TotalEnergies SE: Third Quarter 2024 Results
TotalEnergies reported $4.1B adjusted net income for Q3 2024 and $13.9B for the first 9 months, demonstrating resilience in a volatile oil environment. The company's Exploration & Production segment posted $2.5B adjusted net operating income with stable cash flow of $4.3B. Upstream production was 2.41 Mboe/d, benefiting from Mero 2 ramp-up in Brazil. Integrated LNG achieved $1.1B adjusted net operating income, while Downstream posted $0.6B amid sharp refining margin decline. The Board approved a third interim dividend of 0.79 €/share and authorized $2B in share buybacks for Q4 2024.
TotalEnergies ha riportato un utile netto rettificato di 4,1 miliardi di dollari per il terzo trimestre del 2024 e 13,9 miliardi di dollari per i primi nove mesi, dimostrando una resilienza in un ambiente petrolifero volatile. Il segmento Esplorazione e Produzione ha registrato un utile operativo netto rettificato di 2,5 miliardi di dollari con un flusso di cassa stabile di 4,3 miliardi di dollari. La produzione upstream è stata di 2,41 Mboe/giorno, beneficiando dell'aumento della produzione di Mero 2 in Brasile. Il settore LNG integrato ha raggiunto un utile operativo netto rettificato di 1,1 miliardi di dollari, mentre il settore Downstream ha registrato un utile di 0,6 miliardi di dollari in mezzo a un forte calo dei margini di raffinazione. Il Consiglio ha approvato un terzo dividendo intermedio di 0,79 €/azione e ha autorizzato 2 miliardi di dollari in riacquisti di azioni per il quarto trimestre del 2024.
TotalEnergies reportó un ingreso neto ajustado de 4.1 mil millones de dólares para el tercer trimestre de 2024 y 13.9 mil millones de dólares para los primeros 9 meses, demostrando resistencia en un entorno petrolero volátil. El segmento de Exploración y Producción presentó un ingreso operativo neto ajustado de 2.5 mil millones de dólares con un flujo de caja estable de 4.3 mil millones de dólares. La producción upstream fue de 2.41 Mboe/día, beneficiándose del aumento de la producción de Mero 2 en Brasil. El LNG integrado logró un ingreso operativo neto ajustado de 1.1 mil millones de dólares, mientras que Downstream reportó 0.6 mil millones de dólares en medio de un fuerte descenso en los márgenes de refinación. La Junta aprobó un tercer dividendo interino de 0.79 €/acción y autorizó 2 mil millones de dólares en recompra de acciones para el cuarto trimestre de 2024.
TotalEnergies는 2024년 3분기에 41억 달러의 조정된 순이익을 보고하였고, 첫 9개월 동안 139억 달러를 기록하여 변동성이 큰 석유 환경에서도 회복력을 보여주었습니다. 회사의 탐사 및 생산 부문은 25억 달러의 조정된 순 운영 수익을 기록했으며, 안정적인 현금 흐름은 43억 달러에 달했습니다. 상류 생산은 일일 241만 배유량으로, 브라질의 Mero 2 증산 혜택을 보았습니다. 통합 LNG 부문은 11억 달러의 조정된 순 운영 수익을 달성했으며, 다운스트림 부문은 정유 마진 감소 속에서 6억 달러를 기록했습니다. 이사회는 주당 0.79 유로의 세 번째 중간 배당금을 승인하고, 2024년 4분기를 위해 20억 달러의 자사주 매입을 승인했습니다.
TotalEnergies a rapporté un revenu net ajusté de 4,1 milliards de dollars pour le troisième trimestre de 2024 et 13,9 milliards de dollars pour les neuf premiers mois, démontrant sa résilience dans un environnement pétrolier volatile. Le segment Exploration et Production a affiché un revenu d'exploitation net ajusté de 2,5 milliards de dollars avec un flux de trésorerie stable de 4,3 milliards de dollars. La production en amont était de 2,41 Mboe/jour, bénéficiant de la montée en puissance de Mero 2 au Brésil. Le secteur LNG intégré a atteint un revenu d'exploitation net ajusté de 1,1 milliard de dollars, tandis que le secteur Downstream a enregistré un revenu de 0,6 milliard de dollars en raison de la forte baisse des marges de raffinage. Le Conseil d'administration a approuvé un troisième dividende intérimaire de 0,79 €/action et a autorisé 2 milliards de dollars de rachats d'actions pour le quatrième trimestre 2024.
TotalEnergies hat einen adjustierten Nettogewinn von 4,1 Milliarden Dollar für das 3. Quartal 2024 und 13,9 Milliarden Dollar für die ersten 9 Monate gemeldet und damit seine Resilienz in einem volatilen Ölmarkt unter Beweis gestellt. Das Segment Erkundung und Produktion erzielte einen adjustierten Netto-Betriebsgewinn von 2,5 Milliarden Dollar mit stabilem Cashflow von 4,3 Milliarden Dollar. Die upstream Produktion lag bei 2,41 Mboe/Tag und profitierte vom Hochlauf des Mero 2 in Brasilien. Die integrierte LNG-Sparte erzielte einen adjustierten Netto-Betriebsgewinn von 1,1 Milliarden Dollar, während der Downstream-Bereich 0,6 Milliarden Dollar aufgrund eines starken Rückgangs der Raffineriemargen verzeichnete. Der Vorstand genehmigte eine dritte Zwischen-Dividende von 0,79 €/Aktie und genehmigte 2 Milliarden Dollar für Aktienrückkäufe im 4. Quartal 2024.
- Strong Q3 adjusted net income of $4.1B despite market volatility
- Solid E&P performance with $2.5B adjusted net operating income and 15.6% ROCE
- Integrated Power cash flow up 35% YoY at $1.95B
- 7% dividend increase compared to 2023
- $2B share buyback authorized for Q4 2024
- Overall adjusted net income down 13% QoQ and 23% YoY
- 66% decline in European refining margins QoQ
- Downstream adjusted net operating income down 40% QoQ
- Production disruptions at Ichthys LNG and in Libya
- Cash flow from operating activities down 20% QoQ
Insights
TotalEnergies demonstrated resilience in Q3 2024 despite challenging market conditions, posting
Key financial metrics show both strengths and pressures: Cash flow from operations was
Notable operational highlights include production starts at Mero-3, Anchor and Fenix fields, strengthening future cash flows. However, European refining margins dropped dramatically (
The operational performance reflects TotalEnergies' strategic positioning across the energy spectrum. Production averaged 2.41 Mboe/d, with new project startups offsetting disruptions in Libya and at Ichthys LNG. The company's LNG business achieved
The Integrated Power division continues to expand, with significant developments in solar, wind and gas power generation. Notable achievements include two major solar farms in Texas and strategic partnerships with Adani and RWE. The segment's consistent performance, delivering
TotalEnergies proves resiliency in a volatile oil environment thanks to its integrated model with
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
3Q24 |
Change
|
9M24 |
Change
|
|||||
Adjusted net income (TotalEnergies share)(1) | ||||||||
- in billions of dollars (B$) | 4.1 |
|
- |
|
13.9 |
|
- |
|
- in dollars per share | 1.74 |
|
- |
|
5.87 |
|
- |
|
Net income (TotalEnergies share) (B$) | 2.3 |
|
- |
|
11.8 |
|
- |
|
Adjusted EBITDA(1) (B$) | 10.0 |
|
- |
|
32.6 |
|
- |
|
Cash flow from operations excluding working capital (CFFO)(1) (B$) | 6.8 |
|
- |
|
22.8 |
|
- |
|
Cash flow from operating activities (B$) | 7.2 |
|
- |
|
18.3 |
|
- |
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 30, 2024, to approve the third quarter 2024 financial statements. On the occasion, Patrick Pouyanné said:
“In a volatile oil environment with sharply declining refining margins, TotalEnergies demonstrates the resilience of its integrated multi-energy model with
This resilience is firstly underpinned by Exploration & Production, posting solid adjusted net operating income of
Integrated LNG achieved adjusted net operating income of
Given the very sharp decrease in refining margins in
Integrated Power also contributes to the resilience of the Company’s results, with reported adjusted net operating income of
Comforted by these robust results, the Board of Directors decided the distribution of the third interim dividend of 0.79 €/share for fiscal year 2024, an increase of close to
1. Highlights (2)
Upstream
-
Production start-up of Mero-3 oil field, for 180,000 b/d, in
Brazil -
Production start-up of Anchor oil field, for 75,000 b/d, in Gulf of
Mexico -
Production start-up of Fenix gas field, for 10 Mm3/d, in
Argentina - Launch of GranMorgu oil project, for 220,000 b/d, on Block 58 in Suriname
-
Exit from offshore Blocks 11B/12B and 5/6/7, in
South Africa -
Closing of the
Brunei assets sale -
Discovery of new gas condensate resources in offshore Harald field, in
