TotalEnergies: First Quarter 2025: Main Indicators
TotalEnergies (TTE) has released its first quarter 2025 main indicators, showing positive operational momentum. Hydrocarbon production is expected to reach the higher end of guidance at 2.5-2.55 Mboe/d, representing a 4% increase compared to Q1 2024.
The company's performance indicators show Brent prices at $75.7/b, with average liquids price at $72.2/b and LNG price at $10/Mbtu. Integrated Power results are projected between $450-500 million, while cash flow is anticipated at $600 million, aligning with annual guidance.
Working capital is expected to increase by $4-5 billion, following seasonal patterns. Refining & Chemicals results are projected to maintain Q4 2024 levels, with improved refining margins offset by lower petrochemicals and biofuels margins in Europe due to overcapacity. Marketing & Services results are anticipated to match Q1 2024 levels.
TotalEnergies (TTE) ha pubblicato i principali indicatori del primo trimestre 2025, evidenziando un momento operativo positivo. La produzione di idrocarburi è prevista al limite superiore della guidance, tra 2,5 e 2,55 Mboe/g, con un aumento del 4% rispetto al primo trimestre 2024.
Gli indicatori di performance mostrano prezzi Brent a 75,7 $/b, con un prezzo medio dei liquidi a 72,2 $/b e un prezzo LNG a 10 $/Mbtu. I risultati dell'Integrated Power sono stimati tra 450 e 500 milioni di dollari, mentre il flusso di cassa è previsto a 600 milioni di dollari, in linea con le previsioni annuali.
Il capitale circolante dovrebbe aumentare di 4-5 miliardi di dollari, seguendo i modelli stagionali. I risultati di Refining & Chemicals sono previsti stabili rispetto al quarto trimestre 2024, con margini di raffinazione migliorati compensati da margini più bassi in petrolchimica e biocarburanti in Europa a causa della sovracapacità. I risultati di Marketing & Services dovrebbero mantenersi sui livelli del primo trimestre 2024.
TotalEnergies (TTE) ha publicado sus principales indicadores del primer trimestre de 2025, mostrando un impulso operativo positivo. Se espera que la producción de hidrocarburos alcance el extremo superior de la guía, entre 2,5 y 2,55 Mboe/d, lo que representa un aumento del 4% en comparación con el primer trimestre de 2024.
Los indicadores de desempeño de la compañía muestran precios Brent en 75,7 $/b, con un precio promedio de líquidos de 72,2 $/b y un precio de GNL de 10 $/Mbtu. Los resultados de Integrated Power se proyectan entre 450 y 500 millones de dólares, mientras que el flujo de caja se anticipa en 600 millones de dólares, alineado con la guía anual.
Se espera que el capital de trabajo aumente entre 4 y 5 mil millones de dólares, siguiendo patrones estacionales. Los resultados de Refining & Chemicals se prevé que mantengan los niveles del cuarto trimestre de 2024, con márgenes de refinación mejorados compensados por márgenes más bajos en petroquímica y biocombustibles en Europa debido a la sobrecapacidad. Los resultados de Marketing & Services se anticipan para igualar los niveles del primer trimestre de 2024.
TotalEnergies (TTE)는 2025년 1분기 주요 지표를 발표하며 긍정적인 운영 모멘텀을 보였습니다. 탄화수소 생산량은 가이던스 상단인 2.5-2.55 Mboe/일에 이를 것으로 예상되며, 이는 2024년 1분기 대비 4% 증가한 수치입니다.
회사의 성과 지표는 브렌트유 가격이 배럴당 75.7달러, 액체 평균 가격은 배럴당 72.2달러, LNG 가격은 Mbtu당 10달러임을 보여줍니다. 통합 전력 부문의 실적은 4억 5천만~5억 달러로 예상되며, 현금 흐름은 6억 달러로 연간 가이던스와 일치할 전망입니다.
