarter 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 2,677 734 2,215 424 270 28 - 6,348
Total divestments 699 168 331 114 49 - - 1,361
Cash flow from operating activities 4,240 872 1,936 2,060 206 182 - 9,496
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 4,159 6,995 15,990 71,975 62,901 22 - 162,042
Intersegment sales 29,164 7,623 1,583 24,273 651 198 (63,492) -
Excise taxes - - - (591) (12,956) - - (13,547)
Revenues from sales 33,323 14,618 17,573 95,657 50,596 220 (63,492) 148,495
Operating expenses (14,370) (11,099) (16,400) (92,808) (48,779) (756) 63,492 (120,720)
Depreciation, depletion and impairment of tangible assets and mineral (6,148) (925) (316) (1,192) (643) (86) - (9,310)
interests
Net income (loss) from equity affiliates and other items 285 1,503 (863) (24) 1,367 18 - 2,286
Tax on net operating income (6,303) (785) (185) (275) (311) 149 - (7,710)
Adjustments( (a)) (912) (125) (1,789) (484) 1,232 (36) - (2,114)
Adjusted net operating income 7,699 3,437 1,598 1,842 998 (419) - 15,155
Adjustments( (a)) (2,114)
Net cost of net debt (1,029)
Non-controlling interests (210)
Net income - TotalEnergies share 11,802
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
9( )months 2024 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 7,242 2,008 4,799 1,266 732 120 - 16,167
Total divestments 545 178 393 234 1,222 8 - 2,580
Cash flow from operating activities 12,888 2,971 1,771 (24) 2,123 (1,382) - 18,347
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9( )months 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
External sales 4,939 9,036 19,987 76,831 67,083 15 - 177,891
Intersegment sales 31,965 11,138 2,850 27,785 474 180 (74,392) -
Excise taxes - - - (625) (13,086) - - (13,711)
Revenues from sales 36,904 20,174 22,837 103,991 54,471 195 (74,392) 164,180
Operating expenses (15,271) (16,280) (20,976) (98,532) (52,208) (668) 74,392 (129,543)
Depreciation, depletion and impairment of tangible assets and mineral (6,159) (848) (184) (1,291) (669) (72) - (9,223)
interests
Net income (loss) from equity affiliates and other items 63 1,634 (328) 116 291 43 - 1,819
Tax on net operating income (7,724) (593) (238) (1,014) (528) 180 - (9,917)
Adjustments( (a)) (327) (657) (215) (751) 205 (77) - (1,822)
Adjusted net operating income 8,140 4,744 1,326 4,021 1,152 (245) - 19,138
Adjustments( (a)) (1,822)
Net cost of net debt (843)
Non-controlling interests (152)
Net income - TotalEnergies share 16,321
((a) )Adjustments include special items, inventory valuation effect and the
effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to
centralized markets access for LNG, gas and power activities has been fully
included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to
the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the
operating income of Integrated Power segment.
9( )months 2023 Exploration Integrated LNG Integrated Power Refining Marketing Corporate Intercompany Total
& & &
Production Chemicals Services
(M$)
Total expenditures 9,298 2,555 4,256 1,138 685 93 - 18,025
Total divestments 756 262 629 174 378 4 - 2,203
Cash flow from operating activities 12,823 5,740 2,935 3,132 198 (299) - 24,529
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
2,161 2,548 -15% 1,978 Cash flow used in investing activities ( a ) 6,697 8,542 -22%
- - 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
100 90 11% 51 Capex linked to capitalized leasing contracts ( e ) 280 157 78%
26 4 x6.5 14 Expenditures related to carbon credits ( f ) 29 16 81%
2,288 2,642 -13% 2,043 Net investments ( a + b + c + d + e + f = g - i + h ) 7,007 8,715 -20%
(42) 57 ns (514) of which net acquisitions of assets sales ( g - i ) 51 1,600 -97%
36 160 -78% 156 Acquisitions ( g ) 523 2,281 -77%
78 103 -24% 670 Assets sales ( i ) 472 681 -31%
- - ns - Change in debt from renewable projects (partner share) - - ns
2,330 2,585 -10% 2,557 of which organic investments ( h ) 6,956 7,115 -2%
140 88 58% 343 Capitalized exploration 364 872 -58%
46 67 -31% 32 Increase in non-current loans 155 93 67%
(11) (46) ns (29) Repayment of non-current loans, excluding organic loan repayment from equity (72) (75) 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
500 815 -39% 566 Cash flow used in investing activities ( a ) 1,830 2,293 -20%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
2 - ns 1 Organic loan repayment from equity affiliates ( c ) 3 2 50%
- - ns - Change in debt from renewable projects financing ( d ) * - - ns
14 7 100% 12 Capex linked to capitalized leasing contracts ( e ) 33 26 27%
- - ns - Expenditures related to carbon credits ( f ) - - ns
516 822 -37% 579 Net investments ( a + b + c + d + e + f = g - i + h ) 1,866 2,321 -20%