Denmark
Downstream
-
Signature of agreements for the sale of a
50% stake in Total Parco Pakistan Ltd to Gunvor -
Signature of agreements for the sale of petroleum products retail networks in
Brazil to SIM Distribuidora
Integrated LNG
-
Acquisition from Lewis Energy of interests in producing assets, in the Eagle Ford shale gas play in
Texas -
Signature of LNG contracts
-
1.1 Mt/year over 10 years with BOTAŞ delivered in
Turkey from 2027 -
0.2 Mt/year over 7 years with HD Hyundai Chemical delivered in
South Korea from 2027 -
5-year extension, until 2034, of a 1.25 Mt/year contract with CNOOC delivered in
China
-
1.1 Mt/year over 10 years with BOTAŞ delivered in
Integrated Power
-
Start of commercial operations at two solar farms with integrated battery storage in
Texas for a combined capacity of 1.2 GW -
Investment in a new solar portfolio of over 1 GW with Adani Green, in
India -
Acquisition from RWE of a
50% stake in two 2 GW offshore wind projects, inGermany -
Acquisition of stakes in renewable hydroelectric projects in
Africa , through an agreement with Scatec - Signature with Saint-Gobain of a Clean Firm Power PPA for 875 GWh over 5 years
Decarbonization and low-carbon molecules
- SAF supply agreement with Air-France-KLM for up to 1.5 Mt over a 10-year period
-
Signature of a charter contract for an LNG bunker vessel, notably for Marsa LNG, in
Oman - Launch of a floating wind turbine pilot project supplying renewable power to Culzean platform, in British North Sea
- Agreement with Anew Climate and Aurora Sustainable Lands for deployment of sustainable preservation of natural carbon sink projects
- Investment in the “Japan Hydrogen Fund,” dedicated to developing the low-carbon hydrogen value chain
2. Key figures from TotalEnergies’ consolidated financial statements (1)
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
|
In millions of dollars, except effective tax rate, earnings per share and number of shares |
|
9M24 |
|
9M23 |
|
9M24
|
10,048 |
|
11,073 |
|
- |
|
13,062 |
Adjusted EBITDA (1) | 32,614 |
|
38,334 |
|
- |
||
4,635 |
|
5,339 |
|
- |
|
6,808 |
Adjusted net operating income from business segments | 15,574 |
|
19,383 |
|
- |
||
2,482 |
|
2,667 |
|
- |
|
3,138 |
Exploration & Production | 7,699 |
|
8,140 |
|
- |
||
1,063 |
|
1,152 |
|
- |
|
1,342 |
Integrated LNG | 3,437 |
|
4,744 |
|
- |
||
485 |
|
502 |
|
- |
|
506 |
Integrated Power | 1,598 |
|
1,326 |
|
+ |
||
241 |
|
639 |
|
- |
|
1,399 |
Refining & Chemicals | 1,842 |
|
4,021 |
|
- |
||
364 |
|
379 |
|
- |
|
423 |
Marketing & Services | 998 |
|
1,152 |
|
- |
||
706 |
|
636 |
|
+ |
|
662 |
Contribution of equity affiliates to adjusted net income | 1,963 |
|
2,403 |
|
- |
||
|
|
|
|
- |
|
|
Effective tax rate (3) |
|
|
|
|
- |
||
4,074 |
|
4,672 |
|
- |
|
6,453 |
Adjusted net income (TotalEnergies share) (1) | 13,858 |
|
17,950 |
|
- |
||
1.74 |
|
1.98 |
|
- |
|
2.63 |
Adjusted fully-diluted earnings per share (dollars) (4) | 5.87 |
|
7.24 |
|
- |
||
1.58 |
|
1.85 |
|
- |
|
2.41 |
Adjusted fully-diluted earnings per share (euros) (5) | 5.40 |
|
6.68 |
|
- |
||
2,310 |
|
2,328 |
|
- |
|
2,423 |
Fully-diluted weighted-average shares (millions) | 2,327 |
|
2,448 |
|
- |
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
2,294 |
|
3,787 |
|
- |
|
6,676 |
Net income (TotalEnergies share) | 11,802 |
|
16,321 |
|
- |
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
4,102 |
|
4,410 |
|
- |
|
4,283 |
Organic investments (1) | 12,584 |
|
11,987 |
|
+ |
||
1,662 |
|
220 |
|
x7.5 |
|
808 |
Acquisitions net of assets sales (1) | 1,382 |
|
4,115 |
|
- |
||
5,764 |
|
4,630 |
|
+ |
|
5,091 |
Net investments (1) | 13,966 |
|
16,102 |
|
- |
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
6,821 |
|
7,777 |
|
- |
|
9,340 |
Cash flow from operations excluding working capital (CFFO) (1) | 22,766 |
|
27,446 |
|
- |
||
7,009 |
|
7,895 |
|
- |
|
9,551 |
Debt Adjusted Cash Flow (DACF) (1) | 23,215 |
|
27,922 |
|
- |
||
7,171 |
|
9,007 |
|
- |
|
9,496 |
Cash flow from operating activities | 18,347 |
|
24,529 |
|
- |
||
Gearing (1) of 12, |
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
3Q24 |
2Q24 |
3Q24
|
3Q23 |
|
9M24 |
9M23 |
9M24
|
|||||||
80.3 |
85.0 |
- |
86.7 |
Brent ($/b) | 82.8 |
82.1 |
+ |
|||||||
2.2 |
2.3 |
- |
2.7 |
Henry Hub ($/Mbtu) | 2.2 |
2.6 |
- |
|||||||
11.1 |
9.7 |
+ |
10.6 |
NBP ($/Mbtu) | 9.8 |
12.4 |
- |
|||||||
13.0 |
11.2 |
+ |
12.5 |
JKM ($/Mbtu) | 11.2 |
13.3 |
- |
|||||||
77.0 |
81.0 |
- |
78.9 |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
78.9 |
74.9 |
+ |
|||||||
5.78 |
5.05 |
+ |
5.47 |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
5.30 |
6.80 |
- |
|||||||
9.91 |
9.32 |
+ |
9.56 |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.61 |
10.92 |
- |
|||||||
15.4 |
44.9 |
- |
100.6 |
European Refining Margin Marker (ERM) (6),(10) ($/t) | 44.0 |
77.2 |
- |
3.2 Greenhouse gas emissions (11)
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Scope 1+2 emissions (MtCO2e) | 9M24 |
9M23 |
9M24
|
|||||||
8.8 |
7.7 |
+ |
8.5 |
Scope 1+2 from operated facilities (12) | 24.7 |
26.7 |
- |
|||||||
7.4 |
7.0 |
+ |
7.5 |
of which Oil & Gas | 21.5 |
23.1 |
- |
|||||||
1.4 |
0.7 |
+ |
1.0 |
of which CCGT | 3.2 |
3.6 |
- |
|||||||
11.7 |
10.8 |
+ |
12.1 |
Scope 1+2 - equity share | 34.2 |
37.4 |
- |
|||||||
Estimated quarterly emissions. |
Scope 1+2 emissions from operated facilities were 8.8 Mt this quarter, notably due to the increase in the gas-fired power plants utilization rate in the US and in
Scope 1+2 emissions from operated installations were down
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Methane emissions (ktCH4) | 9M24 |
|
9M23 |
|
9M24
|
|||||
7 |
7 |
- |
7 |
Methane emissions from operated facilities | 22 |
|
25 |
|
- |
|||||
8 |
8 |
- |
9 |
Methane emissions - equity share | 25 |
|
30 |
|
- |
|||||
Estimated quarterly emissions. |
||||||||||||||
Scope 3 emissions (MtCO2e) | 9M24 |
|
2023 |
|
|
|||||||||
Scope 3 from Oil, Biofuels and Gas Worldwide (13) | est. 260 |
|
355 |
|
|
3.3 Production (14)
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Hydrocarbon production | 9M24 |
9M23 |
9M24
|
|||||||
2,409 |
2,441 |
- |
2,476 |
Hydrocarbon production (kboe/d) | 2,437 |
2,490 |
- |
|||||||
1,324 |
1,318 |
- |
1,399 |
Oil (including bitumen) (kb/d) | 1,321 |
1,404 |
- |
|||||||
1,086 |
1,123 |
- |
1,077 |
Gas (including condensates and associated NGL) (kboe/d) | 1,116 |
1,086 |
+ |
|||||||
|
|
|
|
|
|
|
||||||||
2,409 |
2,441 |
- |
2,476 |
Hydrocarbon production (kboe/d) | 2,437 |
2,490 |
- |
|||||||
1,466 |
1,477 |
- |
1,561 |
Liquids (kb/d) | 1,475 |
1,565 |
- |
|||||||
5,093 |
5,180 |
- |
4,921 |
Gas (Mcf/d) | 5,174 |
4,985 |
+ |
Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, down
Hydrocarbon production in the third quarter 2024 was up
-
+
2% due to project start-ups and ramp-ups, including Mero 2 inBrazil , Tommeliten Alpha and Eldfisk North inNorway , Akpo West inNigeria and Block 10 inOman , -
+
3% due to the higher availability of production facilities, -
-
1% due to security-related production disruptions inLibya , -
-
3% due to the natural field decline.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
Hydrocarbon production | 9M24 |
9M23 |
9M24
|
||||
1,944 |
|
1,943 |
|
- |
|
2,043 |
EP (kboe/d) | 1,952 |
2,045 |
- |
||||
1,414 |
|
1,413 |
|
- |
|
1,507 |
Liquids (kb/d) | 1,415 |
1,506 |
- |
||||
2,830 |
|
2,829 |
|
- |
|
2,865 |
Gas (Mcf/d) | 2,865 |
2,885 |
- |
4.1.2 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars, except effective tax rate | 9M24 |
9M23 |
9M24
|
|||||||
2,482 |
2,667 |
- |
3,138 |
Adjusted net operating income | 7,699 |
8,140 |
- |
|||||||
183 |
207 |
- |
125 |
including adjusted income from equity affiliates | 535 |
409 |
+ |
|||||||
|
|
- |
|
Effective tax rate (15) |
|
|
- |
|||||||
|
|
|
|
|
|
|
||||||||
2,330 |
2,585 |
- |
2,557 |
Organic investments (1) | 6,956 |
7,115 |
- |
|||||||
(42) |
57 |
ns |
(514) |
Acquisitions net of assets sales (1) | 51 |
1,600 |
- |
|||||||
2,288 |
2,642 |
- |
2,043 |