운전자본은 계절적 패턴에 따라 40억~50억 달러 증가할 것으로 예상됩니다. 정유 및 화학 부문 실적은 2024년 4분기 수준을 유지할 것으로 보이며, 향상된 정유 마진이 유럽 내 과잉 공급으로 인한 석유화학 및 바이오연료 마진 하락을 상쇄합니다. 마케팅 및 서비스 부문 실적은 2024년 1분기 수준을 유지할 것으로 기대됩니다.
TotalEnergies (TTE) a publié ses principaux indicateurs du premier trimestre 2025, montrant une dynamique opérationnelle positive. La production d’hydrocarbures devrait atteindre le haut de la fourchette prévue, entre 2,5 et 2,55 Mboe/j, soit une augmentation de 4% par rapport au premier trimestre 2024.
Les indicateurs de performance de la société montrent un prix du Brent à 75,7 $/b, un prix moyen des liquides à 72,2 $/b et un prix du GNL à 10 $/Mbtu. Les résultats d’Integrated Power sont projetés entre 450 et 500 millions de dollars, tandis que les flux de trésorerie sont attendus à 600 millions de dollars, en ligne avec les prévisions annuelles.
Le fonds de roulement devrait augmenter de 4 à 5 milliards de dollars, suivant les tendances saisonnières. Les résultats de Refining & Chemicals devraient se maintenir aux niveaux du quatrième trimestre 2024, avec des marges de raffinage améliorées compensées par des marges plus faibles en pétrochimie et biocarburants en Europe en raison de la surcapacité. Les résultats de Marketing & Services devraient rester au niveau du premier trimestre 2024.
TotalEnergies (TTE) hat seine wichtigsten Kennzahlen für das erste Quartal 2025 veröffentlicht und zeigt dabei positive operative Dynamik. Die Produktion von Kohlenwasserstoffen wird voraussichtlich am oberen Ende der Prognose liegen, bei 2,5 bis 2,55 Mboe/Tag, was einem 4%igen Anstieg gegenüber dem ersten Quartal 2024 entspricht.
Die Leistungskennzahlen des Unternehmens zeigen Brent-Preise bei 75,7 $/b, einen durchschnittlichen Flüssigkeitspreis von 72,2 $/b und einen LNG-Preis von 10 $/Mbtu. Die Ergebnisse im Bereich Integrated Power werden auf 450 bis 500 Millionen US-Dollar geschätzt, während der Cashflow mit 600 Millionen US-Dollar erwartet wird, was der Jahresprognose entspricht.
Das Working Capital wird voraussichtlich um 4 bis 5 Milliarden US-Dollar steigen, entsprechend den saisonalen Mustern. Die Ergebnisse von Refining & Chemicals sollen auf dem Niveau des vierten Quartals 2024 bleiben, wobei verbesserte Raffineriemargen durch niedrigere Margen im Bereich Petrochemie und Biokraftstoffe in Europa aufgrund von Überkapazitäten ausgeglichen werden. Die Ergebnisse von Marketing & Services werden voraussichtlich das Niveau des ersten Quartals 2024 halten.
- 4% year-over-year increase in hydrocarbon production
- Stable Integrated Power results of $450-500 million
- Higher refining margins and improved utilization rates
- Slightly more favorable price environment compared to Q4 2024
- Lower petrochemicals and biofuels margins in Europe due to overcapacity
- Significant working capital increase of $4-5 billion
- Refining & Chemicals cash flow impacted by seasonal dividend payments (-$200 million)
- Lower LNG prices compared to Q4 2024
Insights
TotalEnergies has released its Q1 2025 operational indicators, showing hydrocarbon production trending toward the high end of guidance (2.5-2.55 Mboe/d) - representing a nearly 4% year-over-year increase. This production growth should positively impact Exploration & Production results, particularly with Brent averaging
The Integrated LNG segment is benefiting from better year-over-year price conditions (
Refining & Chemicals performance appears stable quarter-over-quarter, with the European Refining Margin indicator improving to
A significant working capital increase of
While operations appear stable with modest improvements in production volumes and certain price environments, the substantial working capital requirements partially offset these positive elements, resulting in an overall balanced outlook for the quarter.
