Exhibit 99.1
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.
The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the fourth quarter of 2024 and the year ended December 31, 2024 has been derived from TotalEnergies’ unaudited consolidated balance sheets as of December 31, 2024, unaudited statements of income, comprehensive income, cash flow and business segment information for the fourth quarter of 2024 and the year ended December 31, 2024 and unaudited consolidated statements of changes in shareholders’ equity for the year ended December 31, 2024 on pages 26 et seq. of this exhibit.
The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies’ audited consolidated financial statements and related notes, provided in TotalEnergies’ Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 29, 2024.
A. KEY FIGURES
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except earnings per share and number of shares | 2024 | 2023 | 2024 |
| 52,508 | 52,021 | +1% | 59,237 | Sales | 214,550 | 237,128 | -10% |
| 3,956 | 2,294 | +72% | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 | -26% |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA (1) | 43,143 | 50,030 | -14% |
| 4,992 | 4,635 | +8% | 5,724 | Adjusted net operating income (2) from business segments | 20,566 | 25,107 | -18% |
| 2,305 | 2,482 | -7% | 2,802 | Exploration & Production | 10,004 | 10,942 | -9% |
| 1,432 | 1,063 | +35% | 1,456 | Integrated LNG | 4,869 | 6,200 | -21% |
| 575 | 485 | +19% | 527 | Integrated Power | 2,173 | 1,853 | +17% |
| 318 | 241 | +32% | 633 | Refining & Chemicals | 2,160 | 4,654 | -54% |
| 362 | 364 | -1% | 306 | Marketing & Services | 1,360 | 1,458 | -7% |
| 4,406 | 4,074 | +8% | 5,226 | Adjusted net income (1) (TotalEnergies share) | 18,264 | 23,176 | -21% |
| 1.70 | 0.96 | 2.09 | Fully-diluted earnings per shares ($) | 6.69 | 8.67 | ||
| 2,282 | 2,310 | -1% | 2,387 | Fully-diluted weighted-average shares (millions) | 2,315 | 2,434 | -5% |
| 3,745 | 5,562 | -33% | 632 | Cash flow used in investing activities | 17,332 | 16,454 | +5% |
| 3,839 | 4,102 | -6% | 6,139 | Organic investments (1) | 16,423 | 18,126 | -9% |
| 24 | 1,662 | -99% | (5,404) | Acquisitions net of assets sales(1) | 1,406 | (1,289) | ns |
| 3,863 | 5,764 | -33% | 735 | Net investments (1) | 17,829 | 16,837 | +6% |
| 12,507 | 7,171 | +74% | 16,150 | Cash flow from operating activities | 30,854 | 40,679 | -24% |
| 7,151 | 6,821 | +5% | 8,500 | Cash flow from operations excluding working capital (CFFO) (1) | 29,917 | 35,946 | -17% |
| 7,398 | 7,009 | +6% | 8,529 | Debt Adjusted Cash Flow (DACF) (1) | 30,614 | 36,451 | -16% |
| Gearing(1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023 | |||||||
| (1) | Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO), debt adjusted cash flow (DACF) and gearing are non-GAAP financial measures. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
Key figures of environment, greenhouse gas emissions (GHG) and production
Environment – liquids and gas price realizations, refining margins
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | 2024 | 2023 | 2024 | |
| 74.7 | 80.3 | -7% | 84.3 | Brent ($/b) | 80.8 | 82.6 | -2% |
| 3.0 | 2.2 | +34% | 2.9 | Henry Hub ($/Mbtu) | 2.4 | 2.7 | -9% |
| 13.6 | 11.5 | +18% | 13.6 | TTF ($/Mbtu)(1) | 11.0 | 13.1 | -16% |
| 14.0 | 13.0 | +7% | 15.2 | JKM ($/Mbtu)(2) | 11.9 | 13.8 | -14% |
| 71.8 | 77.0 | -7% | 80.2 | Average price of liquids (3), (4) ($/b) Consolidated subsidiaries | 77.1 | 76.2 | +1% |
| 6.26 | 5.78 | +8% | 6.17 | Average price of gas (3), (5) ($/Mbtu) Consolidated subsidiaries | 5.54 | 6.64 | -16% |
| 10.37 | 9.91 | +5% | 10.28 | Average price of LNG (3), (6) ($/Mbtu) Consolidated subsidiaries and equity affiliates | 9.80 | 10.76 | -9% |
| 25.9 | 15.4 | +68% | 52.6 | European Refining Margin (ERM) (3), (7) ($/t) | 39.5 | 71.0 | -44% |
| (1) | TTF (Title Transfer Facility) is a virtual trading point in the Netherlands for transferring rights in respect of physical gas. It is the most liquid and widely used price benchmark for the natural gas markets in Europe. TTF is operated by Gasunie Transport Services (GTS), the owner and operator of the national transmission network in the Netherlands. It is traded in €/MWh. |
| (2) | JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time. |
| (3) | Does not include oil, gas and LNG trading activities, respectively. |
| (4) | Sales in $ / Sales in volume for consolidated affiliates. |
| (5) | Sales in $ / Sales in volume for consolidated affiliates. |
| (6) | Sales in $ / Sales in volume for consolidated and equity affiliates. |
| (7) | 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. |
Greenhouse gas emissions (GHG)(1)
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | Scope 1+2 emissions (MtCO2e) | 2024 | 2023 | 2024 |
| 9.6 | 8.8 | +9% | 7.9 | Scope 1+2 from operated facilities(2) | 34.3 | 34.6 | -1% |
| 7.9 | 7.4 | +7% | 7.2 | of which Oil & Gas | 29.4 | 30.3 | -3% |
| 1.7 | 1.4 | +21% | 0.7 | of which CCGT | 4.9 | 4.3 | +14% |
| 12.2 | 11.7 | +4% | 11.5 | Scope 1+2 – equity share | 46.4 | 48.9 | +5% |
Estimated quarterly emissions.
| (1) | The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted. |
| (2) | 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 annual report on Form 20-F filed on March 29, 2024) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | Methane emissions (ktCH4) | 2024 | 2023 | 2024 |
| 7 | 7 | - | 9 | Methane emissions from operated facilities | 29 | 34 | -15% |
| 9 | 8 | +13% | 11 | Methane emissions - equity share | 33 | 40 | -18% |
In 2024, Scope 1+2 emissions from operated installations amounted to 34.3 million tons CO2e.
In 2024, methane emissions from operated facilities were down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production, which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020.
In 2024, Scope 3(1) Category 11 emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e in 2023.
1TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. For TotalEnergies in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers product sales (higher than production) and for the gas value chain, marketable gas production (higher than gas sales either as LNG or as part of direct sales to B2B/B2C).
Production*
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production | 2024 | 2023 | 2024 |
| 2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% |
| 1,292 | 1,324 | -2% | 1,341 | Oil (including bitumen) (kb/d) | 1,314 | 1,388 | -5% |
| 1,135 | 1,086 | +5% | 1,121 | Gas (including condensates and associated NGL) (kboe/d) | 1,120 | 1,095 | +2% |
| 2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% |
| 1,445 | 1,466 | -1% | 1,506 | Liquids (kb/d) | 1,468 | 1,550 | -5% |
| 5,323 | 5,093 | +5% | 5,158 | Gas (Mcf/d) | 5,211 | 5,028 | +4% |
* Company production = Exploration & Production production + Integrated LNG production.
Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of:
| · | +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and Anchor in the United States, |
| · | +1% due to higher availability of production facilities, |
| · | +1% portfolio effect related to the entry into the producing fields of SARB Umm Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale gas plays in Texas, |
| · | -3% due to the natural field decline. |
B. ANALYSIS OF BUSINESS SEGMENT RESULTS
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
Management presents adjusted financial indicators to assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.
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.
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.
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.
TotalEnergies measures performance at the segment level on the basis of Adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income (TotalEnergies share) are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
| - | An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries; |
| - | An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities; |
| - | An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; |
| - | A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping; |
| - | A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. |
In addition, the Corporate segment includes holdings operating and financial activities.
B.1 Exploration & Production
1. Production
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production | 2024 | 2023 | 2024 |
| 1,933 | 1,944 | -1% | 1,998 | EP (kboe/d) | 1,947 | 2,034 | -4% |
| 1,385 | 1,414 | -2% | 1,448 | Liquids (kb/d) | 1,408 | 1,492 | -6% |
| 2,924 | 2,830 | +3% | 2,946 | Gas (Mcf/d) | 2,880 | 2,900 | -1% |
2. Results
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except effective tax rate | 2024 | 2023 | 2024 |
| 2,305 | 2,482 | -7% | 2,802 | Adjusted net operating income (1) | 10,004 | 10,942 | -9% |
| 207 | 183 | +13% | 130 | including adjusted income from equity affiliates | 742 | 539 | +38% |
| 50.5% | 45.1% | 47.7% | Effective tax rate (2) | 47.8% | 50.0% | ||
| 1,688 | 2,161 | -22% | (1,282) | Cash flow used in investing activities | 8,385 | 7,260 | +15% |
| 2,104 | 2,330 | -10% | 3,117 | Organic investments | 9,060 | 10,232 | -11% |
| (258) | (42) | ns | (4,306) | Acquisitions net of assets sales | (207) | (2,706) | ns |
| 1,846 | 2,288 | -19% | (1,189) | Net investments | 8,853 | 7,526 | +18% |
| 4,500 | 4,763 | -6% | 5,708 | Cash flow from operating activities | 17,388 | 18,531 | -6% |
| 3,945 | 4,273 | -8% | 4,690 | Cash flow from operations excluding working capital (CFFO) | 17,049 | 19,126 | -11% |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. |
| (2) | 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). |
In the fourth quarter of 2024, Exploration & Production:
| · | adjusted net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil prices that were partially compensated by increased production and higher gas realizations; |
| · | cash flow from operating activities was $4,500 million, down 6% quarter-to-quarter; and |
| · | cash flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter for the same reasons stated above. |
In the full year of 2024, Exploration & Production:
| · | adjusted net operating income was $10,004 million, down 9% year-on-year, mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets; |
| · | cash flow from operating activities was $17,388 million, down 6% year-on-year; and |
| · | cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year, for the same reasons stated above. |
B.2 Integrated LNG
1. Production
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production for LNG | 2024 | 2023 | 2024 |
| 494 | 465 | +6% | 464 | Integrated LNG (kboe/d) | 487 | 449 | +8% |
| 60 | 52 | +14% | 58 | Liquids (kb/d) | 60 | 58 | +3% |
| 2,399 | 2,263 | +6% | 2,212 | Gas (Mcf/d) | 2,331 | 2,128 | +10% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Liquefied Natural Gas in Mt | 2024 | 2023 | 2024 vs 2023 |
| 10.8 | 9.5 | +14% | 11.8 | Overall LNG sales | 39.8 | 44.3 | -10% |
| 3.8 | 3.8 | +1% | 4.0 | Incl. Sales from equity production* | 15.5 | 15.2 | +1% |
| 9.4 | 8.4 | +11% | 10.8 | Incl. Sales by TotalEnergies from equity production and third party purchases | 34.7 | 40.1 | -14% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG in the fourth quarter of 2024 was up 6% quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter.
LNG sales, although down year-on-year reflecting lower LNG demand in Europe, were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment.