Net investments (1) | 7,007 |
8,715 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
4,273 |
4,353 |
- |
5,165 |
Cash flow from operations excluding working capital (CFFO) (1) | 13,104 |
14,436 |
- |
|||||||
4,763 |
4,535 |
+ |
4,240 |
Cash flow from operating activities | 12,888 |
12,823 |
+ |
Exploration & Production adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) was
4.2 Integrated LNG
4.2.1 Production
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
Hydrocarbon production for LNG | 9M24 |
|
9M23 |
|
9M24
|
||
465 |
|
498 |
|
- |
|
433 |
Integrated LNG (kboe/d) | 485 |
|
445 |
|
+ |
||
52 |
|
64 |
|
- |
|
54 |
Liquids (kb/d) | 60 |
|
59 |
|
+ |
||
2,263 |
|
2,351 |
|
- |
|
2,056 |
Gas (Mcf/d) | 2,309 |
|
2,100 |
|
+ |
||
|
|
|
|
|
|
|
|
|
|
|
|
|||
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
Liquefied Natural Gas in Mt | 9M24 |
|
9M23 |
|
9M24
|
||
9.5 |
|
8.8 |
|
+ |
|
10.5 |
Overall LNG sales | 29.0 |
|
32.5 |
|
- |
||
3.8 |
|
3.6 |
|
+ |
|
3.7 |
incl. Sales from equity production* | 11.6 |
|
11.2 |
|
+ |
||
8.4 |
|
7.6 |
|
+ |
|
9.4 |
incl. Sales by TotalEnergies from equity production and third party purchases | 25.3 |
|
29.3 |
|
- |
||
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG in the third quarter 2024 was down
LNG sales increased by
4.2.2 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars, except the average price of LNG | 9M24 |
9M23 |
9M24
|
|||||||
9.91 |
9.32 |
+ |
9.56 |
Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates |
9.61 |
10.92 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
1,063 |
1,152 |
- |
1,342 |
Adjusted net operating income | 3,437 |
4,744 |
- |
|||||||
538 |
421 |
+ |
385 |
including adjusted income from equity affiliates | 1,453 |
1,603 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
451 |
624 |
- |
495 |
Organic investments (1) | 1,615 |
1,273 |
+ |
|||||||
65 |
198 |
- |
84 |
Acquisitions net of assets sales (1) | 251 |
1,048 |
- |
|||||||
516 |
822 |
- |
579 |
Net investments (1) | 1,866 |
2,321 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
888 |
1,220 |
- |
1,648 |
Cash flow from operations excluding working capital (CFFO) (1) | 3,456 |
5,530 |
- |
|||||||
830 |
431 |
+ |
872 |
Cash flow from operating activities | 2,971 |
5,740 |
- |
|||||||
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
Integrated LNG adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) was
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Integrated Power | 9M24 |
9M23 |
9M24
|
|||||||
11.1 |
9.1 |
+ |
8.9 |
Net power production (TWh) * | 29.7 |
25.5 |
+ |
|||||||
6.7 |
6.8 |
- |
5.4 |
o/w production from renewables | 19.6 |
13.5 |
+ |
|||||||
4.4 |
2.2 |
+ |
3.5 |
o/w production from gas flexible capacities | 10.2 |
12.0 |
- |
|||||||
21.6 |
19.6 |
+ |
15.9 |
Portfolio of power generation net installed capacity (GW) ** | 21.6 |
15.9 |
+ |
|||||||
14.5 |
13.8 |
+ |
11.6 |
o/w renewables | 14.5 |
11.6 |
+ |
|||||||
7.1 |
5.8 |
+ |
4.3 |
o/w gas flexible capacities | 7.1 |
4.3 |
+ |
|||||||
89.6 |
87.4 |
+ |
80.5 |
Portfolio of renewable power generation gross capacity (GW) **,*** | 89.6 |
80.5 |
+ |
|||||||
24.2 |
24.0 |
+ |
20.2 |
o/w installed capacity | 24.2 |
20.2 |
+ |
|||||||
6.0 |
6.0 |
- |
6.0 |
Clients power - BtB and BtC (Million) ** | 6.0 |
6.0 |
+ |
|||||||
2.8 |
2.8 |
+ |
2.8 |
Clients gas - BtB and BtC (Million) ** | 2.8 |
2.8 |
- |
|||||||
10.9 |
11.1 |
- |
11.2 |
Sales power - BtB and BtC (TWh) | 36.9 |
38.2 |
- |
|||||||
13.9 |
18.9 |
- |
13.8 |
Sales gas - BtB and BtC (TWh) | 68.4 |
70.2 |
- |
|||||||
* Solar, wind, hydroelectric and gas flexible capacities. |
||||||||||||||
** End of period data. |
||||||||||||||
*** Includes |
Net power production was 11.1 TWh in the third quarter 2024, up
Gross installed renewable power generation capacity reached 24.2 GW at the end of the third quarter 2024, up 0.2 GW quarter-to-quarter.
4.3.2 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
|||||||
485 |
502 |
- |
506 |
Adjusted net operating income | 1,598 |
1,326 |
+ |
|||||||
29 |
35 |
- |
37 |
including adjusted income from equity affiliates | 25 |
116 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
707 |
596 |
+ |
578 |
Organic investments (1) | 2,246 |
1,908 |
+ |
|||||||
1,529 |
(88) |
ns |
1,354 |
Acquisitions net of assets sales (1) | 2,176 |
1,831 |
+ |
|||||||
2,236 |
508 |
x4,4 |
1,932 |
Net investments (1) | 4,422 |
3,739 |
+ |
|||||||
|
|
|
|
|
|
|
||||||||
636 |
623 |
+ |
516 |
Cash flow from operations excluding working capital (CFFO) (1) | 1,951 |
1,447 |
+ |
|||||||
373 |
1,647 |
- |
1,936 |
Cash flow from operating activities | 1,771 |
2,935 |
- |
Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were stable in the third quarter 2024 at
Cash flow from operations excluding working capital (CFFO) was
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
|||||||
605 |
1,018 |
- |
1,822 |
Adjusted net operating income | 2,840 |
5,173 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
561 |
568 |
- |
625 |
Organic investments (1) | 1,649 |
1,601 |
+ |
|||||||
112 |
56 |
+ |
(115) |
Acquisitions net of assets sales (1) | (1,090) |
(363) |
ns |
|||||||
673 |
624 |
+ |
510 |
Net investments (1) | 559 |
1,238 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
1,177 |
1,776 |
- |
2,205 |
Cash flow from operations excluding working capital (CFFO) (1) | 4,723 |
6,479 |
- |
|||||||
1,145 |
3,191 |
- |
2,266 |
Cash flow from operating activities | 2,099 |
3,330 |
- |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
Refinery throughput and utilization rate* | 9M24 |
9M23 |
9M24
|
||||
1,539 |
|
1,511 |
|
+ |
|
1,489 |
Total refinery throughput (kb/d) | 1,468 |
1,456 |
+ |
||||
451 |
|
430 |
|
+ |
|
489 |
406 |
404 |
+ |
|||||
625 |
|
636 |
|
- |
|
589 |
Rest of |
627 |
596 |
+ |
||||
463 |
|
446 |
|
+ |
|
410 |
Rest of world | 435 |
456 |
- |
||||
|
|
|
|
|
|
|
Utilization rate based on crude only** |
|
|
|
||||
* Includes refineries in |
||||||||||||||
** Based on distillation capacity at the beginning of the year. |
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
Petrochemicals production and utilization rate | 9M24 |
9M23 |
9M24
|
||||
1,314 |
|
1,248 |
|
+ |
|
1,330 |
Monomers* (kt) | 3,850 |
3,782 |
+ |
||||
1,167 |
|
1,109 |
|
+ |
|
1,070 |
Polymers (kt) | 3,352 |
3,145 |
+ |
||||
|
|
|
|
|
|
|
Steam cracker utilization rate** |
|
|
|
||||
* 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. |
Refining throughput was up
The utilization rate based on crude was
4.5.2 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars, except ERM | 9M24 |
9M23 |
9M24
|
|||||||
15.4 |
44.9 |
- |
100.6 |
European Refining Margin Marker (ERM) ($/t) * | 44.0 |
77.2 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
241 |
639 |
- |
1,399 |
Adjusted net operating income | 1,842 |
4,021 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
329 |
382 |
- |
386 |
Organic investments (1) | 1,130 |
1,038 |
+ |
|||||||
34 |
(95) |
ns |
(97) |
Acquisitions net of assets sales (1) | (81) |
(107) |
ns |
|||||||
363 |
287 |
+ |
289 |
Net investments (1) | 1,049 |
931 |
+ |
|||||||
|
|
|
|
|
|
|
||||||||
530 |
1,117 |
- |
1,618 |
Cash flow from operations excluding working capital (CFFO) (1) | 2,938 |
4,680 |
- |
|||||||
564 |
1,541 |
- |
2,060 |
Cash flow from operating activities | (24) |
3,132 |
ns |
|||||||
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. |
Refining & Chemicals adjusted net operating income was
Cash flow from operations excluding working capital (CFFO) was
4.6 Marketing & Services
4.6.1 Petroleum product sales
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Sales in kb/d* | 9M24 |
9M23 |
9M24
|
|||||||
1,383 |
1,363 |
+ |
1,399 |
Total Marketing & Services sales | 1,353 |
1,386 |
- |
|||||||
795 |
773 |
+ |
792 |
761 |
783 |
- |
||||||||
588 |
591 |
- |
608 |
Rest of world | 592 |
603 |
- |
|||||||
* Excludes trading and bulk refining sales. |
Sales of petroleum products in the third quarter 2024 were stable compared to the second quarter.
