REG-TotalEnergies SE Trading Statement

TotalEnergies SEAnnouncement

15/04/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250415:nBw2PGXS3a&default-theme=true


Trading Statement

 

The main indicators, estimated financial information and key elements
impacting TotalEnergies’ (Paris:TTE) (LSE:TTE) (NYSE:TTE) first quarter 2025
aggregates are shown below:
 Main indicators                                                                      
                                                      1Q25   4Q24   3Q24  2Q24  1Q24  
 €/$                                                  1.05   1.07   1.10  1.08  1.09  
 Brent                                      ($/b)     75.7   74.7   80.3  85.0  83.2  
 Average liquids price * ((1))              ($/b)     72.2   71.8   77.0  81.0  78.9  
 Average gas price * ((1))                  ($/Mbtu)  6.60   6.26   5.78  5.05  5.11  
 Average LNG price ** ((1))                 ($/Mbtu)  10.00  10.37  9.91  9.32  9.58  
 European Refining Margin Marker (ERM) ***  ($/t)     29.4   25.9   15.4  44.9  71.7  


* Sales in $ / Sales in volume for consolidated affiliates.

** Sales in $ / Sales in volume for consolidated and equity affiliates.

***( )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.

((1) )Does not include oil, gas and LNG trading activities, respectively.

Main elements impacting the quarter aggregates


 * First quarter 2025 hydrocarbon production is expected to be at the high end of
the quarterly guidance range (2.5 to 2.55 Mboe/d) i.e. up nearly 4% compared
to first quarter 2024.

 * Exploration & Production results are expected to reflect this production
increase and a price environment slightly more favorable than fourth quarter
2024.

 * Integrated LNG results are expected to reflect the better environment
conditions year-on-year (average LNG price of $10/Mbtu vs $9.58/Mbtu) but
lower than fourth quarter 2024 ($10.37/Mbtu).

 * Integrated Power results are expected to be between $450 million and $500
million, similar to the second and third quarters of 2024, not benefiting from
farm-downs during this quarter. Cash flow is expected to be close to $600
million, in line with the annual guidance.

 * Refining & Chemicals results are expected in the same range as fourth
quarter of 2024, reflecting slightly higher refining margins and a better
utilization rate, offset by lower petrochemicals and biofuels margins in
Europe due to overcapacities. Marketing & Services results are expected in
line with the first quarter of 2024 given the seasonality of the business.
Refining & Chemicals cash flow will be impacted by the seasonality of
dividend payments from equity affiliates (-$200 million compared to the fourth
quarter of 2024).

 * Working capital is expected to increase by $4 to $5 billion, in line with the
seasonal effect observed over the last three years (although lower than in
2024).
 2025 Sensitivities*                                                                                          
                                        Change             Estimated impact on     Estimated impact on        
                                                           
adjusted net           
cash flow from            
                                                           
operating income       
operations                
 Dollar                                 +/- 0.1 $ per €    -/+ 0.1 B$              ~0 B$                      
 Average liquids price **               +/- 10 $/b         +/- 2.3 B$              +/- 2.8 B$                 
 European gas price – TTF               +/- 2 $/Mbtu       +/- 0.4 B$              +/- 0.4 B$                 
 European Refining Margin Marker (ERM)  +/- 10 $/t         +/- 0.4 B$              +/- 0.5 B$                 
                                                                                                              


* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2025. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals.

** In an 70-80 $/b Brent environment.

Disclaimer

Unless otherwise stated, 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.

The data presented in this document is based on TotalEnergies’ internal
preliminary reporting and is not audited. This data is not intended to be a
comprehensive summary of all items that will affect TotalEnergies SE’s
results or to provide an estimate of 2025 quarterly results. Actual results
may vary. To the extent permitted by law, TotalEnergies SE disclaims all
liability from the use of this data.

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”, “commits”, “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 climate change and other environmental-or
social 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 disclosures on
climate change and other environmental or social-related issues, 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 certain 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. 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. For further
details on the adjustment items, please refer to the last published earnings
statement and notes to the consolidated financial statements.

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 US 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 document, such as “potential reserves” or
“resources”, that the SEC’s guidelines strictly prohibit us from
including in filings with the SEC. US investors are urged to consider closely
the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888,
available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault –
92078 Paris-La Défense Cedex, France, or at the Company website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20250414375522/en/
(https://www.businesswire.com/news/home/20250414375522/en/)

TotalEnergies


Copyright Business Wire 2025