65 198 -67% 84 of which net acquisitions of assets sales ( g - i ) 251 1,048 -76%
69 199 -65% 204 Acquisitions ( g ) 268 1,197 -78%
4 1 x4 120 Assets sales ( i ) 17 149 -89%
- - ns - Change in debt from renewable projects (partner share) - - ns
451 624 -28% 495 of which organic investments ( h ) 1,615 1,273 27%
8 13 -38% 3 Capitalized exploration 30 7 x4.3
214 153 40% 153 Increase in non-current loans 540 391 38%
(79) (42) ns (47) Repayment of non-current loans, excluding organic loan repayment from equity (158) (111) 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
2,221 508 x4.4 1,884 Cash flow used in investing activities ( a ) 4,406 3,627 21%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
10 - ns 4 Organic loan repayment from equity affiliates ( c ) 10 26 -62%
- - ns 43 Change in debt from renewable projects financing ( d ) * - 81 -100%
5 - ns 1 Capex linked to capitalized leasing contracts ( e ) 6 5 20%
- - ns - Expenditures related to carbon credits ( f ) - - ns
2,236 508 x4.4 1,932 Net investments ( a + b + c + d + e + f = g - i + h ) 4,422 3,739 18%
1,529 (88) ns 1,354 of which net acquisitions of assets sales ( g - i ) 2,176 1,831 19%
1,565 142 x11 1,622 Acquisitions ( g ) 2,443 2,204 11%
36 230 -84% 268 Assets sales ( i ) 267 373 -28%
- - ns (43) Change in debt from renewable projects (partner share) - (81) -100%
707 596 19% 578 of which organic investments ( h ) 2,246 1,908 18%
- - ns - Capitalized exploration - - ns
135 239 -44% 207 Increase in non-current loans 679 552 23%
(24) (31) ns (17) Repayment of non-current loans, excluding organic loan repayment from equity (116) (149) ns
affiliates
- - ns - Change in debt from renewable projects (TotalEnergies share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner
share)
1.4 Refining & Chemicals
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
319 316 1% 310 Cash flow used in investing activities ( a ) 1,032 964 7%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
44 (29) ns (21) Organic loan repayment from equity affiliates ( c ) 17 (33) 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
363 287 26% 289 Net investments ( a + b + c + d + e + f = g - i + h ) 1,049 931 13%
34 (95) ns (97) of which net acquisitions of assets sales ( g - i ) (81) (107) ns
42 26 62% - Acquisitions ( g ) 77 31 x2.5
8 121 -93% 97 Assets sales ( i ) 158 138 14%
- - ns - Change in debt from renewable projects (partner share) - - ns
329 382 -14% 386 of which organic investments ( h ) 1,130 1,038 9%
- - ns - Capitalized exploration - - ns
33 58 -43% 13 Increase in non-current loans 98 51 92%
(17) (3) ns (9) Repayment of non-current loans, excluding organic loan repayment from equity (27) (25) 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
310 337 -8% 221 Cash flow used in investing activities ( a ) (490) 307 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
310 337 -8% 221 Net investments ( a + b + c + d + e + f = g - i + h ) (490) 307 ns
78 151 -48% (18) of which net acquisitions of assets sales ( g - i ) (1,009) (256) ns
83 17 x4.9 10 Acquisitions ( g ) 102 17 x6
5 (134) ns 28 Assets sales ( i ) 1,111 273 x4.1
- - ns - Change in debt from renewable projects (partner share) - - ns
232 186 25% 239 of which organic investments ( h ) 519 563 -8%
- - ns - Capitalized exploration - - ns
16 57 -72% 16 Increase in non-current loans 84 53 58%
(10) (53) ns (19) Repayment of non-current loans, excluding organic loan repayment from equity (89) (70) 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
4,763 4,535 5% 4,240 Cash flow from operating activities ( a ) 12,888 12,823 1%
491 182 x2.7 (925) (Increase) decrease in working capital ( b ) (215) (1,613) 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
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 13,104 14,436 -9%
+ e )
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
830 431 93% 872 Cash flow from operating activities ( a ) 2,971 5,740 -48%
(56) (789) ns (775) (Increase) decrease in working capital ( b ) * (482) 212 ns
- - ns - Inventory effect ( c ) - - ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
2 - ns 1 Organic loan repayments from equity affiliates ( e ) 3 2 50%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 3,456 5,530 -38%
+ 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
373 1,647 -77% 1,936 Cash flow from operating activities ( a ) 1,771 2,935 -40%
(253) 1,024 ns 1,466 (Increase) decrease in working capital ( b ) * (170) 1,595 ns
- - ns - Inventory effect ( c ) - - ns
- - ns 43 Capital gain from renewable project sales ( d ) - 81 -100%
10 - ns 4 Organic loan repayments from equity affiliates ( e ) 10 26 -62%
636 623 2% 516 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,951 1,447 35%
+ 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