4.6.2 Results
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
|||||||
364 |
379 |
- |
423 |
Adjusted net operating income | 998 |
1,152 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
232 |
186 |
+ |
239 |
Organic investments (1) | 519 |
563 |
- |
|||||||
78 |
151 |
- |
(18) |
Acquisitions net of assets sales (1) | (1,009) |
(256) |
ns |
|||||||
310 |
337 |
- |
221 |
Net investments (1) | (490) |
307 |
ns |
|||||||
|
|
|
|
|
|
|
||||||||
647 |
659 |
- |
587 |
Cash flow from operations excluding working capital (CFFO) (1) | 1,785 |
1,799 |
- |
|||||||
581 |
1,650 |
- |
206 |
Cash flow from operating activities | 2,123 |
198 |
x10.7 |
Marketing & Services results were stable quarter-to-quarter, with adjusted net operating income of
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
-
in the third quarter 2024 versus$4,635 million in the second quarter 2024, mainly due to much lower refining margins and the decrease in oil prices,$5,339 million -
in the first nine months of 2024 versus$15,574 million in the first nine months of 2023, linked to lower gas and LNG prices and, for the third quarter, lower refining margins.$19,383 million
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.
Adjustments to net income were
-
( related to impairments, notably linked to the Chapter 11 bankruptcy filing of Sunpower and the exit of blocks 11B/12B and 5/6/7 in$1.1) billion South Africa , -
( in inventory effects,$0.4) billion -
( in other adjustments, notably related to the effect of changes in fair value and adjustments of deferred tax assets linked to changes in tax rates.$0.3) billion
TotalEnergies’ average tax rate was:
-
38.0% in the third quarter 2024 versus40.4% in the second quarter 2024, -
38.7% in the first nine months of 2024 versus37.5% a year ago, notably due to a higher weight of Exploration & Production in the Company’s results.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
-
in the third quarter 2024, based on 2,310 million weighted average diluted shares, compared to$1.74 in the second quarter 2024,$1.98 -
in the first nine months of 2024, based on 2,327 million weighted average diluted shares, compared to$5.87 a year ago.$7.24
As of September 30, 2024, the number of diluted shares was 2,299 million.
TotalEnergies repurchased*:
-
29.3 million shares in the third quarter 2024 for
,$2 billion -
88.1 million shares* in the first nine months of 2024 for
.$6 billion
5.4 Acquisitions – asset sales
Acquisitions were:
-
in the third quarter 2024, primarily related to the acquisition of the West Burton flexible gas capacity in the$1,795 million United Kingdom , acquisitions of stakes in offshore wind projects inGermany in 2023 and inthe Netherlands in 2024 and investment in a new solar portfolio with Adani Green inIndia . -
in the first nine months of 2024, related to the above elements as well as the acquisitions of a$3,413 million 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field inthe United States , the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity inTexas , battery storage developer Kyon inGermany , and Talos Low Carbon Solutions in the carbon storage industry inthe United States .
Divestments were:
-
in the third quarter 2024, primarily related to earn-out payments from the sale of upstream Canadian oil assets,$133 million -
in the first nine months of 2024, related to the above elements as well as to the closing of the retail network transaction with Alimentation Couche-Tard in$2,031 million Belgium ,Luxemburg , andthe Netherlands , the sale of a15% interest in Absheron, inAzerbaijan , the farmdown of the Seagreen offshore wind farm in theUnited Kingdom , and the sale of petrochemical assets in Lavera,France .
5.5 Net cash flow (1)
TotalEnergies' net cash flow was:
-
in the third quarter 2024 compared to$1,057 million in the second quarter 2024, reflecting the$3,147 million decrease in CFFO and the$956 million increase in net investments to$1,134 million in the third quarter 2024,$5,764 million -
in the first nine months of 2024 compared to$8,800 million a year ago, reflecting the$11,344 million decrease in CFFO and the$4,680 million decrease in net investments to$2,136 million in the first nine months of 2024.$13,966 million
2024 third quarter cash flow from operating activities was
5.6 Profitability
Return on equity was
In millions of dollars | October 1, 2023 | July 1, 2023 | October 1, 2022 | ||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||
Adjusted net income (1) | 19,398 |
|
21,769 |
|
25,938 |
||||
Average adjusted shareholders' equity | 116,572 |
|
116,286 |
|
116,529 |
||||
Return on equity (ROE) |
|
|
|
|
|
Return on average capital employed (1) was
In millions of dollars | October 1, 2023 | July 1, 2023 | October 1, 2022 | ||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||
Adjusted net operating income (1) | 20,701 |
23,030 |
27,351 |
||||||
Average capital employed (1) | 142,195 |
138,776 |
135,757 |
||||||
ROACE (1) |
|
|
|
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to:
-
€4,336 million in the third quarter 2024, compared to€1,348 million in the third quarter 2023, -
€12,331 million in the first nine months of 2024, compared to€8,388 million in the first nine months of 2023.
7. Annual 2024 Sensitivities (16)
Change | Estimated impact on adjusted net operating income |
Estimated impact on cash flow from operations |
||||
Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ | |||
Average liquids price (17) | +/- 10 $/b | +/- 2.3 B$ | +/- 2.8 B$ | |||
European gas price - NBP / TTF | +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ | |||
European Refining Margin Marker (ERM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 B$ |
8. Outlook
In a context of modest global macroeconomic growth and geopolitical tensions in the
European gas prices remain at sustained levels and are expected to be between
Fourth quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d, benefiting from the end of security-related disruptions in
The fourth quarter 2024 refining utilization rate is anticipated to remain above
The Company confirms net investments guidance of
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:00pm (
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Combined liquids and gas production by region (kboe/d) |
9M24 |
9M23 |
9M24
|
|||||||
556 |
561 |
- |
550 |
563 |
556 |
+ |
||||||||
452 |
449 |
+ |
459 |
454 |
478 |
- |
||||||||
799 |
825 |
- |
781 |
813 |
756 |
+ |
||||||||
388 |
358 |
+ |
445 |
366 |
443 |
- |
||||||||
214 |
248 |
- |
241 |
241 |
257 |
- |
||||||||
2,409 |
2,441 |
- |
2,476 |
Total production | 2,437 |
2,490 |
- |
|||||||
371 |
359 |
+ |
327 |
includes equity affiliates | 359 |
336 |
+ |
|||||||
|
|
|
|
|
|
|
||||||||
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Liquids production by region (kb/d) | 9M24 |
9M23 |
9M24
|
|||||||
221 |
225 |
- |
229 |
224 |
230 |
- |
||||||||
329 |
325 |
+ |
335 |
328 |
354 |
- |
||||||||
637 |
660 |
- |
627 |
649 |
607 |
+ |
||||||||
189 |
167 |
+ |
268 |
176 |
267 |
- |
||||||||
90 |
100 |
- |
102 |
98 |
107 |
- |
||||||||
1,466 |
1,477 |
- |
1,561 |
Total production | 1,475 |
1,565 |
- |
|||||||
154 |
150 |
+ |
156 |
includes equity affiliates | 153 |