2. Results
| 4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except the average price of LNG | 2024 | 2023 | 2024 |
| 10.37 | 9.91 | +5% | 10.28 | Average price of LNG ($/Mbtu)(1) Consolidated subsidiaries and equity affiliates | 9.80 | 10.76 | -9% |
| 1,432 | 1,063 | +35% | 1,456 | Adjusted net operating income(2) | 4,869 | 6,200 | -21% |
| 525 | 538 | -2% | 500 | including adjusted income from equity affiliates | 1,978 | 2,103 | -6% |
| 1,657 | 500 | x3.3 | 827 | Cash flow used in investing activities | 3,487 | 3,120 | +12% |
| 554 | 451 | +23% | 790 | Organic investments | 2,169 | 2,063 | +5% |
| 1,116 | 65 | x17.2 | 48 | Acquisitions net of assets sales | 1,367 | 1,096 | +25% |
| 1,670 | 516 | x3.2 | 838 | Net investments | 3,536 | 3,159 | +12% |
| 2,214 | 830 | x2.7 | 2,702 | Cash flow from operating activities | 5,185 | 8,442 | -39% |
| 1,447 | 888 | +63% | 1,763 | Cash flow from operations excluding working capital (CFFO) | 4,903 | 7,293 | -33% |
| (1) | Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
In the fourth quarter of 2024, Integrated LNG:
| · | adjusted net operating income was $1,432 million, up 35% quarter-to-quarter, driven by higher hydrocarbon production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting from higher market volatility; |
| · | cash flow from operating activities was $2,214 million, 2.7 times higher quarter-to-quarter; and |
| · | cash flow from operations excluding working capital (CFFO) was $1,447 million, up 63% quarter-to-quarter, for the same reasons stated above and due to a positive timing effect in dividend payments from some equity affiliates of around $150 million. |
In the full year of 2024, Integrated LNG:
| · | adjusted net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average LNG selling prices and low market volatility during the first three quarters that impacted gas trading results; |
| · | cash flow from operating activities was $5,185 million, down 39% year-on-year; and |
| · | cash flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year for the same reasons stated above. |
B.3 Integrated Power
1. Productions, capacities, clients and sales
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Integrated Power | 2024 | 2023 | 2024 vs 2023 |
| 11.4 | 11.1 | +2% | 8.0 | Net power production (TWh) (1) | 41.1 | 33.4 | +23% |
| 6.5 | 6.7 | -4% | 5.5 | o/w power production from renewables | 26.0 | 18.9 | +38% |
| 4.9 | 4.4 | +12% | 2.5 | o/w power production from gas flexible capacities | 15.1 | 14.5 | +4% |
| 21.5 | 21.6 | -1% | 17.3 | Portfolio of power generation net installed capacity (GW) (2) | 21.5 | 17.3 | +24% |
| 15.1 | 14.5 | +4% | 13.0 | o/w renewables | 15.1 | 13.0 | +16% |
| 6.5 | 7.1 | -9% | 4.3 | o/w power gas flexible capacities | 6.5 | 4.3 | +50% |
| 97.2 | 89.6 | +9% | 80.1 | Portfolio of renewable power generation gross capacity (GW) (2), (3) | 97.2 | 80.1 | +21% |
| 26.0 | 24.2 | +8% | 22.4 | o/w installed capacity | 26.0 | 22.4 | +16% |
| 6.1 | 6.0 | +1% | 5.9 | Clients power – BtB and BtC (Million) (2) | 6.1 | 5.9 | +2% |
| 2.8 | 2.8 | - | 2.8 | Clients gas – BtB and BtC (Million) (2) | 2.8 | 2.8 | - |
| 13.8 | 10.9 | +26% | 13.9 | Sales power – BtB and BtC (TWh) | 50.7 | 52.1 | -3% |
| 30.1 | 13.9 | x2.2 | 30.7 | Sales gas – BtB and BtC (TWh) | 98.6 | 100.9 | -2% |
| (1) | Solar, wind, hydroelectric and gas flexible capacities. |
| (2) | End of period data. |
| (3) | Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net power production was 11.4 TWh in the fourth quarter of 2024, up 2% quarter-to-quarter, due to the seasonal increase in power production from flexible capacities in Europe.
In the full year of 2024, net power production was up 23% year-on-year, at 41 TWh. Notably, production from renewables increased 38% year-on-year and accounted for more than 60% of the electricity generated.
Gross installed renewable power generation capacity reached 26 GW at the end of the fourth quarter of 2024, up 1.8 GW quarter-to-quarter.
Results
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 575 | 485 | +19% | 527 | Adjusted net operating income(1) | 2,173 | 1,853 | +17% |
| (25) | 29 | ns | 21 | including adjusted income from equity affiliates | - | 137 | -100% |
| (509) | 2,221 | ns | 1,209 | Cash flow used in investing activities | 3,897 | 4,836 | -19% |
| 109 | 707 | -85% | 674 | Organic investments | 2,355 | 2,582 | -9% |
| (662) | 1,529 | ns | 532 | Acquisitions net of assets sales | 1,514 | 2,363 | -36% |
| (553) | 2,236 | ns | 1,206 | Net investments | 3,869 | 4,945 | -22% |
| 1,201 | 373 | x3.2 | 638 | Cash flow from operating activities | 2,972 | 3,573 | -17% |
| 604 | 636 | -5% | 705 | Cash flow from operations excluding working capital (CFFO) | 2,555 | 2,152 | +19% |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. |
In the fourth quarter of 2024, Integrated Power adjusted net operating income was $575 million, up 19% quarter-to-quarter.
In the full year of 2024, Integrated Power:
| · | adjusted net operating income was $2,173 million, up nearly 20% year-on-year, in line with growth in the business; |
| · | cash flow from operating activities was $2,972 million, down 17% year-on-year; and |
| · | cash flow from operations excluding working capital (CFFO) was $2,555 million, up nearly 20% year-on-year, in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments of the value chain contributing to achieving of the annual guidance (> $2.5 billion CFFO). |
B.4 Downstream (Refining & Chemicals and Marketing & Services)
1. Results
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 680 | 605 | +12% | 939 | Adjusted net operating income(1) | 3,520 | 6,112 | -42% |
| 850 | 629 | +35% | (177) | Cash flow used in investing activities | 1,392 | 1,094 | +27% |
| 1,013 | 561 | +81% | 1,504 | Organic investments | 2,662 | 3,105 | -14% |
| (172) | 112 | ns | (1,679) | Acquisitions net of assets sales | (1,262) | (2,042) | ns |
| 841 | 673 | +25% | (175) | Net investments | 1,400 | 1,063 | +32% |
| 4,610 | 1,145 | x4 | 6,584 | Cash flow from operating activities | 6,709 | 9,914 | -32% |
| 1,356 | 1,177 | +15% | 1,692 | Cash flow from operations excluding working capital (CFFO) | 6,079 | 8,171 | -26% |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. |
B.5 Refining & Chemicals
1. Refinery and petrochemicals throughput and utilization rates
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Refinery throughput and utilization rate | 2024 | 2023 | 2024 vs 2023 |
| 1,432 | 1,539 | -7% | 1,381 | Total refinery throughput (kb/d) | 1,472 | 1,436 | +2% |
| 424 | 451 | -6% | 444 | France | 422 | 414 | +2% |
| 541 | 625 | -13% | 582 | Rest of Europe | 605 | 592 | +2% |
| 467 | 463 | +1% | 355 | Rest of world | 446 | 431 | +3% |
| 82% | 86% | 79% | Utilization rate based on crude only* | 83% | 81% |
| * | Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024. |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Petrochemicals production and utilization rate | 2024 | 2023 | 2024 vs 2023 |
| 1,233 | 1,314 | -6% | 1,114 | Monomers* (kt) | 5,082 | 4,896 | +4% |
| 1,080 | 1,167 | -7% | 985 | Polymers (kt) | 4,433 | 4,130 | +7% |
| 79% | 85% | 60% | Steam cracker utilization rate** | 79% | 69% |
| * | Olefins. |
| ** | Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. |
In the fourth quarter of 2024, Refining throughput was down 7% quarter-to-quarter, mainly due to a turnaround at the Leuna refinery, in Germany.
In the full year of 2024, the utilization rate based on crude was 83%, below the annual objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery in the United States.
2. Results
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars, except ERM | 2024 | 2023 | 2024 vs 2023 |
| 25.9 | 15.4 | +68% | 52.6 | European Refining Margin Marker (ERM) ($/t)(1) | 39.5 | 71.0 | -44% |
| 318 | 241 | +32% | 633 | Adjusted net operating income(2) | 2,160 | 4,654 | -54% |
| 498 | 319 | +56% | 989 | Cash flow used in investing activities | 1,530 | 1,953 | -22% |
| 581 | 329 | +77% | 1,002 | Organic investments | 1,711 | 2,040 | -16% |
| (92) | 34 | ns | (11) | Acquisitions net of assets sales | (173) | (118) | ns |
| 489 | 363 | +35% | 991 | Net investments | 1,538 | 1,922 | -20% |
| 3,832 | 564 | x6.8 | 4,825 | Cash flow from operating activities | 3,808 | 7,957 | -52% |
| 822 | 530 | +55% | 1,173 | Cash flow from operations excluding working capital (CFFO) | 3,760 | 5,853 | -36% |
| (1) | 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. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
In the fourth quarter of 2024, Refining & Chemicals:
| · | adjusted net operating income was $318 million, up 32% quarter-to-quarter, due to a $10/t increase in European refining margins; |
| · | cash flow from operating activities was $3,832 million, 6.8 times higher quarter-to-quarter; and |
| · | cash flow from operations excluding working capital (CFFO) was $822 million, up 55% quarter-to-quarter, for the same reasons stated above and due to dividends received from equity affiliates during the quarter. |
In the full year of 2024 Refining & Chemicals:
| · | adjusted net operating income was $2,160 million, down 54% year-on-year, reflecting lower refining margins in Europe and the Rest of the World; |
| · | cash flow from operating activities was $3,808 million, down 52% year-on-year; and |
| · | cash flow from operations excluding working capital (CFFO) was $3,760 million, down 36% year-on-year, for the same reason stated above. |
B.6 Marketing & Services
1. Petroleum product sales
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Sales in kb/d* | 2024 | 2023 | 2024 vs 2023 |
| 1,312 | 1,383 | -5% | 1,341 | Total Marketing & Services sales | 1,342 | 1,375 | -2% |
| 724 | 795 | -9% | 755 | Europe | 752 | 776 | -3% |
| 587 | 588 | - | 587 | Rest of world | 591 | 599 | -1% |
| * | Excludes trading and bulk refining sales. |
Sales of petroleum products in the fourth quarter of 2024 were down 5% quarter-to-quarter, mainly due to seasonality of European fuel demand.
2. Results
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 362 | 364 | -1% | 306 | Adjusted net operating income (1) | 1,360 | 1,458 | -7% |
| 352 | 310 | +14% | (1,166) | Cash flow used in investing activities | (138) | (859) | ns |
| 432 | 232 | +86% | 502 | Organic investments | 951 | 1,065 | -11% |
| (80) | 78 | ns | (1,668) | Acquisitions net of assets sales | (1,089) | (1,924) | ns |
| 352 | 310 | +14% | (1,166) | Net investments | (138) | (859) | ns |
| 778 | 581 | +34% | 1,759 | Cash flow from operating activities | 2,901 | 1,957 | +48% |
| 534 | 647 | -17% | 519 | Cash flow from operations excluding working capital (CFFO) | 2,319 | 2,318 | - |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. |
In the fourth quarter of 2024, Marketing & Services:
| · | adjusted net operating income was stable quarter-to-quarter at $362 million; |
| · | cash flow from operating activities was $778 million, up 34% quarter-to-quarter; and |
| · | cash flow from operations excluding working capital (CFFO) was $534 million, down 17% quarter-to-quarter. |
C. TOTALENERGIES RESULTS
1. Net income (TotalEnergies share)
Net income (TotalEnergies share) was $3,956 million in the fourth quarter of 2024 compared to $2,294 million in the third quarter of 2024.
Adjusted net income (TotalEnergies share) was $4,406 million in the fourth quarter of 2024 compared to $4,074 million in the third quarter of 2024, mainly due to the increase in hydrocarbon production, in gas prices and in refining margins partially offset by lower 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 ($0.5) billion in the fourth quarter of 2024, consisting mainly of:
| · | ($0.4) billion related to impairments, |
| · | $0.2 billion in inventory effects, |
| · | ($0.3) billion related to the effect of changes in fair value. |
2. Fully-diluted shares and share buybacks
As of December 31, 2024, the number of diluted shares was 2,270 million.