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
564 1,541 -63% 2,060 Cash flow from operating activities ( a ) (24) 3,132 ns
413 788 -48% (125) (Increase) decrease in working capital ( b ) (2,325) (1,520) ns
(335) (393) ns 546 Inventory effect ( c ) (620) (61) ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
44 (29) ns (21) Organic loan repayments from equity affiliates ( e ) 17 (33) ns
530 1,117 -53% 1,618 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 2,938 4,680 -37%
+ e )
2.5 Marketing & Services
3(rd) quarter 2(nd) quarter 3(rd) quarter 2024 vs 3(rd) quarter (in millions of dollars) 9 months 9 months 9 months 2024 vs
2024 2024 2(nd) quarter 2024 2023 2024 2023 9 months 2023
581 1,650 -65% 206 Cash flow from operating activities ( a ) 2,123 198 x10.7
63 1,066 -94% (599) (Increase) decrease in working capital ( b ) 525 (1,672) ns
(129) (75) ns 218 Inventory effect ( c ) (187) 71 ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
- - ns - Organic loan repayments from equity affiliates ( e ) - - ns
647 659 -2% 587 Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d 1,785 1,799 -1%
+ 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
Power
&
&
Production
Chemicals
Services
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 4(th) quarter 2023 2,802 1,456 527 633 306 (178) - 5,546
Adjusted net operating income ( a ) 10,501 4,893 2,125 2,475 1,304 (597) - 20,701
Balance sheet as of September 30, 2024
Property plant and equipment intangible assets net 83,224 25,426 15,517 12,365 6,808 676 - 144,016
Investments & loans in equity affiliates 3,850 15,609 9,341 4,117 1,046 - - 33,963
Other non-current assets 3,896 2,096 1,286 741 1,210 324 - 9,553
Inventories, net 1,444 1,595 617 11,277 3,599 - - 18,532
Accounts receivable, net 5,801 6,146 4,270 16,506 8,770 1,067 (23,783) 18,777
Other current assets 7,363 7,814 4,788 2,415 3,154 2,357 (5,958) 21,933
Accounts payable (7,035) (6,771) (5,459) (28,346) (9,809) (994) 23,746 (34,668)
Other creditors and accrued liabilities (9,658) (8,693) (4,542) (5,596) (6,015) (6,207) 5,995 (34,716)
Working capital (2,085) 91 (326) (3,744) (301) (3,777) - (10,142)
Provisions and other non-current liabilities (24,510) (3,762) (1,801) (3,415) (1,233) 791 - (33,930)
Assets and liabilities classified as held for sale - Capital employed 484 - 572 - - - - 1,056
Capital Employed (Balance sheet) 64,859 39,460 24,589 10,064 7,530 (1,986) - 144,516
Less inventory valuation effect (1,014) (205) (1,219)
Capital Employed at replacement cost ( b ) 64,859 39,460 24,589 9,050 7,325 (1,986) - 143,297
Balance sheet as of September 30, 2023
Property plant and equipment intangible assets net 84,906 24,683 11,635 11,350 6,449 609 - 139,632
Investments & loans in equity affiliates 2,823 13,624 8,840 4,293 573 - - 30,153
Other non-current assets 3,473 2,874 711 722 1,124 (35) - 8,869
Inventories, net 1,542 1,768 657 14,337 4,208 - - 22,512
Accounts receivable, net 7,152 8,436 5,415 23,483 9,416 1,734 (32,038) 23,598
Other current assets 5,623 10,327 8,081 2,452 3,531 2,815 (10,577) 22,252
Accounts payable (5,860) (9,514) (5,659) (35,396) (10,972) (1,787) 31,920 (37,268)
Other creditors and accrued liabilities (9,532) (12,307) (8,178) (6,803) (4,919) (6,361) 10,695 (37,405)
Working capital (1,075) (1,290) 316 (1,927) 1,264 (3,598) - (6,310)
Provisions and other non-current liabilities (26,342) (3,858) (1,586) (3,757) (1,207) 623 - (36,127)
Assets and liabilities classified as held for sale - Capital employed 5,607 - 127 130 1,298 - - 7,162
Capital Employed (Balance sheet) 69,392 36,033 20,043 10,811 9,501 (2,402) - 143,378
Less inventory valuation effect (1,809) (476) (2,285)
Capital Employed at replacement cost ( c ) 69,392 36,033 20,043 9,002 9,025 (2,402) - 141,093
ROACE as a percentage ( a / average ( b + c )) 15.6% 13.0% 9.5% 27.4% 16.0% 14.6%
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) 3(rd) quarter 2(nd) quarter 3(rd) quarter 9 months 9 months
2024 2024 2023 2024 2023
Consolidated net income ( a ) 2,361 3,847 6,690 12,012 16,473
Net cost of net debt ( b ) (379) (365) (305) (1,029) (843)
Special items affecting net operating income (1,360) (256) (881) (824) (1,497)
Gain (loss) on asset sales - (110) - 1,397 203
Restructuring charges (10) (11) - (21) (5)
Impairments (1,107) - (698) (1,751) (1,227)
Other (243) (135) (183) (449) (468)
After-tax inventory effect : FIFO vs. replacement cost (375) (327) 623 (595) (145)
Effect of changes in fair value (84) (291) 365 (695) (180)
Total adjustments affecting net operating income ( c ) (1,819) (874) 107 (2,114) (1,822)
Adjusted net operating income ( a - b - c ) 4,559 5,086 6,888 15,155 19,138
TotalEnergies
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