153 |
- |
|||||||
|
|
|
|
|
|
|
||||||||
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Gas production by region (Mcf/d) | 9M24 |
9M23 |
9M24
|
|||||||
1,812 |
1,814 |
- |
1,733 |
1,832 |
1,760 |
+ |
||||||||
632 |
620 |
+ |
619 |
633 |
615 |
+ |
||||||||
888 |
904 |
- |
844 |
896 |
817 |
+ |
||||||||
1,100 |
1,061 |
+ |
989 |
1,055 |
986 |
+ |
||||||||
661 |
781 |
- |
736 |
758 |
807 |
- |
||||||||
5,093 |
5,180 |
- |
4,921 |
Total production | 5,174 |
4,985 |
+ |
|||||||
1,190 |
1,127 |
+ |
933 |
includes equity affiliates | 1,120 |
996 |
+ |
9.2 Downstream (Refining & Chemicals and Marketing & Services)
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Petroleum product sales by region (kb/d) | 9M24 |
9M23 |
9M24
|
|||||||
1,932 |
1,840 |
+ |
1,838 |
1,849 |
1,716 |
+ |
||||||||
585 |
558 |
+ |
621 |
578 |
629 |
- |
||||||||
1,091 |
989 |
+ |
946 |
1,038 |
904 |
+ |
||||||||
747 |
639 |
+ |
624 |
Rest of world | 699 |
637 |
+ |
|||||||
4,355 |
4,026 |
+ |
4,029 |
Total consolidated sales | 4,164 |
3,886 |
+ |
|||||||
395 |
397 |
- |
407 |
Includes bulk sales | 397 |
406 |
- |
|||||||
2,578 |
2,266 |
+ |
2,222 |
Includes trading | 2,414 |
2,095 |
+ |
|||||||
|
|
|
|
|
|
|
||||||||
3Q24 |
2Q24 |
3Q24
|
3Q23 |
Petrochemicals production* (kt) | 9M24 |
9M23 |
9M24
|
|||||||
954 |
900 |
+ |
1,018 |
2,844 |
3,091 |
- |
||||||||
765 |
756 |
+ |
611 |
2,166 |
1,837 |
+ |
||||||||
762 |
702 |
+ |
771 |
2,192 |
1,999 |
+ |
||||||||
* Olefins, polymers. |
9.3 Integrated Power
9.3.1 Net power production
3Q24 |
|
2Q24 |
||||||||||||||||||||||
Net power production (TWh) | Solar |
|
Onshore
|
|
Offshore
|
|
Gas |
|
Others |
|
Total |
|
Solar |
|
Onshore
|
|
Offshore
|
|
Gas |
|
Others |
|
Total |
|
0.2 |
|
0.1 |
|
- |
|
0.6 |
|
0.0 |
|
0.9 |
|
0.2 |
|
0.2 |
|
- |
|
0.4 |
|
0.0 |
|
0.8 |
||
Rest of |
0.1 |
|
0.4 |
|
0.2 |
|
1.3 |
|
0.1 |
|
2.1 |
|
0.1 |
|
0.4 |
|
0.4 |
|
0.4 |
|
0.1 |
|
1.4 |
|
0.0 |
|
0.0 |
|
- |
|
- |
|
- |
|
0.0 |
|
0.0 |
|
0.0 |
|
- |
|
- |
|
- |
|
0.0 |
||
0.2 |
|
- |
|
- |
|
0.3 |
|
- |
|
0.5 |
|
0.3 |
|
- |
|
- |
|
0.2 |
|
- |
|
0.5 |
||
1.2 |
|
0.4 |
|
- |
|
2.2 |
|
- |
|
3.8 |
|
0.9 |
|
0.6 |
|
- |
|
1.2 |
|
- |
|
2.8 |
||
0.1 |
|
1.1 |
|
- |
|
- |
|
- |
|
1.2 |
|
0.1 |
|
0.8 |
|
- |
|
- |
|
- |
|
0.9 |
||
1.6 |
|
0.4 |
|
- |
|
- |
|
- |
|
2.0 |
|
1.9 |
|
0.4 |
|
- |
|
- |
|
- |
|
2.2 |
||
Pacific |
0.4 |
|
0.0 |
|
0.0 |
|
- |
|
- |
|
0.4 |
|
0.4 |
|
0.0 |
|
0.0 |
|
- |
|
- |
|
0.5 |
|
Total | 4.0 |
|
2.4 |
|
0.3 |
|
4.4 |
|
0.1 |
|
11.1 |
|
3.9 |
|
2.3 |
|
0.5 |
|
2.2 |
|
0.1 |
|
9.1 |
9.3.2 Installed power generation net capacity
3Q24 |
|
2Q24 |
||||||||||||||||||||||
Installed power generation net capacity (GW) (18) | Solar |
Onshore
|
Offshore
|
Gas |
Others |
Total |
Solar |
Onshore
|
Offshore
|
Gas |
Others |
Total |
||||||||||||
0.6 |
0.4 |
- |
2.6 |
0.2 |
3.7 |
0.6 |
0.4 |
- |
2.6 |
0.1 |
3.7 |
|||||||||||||
Rest of |
0.3 |
0.9 |
0.3 |
2.7 |
0.2 |
4.4 |
0.3 |
0.9 |
0.3 |
1.4 |
0.1 |
2.9 |
||||||||||||
0.1 |
0.0 |
- |
- |
0.0 |
0.1 |
0.1 |
0.0 |
- |
- |
0.0 |
0.1 |
|||||||||||||
0.4 |
- |
- |
0.3 |
- |
0.8 |
0.4 |
- |
- |
0.3 |
- |
0.8 |
|||||||||||||
2.6 |
0.8 |
- |
1.5 |
0.4 |
5.3 |
2.3 |
0.8 |
- |
1.5 |
0.4 |
5.0 |
|||||||||||||
0.4 |
0.9 |
- |
- |
- |
1.2 |
0.4 |
0.9 |
- |
- |
- |
1.2 |
|||||||||||||
4.3 |
0.5 |
- |
- |
- |
4.9 |
4.2 |
0.5 |
- |
- |
- |
4.7 |
|||||||||||||
Pacific |
1.1 |
0.0 |
0.1 |
- |
0.0 |
1.2 |
1.1 |
0.0 |
0.1 |
- |
0.0 |
1.2 |
||||||||||||
Total | 9.8 |
3.6 |
0.4 |
7.1 |
0.7 |
21.6 |
9.3 |
3.5 |
0.4 |
5.8 |
0.7 |
19.6 |
9.3.3 Power generation gross capacity from renewables
3Q24 |
|
2Q24 |
||||||||||||||||||
Installed power generation gross capacity from renewables (GW) (19),(20) | Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
1.1 |
|
0.7 |
|
- |
|
0.2 |
|
2.1 |
|
1.1 |
|
0.7 |
|
- |
|
0.2 |
|
2.0 |
||
Rest of |
0.3 |
|
1.1 |
|
1.1 |
|
0.2 |
|
2.8 |
|
0.3 |
|
1.1 |
|
1.1 |
|
0.2 |
|
2.7 |
|
0.1 |
|
- |
|
- |
|
0.0 |
|
0.1 |
|
0.1 |
|
- |
|
- |
|
0.0 |
|
0.1 |
||
1.2 |
|
- |
|
- |
|
- |
|
1.2 |
|
1.2 |
|
- |
|
- |
|
- |
|
1.2 |
||
4.9 |
|
2.2 |
|
- |
|
0.7 |
|
7.7 |
|
5.2 |
|
2.2 |
|
- |
|
0.7 |
|
8.1 |
||
0.4 |
|
1.3 |
|
- |
|
- |
|
1.6 |
|
0.4 |
|
1.3 |
|
- |
|
- |
|
1.6 |
||
6.1 |
|
0.6 |
|
- |
|
- |
|
6.7 |
|
5.9 |
|
0.5 |
|
- |
|
- |
|
6.5 |
||
1.6 |
|
0.0 |
|
0.4 |
|
0.0 |
|
2.0 |
|
1.5 |
|
- |
|
0.3 |
|
- |
|
1.8 |
||
Total | 15.6 |
|
5.9 |
|
1.6 |
|
1.1 |
|
24.2 |
|
15.7 |
|
5.8 |
|
1.4 |
|
1.1 |
|
24.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
3Q24 |
|
2Q24 |
||||||||||||||||||
Power generation gross capacity from renewables in construction (GW) (19),(20) | Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
0.2 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.2 |
|
0.1 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.2 |
||
Rest of |
0.4 |
|
0.1 |
|
0.8 |
|
0.1 |
|
1.4 |
|
0.4 |
|
0.2 |
|
- |
|
0.1 |
|
0.6 |
|
0.3 |
|
- |
|
- |
|
0.1 |
|
0.4 |
|
0.3 |
|
- |
|
- |
|
0.1 |
|
0.4 |
||
0.1 |
|
- |
|
- |
|
- |
|
0.1 |
|
0.1 |
|
- |
|
- |
|
- |
|
0.1 |
||
1.7 |
|
0.0 |
|
- |
|
0.4 |
|
2.1 |
|
1.7 |
|
0.0 |
|
- |
|
0.3 |
|
2.0 |
||
0.3 |
|
0.6 |
|
- |
|
0.2 |
|
1.1 |
|
0.0 |
|
0.6 |
|
- |
|
- |
|
0.7 |
||
3.9 |
|
- |
|
- |
|
- |
|
3.9 |
|
0.5 |
|
0.1 |
|
- |
|
- |
|
0.5 |
||
0.1 |
|
- |
|
0.2 |
|
- |
|
0.3 |
|
0.0 |
|
0.0 |
|
0.4 |
|
- |
|
0.4 |
||
Total | 6.9 |
|
0.8 |
|
1.0 |
|
0.7 |
|
9.5 |
|
3.2 |
|
0.9 |
|
0.4 |
|
0.4 |
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
3Q24 |
|
2Q24 |
||||||||||||||||||
Power generation gross capacity from renewables in development (GW) (19),(20) | Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
Solar |
|
Onshore
|
|
Offshore
|
|
Other |
|
Total |
|
1.1 |
|
0.4 |
|
- |
|
0.1 |
|
1.6 |
|
1.4 |
|
0.4 |
|
- |
|
0.1 |
|
1.9 |
||
Rest of |
4.6 |
|
0.8 |
|
8.9 |
|
2.6 |
|
16.9 |
|
4.4 |
|
0.8 |
|
8.9 |
|
2.2 |
|
16.4 |
|
0.7 |
|
0.3 |
|
- |
|
- |
|
1.0 |
|
0.7 |
|
0.3 |
|
- |
|
- |
|
1.0 |
||
1.8 |
|
- |
|
- |
|
- |
|
1.8 |
|
1.8 |
|
- |
|
- |
|
- |
|
1.8 |
||
8.8 |
|
3.3 |
|
4.1 |
|
4.9 |
|
21.0 |
|
9.7 |
|
2.9 |
|
4.1 |
|
4.4 |
|
21.1 |
||
1.8 |
|
1.2 |
|
- |
|
0.0 |
|
3.0 |
|
2.1 |
|
1.2 |
|
- |
|
0.2 |
|
3.4 |
||
2.2 |
|
0.1 |
|
- |
|
- |
|
2.3 |
|
4.5 |
|
0.2 |
|
- |
|
- |
|
4.7 |
||
3.6 |
|
1.1 |
|
2.6 |
|
1.1 |
|
8.4 |
|
3.4 |
|
1.1 |
|
2.6 |
|
1.1 |
|
8.2 |
||
Total | 24.4 |
|
7.2 |
|
15.6 |
|
8.7 |
|
55.9 |
|
28.0 |
|
6.8 |
|
15.6 |
|
8.0 |
|
58.5 |
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q24 |
|
2Q24 |
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
|||
2,294 |
|
3,787 |
|
6,676 |
Net income (TotalEnergies share) | 11,802 |
16,321 |
|||
(1,337) |
|
(274) |
|
(749) |
Special items affecting net income (TotalEnergies share) | (806) |
(1,285) |
|||
- |
|
(110) |
|
- |
Gain (loss) on asset sales | 1,397 |
203 |
|||
(10) |
|
(11) |
|
- |
Restructuring charges | (21) |
(5) |
|||
(1,100) |
|
- |
|
(614) |
Impairments | (1,744) |
(1,143) |
|||
(227) |
|
(153) |
|
(135) |
Other | (438) |
(340) |
|||
(359) |
|
(320) |
|
607 |
After-tax inventory effect : FIFO vs. replacement cost | (555) |
(164) |
|||
(84) |
|
(291) |
|
365 |
Effect of changes in fair value | (695) |
(180) |
|||
(1,780) |
|
(885) |
|
223 |
Total adjustments affecting net income | (2,056) |