TotalEnergies repurchased:
| · | 32.9 million shares for cancellation in the fourth quarter of 2024 for $2 billion, |
| · | 121 million shares for cancellation in the full year of 2024 for $8 billion. |
3. Acquisitions - asset sales
Acquisitions were:
| · | $1,233 million in the fourth quarter of 2024, primarily related to Sapura OMV in Malaysia and interests in dry gas fields operated by Lewis Energy in the Eagle Ford in Texas, |
| · | $4,646 million in the full year of 2024, related to the above acquisitions as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in Texas, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible gas capacity in the United Kingdom and interest in offshore wind in Germany in 2023 and in The Netherlands in 2024. |
Divestments were:
| · | $1,209 million in the fourth quarter of 2024, primarily related to the farm down of renewable and flexible assets in the United States, the sale of a 50% interest in the West Burton plant in the United Kingdom as well as the sales of TotalEnergies EP Brunei, TotalEnergies’ interest in Total PARCO in Pakistan and a minority interest in the Natref refinery, in South Africa, |
| · | $3,240 million in the full year of 2024, related to the above divestments as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg and the Netherlands, the sale of a 15% interest in Absheron in Azerbaijan, the farm down of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France. |
4. Cash flow
TotalEnergies’ cash flow from operating activities was $12,507 million in the fourth quarter of 2024, compared to a cash flow from operations excluding working capital (CFFO) of $7,151 million, which reflects positive variation from a $5,4 billion working capital release, including around $1.5 billion related to exceptional items.
The change in working capital was a decrease of $5,201 million in the fourth quarter of 2024 in accordance with IFRS. The difference of $(155) million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $(282) million, (ii) plus the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $129 million, (iii) plus the capital gains from the renewables project sale of $0 million and (iv) less the organic loan repayments from equity affiliates of $2 million.
The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power’s contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was a decrease of $5,356 million in the fourth quarter of 2024, compared to a decrease of $7,650 million in the fourth quarter of 2023.
TotalEnergies’ net cash flow1 was:
| · | $3,288 million in the fourth quarter of 2024 compared to $1,057 million in the third quarter 2024, reflecting the $330 million increase in CFFO and the $1,901 million decrease in net investments to $3,863 million in the fourth quarter 2024, |
| · | $12,088 million in the full year of 2024 compared to $19,109 million in the full year of 2023, reflecting the $6,029 million decrease in CFFO and the $992 million increase in net investments to $17,829 million in 2024. |
1 Net cash flow is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.
D. PROFITABILITY
Return on equity was 15.8% for the twelve months ended December 31, 2024.
| In millions of dollars | January 1, 2024 December 31, 2024 | October 1, 2023 September 30, 2024 | January 1, 2023 December 31, 2023 |
| Adjusted net income | 18,586 | 19,398 | 23,450 |
| Average adjusted shareholders’ equity | 117,835 | 116,572 | 115,006 |
| Return on equity (ROE) | 15.8% | 16.6% | 20.4% |
Return on average capital employed (ROACE)2 was 14.8% for the twelve months ended December 31, 2024.
| In millions of dollars | January 1, 2024 December 31, 2024 | October 1, 2023 September 30, 2024 | January 1, 2023 December 31, 2023 |
| Adjusted net operating income | 19,974 | 20,701 | 24,684 |
| Average capital employed | 135,174 | 142,195 | 130,517 |
| ROACE | 14.8% | 14.6% | 18.9% |
E. Annual 2024 Sensitivities*
| Change | Estimated impact on adjusted net operating income | Estimated impact on cash flow from 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.
F. SUMMARY AND OUTLOOK
At the beginning of 2025, Brent prices remain volatile between $70 and $80/b, supported by the willingness of OPEC+ countries to balance oil markets that are facing strong supply growth from non-OPEC countries (US, Guyana, Brazil). According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in 2025, up from a 0.8 Mb/d increase in 2024.
European gas prices increased at the end of 2024 and forward markets currently expect prices to be above $13/Mbtu in the first quarter of 2025, supported by high winter consumption and rapid inventory declines in Europe in the context of the interruption of Russian imports via Ukraine. Gas markets are expected to remain in tension in 2025 due to very limited expected capacity additions related to delays of some projects. TotalEnergies expects more than 40 Mt of LNG sales in 2025. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be above $10/Mbtu in the first quarter 2025.
In 2025, TotalEnergies anticipates its hydrocarbon production will grow more than 3%, benefiting from the ramp-up of 2024 start-ups and production start-ups, notably Ballymore in the Gulf of Mexico and Mero-4 in Brazil.
First quarter 2025 hydrocarbon production is expected to be between 2.5 and 2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the acquisitions of SapuraOMV in Malaysia and of interests in the Eagle Ford shale gas play in Texas that occurred during the fourth quarter 2024.
The Integrated Power segment is expected to expand in 2025 supported by electricity production growth greater than 20% to reach an annual net electricity generation of more than 50 TWh. Cash flow before working capital (CFFO) is expected to be between $2.5 and $3 billion in 20253.
By combining hydrocarbon and electricity production growth, the Company expects to increase energy production by 5% in 2025. Integrated Power production will represent 10% of hydrocarbon production.
For 2025, TotalEnergies expects net investments of $17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly Integrated Power. Organic investments are expected to amount to approximately $17 billion, focused on core growth projects to achieve 2030 production targets, down from the $18 billion guidance presented during the Strategy & Outlook in October 2024.
2 ROACE is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements (including 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 COVID-19. 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.
For additional factors, you should read the information set forth under “Item 3. -3.1 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TotalEnergies’ Form 20-F for the year ended December 31, 2023.
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 the Company’s will. Moreover, the Company’s 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.
OPERATING INFORMATION BY SEGMENT
Company’s production (Exploration & Production + Integrated LNG)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Combined liquids and gas production by region (kboe/d) | 2024 | 2023 | 2024 vs 2023 |
| 589 | 556 | +6% | 592 | Europe | 569 | 565 | +1% |
| 437 | 452 | -3% | 451 | Africa | 450 | 471 | -4% |
| 790 | 799 | -1% | 788 | Middle East and North Africa | 807 | 764 | +6% |
| 401 | 388 | +3% | 376 | Americas | 375 | 426 | -12% |
| 210 | 214 | -2% | 256 | Asia-Pacific | 233 | 257 | -9% |
| 2,427 | 2,409 | +1% | 2,462 | Total production | 2,434 | 2,483 | -2% |
| 369 | 371 | -1% | 331 | includes equity affiliates | 361 | 335 | +8% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Liquids production by region (kb/d) | 2024 | 2023 | 2024 vs 2023 |
| 228 | 221 | +3% | 236 | Europe | 225 | 232 | -3% |
| 318 | 329 | -3% | 328 | Africa | 325 | 348 | -6% |
| 627 | 637 | -1% | 629 | Middle East and North Africa | 644 | 612 | +5% |
| 193 | 189 | +2% | 207 | Americas | 180 | 251 | -28% |
| 79 | 90 | -13% | 106 | Asia-Pacific | 94 | 107 | -12% |
| 1,445 | 1,466 | -1% | 1,506 | Total production | 1,468 | 1,550 | -5% |
| 151 | 154 | -2% | 141 | includes equity affiliates | 152 | 150 | +2% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Gas production by region (Mcf/d) | 2024 | 2023 | 2024 vs 2023 |
| 1,951 | 1,812 | +8% | 1,921 | Europe | 1,862 | 1,801 | +3% |
| 620 | 632 | -2% | 612 | Africa | 630 | 614 | +3% |
| 889 | 888 | - | 881 | Middle East and North Africa | 894 | 833 | +7% |
| 1,154 | 1,100 | +5% | 941 | Americas | 1,080 | 975 | +11% |
| 709 | 661 | +7% | 803 | Asia-Pacific | 745 | 805 | -7% |
| 5,323 | 5,093 | +5% | 5,158 | Total production | 5,211 | 5,028 | +4% |
| 1,181 | 1,190 | -1% | 1,027 | includes equity affiliates | 1,135 | 1,004 | +13% |
Downstream (Refining & Chemicals and Marketing & Services)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Petroleum product sales by region (kb/d) | 2024 | 2023 | 2024 vs 2023 |
| 1,820 | 1,932 | -6% | 1,789 | Europe | 1,842 | 1,734 | +6% |
| 614 | 585 | +5% | 610 | Africa | 587 | 624 | -6% |
| 970 | 1,091 | -11% | 1,055 | Americas | 1,021 | 942 | +8% |
| 975 | 747 | +31% | 697 | Rest of world | 768 | 652 | +18% |
| 4,380 | 4,355 | +1% | 4,151 | Total consolidated sales | 4,218 | 3,953 | +7% |
| 343 | 395 | -13% | 402 | Includes bulk sales | 384 | 405 | -5% |
| 2,725 | 2,578 | +6% | 2,408 | Includes trading | 2,492 | 2,173 | +15% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | Petrochemicals production* (kt) | 2024 | 2023 | 2024 vs 2023 |
| 875 | 954 | -8% | 845 | Europe | 3,719 | 3,936 | -6% |
| 701 | 765 | -8% | 528 | Americas | 2,867 | 2,366 | +21% |
| 737 | 762 | -3% | 725 | Middle East and Asia | 2,929 | 2,724 | +8% |
| * | Olefins, polymers. |
INTEGRATED POWER
Net power production
| 4Q24 | 3Q24 | |||||||||||||
| Net power production (TWh) | Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | ||
| France | 0.2 | 0.3 | - | 1.4 | 0.0 | 1.9 | 0.2 | 0.1 | - | 0.6 | 0.0 | 0.9 | ||
| Rest of Europe | 0.1 | 0.6 | 0.4 | 2.1 | 0.0 | 3.2 | 0.1 | 0.4 | 0.2 | 1.3 | 0.1 | 2.1 | ||
| Africa | 0.0 | 0.0 | - | - | - | 0.0 | 0.0 | 0.0 | - | - | - | 0.0 | ||
| Middle East | 0.2 | - | - | 0.2 | - | 0.4 | 0.2 | - | - | 0.3 | - | 0.5 | ||
| North America | 0.9 | 0.5 | - | 1.1 | - | 2.5 | 1.2 | 0.4 | - | 2.2 | - | 3.8 | ||
| South America | 0.1 | 0.9 | - | - | - | 1.1 | 0.1 | 1.1 | - | - | - | 1.2 | ||
| India | 1.6 | 0.2 | - | - | - | 1.9 | 1.6 | 0.4 | - | - | - | 2.0 | ||
