Totalenergies Se Stock Price, News & Analysis

TotalEnergies SE (NYSE:TTE) reported a net income of $3.8 billion for Q2 2024, a 34% decline from Q1 2024. Adjusted net income was $4.7 billion, down 9% from the previous quarter.

1H 2024 net income totaled $9.5 billion, a 1% dip year-on-year, while adjusted net income reached $9.8 billion, down 15%. Adjusted EBITDA for Q2 2024 was $11.1 billion, a 4% decrease from Q1. Cash flow from operations excluding working capital was $7.8 billion, down 5% from Q1.

Key developments included investment decisions in Angola, Brazil, Oman, and Nigeria, and acquisitions of CCGTs in Texas and the UK. The Board decided to maintain the 2nd interim dividend at €0.79/share and authorized a $2 billion share buyback in Q3 2024.

Despite robust results, the company faces challenges such as declining refining margins and lower LNG prices.

TotalEnergies has acquired a 50% stake in OranjeWind, a 795 MW offshore wind farm project in the Netherlands, from RWE. The company plans to use its share of renewable electricity to power 350 MW electrolyzer projects, producing about 40,000 tons per year of green hydrogen for decarbonizing its Northern European refineries. This initiative aims to reduce CO₂ emissions by approximately 400,000 tons per year, contributing to TotalEnergies' goal of a 40% reduction in net greenhouse gas emissions from its oil and gas operations by 2030.

The OranjeWind project, located 53 km off the Dutch coast, is set to begin construction in 2026, with full commissioning expected in early 2028. The project will also support the stability of the Dutch grid with electric boilers and battery storage.

TotalEnergies has made a final investment decision for a 100 MW / 200 MWh battery storage project in Dahlem, North Rhine-Westphalia, Germany. This €75+ million project marks the first from the recently acquired Kyon Energy pipeline. Saft, TotalEnergies' battery affiliate, will supply the latest iShift LFP technology, with commercial operations expected to start in H2 2026.

The project demonstrates TotalEnergies' accelerated integrated development in the German electricity market, leveraging synergies between Saft, Kyon Energy, and Quadra Energy. It aligns with TotalEnergies' recent investments in Germany, including offshore wind farm leases totaling 4.5 GW and acquisitions of key players in renewable energy optimization and aggregation.

TotalEnergies SE (TTE) has reported its share repurchase transactions from July 15 to July 19, 2024, in accordance with shareholder authorizations. The company bought back a total of 1,912,659 shares at an average price of €63.040802 per share, for a total amount of €120,575,556.78. The purchases were made across various markets, including XPAR, CEUX, TQEX, and AQEU.

The daily volume of shares purchased ranged from 381,151 to 385,984, with daily weighted average purchase prices between €62.55 and €63.72 per share. These transactions are part of TotalEnergies' ongoing share buyback program, demonstrating the company's commitment to returning value to shareholders and managing its capital structure.

TotalEnergies (TTE) has announced the sale of its 10% interest in the SPDC JV licenses in Nigeria to Chappal Energies. The transaction, valued at $860 million, involves the sale of TotalEnergies EP Nigeria's participating interest in 15 oil-producing licenses and the transfer of its 10% interest in 3 gas-producing licenses. However, TotalEnergies will retain full economic interest in the gas-producing licenses, which currently account for 40% of Nigeria LNG gas supply.

The deal aligns with TotalEnergies' strategy to focus on offshore oil and gas assets in Nigeria. The company aims to concentrate its onshore presence on the integrated gas value chain, ensuring continuity of feed gas supply to Nigeria LNG. The transaction is subject to customary conditions, including regulatory approvals.

TotalEnergies SE (TTE) has released information regarding its total number of voting rights and shares in the share capital as of June 30, 2024. The company reported a total of 2,397,679,661 shares in its share capital. The number of theoretical voting rights also stands at 2,397,679,661, calculated based on all shares with attached voting rights, including suspended ones. However, the total number of exercisable voting rights is 2,309,888,272, after deducting 87,791,389 treasury shares. This information is disclosed in compliance with Article L.233-8-II of the French Commercial Code and article 223-16 of the AMF General Regulation.

TotalEnergies (TTE) and SSE have signed a binding agreement to create a joint venture called Source, aiming to become a major player in EV charging infrastructure in the UK and Ireland. The venture plans to deploy up to 3000 high-power charge points grouped in 300 'EV hubs' within the next 5 years, targeting a 20% market share. These charging hubs will be located in prime urban areas and powered by renewable energy.

The initiative aligns with the UK Government's zero vehicle emissions mandate and Ireland's goal of placing almost 1 million electric vehicles on roads by 2030. This development contributes to TotalEnergies' integrated power strategy in the UK and SSE's role in decarbonizing the UK and Ireland's power system. The agreement is subject to regulatory approvals.

TotalEnergies has released its main indicators and estimated financial information for the second quarter of 2024. Key points include:

- Brent crude price averaged $85.0/b, up from $83.2/b in Q1 2024
- Average liquids price rose to $81.0/b from $78.9/b in Q1
- European Refining Margin Marker decreased to $44.9/t from $71.7/t in Q1
- Hydrocarbon production expected to be close to 2.45 Mboe/d, at the high end of guidance
- Integrated Power results projected around $500 million
- Downstream results impacted by lower refining margins, offset partially by higher utilization and marketing results

The company also provided 2024 sensitivities to factors like oil prices and exchange rates.

TotalEnergies SE (TTE) has disclosed its share repurchase transactions from July 8 to July 12, 2024, in accordance with shareholder authorizations. The company bought back a total of 1,906,988 shares at an average price of €63.63 per share, for a total amount of €121,340,918.49. The purchases were executed across multiple trading venues, including XPAR, CEUX, TQEX, and AQEU. Daily volumes ranged from 373,298 to 386,559 shares, with weighted average purchase prices varying between €62.85 and €65.09 per share. This share buyback program demonstrates TotalEnergies' commitment to returning value to shareholders and optimizing its capital structure.