The main indicators, estimated financial information and key elements impacting TotalEnergies’ (Paris:TTE) (LSE:TTE) (NYSE:TTE) first quarter 2025 aggregates are shown below:
Main indicators |
|
|
|
|
|
|
|
|
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
€/$ |
|
1.05 |
1.07 |
1.10 |
1.08 |
1.09 |
Brent |
($/b) |
75.7 |
74.7 |
80.3 |
85.0 |
83.2 |
Average liquids price * (1) |
($/b) |
72.2 |
71.8 |
77.0 |
81.0 |
78.9 |
Average gas price * (1) |
($/Mbtu) |
6.60 |
6.26 |
5.78 |
5.05 |
5.11 |
Average LNG price ** (1) |
($/Mbtu) |
10.00 |
10.37 |
9.91 |
9.32 |
9.58 |
European Refining Margin Marker (ERM) *** |
($/t) |
29.4 |
25.9 |
15.4 |
44.9 |
71.7 |
* Sales in $ / Sales in volume for consolidated affiliates.
** Sales in $ / Sales in volume for consolidated and equity affiliates.
*** This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies.
(1) Does not include oil, gas and LNG trading activities, respectively.
Main elements impacting the quarter aggregates
-
First quarter 2025 hydrocarbon production is expected to be at the high end of the quarterly guidance range (2.5 to 2.55 Mboe/d) i.e. up nearly
4% compared to first quarter 2024. - Exploration & Production results are expected to reflect this production increase and a price environment slightly more favorable than fourth quarter 2024.
-
Integrated LNG results are expected to reflect the better environment conditions year-on-year (average LNG price of
$10 $9.58 $10.37 -
Integrated Power results are expected to be between
$450 million $500 million $600 million -
Refining & Chemicals results are expected in the same range as fourth quarter of 2024, reflecting slightly higher refining margins and a better utilization rate, offset by lower petrochemicals and biofuels margins in
Europe due to overcapacities. Marketing & Services results are expected in line with the first quarter of 2024 given the seasonality of the business. Refining & Chemicals cash flow will be impacted by the seasonality of dividend payments from equity affiliates (- compared to the fourth quarter of 2024).$200 million -
Working capital is expected to increase by
$4 $5 billion
2025 Sensitivities* |
|
|
|
|
||
|
Change |
Estimated impact on
|
Estimated impact on
|
|||
Dollar |
+/- 0.1 $ per € |
-/+ 0.1 B$ |
~0 B$ |
|||
Average liquids price ** |
+/- 10 $/b |
+/- 2.3 B$ |
+/- 2.8 B$ |
|||
European gas price – TTF |
+/- 2 $/Mbtu |
+/- 0.4 B$ |
+/- 0.4 B$ |
|||
European Refining Margin Marker (ERM) |
+/- 10 $/t |
+/- 0.4 B$ |
+/- 0.5 B$ |
|||
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** In an 70-80 $/b Brent environment.
Disclaimer
Unless otherwise stated, the terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
The data presented in this document is based on TotalEnergies’ internal preliminary reporting and is not audited. This data is not intended to be a comprehensive summary of all items that will affect TotalEnergies SE’s results or to provide an estimate of 2025 quarterly results. Actual results may vary. To the extent permitted by law, TotalEnergies SE disclaims all liability from the use of this data.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “commits”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Additionally, the developments of climate change and other environmental-or social related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including disclosures on climate change and other environmental or social-related issues, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding certain adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies. The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further details on the adjustment items, please refer to the last published earnings statement and notes to the consolidated financial statements.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to US Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this document, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. US investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex,
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TotalEnergies
Source: TOTALENERGIES SE
FAQ
What is TotalEnergies' (TTE) expected hydrocarbon production for Q1 2025?
How much working capital increase does TTE project for Q1 2025?
What are TTE's Integrated Power results expected for Q1 2025?
How will TTE's Refining & Chemicals segment perform in Q1 2025?
What is TTE's projected cash flow for Q1 2025?