| Asia-Pacific | 0.3 | 0.0 | 0.2 | - | - | 0.4 | 0.4 | 0.0 | 0.0 | - | - | 0.4 | ||
| Total | 3.4 | 2.5 | 0.6 | 4.9 | 0.1 | 11.4 | 4.0 | 2.4 | 0.3 | 4.4 | 0.1 | 11.1 | ||
Installed power generation net capacity
| 4Q24 | 3Q24 | |||||||||||||
| Installed power generation net capacity (GW) (1) | Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | ||
| France | 0.7 | 0.4 | - | 2.6 | 0.2 | 4.0 | 0.6 | 0.4 | - | 2.6 | 0.2 | 3.7 | ||
| Rest of Europe | 0.6 | 0.9 | 0.3 | 2.1 | 0.2 | 4.0 | 0.3 | 0.9 | 0.3 | 2.7 | 0.2 | 4.4 | ||
| Africa | 0.0 | - | - | - | - | 0.0 | 0.1 | 0.0 | - | - | 0.0 | 0.1 | ||
| Middle East | 0.4 | - | - | 0.3 | - | 0.8 | 0.4 | - | - | 0.3 | - | 0.8 | ||
| North America | 2.3 | 0.8 | - | 1.5 | 0.3 | 4.9 | 2.6 | 0.8 | - | 1.5 | 0.4 | 5.3 | ||
| South America | 0.4 | 0.9 | - | - | - | 1.3 | 0.4 | 0.9 | - | - | - | 1.2 | ||
| India | 4.8 | 0.6 | - | - | - | 5.3 | 4.3 | 0.5 | - | - | - | 4.9 | ||
| Asia-Pacific | 1.1 | 0.0 | 0.2 | - | - | 1.3 | 1.1 | 0.0 | 0.1 | - | 0.0 | 1.2 | ||
| Total | 10.3 | 3.6 | 0.5 | 6.5 | 0.6 | 21.5 | 9.8 | 3.6 | 0.4 | 7.1 | 0.7 | 21.6 | ||
Power generation gross capacity from renewables
| 4Q24 | 3Q24 | |||||||||||
| Installed power generation gross capacity from renewables (GW) (1), (2) | Solar | Onshore Wind | Offshore Wind | Other | Total | Solar | Onshore Wind | Offshore Wind | Other | Total | ||
| France | 1.2 | 0.7 | - | 0.2 | 2.1 | 1.1 | 0.7 | - | 0.2 | 2.1 | ||
| Rest of Europe | 0.6 | 1.1 | 1.1 | 0.3 | 3.1 | 0.3 | 1.1 | 1.1 | 0.2 | 2.8 | ||
| Africa | 0.1 | - | - | 0.0 | 0.1 | 0.1 | - | - | 0.0 | 0.1 | ||
| Middle East | 1.2 | - | - | - | 1.2 | 1.2 | - | - | - | 1.2 | ||
| North America | 5.4 | 2.2 | - | 0.7 | 8.2 | 4.9 | 2.2 | - | 0.7 | 7.7 | ||
| South America | 0.4 | 1.3 | - | - | 1.7 | 0.4 | 1.3 | - | - | 1.6 | ||
| India | 6.7 | 0.6 | - | - | 7.3 | 6.1 | 0.6 | - | - | 6.7 | ||
| Asia-Pacific | 1.6 | 0.0 | 0.6 | 0.0 | 2.2 | 1.6 | 0.0 | 0.4 | 0.0 | 2.0 | ||
| Total | 17.2 | 6.0 | 1.7 | 1.1 | 26.0 | 15.6 | 5.9 | 1.6 | 1.1 | 24.2 | ||
| 4Q24 | 3Q24 | |||||||||||
| Power generation gross capacity from renewables in construction (GW) (1), (2) | Solar | Onshore Wind | Offshore Wind | Other | Total | Solar | Onshore Wind | Offshore Wind | Other | Total | ||
| France | 0.3 | 0.0 | 0.0 | 0.0 | 0.3 | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | ||
| Rest of Europe | 0.5 | 0.2 | 0.8 | 0.0 | 1.4 | 0.4 | 0.1 | 0.8 | 0.1 | 1.4 | ||
| Africa | 0.4 | 0.1 | - | 0.1 | 0.6 | 0.3 | - | - | 0.1 | 0.4 | ||
| Middle East | 0.1 | - | - | - | 0.1 | 0.1 | - | - | - | 0.1 | ||
| North America | 1.2 | 0.0 | - | 0.5 | 1.8 | 1.7 | 0.0 | - | 0.4 | 2.1 | ||
| South America | 0.4 | 0.6 | - | 0.2 | 1.2 | 0.3 | 0.6 | - | 0.2 | 1.1 | ||
| India | 3.2 | - | - | - | 3.2 | 3.9 | - | - | - | 3.9 | ||
| Asia-Pacific | 0.1 | - | 0.1 | - | 0.1 | 0.1 | - | 0.2 | - | 0.3 | ||
| Total | 6.2 | 1.0 | 0.8 | 0.9 | 8.9 | 6.9 | 0.8 | 1.0 | 0.7 | 9.5 | ||
| 4Q24 | 3Q24 | |||||||||||
| Power generation gross capacity from renewables in development (GW) (1), (2) | Solar | Onshore Wind | Offshore Wind | Other | Total | Solar | Onshore Wind | Offshore Wind | Other | Total | ||
| France | 0.9 | 0.5 | - | 0.1 | 1.5 | 1.1 | 0.4 | - | 0.1 | 1.6 | ||
| Rest of Europe | 4.9 | 0.7 | 13.3 | 2.7 | 21.6 | 4.6 | 0.8 | 8.9 | 2.6 | 16.9 | ||
| Africa | 0.6 | 0.2 | - | - | 0.8 | 0.7 | 0.3 | - | - | 1.0 | ||
| Middle East | 2.3 | 0.2 | - | - | 2.6 | 1.8 | - | - | - | 1.8 | ||
| North America | 10.3 | 3.1 | 4.1 | 4.4 | 21.9 | 8.8 | 3.3 | 4.1 | 4.9 | 21.0 | ||
| South America | 1.6 | 1.1 | - | 0.0 | 2.8 | 1.8 | 1.2 | - | 0.0 | 3.0 | ||
| India | 2.3 | 0.1 | - | - | 2.5 | 2.2 | 0.1 | - | - | 2.3 | ||
| Asia-Pacific | 3.4 | 1.1 | 3.0 | 1.2 | 8.6 | 3.6 | 1.1 | 2.6 | 1.1 | 8.4 | ||
| Total | 26.5 | 7.1 | 20.4 | 8.3 | 62.3 | 24.4 | 7.2 | 15.6 | 8.7 | 55.9 | ||
| (1) | End-of-period data. |
| (2) | Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos. |
ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)
| 4Q24 | 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 |
| 3,956 | 2,294 | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 |
| (413) | (1,337) | 180 | Special items affecting net income (TotalEnergies share) | (1,219) | (1,105) |
| (25) | - | 1,844 | Gain (loss) on asset sales | 1,372 | 2,047 |
| (6) | (10) | (51) | Restructuring charges | (27) | (56) |
| (232) | (1,100) | (1,023) | Impairments | (1,976) | (2,166) |
| (150) | (227) | (590) | Other | (588) | (930) |
| 216 | (359) | (535) | After-tax inventory effect : FIFO vs. replacement cost | (339) | (699) |
| (253) | (84) | 192 | Effect of changes in fair value | (948) | 12 |
| (450) | (1,780) | (163) | Total adjustments affecting net income | (2,506) | (1,792) |
| 4,406 | 4,074 | 5,226 | Adjusted net income (TotalEnergies share) | 18,264 | 23,176 |
RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 3,956 | 2,294 | +72% | 5,063 | Net income - TotalEnergies share | 15,758 | 21,384 | -26% |
| 450 | 1,780 | -75% | 163 | Less: adjustment items to net income (TotalEnergies share) | 2,506 | 1,792 | +40% |
| 4,406 | 4,074 | +8% | 5,226 | Adjusted net income - TotalEnergies share | 18,264 | 23,176 | -21% |
| Adjusted items | |||||||
| 65 | 90 | -28% | 57 | Add: non-controlling interests | 322 | 274 | +18% |
| 2,872 | 2,369 | +21% | 3,004 | Add: income taxes | 11,209 | 12,939 | -13% |
| 2,715 | 3,048 | -11% | 3,060 | Add: depreciation, depletion and impairment of tangible assets and mineral interests | 11,667 | 12,012 | -3% |
| 107 | 103 | +4% | 115 | Add: amortization and impairment of intangible assets | 389 | 394 | -1% |
| 786 | 797 | -1% | 660 | Add: financial interest on debt | 3,016 | 2,820 | +7% |
| (422) | (433) | ns | (426) | Less: financial income and expense from cash & cash equivalents | (1,724) | (1,585) | ns |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA | 43,143 | 50,030 | -14% |
RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME (TOTALENERGIES SHARE)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| Adjusted items | |||||||
| 47,115 | 47,429 | -1% | 54,765 | Revenues from sales | 195,610 | 218,945 | -11% |
| (30,305) | (30,856) | ns | (36,651) | Purchases, net of inventory variation | (126,000) | (142,247) | ns |
| (7,094) | (7,147) | ns | (6,956) | Other operating expenses | (29,485) | (29,808) | ns |
| (242) | (101) | ns | (174) | Exploration costs | (528) | (575) | ns |
| 280 | 59 | x4.7 | 169 | Other income | 725 | 504 | +44% |
| (34) | (121) | ns | (150) | Other expense, excluding amortization and impairment of intangible assets | (317) | (288) | ns |
| 296 | 293 | +1% | 276 | Other financial income | 1,304 | 1,221 | +7% |
| (193) | (214) | ns | (180) | Other financial expense | (835) | (722) | ns |
| 706 | 706 | - | 597 | Net income (loss) from equity affiliates | 2,669 | 3,000 | -11% |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA | 43,143 | 50,030 | -14% |
| Adjusted items | |||||||
| (2,715) | (3,048) | ns | (3,060) | Less: depreciation, depletion and impairment of tangible assets and mineral interests | (11,667) | (12,012) | ns |
| (107) | (103) | ns | (115) | Less: amortization of intangible assets | (389) | (394) | ns |
| (786) | (797) | ns | (660) | Less: financial interest on debt | (3,016) | (2,820) | ns |
| 422 | 433 | -3% | 426 | Add: financial income and expense from cash & cash equivalents | 1,724 | 1,585 | +9% |
| (2,872) | (2,369) | ns | (3,004) | Less: income taxes | (11,209) | (12,939) | ns |
| (65) | (90) | ns | (57) | Less: non-controlling interests | (322) | (274) | ns |
| (450) | (1,780) | ns | (163) | Add: adjustment - TotalEnergies share | (2,506) | (1,792) | ns |
| 3,956 | 2,294 | +72% | 5,063 | Net income - TotalEnergies share | 15,758 | 21,384 | -26% |
INVESTMENTS – DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: (TOTALENERGIES SHARE)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 3,745 | 5,562 | -33% | 632 | Cash flow used in investing activities (a) | 17,332 | 16,454 | +5% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| (2) | 57 | ns | 3 | Organic loan repayment from equity affiliates (c) | 29 | (2) | ns |
| (52) | - | ns | (3) | Change in debt from renewable projects financing (d) * | (52) | 78 | ns |
| 152 | 119 | +28% | 71 | Capex linked to capitalized leasing contracts (e) | 471 | 259 | +82% |
| 20 | 26 | -23% | 32 | Expenditures related to carbon credits (f) | 49 | 48 | +2% |
| 3,863 | 5,764 | -33% | 735 | Net investments (a + b + c + d + e + f = g - i + h) | 17,829 | 16,837 | +6% |
| 24 | 1,662 | -99% | (5,404) | of which acquisitions net of assets sales (g-i) | 1,406 | (1,289) | ns |
| 1,233 | 1,795 | -31% | 698 | Acquisitions (g) | 4,646 | 6,428 | -28% |
| 1,209 | 133 | x9.1 | 6,102 | Asset sales (i) | 3,240 | 7,717 | -58% |
| 26 | - | ns | - | Change in debt from renewable projects (partner share) | 26 | (81) | ns |
| 3,839 | 4,102 | -6% | 6,139 | of which organic investments (h) | 16,423 | 18,126 | -9% |
| 122 | 148 | -17% | 214 | Capitalized exploration | 516 | 1,094 | -53% |
| 625 | 458 | +36% | 683 | Increase in non-current loans | 2,210 | 1,845 | +20% |
| (619) | (140) | ns | (91) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,083) | (524) | ns |
| (26) | - | ns | (3) | Change in debt from renewable projects (TotalEnergies share) | (26) | (3) | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: EXPLORATION & PRODUCTION
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 1,688 | 2,161 | (1,282) | ns | Cash flow used in investing activities (a) | 8,385 | 7,260 | +15% |
| - | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns |
| - | 1 | - | ns | Organic loan repayment from equity affiliates (c) | 1 | - | ns |
| - | - | - | ns | Change in debt from renewable projects financing (d) * | - | - | ns |
| 138 | 100 | 61 | x2.3 | Capex linked to capitalized leasing contracts (e) | 418 | 218 | +92% |
| 20 | 26 | 32 | -38% | Expenditures related to carbon credits (f) | 49 | 48 | +2% |
| 1,846 | 2,288 | (1,189) | ns | Net investments (a + b + c + d + e + f = g - i + h) | 8,853 | 7,526 | +18% |
| (258) | (42) | (4,306) | ns | of which acquisitions net of assets sales (g-i) | (207) | (2,706) | ns |
| 11 | 36 | 39 | -72% | Acquisitions (g) | 534 | 2,320 | -77% |
| 269 | 78 | 4,345 | -94% | Asset sales (i) | 741 | 5,026 | -85% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 2,104 | 2,330 | 3,117 | -32% | of which organic investments (h) | 9,060 | 10,232 | -11% |