(1,629) |
|||
4,074 |
|
4,672 |
|
6,453 |
Adjusted net income (TotalEnergies share) | 13,858 |
17,950 |
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
3Q24 |
|
2Q24 |
|
3Q24
|
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
||||
2,294 |
|
3,787 |
|
- |
|
6,676 |
Net income (TotalEnergies share) | 11,802 |
16,321 |
- |
||||
1,780 |
|
885 |
|
x2 |
|
(223) |
Less: adjustment items to net income (TotalEnergies share) | 2,056 |
1,629 |
+ |
||||
4,074 |
|
4,672 |
|
- |
|
6,453 |
Adjusted net income (TotalEnergies share) | 13,858 |
17,950 |
- |
||||
|
|
|
|
|
|
|
Adjusted items |
|
|
|
||||
90 |
|
67 |
|
+ |
|
82 |
Add: non-controlling interests | 257 |
217 |
+ |
||||
2,369 |
|
2,977 |
|
- |
|
3,130 |
Add: income taxes | 8,337 |
9,935 |
- |
||||
3,048 |
|
2,962 |
|
+ |
|
2,967 |
Add: depreciation, depletion and impairment of tangible assets and mineral interests | 8,952 |
8,952 |
- |
||||
103 |
|
87 |
|
+ |
|
88 |
Add: amortization and impairment of intangible assets | 282 |
279 |
+ |
||||
797 |
|
725 |
|
+ |
|
726 |
Add: financial interest on debt | 2,230 |
2,160 |
+ |
||||
(433) |
|
(417) |
|
ns |
|
(384) |
Less: financial income and expense from cash & cash equivalents | (1,302) |
(1,159) |
ns |
||||
10,048 |
|
11,073 |
|
- |
|
13,062 |
Adjusted EBITDA | 32,614 |
38,334 |
- |
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
|||||||
|
|
|
|
Adjusted items |
|
|
|
|||||||
47,429 |
49,183 |
- |
54,413 |
Revenues from sales | 148,495 |
164,180 |
- |
|||||||
(30,856) |
(31,314) |
ns |
(34,738) |
Purchases, net of inventory variation | (95,695) |
(105,596) |
ns |
|||||||
(7,147) |
(7,664) |
ns |
(7,346) |
Other operating expenses | (22,391) |
(22,852) |
ns |
|||||||
(101) |
(97) |
ns |
(245) |
Exploration costs | (286) |
(401) |
ns |
|||||||
59 |
146 |
- |
142 |
Other income | 445 |
335 |
+ |
|||||||
(121) |
(37) |
ns |
64 |
Other expense, excluding amortization and impairment of intangible assets | (283) |
(138) |
ns |
|||||||
293 |
433 |
- |
296 |
Other financial income | 1,008 |
945 |
+ |
|||||||
(214) |
(213) |
ns |
(186) |
Other financial expense | (642) |
(542) |
ns |
|||||||
706 |
636 |
+ |
662 |
Net income (loss) from equity affiliates | 1,963 |
2,403 |
- |
|||||||
10,048 |
11,073 |
- |
13,062 |
Adjusted EBITDA | 32,614 |
38,334 |
- |
|||||||
|
|
|
|
Adjusted items |
|
|
|
|||||||
(3,048) |
(2,962) |
ns |
(2,967) |
Less: depreciation, depletion and impairment of tangible assets and mineral interests | (8,952) |
(8,952) |
ns |
|||||||
(103) |
(87) |
ns |
(88) |
Less: amortization of intangible assets | (282) |
(279) |
ns |
|||||||
(797) |
(725) |
ns |
(726) |
Less: financial interest on debt | (2,230) |
(2,160) |
ns |
|||||||
433 |
417 |
+ |
384 |
Add: financial income and expense from cash & cash equivalents | 1,302 |
1,159 |
+ |
|||||||
(2,369) |
(2,977) |
ns |
(3,130) |
Less: income taxes | (8,337) |
(9,935) |
ns |
|||||||
(90) |
(67) |
ns |
(82) |
Less: non-controlling interests | (257) |
(217) |
ns |
|||||||
(1,780) |
(885) |
ns |
223 |
Add: adjustment (TotalEnergies share) | (2,056) |
(1,629) |
ns |
|||||||
2,294 |
3,787 |
- |
6,676 |
Net income (TotalEnergies share) | 11,802 |
16,321 |
- |
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
9M23 |
9M24
|
|||||||
5,562 |
4,558 |
+ |
4,987 |
Cash flow used in investing activities ( a ) | 13,587 |
15,822 |
- |
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) | - |
- |
ns |
|||||||
57 |
(29) |
ns |
(17) |
Organic loan repayment from equity affiliates ( c ) | 31 |
(5) |
ns |
|||||||
- |
- |
ns |
43 |
Change in debt from renewable projects financing ( d ) * | - |
81 |
- |
|||||||
119 |
97 |
+ |
64 |
Capex linked to capitalized leasing contracts ( e ) | 319 |
188 |
+ |
|||||||
26 |
4 |
x6.5 |
14 |
Expenditures related to carbon credits ( f ) | 29 |
16 |
+ |
|||||||
5,764 |
4,630 |
+ |
5,091 |
Net investments ( a + b + c + d + e + f = g - i + h ) | 13,966 |
16,102 |
- |
|||||||
1,662 |
220 |
x7.5 |
808 |
of which acquisitions net of assets sales ( g-i ) | 1,382 |
4,115 |
- |
|||||||
1,795 |
544 |
x3.3 |
1,992 |
Acquisitions ( g ) | 3,413 |
5,730 |
- |
|||||||
133 |
324 |
- |
1,184 |
Asset sales ( i ) | 2,031 |
1,615 |
+ |
|||||||
- |
- |
ns |
(43) |
Change in debt from renewable projects (partner share) | - |
(81) |
- |
|||||||
4,102 |
4,410 |
- |
4,283 |
of which organic investments ( h ) | 12,584 |
11,987 |
+ |
|||||||
148 |
101 |
+ |
346 |
Capitalized exploration | 394 |
879 |
- |
|||||||
458 |
589 |
- |
422 |
Increase in non-current loans | 1,585 |
1,162 |
+ |
|||||||
(140) |
(178) |
ns |
(120) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (464) |
(433) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) | - |
- |
ns |
|||||||
* Change in debt from renewable projects (TotalEnergies share and partner share). |
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
3Q24 |
2Q24 |
3Q24
|
3Q23 |
In millions of dollars | 9M24 |
|
9M23 |
|
9M24
|
|||||
7,171 |
9,007 |
- |
9,496 |
Cash flow from operating activities ( a ) | 18,347 |
|
24,529 |
|
- |
|||||
871 |
1,669 |
- |
(582) |
(Increase) decrease in working capital ( b ) * | (3,581) |
|
(2,851) |
|
ns |
|||||
(464) |
(468) |
ns |
764 |
Inventory effect ( c ) | (807) |
|
10 |
|
ns |
|||||
- |
- |
ns |
43 |
Capital gain from renewable project sales ( d ) | - |
|
81 |
|
- |
|||||
57 |
(29) |
ns |
(17) |
Organic loan repayments from equity affiliates ( e ) | 31 |
|
(5) |
|
ns |
|||||
6,821 |
7,777 |
- |
9,340 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 22,766 |
|
27,446 |
|
- |
|||||
(188) |
(118) |
ns |
(211) |
Financial charges | (449) |
|
(476) |
|
ns |
|||||
7,009 |
7,895 |
- |
9,551 |
Debt Adjusted Cash Flow (DACF) | 23,215 |
|
27,922 |
|
- |
|||||
|
|
|
|
|
|
|
|
|
||||||
4,102 |
4,410 |
- |
4,283 |
Organic investments ( g ) | 12,584 |
|
11,987 |
|
+ |
|||||
2,719 |
3,367 |
- |
5,058 |
Free cash flow after organic investments ( f - g ) | 10,182 |
|
15,459 |
|
- |
|||||
|
|
|
|
|
|
|
|
|
||||||
5,764 |
4,630 |
+ |
5,091 |
Net investments ( h ) | 13,966 |
|
16,102 |
|
- |
|||||
1,057 |
3,147 |
- |
4,249 |
Net cash flow ( f - h ) | 8,800 |
|
11,344 |
|
- |
|||||
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts. |
10.5 Gearing ratio
In millions of dollars | 09/30/2024 |
|
06/30/2024 |
|
09/30/2023 |
|
Current borrowings * | 11,805 |
|
9,358 |
|
15,193 |
|
Other current financial liabilities | 488 |
|
461 |
|
415 |
|
Current financial assets * , ** | (5,780) |
|
(6,425) |
|
(6,585) |
|
Net financial assets classified as held for sale * | 204 |
|
(61) |
|
(44) |
|
Non-current financial debt * | 37,824 |
|
34,726 |
|
33,947 |
|
Non-current financial assets * | (1,307) |
|
(1,166) |
|
(1,519) |
|
Cash and cash equivalents | (25,672) |
|
(23,211) |
|
(24,731) |
|
Net debt ( a ) | 17,562 |
|
13,682 |
|
16,676 |
|
|
|
|
|
|
||
Shareholders’ equity (TotalEnergies share) | 116,059 |
|
117,379 |
|
115,767 |
|
Non-controlling interests | 2,557 |
|
2,648 |
|
2,657 |
|
Shareholders' equity (b) | 118,616 |
|
120,027 |
|
118,424 |
|
|
|
|
|
|
||
Gearing = a / ( a+b ) |
|
|
|
|
|
|
|
|
|
|
|
||
Leases (c) | 8,338 |
|
8,012 |
|
8,277 |
|
Gearing including leases ( a+c ) / ( a+b+c ) |
|
|
|
|
|
|
* Excludes leases receivables and leases debts. |
||||||