| 119 | 140 | 208 | -43% | Capitalized exploration | 483 | 1,081 | -55% |
| 41 | 46 | 61 | -33% | Increase in non-current loans | 196 | 154 | +27% |
| (26) | (11) | (17) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (98) | (92) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED LNG
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 1,657 | 500 | 827 | x2 | Cash flow used in investing activities (a) | 3,487 | 3,120 | +12% |
| - | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns |
| - | 2 | - | ns | Organic loan repayment from equity affiliates (c) | 3 | 2 | +50% |
| - | - | - | ns | Change in debt from renewable projects financing (d) * | - | - | ns |
| 13 | 14 | 11 | +18% | Capex linked to capitalized leasing contracts (e) | 46 | 37 | +24% |
| - | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns |
| 1,670 | 516 | 838 | +99% | Net investments (a + b + c + d + e + f = g - i + h) | 3,536 | 3,159 | +12% |
| 1,116 | 65 | 48 | x23.3 | of which acquisitions net of assets sales (g-i) | 1,367 | 1,096 | +25% |
| 1,149 | 69 | 56 | x20.5 | Acquisitions (g) | 1,417 | 1,253 | +13% |
| 33 | 4 | 8 | x4.1 | Asset sales (i) | 50 | 157 | -68% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 554 | 451 | 790 | -30% | of which organic investments (h) | 2,169 | 2,063 | +5% |
| 3 | 8 | 6 | -50% | Capitalized exploration | 33 | 13 | x2.5 |
| 269 | 214 | 179 | +50% | Increase in non-current loans | 809 | 570 | +42% |
| (214) | (79) | (20) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (372) | (131) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED POWER
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| (509) | 2,221 | 1,209 | ns | Cash flow used in investing activities (a) | 3,897 | 4,836 | -19% |
| - | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns |
| 7 | 10 | 1 | x7 | Organic loan repayment from equity affiliates (c) | 17 | 27 | -37% |
| (52) | - | (3) | ns | Change in debt from renewable projects financing (d) * | (52) | 78 | ns |
| 1 | 5 | (1) | ns | Capex linked to capitalized leasing contracts (e) | 7 | 4 | +75% |
| - | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns |
| (553) | 2,236 | 1,206 | ns | Net investments (a + b + c + d + e + f = g - i + h) | 3,869 | 4,945 | -22% |
| (662) | 1,529 | 532 | ns | of which acquisitions net of assets sales (g-i) | 1,514 | 2,363 | -36% |
| 72 | 1,565 | 535 | -87% | Acquisitions (g) | 2,515 | 2,739 | -8% |
| 734 | 36 | 3 | x253.6 | Asset sales (i) | 1,001 | 376 | x2.7 |
| 26 | - | - | ns | Change in debt from renewable projects (partner share) | 26 | (81) | ns |
| 109 | 707 | 674 | -84% | of which organic investments (h) | 2,355 | 2,582 | -9% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 300 | 135 | 318 | -6% | Increase in non-current loans | 979 | 870 | +13% |
| (323) | (24) | (28) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (439) | (177) | ns |
| (26) | - | (3) | ns | Change in debt from renewable projects (TotalEnergies share) | (26) | (3) | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: REFINING & CHEMICALS
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 498 | 319 | 989 | -50% | Cash flow used in investing activities (a) | 1,530 | 1,953 | -22% |
| - | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns |
| (9) | 44 | 2 | ns | Organic loan repayment from equity affiliates (c) | 8 | (31) | ns |
| - | - | - | ns | Change in debt from renewable projects financing (d) * | - | - | ns |
| - | - | - | ns | Capex linked to capitalized leasing contracts (e) | - | - | ns |
| - | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns |
| 489 | 363 | 991 | -51% | Net investments (a + b + c + d + e + f = g - i + h) | 1,538 | 1,922 | -20% |
| (92) | 34 | (11) | ns | of which acquisitions net of assets sales (g-i) | (173) | (118) | ns |
| - | 42 | 1 | -100% | Acquisitions (g) | 77 | 32 | x2.4 |
| 92 | 8 | 12 | x7.7 | Asset sales (i) | 250 | 150 | +67% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 581 | 329 | 1,002 | -42% | of which organic investments (h) | 1,711 | 2,040 | -16% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 1 | 33 | 28 | -96% | Increase in non-current loans | 99 | 79 | +25% |
| (16) | (17) | (8) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (43) | (33) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: MARKETING & SERVICES
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 352 | 310 | (1,166) | ns | Cash flow used in investing activities (a) | (138) | (859) | ns |
| - | - | - | ns | Other transactions with non-controlling interests (b) | - | - | ns |
| - | - | - | ns | Organic loan repayment from equity affiliates (c) | - | - | ns |
| - | - | - | ns | Change in debt from renewable projects financing (d) * | - | - | ns |
| - | - | - | ns | Capex linked to capitalized leasing contracts (e) | - | - | ns |
| - | - | - | ns | Expenditures related to carbon credits (f) | - | - | ns |
| 352 | 310 | (1,166) | ns | Net investments (a + b + c + d + e + f = g - i + h) | (138) | (859) | ns |
| (80) | 78 | (1,668) | ns | of which acquisitions net of assets sales (g-i) | (1,089) | (1,924) | ns |
| 1 | 83 | 67 | -99% | Acquisitions (g) | 103 | 84 | +23% |
| 81 | 5 | 1,735 | -95% | Asset sales (i) | 1,192 | 2,008 | -41% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 432 | 232 | 502 | -14% | of which organic investments (h) | 951 | 1,065 | -11% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 19 | 16 | 99 | -81% | Increase in non-current loans | 103 | 152 | -32% |
| (20) | (10) | (12) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (109) | (82) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
CASH FLOW (TOTALENERGIES SHARE)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 12,507 | 7,171 | +74% | 16,150 | Cash flow from operating activities (a) | 30,854 | 40,679 | -24% |
| 5,072 | 871 | x5.8 | 8,377 | (Increase) decrease in working capital (b) * | 1,491 | 5,526 | -73% |
| 282 | (464) | ns | (724) | Inventory effect (c) | (525) | (714) | ns |
| - | - | ns | (0) | Capital gain from renewable project sales (d) | - | 81 | -100% |
| (2) | 57 | ns | 3 | Organic loan repayments from equity affiliates (e) | 29 | (2) | ns |
| 7,151 | 6,821 | +5% | 8,500 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 29,917 | 35,946 | -17% |
| (247) | (188) | ns | (29) | Financial charges | (697) | (505) | ns |
| 7,398 | 7,009 | +6% | 8,529 | Debt Adjusted Cash Flow (DACF) | 30,614 | 36,451 | -16% |
| 3,839 | 4,102 | -6% | 6,139 | Organic investments (g) | 16,423 | 18,126 | -9% |
| 3,312 | 2,719 | +22% | 2,361 | Free cash flow after organic investments (f - g) | 13,494 | 17,820 | -24% |
| 3,863 | 5,764 | -33% | 735 | Net investments (h) | 17,829 | 16,837 | +6% |
| 3,288 | 1,057 | x3.1 | 7,765 | Net cash flow (f - h) | 12,088 | 19,109 | -37% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
CASH FLOW BY SEGMENT
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Exploration & Production
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 4,500 | 4,763 | 5,708 | -21% | Cash flow from operating activities (a) | 17,388 | 18,531 | -6% |
| 555 | 491 | 1,018 | -45% | (Increase) decrease in working capital (b) | 340 | (595) | ns |
| - | - | - | ns | Inventory effect (c) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns |
| - | 1 | - | ns | Organic loan repayments from equity affiliates (e) | 1 | - | ns |
| 3,945 | 4,273 | 4,690 | -16% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 17,049 | 19,126 | -11% |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated LNG
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 2,214 | 830 | 2,702 | -18% | Cash flow from operating activities (a) | 5,185 | 8,442 | -39% |
| 767 | (56) | 939 | -18% | (Increase) decrease in working capital (b) * | 285 | 1,151 | -75% |
| - | - | - | ns | Inventory effect (c) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns |
| - | 2 | - | ns | Organic loan repayments from equity affiliates (e) | 3 | 2 | +50% |
| 1,447 | 888 | 1,763 | -18% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 4,903 | 7,293 | -33% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG sectors’ contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated Power
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 1,201 | 373 | 638 | +88% | Cash flow from operating activities (a) | 2,972 | 3,573 | -17% |
| 604 | (253) | (66) | ns | (Increase) decrease in working capital (b) * | 434 | 1,529 | -72% |
| - | - | - | ns | Inventory effect (c) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales (d) | - | 81 | -100% |
| 7 | 10 | 1 | x7 | Organic loan repayments from equity affiliates (e) | 17 | 27 | -37% |
| 604 | 636 | 705 | -14% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 2,555 | 2,152 | +19% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated Power sectors’ contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Refining & Chemicals
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 3,832 | 564 | 4,825 | -21% | Cash flow from operating activities (a) | 3,808 | 7,957 | -52% |
| 2,758 | 413 | 4,161 | -34% | (Increase) decrease in working capital (b) | 433 | 2,641 | -84% |
| 243 | (335) | (507) | ns | Inventory effect (c) | (377) | (568) | ns |
| - | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns |
| (9) | 44 | 2 | ns | Organic loan repayments from equity affiliates (e) | 8 | (31) | ns |
| 822 | 530 | 1,173 | -30% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 3,760 | 5,853 | -36% |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Marketing & Services
| 4Q24 | 3Q24 | 4Q23 | 4Q24 vs 4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 778 | 581 | 1,759 | -56% | Cash flow from operating activities (a) | 2,901 | 1,957 | +48% |
| 205 | 63 | 1,457 | -86% | (Increase) decrease in working capital (b) | 730 | (215) | ns |
| 39 | (129) | (217) | ns | Inventory effect (c) | (148) | (146) | ns |
| - | - | - | ns | Capital gain from renewable project sales (d) | - | - | ns |
| - | - | - | ns | Organic loan repayments from equity affiliates (e) | - | - | ns |
| 534 | 647 | 519 | +3% | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 2,319 | 2,318 | 0% |
GEARING RATIO
| In millions of dollars | 12/31/2024 | 09/30/2024 | 12/31/2023 |
| Current borrowings * | 7,929 | 11,805 | 7,869 |
| Other current financial liabilities | 664 | 488 | 446 |
| Current financial assets *, ** | (6,536) | (5,780) | (6,256) |
| Net financial assets classified as held for sale * | 33 | 204 | 17 |
| Non-current financial debt * | 35,711 | 37,824 | 32,722 |
| Non-current financial assets * | (1,027) | (1,307) | (1,229) |
| Cash and cash equivalents | (25,844) | (25,672) | (27,263) |
| Net debt (a) | 10,930 | 17,562 | 6,306 |
| Shareholders’ equity - TotalEnergies share | 117,858 | 116,059 | 116,753 |
| Non-controlling interests | 2,397 | 2,557 | 2,700 |
| Shareholders' equity (b) | 120,255 | 118,616 | 119,453 |
| Gearing = a / (a+b) | 8,3% | 12.9% | 5.0% |
| Leases (c) | 8,272 | 8,338 | 8,275 |
| Gearing including leases (a+c) / (a+b+c) | 13.8% | 17.9% | 10.9% |
| * | Excludes leases receivables and leases debts. | |
| ** | Including initial margins held as part of the Company's activities on organized markets. |
RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE)
Twelve months ended December 31, 2024
| In millions of dollars | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Company |
| Adjusted net operating income | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | 19,974 |
| Capital employed at 12/31/2023 | 63,870 | 36,048 | 21,511 | 6,043 | 7,674 | 132,222 |
| Capital employed at 12/31/2024 | 64,430 | 41,477 | 21,739 | 5,564 | 6,870 | 138,125 |
| ROACE | 15.6% | 12.6% | 10.0% | 37.2% | 18.7% | 14.8% |
PAYOUT1
| In millions of dollars | 2024 | 9M24 | 2023 |
| Dividend paid (parent company shareholders) | 7,717 | 5,719 | 7,517 |
| Repayment of treasury shares | 7,995 | 6,018 | 9,167 |
| Payout ratio | 50% | 49% | 46% |
1 Payout is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
RECONCILIATION OF CAPITAL EMPLOYED (BALANCE SHEET) AND CALCULATION OF ROACE
| In millions of dollars | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Inter- Company | Company |
| Adjusted net operating income 4th quarter 2024 | 2,305 | 1,432 | 575 | 318 | 362 | (173) | 4,819 | |
| Adjusted net operating income 3rd quarter 2024 | 2,482 | 1,063 | 485 | 241 | 364 | (76) | 4,559 | |
| Adjusted net operating income 2nd quarter 2024 | 2,667 | 1,152 | 502 | 639 | 379 | (253) | 5,086 | |
| Adjusted net operating income 1st quarter 2024 | 2,550 | 1,222 | 611 | 962 | 255 | (90) | 5,510 | |
| Adjusted net operating income (a) | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | (592) | 19,974 | |
| Balance sheet as of December 31, 2024 | ||||||||
| Property plant and equipment intangible assets net | 83,397 | 27,654 | 13,034 | 11,956 | 6,632 | 660 | – | 143,333 |
| Investments & loans in equity affiliates | 3,910 | 15,986 | 9,537 | 3,984 | 988 | - | – | 34,405 |
| Other non-current assets | 3,732 | 1,952 | 1,316 | 646 | 1,116 | 111 | – | 8,873 |
| Inventories, net | 1,456 | 1,475 | 547 | 12,063 | 3,327 | - | - | 18,868 |
| Accounts receivable, net | 5,845 | 8,412 | 7,466 | 16,362 | 7,167 | 581 | (26,552) | 19,281 |
| Other current assets | 6,663 | 10,198 | 4,086 | 2,208 | 2,870 | 2,342 | (4,680) | 23,687 |
| Accounts payable | (6,632) | (8,888) | (9,222) | (32,204) | (8,642) | (805) | 26,461 | (39,932) |
| Other creditors and accrued liabilities | (10,241) | (11,060) | (3,363) | (4,992) | (5,329) | (5,747) | 4,771 | (35,961) |
| Working capital | (2,909) | 137 | (486) | (6,563) | (607) | (3,629) | - | (14,057) |
| Provisions and other non-current liabilities | (24,271) | (4,252) | (1,663) | (3,343) | (1,113) | 903 | – | (33,739) |
| Assets and liabilities classified as held for sale | 571 | - | 1 | - | 70 | - | – | 642 |
| Capital Employed (Balance sheet) | 64,430 | 41,477 | 21,739 | 6,680 | 7,086 | (1,955) | - | 139,457 |
| Less inventory valuation effect | - | - | - | (1,116) | (216) | - | - | (1,332) |
| Capital Employed at replacement cost (b) | 64,430 | 41,477 | 21,739 | 5,564 | 6,870 | (1,955) | - | 138,125 |
| Balance sheet as of December 31, 2023 | ||||||||
| Property plant and equipment intangible assets net | 84,876 | 24,936 | 12,526 | 12,287 | 6,696 | 678 | - | 141,999 |
| Investments & loans in equity affiliates | 2,630 | 13,905 | 9,202 | 4,167 | 553 | - | - | 30,457 |
| Other non-current assets | 3,451 | 2,720 | 1,027 | 677 | 1,258 | 141 | - | 9,274 |
| Inventories, net | 1,463 | 1,784 | 689 | 11,582 | 3,798 | 1 | - | 19,317 |
| Accounts receivable, net | 6,849 | 10,183 | 7,601 | 20,010 | 9,024 | 683 | (30,908) | 23,442 |
| Other current assets | 6,218 | 9,782 | 6,963 | 2,383 | 3,465 | 1,817 | (9,807) | 20,821 |
| Accounts payable | (6,904) | (11,732) | (8,114) | (33,864) | (10,693) | (798) | 30,770 | (41,335) |
| Other creditors and accrued liabilities | (9,875) | (11,653) | (6,985) | (6,152) | (5,707) | (6,300) | 9,945 | (36,727) |
| Working capital | (2,249) | (1,636) | 154 | (6,041) | (113) | (4,597) | - | (14,482) |
| Provisions and other non-current liabilities | (25,152) | (3,877) | (1,790) | (3,706) | (1,267) | 854 | - | (34,938) |
| Assets and liabilities classified as held for sale | 314 | - | 392 | 137 | 881 | - | - | 1,724 |
| Capital Employed (Balance sheet) | 63,870 | 36,048 | 21,511 | 7,521 | 8,008 | (2,924) | - | 134,034 |
| Less inventory valuation effect | - | - | - | (1,478) | (334) | - | - | (1,812) |
| Capital Employed at replacement cost (c) | 63,870 | 36,048 | 21,511 | 6,043 | 7,674 | (2,924) | - | 132,222 |
| ROACE as a percentage (a/average(b+c)) | 15.6% | 12.6% | 10.0% | 37.2% | 18.7% | 14.8% | ||
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.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Net cash flow (or free cash flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 4th quarter | 3rd quarter | 4th quarter | |
| (M$) (a) | 2024 | 2024 | 2023 |
| Sales | 52,508 | 52,021 | 59,237 |
| Excise taxes | (5,393) | (4,592) | (4,472) |
| Revenues from sales | 47,115 | 47,429 | 54,765 |
| Purchases, net of inventory variation | (30,342) | (31,425) | (37,150) |
| Other operating expenses | (7,219) | (7,269) | (7,166) |
| Exploration costs | (242) | (572) | (174) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,715) | (3,392) | (3,539) |
| Other income | 306 | 45 | 2,685 |
| Other expense | (341) | (374) | (802) |
| Financial interest on debt | (786) | (797) | (660) |
| Financial income and expense from cash & cash equivalents | 449 | 457 | 439 |
| Cost of net debt | (337) | (340) | (221) |
| Other financial income | 319 | 319 | 303 |
| Other financial expense | (193) | (214) | (189) |
| Net income (loss) from equity affiliates | 597 | 333 | (136) |
| Income taxes | (2,929) | (2,179) | (3,339) |
| Consolidated net income | 4,019 | 2,361 | 5,037 |
| TotalEnergies share | 3,956 | 2,294 | 5,063 |
| Non-controlling interests | 63 | 67 | (26) |
| Earnings per share ($) | 1.72 | 0.97 | 2.11 |
| Fully-diluted earnings per share ($) | 1.70 | 0.96 | 2.09 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 4th quarter | 3rd quarter | 4th quarter | |
| (M$) | 2024 | 2024 | 2023 |
| Consolidated net income | 4,019 | 2,361 | 5,037 |
| Other comprehensive income | |||
| Actuarial gains and losses | (3) | 3 | (251) |
| Change in fair value of investments in equity instruments | 142 | (141) | (17) |
| Tax effect | 36 | 29 | 42 |
| Currency translation adjustment generated by the parent company | (5,125) | 3,151 | 3,025 |
| Items not potentially reclassifiable to profit and loss | (4,950) | 3,042 | 2,799 |
| Currency translation adjustment | 3,594 | (2,457) | (3,182) |
| Cash flow hedge | 1,732 | (13) | 701 |
| Variation of foreign currency basis spread | (13) | (4) | (16) |
| Share of other comprehensive income of equity affiliates, net amount | 76 | (208) | (144) |
| Other | (1) | 2 | 3 |
| Tax effect | (441) | (1) | (212) |
| Items potentially reclassifiable to profit and loss | 4,947 | (2,681) | (2,850) |
| Total other comprehensive income (net amount) | (3) | 361 | (51) |
| Comprehensive income | 4,016 | 2,722 | 4,986 |
| TotalEnergies share | 4,001 | 2,631 | 4,995 |
| Non-controlling interests | 15 | 91 | (9) |
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
| Year | Year | |
| 2024 | 2023 | |
| (unaudited) | ||
| (M$) (a) | ||
| Sales | 214,550 | 237,128 |
| Excise taxes | (18,940) | (18,183) |
| Revenues from sales | 195,610 | 218,945 |
| Purchases, net of inventory variation | (127,664) | (143,041) |
| Other operating expenses | (29,860) | (30,419) |
| Exploration costs | (999) | (573) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (12,025) | (12,762) |
| Other income | 2,112 | 3,677 |
| Other expense | (1,281) | (2,396) |
| Financial interest on debt | (3,016) | (2,820) |
| Financial income and expense from cash & cash equivalents | 1,786 | 1,801 |
| Cost of net debt | (1,230) | (1,019) |
| Other financial income | 1,403 | 1,285 |
| Other financial expense | (835) | (731) |
| Net income (loss) from equity affiliates | 1,575 | 1,845 |
| Income taxes | (10,775) | (13,301) |
| Consolidated net income | 16,031 | 21,510 |
| TotalEnergies share | 15,758 | 21,384 |
| Non-controlling interests | 273 | 126 |
| Earnings per share ($) | 6.74 | 8.72 |
| Fully-diluted earnings per share ($) | 6.69 | 8.67 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
| Year | Year | |
| 2024 | 2023 | |
| (unaudited) | ||
| (M$) | ||
| Consolidated net income | 16,031 | 21,510 |
| Other comprehensive income | ||
| Actuarial gains and losses | 20 | (114) |
| Change in fair value of investments in equity instruments | 144 | (11) |
| Tax effect | 46 | (11) |
| Currency translation adjustment generated by the parent company | (4,163) | 2,573 |
| Items not potentially reclassifiable to profit and loss | (3,953) | 2,437 |
| Currency translation adjustment | 2,759 | (3,277) |
| Cash flow hedge | 3,119 | 2,898 |
| Variation of foreign currency basis spread | (32) | (11) |
| Share of other comprehensive income of equity affiliates, net amount | (246) | (208) |
| Other | 1 | (2) |
| Tax effect | (814) | (730) |
| Items potentially reclassifiable to profit and loss | 4,787 | (1,330) |
| Total other comprehensive income (net amount) | 834 | 1,107 |
| Comprehensive income | 16,865 | 22,617 |
| TotalEnergies share | 16,636 | 22,534 |
| Non-controlling interests | 229 | 83 |
CONSOLIDATED BALANCE SHEET
TotalEnergies
| December 31, | September 30, | December 31, | |
| 2024 | 2024 | 2023 | |
| (M$) | (unaudited) | (unaudited) | |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets, net | 34,238 | 33,891 | 33,083 |