** Including initial margins held as part of the Company's activities on organized markets. |
10.6 Return on average capital employed
Twelve months ended September 30, 2024 | ||||||||||||
In millions of dollars | Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Company | ||||||
Adjusted net operating income | 10,501 |
|
4,893 |
|
2,125 |
|
2,475 |
|
1,304 |
|
20,701 |
|
Capital employed at 09/30/2023 | 69,392 |
|
36,033 |
|
20,043 |
|
9,002 |
|
9,025 |
|
141,093 |
|
Capital employed at 09/30/2024 | 64,859 |
|
39,460 |
|
24,589 |
|
9,050 |
|
7,325 |
|
143,297 |
|
ROACE |
|
|
|
|
|
|
|
|
|
|
|
10.7 Payout
In millions of dollars | 9M24 |
|
9M23 |
|
2023 |
|
Dividend paid (parent company shareholders) | 5,719 |
|
5,648 |
|
7,517 |
|
Repayment of treasury shares | 6,018 |
|
6,203 |
|
9,167 |
|
|
|
|
|
|
||
Payout ratio |
|
|
|
|
|
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the third quarter of 2024 and first nine months of 2024 from the consolidated financial statements of TotalEnergies SE as of September 30, 2024 (unaudited). The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website totalenergies.com. This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally, the developments of environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex,
(1) |
Refer to Glossary pages 22 & 23 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 18 and following for reconciliation tables. |
|
* |
Including coverage of employees share grant plans. |
|
(2) |
Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements. |
|
(3) |
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
|
(4) |
In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds. |
|
(5) |
Average €-$ exchange rate: 1.0983 in the 3rd quarter 2024, 1.0767 in the 2nd quarter 2024, 1.0884 in the 3rd quarter 2023, 1.0871 in the first nine months of 2024 and 1.0833 in the first nine months of 2023. |
|
(6) |
Does not include oil, gas and LNG trading activities, respectively. |
|
(7) |
Sales in $ / Sales in volume for consolidated affiliates. |
|
(8) |
Sales in $ / Sales in volume for consolidated affiliates. |
|
(9) |
Sales in $ / Sales in volume for consolidated and equity affiliates. |
|
(10) |
This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. |
|
(11) |
The six greenhouse gases in the |
|
(12) |
Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
|
(13) |
TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates. |
|
(14) |
Company production = E&P production + Integrated LNG production. |
|
(15) |
Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
|
* | Including coverage of employees share grant plans. | |
(16) |
Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. |
|
(17) |
In a 80 $/b Brent environment. |
|
(18) |
End-of-period data. |
|
(19) |
Includes |
|
(20) |
End-of-period data. |
CONSOLIDATED STATEMENT OF INCOME |
||||||
TotalEnergies |
||||||
(unaudited) |
||||||
|
3rd quarter |
2nd quarter |
3rd quarter |
|||
(M$)(a) |
2024 |
2024 |
2023 |
|||
|
|
|
|
|||
Sales |
52,021 |
53,743 |
59,017 |
|||
Excise taxes |
(4,592) |
(4,560) |
(4,604) |
|||
Revenues from sales |
47,429 |
49,183 |
54,413 |
|||
|
|
|
|
|||
Purchases, net of inventory variation |
(31,425) |
(32,117) |
(33,676) |
|||
Other operating expenses |
(7,269) |
(7,729) |
(7,562) |
|||
Exploration costs |
(572) |
(97) |
(245) |
|||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,392) |
(2,976) |
(3,055) |
|||
Other income |
45 |
3 |
535 |
|||
Other expense |
(374) |
(251) |
(928) |
|||
|
|
|
|
|||
Financial interest on debt |
(797) |
(725) |
(726) |
|||
Financial income and expense from cash & cash equivalents |
457 |
408 |
459 |
|||
Cost of net debt |
(340) |
(317) |
(267) |
|||
|
|
|
|
|||
Other financial income |
319 |
459 |
311 |
|||
Other financial expense |
(214) |
(213) |
(186) |
|||
|
|
|
|
|||
Net income (loss) from equity affiliates |
333 |
627 |
754 |
|||
|
|
|
|
|||
Income taxes |
(2,179) |
(2,725) |
(3,404) |
|||
Consolidated net income |
2,361 |
3,847 |
6,690 |
|||
TotalEnergies share |
2,294 |
3,787 |
6,676 |
|||
Non-controlling interests |
67 |
60 |
14 |
|||
Earnings per share ($) |
0.97 |
1.61 |
2.74 |
|||
Fully-diluted earnings per share ($) |
0.96 |
1.60 |
2.73 |
|||
(a) Except for per share amounts. |
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
||||||
TotalEnergies |
||||||
(unaudited) |
||||||
|
3rd quarter |
2nd quarter |
3rd quarter |
|||
(M$) |
2024 |
2024 |
2023 |
|||
Consolidated net income |
2,361 |
3,847 |
6,690 |
|||
|
|
|
|
|||
Other comprehensive income |
|
|
|
|||
|
|
|
|
|||
Actuarial gains and losses |
3 |
22 |
(1) |
|||
Change in fair value of investments in equity instruments |
(141) |
103 |
3 |
|||
Tax effect |
29 |
(11) |
(2) |
|||
Currency translation adjustment generated by the parent company |
3,151 |
(683) |
(1,861) |
|||
Items not potentially reclassifiable to profit and loss |
3,042 |
(569) |
(1,861) |
|||
Currency translation adjustment |
(2,457) |
523 |
1,204 |
|||
Cash flow hedge |
(13) |
593 |
306 |
|||
Variation of foreign currency basis spread |
(4) |
- |
(3) |
|||
Share of other comprehensive income of equity affiliates, net amount |
(208) |
(38) |
31 |
|||
Other |
2 |
(2) |
(4) |
|||
Tax effect |
(1) |
(153) |
(46) |
|||
Items potentially reclassifiable to profit and loss |
(2,681) |
923 |
1,488 |
|||
Total other comprehensive income (net amount) |
361 |
354 |
(373) |
|||
|
|
|
|
|||
Comprehensive income |
2,722 |
4,201 |
6,317 |
|||
TotalEnergies share |
2,631 |
4,134 |
6,313 |
|||
Non-controlling interests |
91 |
67 |
4 |
CONSOLIDATED STATEMENT OF INCOME |
||||
TotalEnergies |
|
|
||
(unaudited) |
|
|||
|
9 months |
9 months |
||
(M$)(a) |
2024 |
2023 |
||
|
|
|
||
Sales |
162,042 |
177,891 |
||
Excise taxes |
(13,547) |
(13,711) |
||
Revenues from sales |
148,495 |
164,180 |
||
|
|
|
||
Purchases, net of inventory variation |
(97,322) |
(105,891) |
||
Other operating expenses |
(22,641) |
(23,253) |
||
Exploration costs |
(757) |
(399) |
||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(9,310) |
(9,223) |
||
Other income |
1,806 |
992 |
||
Other expense |
(940) |
(1,594) |
||
|
|
|
||
Financial interest on debt |
(2,230) |
(2,160) |
||
Financial income and expense from cash & cash equivalents |
1,337 |
1,362 |
||
Cost of net debt |
(893) |
(798) |
||
|
|
|
||
Other financial income |
1,084 |
982 |
||
Other financial expense |
(642) |
(542) |
||
|
|
|
||
Net income (loss) from equity affiliates |
978 |
1,981 |
||
|
|
|
||
Income taxes |
(7,846) |
(9,962) |
||
Consolidated net income |
12,012 |
16,473 |
||
TotalEnergies share |
11,802 |
16,321 |
||
Non-controlling interests |
210 |
152 |
||
Earnings per share ($) |
5.02 |
6.61 |
||
Fully-diluted earnings per share ($) |
4.99 |
6.57 |
||
(a) Except for per share amounts. |
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
||||
TotalEnergies |
|
|
|
|
(unaudited) |
||||
|
9 months |
|
9 months |
|
(M$) |
2024 |
|
2023 |
|
Consolidated net income |
12,012 |
|
16,473 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
23 |
|
137 |
|
Change in fair value of investments in equity instruments |
2 |
|
6 |
|
Tax effect |
10 |
|
(53) |
|
Currency translation adjustment generated by the parent company |
962 |
|
(452) |
|
Items not potentially reclassifiable to profit and loss |