| Property, plant and equipment, net | 109,095 | 110,125 | 108,916 |
| Equity affiliates : investments and loans | 34,405 | 33,963 | 30,457 |
| Other investments | 1,665 | 1,656 | 1,543 |
| Non-current financial assets | 2,305 | 2,578 | 2,395 |
| Deferred income taxes | 3,202 | 3,727 | 3,418 |
| Other non-current assets | 4,006 | 4,170 | 4,313 |
| Total non-current assets | 188,916 | 190,110 | 184,125 |
| Current assets | |||
| Inventories, net | 18,868 | 18,532 | 19,317 |
| Accounts receivable, net | 19,281 | 18,777 | 23,442 |
| Other current assets | 23,687 | 21,933 | 20,821 |
| Current financial assets | 6,914 | 6,151 | 6,585 |
| Cash and cash equivalents | 25,844 | 25,672 | 27,263 |
| Assets classified as held for sale | 1,977 | 2,830 | 2,101 |
| Total current assets | 96,571 | 93,895 | 99,529 |
| Total assets | 285,487 | 284,005 | 283,654 |
| LIABILITIES & SHAREHOLDERS' EQUITY | |||
| Shareholders' equity | |||
| Common shares | 7,577 | 7,577 | 7,616 |
| Paid-in surplus and retained earnings | 135,496 | 130,804 | 126,857 |
| Currency translation adjustment | (15,259) | (13,793) | (13,701) |
| Treasury shares | (9,956) | (8,529) | (4,019) |
| Total shareholders' equity - TotalEnergies share | 117,858 | 116,059 | 116,753 |
| Non-controlling interests | 2,397 | 2,557 | 2,700 |
| Total shareholders' equity | 120,255 | 118,616 | 119,453 |
| Non-current liabilities | |||
| Deferred income taxes | 12,114 | 11,750 | 11,688 |
| Employee benefits | 1,753 | 1,890 | 1,993 |
| Provisions and other non-current liabilities | 19,872 | 20,290 | 21,257 |
| Non-current financial debt | 43,533 | 45,750 | 40,478 |
| Total non-current liabilities | 77,272 | 79,680 | 75,416 |
| Current liabilities | |||
| Accounts payable | 39,932 | 34,668 | 41,335 |
| Other creditors and accrued liabilities | 35,961 | 34,716 | 36,727 |
| Current borrowings | 10,024 | 13,853 | 9,590 |
| Other current financial liabilities | 664 | 488 | 446 |
| Liabilities directly associated with the assets classified as held for sale | 1,379 | 1,984 | 687 |
| Total current liabilities | 87,960 | 85,709 | 88,785 |
| Total liabilities & shareholders' equity | 285,487 | 284,005 | 283,654 |
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
| 4th quarter | 3rd quarter | 4th quarter | |
| 2024 | 2024 | 2023 | |
| (M$) | |||
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 4,019 | 2,361 | 5,037 |
| Depreciation, depletion, amortization and impairment | 2,971 | 4,020 | 3,815 |
| Non-current liabilities, valuation allowances and deferred taxes | 44 | (93) | (268) |
| (Gains) losses on disposals of assets | (66) | (3) | (2,609) |
| Undistributed affiliates' equity earnings | 99 | (13) | 940 |
| (Increase) decrease in working capital | 5,201 | 836 | 8,308 |
| Other changes, net | 239 | 63 | 927 |
| Cash flow from operating activities | 12,507 | 7,171 | 16,150 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (3,680) | (4,110) | (5,076) |
| Acquisitions of subsidiaries, net of cash acquired | (932) | (497) | (10) |
| Investments in equity affiliates and other securities | (313) | (845) | (1,066) |
| Increase in non-current loans | (658) | (458) | (683) |
| Total expenditures | (5,583) | (5,910) | (6,835) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 314 | 32 | 2,776 |
| Proceeds from disposals of subsidiaries, net of cash sold | 654 | 82 | 3,333 |
| Proceeds from disposals of non-current investments | 220 | 37 | - |
| Repayment of non-current loans | 650 | 197 | 94 |
| Total divestments | 1,838 | 348 | 6,203 |
| Cash flow used in investing activities | (3,745) | (5,562) | (632) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: | |||
| - Parent company shareholders | - | - | - |
| - Treasury shares | (1,977) | (2,005) | (2,964) |
| Dividends paid: | |||
| - Parent company shareholders | (1,998) | (1,963) | (1,869) |
| - Non-controlling interests | (18) | (171) | (17) |
| Net issuance (repayment) of perpetual subordinated notes | 1,165 | - | - |
| Payments on perpetual subordinated notes | (82) | (23) | (54) |
| Other transactions with non-controlling interests | (17) | (14) | (16) |
| Net issuance (repayment) of non-current debt | 91 | 3,080 | (21) |
| Increase (decrease) in current borrowings | (4,136) | 911 | (8,458) |
| Increase (decrease) in current financial assets and liabilities | (965) | 760 | 360 |
| Cash flow from / (used in) financing activities | (7,937) | 575 | (13,039) |
| Net increase (decrease) in cash and cash equivalents | 825 | 2,184 | 2,479 |
| Effect of exchange rates | (653) | 277 | 53 |
| Cash and cash equivalents at the beginning of the period | 25,672 | 23,211 | 24,731 |
| Cash and cash equivalents at the end of the period | 25,844 | 25,672 | 27,263 |
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
| Year | Year | |
| 2024 | 2023 | |
| (unaudited) | ||
| (M$) | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated net income | 16,031 | 21,510 |
| Depreciation, depletion, amortization and impairment | 13,107 | 13,818 |
| Non-current liabilities, valuation allowances and deferred taxes | 190 | 813 |
| (Gains) losses on disposals of assets | (1,497) | (3,452) |
| Undistributed affiliates' equity earnings | 124 | 649 |
| (Increase) decrease in working capital | 2,364 | 6,091 |
| Other changes, net | 535 | 1,250 |
| Cash flow from operating activities | 30,854 | 40,679 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||
| Intangible assets and property, plant and equipment additions | (14,909) | (17,722) |
| Acquisitions of subsidiaries, net of cash acquired | (2,439) | (1,772) |
| Investments in equity affiliates and other securities | (2,127) | (3,477) |
| Increase in non-current loans | (2,275) | (1,889) |
| Total expenditures | (21,750) | (24,860) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 727 | 3,789 |
| Proceeds from disposals of subsidiaries, net of cash sold | 2,167 | 3,561 |
| Proceeds from disposals of non-current investments | 347 | 490 |
| Repayment of non-current loans | 1,177 | 566 |
| Total divestments | 4,418 | 8,406 |
| Cash flow used in investing activities | (17,332) | (16,454) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Issuance (repayment) of shares: | ||
| - Parent company shareholders | 521 | 383 |
| - Treasury shares | (7,995) | (9,167) |
| Dividends paid: | ||
| - Parent company shareholders | (7,717) | (7,517) |
| - Non-controlling interests | (322) | (311) |
| Net issuance (repayment) of perpetual subordinated notes | (457) | (1,081) |
| Payments on perpetual subordinated notes | (314) | (314) |
| Other transactions with non-controlling interests | (67) | (126) |
| Net issuance (repayment) of non-current debt | 7,532 | 130 |
| Increase (decrease) in current borrowings | (5,142) | (14,289) |
| Increase (decrease) in current financial assets and liabilities | (464) | 2,562 |
| Cash flow from / (used in) financing activities | (14,425) | (29,730) |
| Net increase (decrease) in cash and cash equivalents | (903) | (5,505) |
| Effect of exchange rates | (516) | (258) |
| Cash and cash equivalents at the beginning of the period | 27,263 | 33,026 |
| Cash and cash equivalents at the end of the period | 25,844 | 27,263 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2024 )
| Common shares issued | Paid-in surplus and | Currency | Treasury shares | Shareholders' equity - | Non- | Total | ||||||
| (M$) | Number | Amount | retained earnings | translation adjustment | Number | Amount | TotalEnergies share | controlling interests | shareholders' equity | |||
| As of January 1, 2023 | 2,619,131,285 | 8,163 | 123,951 | (12,836) | (137,187,667) | (7,554) | 111,724 | 2,846 | 114,570 | |||
| Net income 2023 | - | - | 21,384 | - | - | - | 21,384 | 126 | 21,510 | |||
| Other comprehensive Income | - | - | 1,987 | (837) | - | - | 1,150 | (43) | 1,107 | |||
| Comprehensive Income | - | - | 23,371 | (837) | - | - | 22,534 | 83 | 22,617 | |||
| Dividend | - | - | (7,611) | - | - | - | (7,611) | (311) | (7,922) | |||
| Issuance of common shares | 8,002,155 | 22 | 361 | - | - | - | 383 | - | 383 | |||
| Purchase of treasury shares | - | - | - | - | (144,700,577) | (9,167) | (9,167) | - | (9,167) | |||
| Sale of treasury shares (1) | - | - | (396) | - | 6,463,426 | 396 | - | - | - | |||
| Share-based payments | - | - | 291 | - | - | - | 291 | - | 291 | |||
| Share cancellation | (214,881,605) | (569) | (11,737) | - | 214,881,605 | 12,306 | - | - | - | |||
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1,107) | - | - | - | (1,107) | - | (1,107) | |||
| Payments on perpetual subordinated notes | - | - | (294) | - | - | - | (294) | - | (294) | |||
| Other operations with non-controlling interests | - | - | 30 | (28) | - | - | 2 | 85 | 87 | |||
| Other items | - | - | (2) | - | - | - | (2) | (3) | (5) | |||
| As of December 31, 2023 | 2,412,251,835 | 7,616 | 126,857 | (13,701) | (60,543,213) | (4,019) | 116,753 | 2,700 | 119,453 | |||
| Net income 2024 | - | - | 15,758 | - | - | - | 15,758 | 273 | 16,031 | |||
| Other comprehensive Income | - | - | 2,436 | (1,558) | - | - | 878 | (44) | 834 | |||
| Comprehensive Income | - | - | 18,194 | (1,558) | - | - | 16,636 | 229 | 16,865 | |||
| Dividend | - | - | (7,756) | - | - | - | (7,756) | (455) | (8,211) | |||
| Issuance of common shares | 10,833,187 | 29 | 492 | - | - | - | 521 | - | 521 | |||
| Purchase of treasury shares | - | - | - | - | (120,463,232) | (7,995) | (7,995) | - | (7,995) | |||
| Sale of treasury shares (1) | - | - | (395) | - | 6,071,266 | 395 | - | - | - | |||
| Share-based payments | - | - | 556 | - | - | - | 556 | - | 556 | |||
| Share cancellation | (25,405,361) | (68) | (1,595) | - | 25,405,361 | 1,663 | - | - | - | |||
| Net issuance (repayment) of perpetual subordinated notes | - | - | (576) | - | - | - | (576) | - | (576) | |||
| Payments on perpetual subordinated notes | - | - | (272) | - | - | - | (272) | - | (272) | |||
| Other operations with non-controlling interests | - | - | - | - | - | - | - | (67) | (67) | |||
| Other items | - | - | (9) | - | - | - | (9) | (10) | (19) | |||
| As of December 31, 2024 | 2,397,679,661 | 7,577 | 135,496 | (15,259) | (149,529,818) | (9,956) | 117,858 | 2,397 | 120,255 | |||
(1) Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| 4th quarter 2024 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| External sales | 1,496 | 2,890 | 6,137 | 21,540 | 20,440 | 5 | - | 52,508 | ||||||||||||||||||||||||
| Intersegment sales | 9,382 | 2,968 | 765 | 7,207 | 168 | 70 | (20,560 | ) | - | |||||||||||||||||||||||
| Excise taxes | - | - | - | (193 | ) | (5,200 | ) | - | - | (5,393 | ) | |||||||||||||||||||||
| Revenues from sales | 10,878 | 5,858 | 6,902 | 28,554 | 15,408 | 75 | (20,560 | ) | 47,115 | |||||||||||||||||||||||
| Operating expenses | (4,754 | ) | (4,431 | ) | (6,536 | ) | (27,616 | ) | (14,772 | ) | (254 | ) | 20,560 | (37,803 | ) | |||||||||||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,853 | ) | (326 | ) | (28 | ) | (250 | ) | (227 | ) | (31 | ) | - | (2,715 | ) | |||||||||||||||||
| Net income (loss) from equity affiliates and other items | 40 | 548 | 26 | (90 | ) | 90 | 74 | - | 688 | |||||||||||||||||||||||
| Tax on net operating income | (2,163 | ) | (288 | ) | (70 | ) | (139 | ) | (215 | ) | (60 | ) | - | (2,935 | ) | |||||||||||||||||
| Adjustments (a) | (157 | ) | (71 | ) | (281 | ) | 141 | (78 | ) | (23 | ) | - | (469 | ) | ||||||||||||||||||
| Adjusted Net operating income | 2,305 | 1,432 | 575 | 318 | 362 | (173 | ) | - | 4,819 | |||||||||||||||||||||||
| Adjustments (a) | (469 | ) | ||||||||||||||||||||||||||||||
| Net cost of net debt | (331 | ) | ||||||||||||||||||||||||||||||
| Non-controlling interests | (63 | ) | ||||||||||||||||||||||||||||||
| Net income - TotalEnergies share | 3,956 | |||||||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| 4th quarter 2024 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| Total expenditures | 1,983 | 1,904 | 529 | 630 | 458 | 79 | - | 5,583 | ||||||||||||||||||||||||
| Total divestments | 295 | 247 | 1,038 | 132 | 106 | 20 | - | 1,838 | ||||||||||||||||||||||||
| Cash flow from operating activities | 4,500 | 2,214 | 1,201 | 3,832 | 778 | (18 | ) | - | 12,507 | |||||||||||||||||||||||
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| 3rd quarter 2024 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| External sales | 1,425 | 2,350 | 4,444 | 22,926 | 20,872 | 4 | - | 52,021 | ||||||||||||||||||||||||
| Intersegment sales | 9,633 | 2,017 | 424 | 7,927 | 218 | 58 | (20,277 | ) | - | |||||||||||||||||||||||
| Excise taxes | - | - | - | (213 | ) | (4,379 | ) | - | - | (4,592 | ) | |||||||||||||||||||||
| Revenues from sales | 11,058 | 4,367 | 4,868 | 30,640 | 16,711 | 62 | (20,277 | ) | 47,429 | |||||||||||||||||||||||
| Operating expenses | (5,257 | ) | (3,393 | ) | (4,329 | ) | (30,273 | ) | (16,082 | ) | (209 | ) | 20,277 | (39,266 | ) | |||||||||||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,324 | ) | (294 | ) | (114 | ) | (400 | ) | (229 | ) | (31 | ) | - | (3,392 | ) | |||||||||||||||||
| Net income (loss) from equity affiliates and other items | 47 | 482 | (274 | ) | (79 | ) | (29 | ) | (38 | ) | - | 109 | ||||||||||||||||||||
| Tax on net operating income | (1,879 | ) | (250 | ) | (66 | ) | 40 | (102 | ) | 117 | - | (2,140 | ) | |||||||||||||||||||
| Adjustments (a) | (837 | ) | (151 | ) | (400 | ) | (313 | ) | (95 | ) | (23 | ) | - | (1,819 | ) | |||||||||||||||||
| Adjusted Net operating income | 2,482 | 1,063 | 485 | 241 | 364 | (76 | ) | - | 4,559 | |||||||||||||||||||||||
| Adjustments (a) | (1,819 | ) | ||||||||||||||||||||||||||||||
| Net cost of net debt | (379 | ) | ||||||||||||||||||||||||||||||
| Non-controlling interests | (67 | ) | ||||||||||||||||||||||||||||||
| Net income - TotalEnergies share | 2,294 | |||||||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| 3rd quarter 2024 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| Total expenditures | 2,251 | 599 | 2,291 | 388 | 329 | 52 | - | 5,910 | ||||||||||||||||||||||||
| Total divestments | 90 | 99 | 70 | 69 | 19 | 1 | - | 348 | ||||||||||||||||||||||||
| Cash flow from operating activities | 4,763 | 830 | 373 | 564 | 581 | 60 | - | 7,171 | ||||||||||||||||||||||||
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th quarter 2023 | Exploration | Integrated LNG | Integrated Power | Refining | Marketing | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| External sales | 1,622 | 3,050 | 7,350 | 24,372 | 22,826 | 17 | - | 59,237 | ||||||||||||||||||||||||
| Intersegment sales | 10,630 | 3,651 | 1,276 | 8,796 | 157 | 26 | (24,536 | ) | - | |||||||||||||||||||||||
| Excise taxes | - | - | - | (216 | ) | (4,256 | ) | - | - | (4,472 | ) | |||||||||||||||||||||
| Revenues from sales | 12,252 | 6,701 | 8,626 | 32,952 | 18,727 | 43 | (24,536 | ) | 54,765 | |||||||||||||||||||||||
| Operating expenses | (5,084 | ) | (5,289 | ) | (7,787 | ) | (32,367 | ) | (18,289 | ) | (210 | ) | 24,536 | (44,490 | ) | |||||||||||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,334 | ) | (440 | ) | (97 | ) | (394 | ) | (236 | ) | (38 | ) | - | (3,539 | ) | |||||||||||||||||
| Net income (loss) from equity affiliates and other items | (370 | ) | 560 | (17 | ) | (158 | ) | 1,917 | (71 | ) | - | 1,861 | ||||||||||||||||||||
| Tax on net operating income | (2,371 | ) | (217 | ) | (156 | ) | 76 | (718 | ) | 91 | - | (3,295 | ) | |||||||||||||||||||
| Adjustments (a) | (709 | ) | (141 | ) | 42 | (524 | ) | 1,095 | (7 | ) | - | (244 | ) | |||||||||||||||||||
| Adjusted Net operating income | 2,802 | 1,456 | 527 | 633 | 306 | (178 | ) | - | 5,546 | |||||||||||||||||||||||
| Adjustments (a) | (244 | ) | ||||||||||||||||||||||||||||||
| Net cost of net debt | (265 | ) | ||||||||||||||||||||||||||||||
| Non-controlling interests | 26 | |||||||||||||||||||||||||||||||
| Net income - TotalEnergies share | 5,063 | |||||||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
4th quarter 2023 | Exploration | Integrated LNG | Integrated Power | Refining | Marketing | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| Total expenditures | 3,080 | 855 | 1,241 | 1,011 | 588 | 60 | - | 6,835 | ||||||||||||||||||||||||
| Total divestments | 4,362 | 28 | 32 | 22 | 1,754 | 5 | - | 6,203 | ||||||||||||||||||||||||
| Cash flow from operating activities | 5,708 | 2,702 | 638 | 4,825 | 1,759 | 518 | - | 16,150 | ||||||||||||||||||||||||
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Year 2024 | Exploration | Integrated LNG | Integrated Power | Refining | Marketing | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| External sales | 5,655 | 9,885 | 22,127 | 93,515 | 83,341 | 27 | - | 214,550 | ||||||||||||||||||||||||
| Intersegment sales | 38,546 | 10,591 | 2,348 | 31,480 | 819 | 268 | (84,052 | ) | - | |||||||||||||||||||||||
| Excise taxes | - | - | - | (784 | ) | (18,156 | ) | - | - | (18,940 | ) | |||||||||||||||||||||
| Revenues from sales | 44,201 | 20,476 | 24,475 | 124,211 | 66,004 | 295 | (84,052 | ) | 195,610 | |||||||||||||||||||||||
| Operating expenses | (19,124 | ) | (15,530 | ) | (22,936 | ) | (120,424 | ) | (63,551 | ) | (1,010 | ) | 84,052 | (158,523 | ) | |||||||||||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,001 | ) | (1,251 | ) | (344 | ) | (1,442 | ) | (870 | ) | (117 | ) | - | (12,025 | ) | |||||||||||||||||
| Net income (loss) from equity affiliates and other items | 325 | 2,051 | (837 | ) | (114 | ) | 1,457 | 92 | - | 2,974 | ||||||||||||||||||||||
| Tax on net operating income | (8,466 | ) | (1,073 | ) | (255 | ) | (414 | ) | (526 | ) | 89 | - | (10,645 | ) | ||||||||||||||||||
| Adjustments (a) | (1,069 | ) | (196 | ) | (2,070 | ) | (343 | ) | 1,154 | (59 | ) | - | (2,583 | ) | ||||||||||||||||||
| Adjusted Net operating income | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | (592 | ) | - | 19,974 | |||||||||||||||||||||||
| Adjustments (a) | (2,583 | ) | ||||||||||||||||||||||||||||||
| Net cost of net debt | (1,360 | ) | ||||||||||||||||||||||||||||||
| Non-controlling interests | (273 | ) | ||||||||||||||||||||||||||||||
| Net income - TotalEnergies share | 15,758 | |||||||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
Year 2024 | Exploration | Integrated LNG | Integrated Power | Refining | Marketing | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| Total expenditures | 9,225 | 3,912 | 5,328 | 1,896 | 1,190 | 199 | - | 21,750 | ||||||||||||||||||||||||
| Total divestments | 840 | 425 | 1,431 | 366 | 1,328 | 28 | - | 4,418 | ||||||||||||||||||||||||
| Cash flow from operating activities | 17,388 | 5,185 | 2,972 | 3,808 | 2,901 | (1,400 | ) | - | 30,854 | |||||||||||||||||||||||
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
| Year 2023 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| External sales | 6,561 | 12,086 | 27,337 | 101,203 | 89,909 | 32 | - | 237,128 | ||||||||||||||||||||||||
| Intersegment sales | 42,595 | 14,789 | 4,126 | 36,581 | 631 | 206 | (98,928 | ) | - | |||||||||||||||||||||||
| Excise taxes | - | - | - | (841 | ) | (17,342 | ) | - | - | (18,183 | ) | |||||||||||||||||||||
| Revenues from sales | 49,156 | 26,875 | 31,463 | 136,943 | 73,198 | 238 | (98,928 | ) | 218,945 | |||||||||||||||||||||||
| Operating expenses | (20,355 | ) | (21,569 | ) | (28,763 | ) | (130,899 | ) | (70,497 | ) | (878 | ) | 98,928 | (174,033 | ) | |||||||||||||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,493 | ) | (1,288 | ) | (281 | ) | (1,685 | ) | (905 | ) | (110 | ) | - | (12,762 | ) | |||||||||||||||||
| Net income (loss) from equity affiliates and other items | (307 | ) | 2,194 | (345 | ) | (42 | ) | 2,208 | (28 | ) | - | 3,680 | ||||||||||||||||||||
| Tax on net operating income | (10,095 | ) | (810 | ) | (394 | ) | (938 | ) | (1,246 | ) | 271 | - | (13,212 | ) | ||||||||||||||||||
| Adjustments (a) | (1,036 | ) | (798 | ) | (173 | ) | (1,275 | ) | 1,300 | (84 | ) | - | (2,066 | ) | ||||||||||||||||||
| Adjusted Net operating income | 10,942 | 6,200 | 1,853 | 4,654 | 1,458 | (423 | ) | - | 24,684 | |||||||||||||||||||||||
| Adjustments (a) | (2,066 | ) | ||||||||||||||||||||||||||||||
| Net cost of net debt | (1,108 | ) | ||||||||||||||||||||||||||||||
| Non-controlling interests | (126 | ) | ||||||||||||||||||||||||||||||
| Net income - TotalEnergies share | 21,384 | |||||||||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| Year 2023 (M$) | Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||||||||||||||||||
| Total expenditures | 12,378 | 3,410 | 5,497 | 2,149 | 1,273 | 153 | - | 24,860 | ||||||||||||||||||||||||
| Total divestments | 5,118 | 290 | 661 | 196 | 2,132 | 9 | - | 8,406 | ||||||||||||||||||||||||
| Cash flow from operating activities | 18,531 | 8,442 | 3,573 | 7,957 | 1,957 | 219 | - | 40,679 | ||||||||||||||||||||||||