997 |
|
(362) |
|
Currency translation adjustment |
(835) |
|
(95) |
|
Cash flow hedge |
1,387 |
|
2,197 |
|
Variation of foreign currency basis spread |
(19) |
|
5 |
|
share of other comprehensive income of equity affiliates, net amount |
(322) |
|
(64) |
|
Other |
2 |
|
(5) |
|
Tax effect |
(373) |
|
(518) |
|
Items potentially reclassifiable to profit and loss |
(160) |
|
1,520 |
|
Total other comprehensive income (net amount) |
837 |
|
1,158 |
|
|
|
|
|
|
Comprehensive income |
12,849 |
|
17,631 |
|
TotalEnergies share |
12,635 |
|
17,539 |
|
Non-controlling interests |
214 |
|
92 |
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
|
|
|
TotalEnergies |
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
June 30, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
(M$) |
(unaudited) |
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
Intangible assets, net |
33,891 |
|
33,477 |
|
33,083 |
|
32,911 |
|
Property, plant and equipment, net |
110,125 |
|
109,403 |
|
108,916 |
|
106,721 |
|
Equity affiliates : investments and loans |
33,963 |
|
32,800 |
|
30,457 |
|
30,153 |
|
Other investments |
1,656 |
|
1,740 |
|
1,543 |
|
1,342 |
|
Non-current financial assets |
2,578 |
|
2,469 |
|
2,395 |
|
2,710 |
|
Deferred income taxes |
3,727 |
|
3,568 |
|
3,418 |
|
3,535 |
|
Other non-current assets |
4,170 |
|
4,235 |
|
4,313 |
|
3,991 |
|
Total non-current assets |
190,110 |
|
187,692 |
|
184,125 |
|
181,363 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Inventories, net |
18,532 |
|
20,189 |
|
19,317 |
|
22,512 |
|
Accounts receivable, net |
18,777 |
|
20,647 |
|
23,442 |
|
23,598 |
|
Other current assets |
21,933 |
|
20,014 |
|
20,821 |
|
22,252 |
|
Current financial assets |
6,151 |
|
6,823 |
|
6,585 |
|
6,892 |
|
Cash and cash equivalents |
25,672 |
|
23,211 |
|
27,263 |
|
24,731 |
|
Assets classified as held for sale |
2,830 |
|
912 |
|
2,101 |
|
8,656 |
|
Total current assets |
93,895 |
|
91,796 |
|
99,529 |
|
108,641 |
|
Total assets |
284,005 |
|
279,488 |
|
283,654 |
|
290,004 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Common shares |
7,577 |
|
7,577 |
|
7,616 |
|
7,616 |
|
Paid-in surplus and retained earnings |
130,804 |
|
130,688 |
|
126,857 |
|
123,506 |
|
Currency translation adjustment |
(13,793) |
|
(14,415) |
|
(13,701) |
|
(13,461) |
|
Treasury shares |
(8,529) |
|
(6,471) |
|
(4,019) |
|
(1,894) |
|
Total shareholders' equity - TotalEnergies share |
116,059 |
|
117,379 |
|
116,753 |
|
115,767 |
|
Non-controlling interests |
2,557 |
|
2,648 |
|
2,700 |
|
2,657 |
|
Total shareholders' equity |
118,616 |
|
120,027 |
|
119,453 |
|
118,424 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Deferred income taxes |
11,750 |
|
12,461 |
|
11,688 |
|
11,633 |
|
Employee benefits |
1,890 |
|
1,819 |
|
1,993 |
|
1,837 |
|
Provisions and other non-current liabilities |
20,290 |
|
20,295 |
|
21,257 |
|
22,657 |
|
Non-current financial debt |
45,750 |
|
42,526 |
|
40,478 |
|
41,022 |
|
Total non-current liabilities |
79,680 |
|
77,101 |
|
75,416 |
|
77,149 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
34,668 |
|
36,449 |
|
41,335 |
|
37,268 |
|
Other creditors and accrued liabilities |
34,716 |
|
33,442 |
|
36,727 |
|
37,405 |
|
Current borrowings |
13,853 |
|
11,271 |
|
9,590 |
|
16,876 |
|
Other current financial liabilities |
488 |
|
461 |
|
446 |
|
415 |
|
Liabilities directly associated with the assets classified as held for sale |
1,984 |
|
737 |
|
687 |
|
2,467 |
|
Total current liabilities |
85,709 |
|
82,360 |
|
88,785 |
|
94,431 |
|
Total liabilities & shareholders' equity |
284,005 |
|
279,488 |
|
283,654 |
|
290,004 |
CONSOLIDATED STATEMENT OF CASH FLOW |
|
|
|
|
|
|
TotalEnergies |
|
|
|
|
|
|
(unaudited) |
||||||
|
3rd quarter |
|
2nd quarter |
|
3rd quarter |
|
(M$) |
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
2,361 |
|
3,847 |
|
6,690 |
|
Depreciation, depletion, amortization and impairment |
4,020 |
|
3,080 |
|
3,621 |
|
Non-current liabilities, valuation allowances and deferred taxes |
(93) |
|
(53) |
|
686 |
|
(Gains) losses on disposals of assets |
(3) |
|
182 |
|
(521) |
|
Undistributed affiliates' equity earnings |
(13) |
|
(250) |
|
(325) |
|
(Increase) decrease in working capital |
836 |
|
2,013 |
|
(923) |
|
Other changes, net |
63 |
|
188 |
|
268 |
|
Cash flow from operating activities |
7,171 |
|
9,007 |
|
9,496 |
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
(4,110) |
|
(3,699) |
|
(3,808) |
|
Acquisitions of subsidiaries, net of cash acquired |
(497) |
|
(251) |
|
(1,607) |
|
Investments in equity affiliates and other securities |
(845) |
|
(481) |
|
(482) |
|
Increase in non-current loans |
(458) |
|
(621) |
|
(451) |
|
Total expenditures |
(5,910) |
|
(5,052) |
|
(6,348) |
|
Proceeds from disposals of intangible assets and property, plant and equipment |
32 |
|
44 |
|
914 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
82 |
|
213 |
|
7 |
|
Proceeds from disposals of non-current investments |
37 |
|
56 |
|
308 |
|
Repayment of non-current loans |
197 |
|
181 |
|
132 |
|
Total divestments |
348 |
|
494 |
|
1,361 |
|
Cash flow used in investing activities |
(5,562) |
|
(4,558) |
|
(4,987) |
|
|
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
- Parent company shareholders |
- |
|
521 |
|
- |
|
- Treasury shares |
(2,005) |
|
(2,007) |
|
(2,098) |
|
Dividends paid: |
|
|
|
|
|
|
- Parent company shareholders |
(1,963) |
|
(1,853) |
|
(1,962) |
|
- Non-controlling interests |
(171) |
|
(127) |
|
(168) |
|
Net issuance (repayment) of perpetual subordinated notes |
- |
|
(1,622) |
|
- |
|
Payments on perpetual subordinated notes |
(23) |
|
(50) |
|
(22) |
|
Other transactions with non-controlling interests |
(14) |
|
(19) |
|
(11) |
|
Net issuance (repayment) of non-current debt |
3,080 |
|
4,319 |
|
47 |
|
Increase (decrease) in current borrowings |
911 |
|
(5,453) |
|
(446) |
|
Increase (decrease) in current financial assets and liabilities |
760 |
|
(530) |
|
(182) |
|
Cash flow from / (used in) financing activities |
575 |
|
(6,821) |
|
(4,842) |
|
Net increase (decrease) in cash and cash equivalents |
2,184 |
|
(2,372) |
|
(333) |
|
Effect of exchange rates |
277 |
|
(57) |
|
(508) |
|
Cash and cash equivalents at the beginning of the period |
23,211 |
|
25,640 |
|
25,572 |
|
Cash and cash equivalents at the end of the period |
25,672 |
|
23,211 |
|
24,731 |
CONSOLIDATED STATEMENT OF CASH FLOW |
|
|
|
|
TotalEnergies |
|
|
|
|
(unaudited) |
||||
|
9 months |
|
9 months |
|
(M$) |
2024 |
|
2023 |
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Consolidated net income |
12,012 |
|
16,473 |
|
Depreciation, depletion, amortization and impairment |
10,136 |
|
10,003 |
|
Non-current liabilities, valuation allowances and deferred taxes |
146 |
|
1,081 |
|
(Gains) losses on disposals of assets |
(1,431) |
|
(843) |
|
Undistributed affiliates' equity earnings |
25 |
|
(291) |
|
(Increase) decrease in working capital |
(2,837) |
|
(2,217) |
|
Other changes, net |
296 |
|
323 |
|
Cash flow from operating activities |
18,347 |
|
24,529 |
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
(11,229) |
|
(12,646) |
|
Acquisitions of subsidiaries, net of cash acquired |
(1,507) |
|
(1,762) |
|
Investments in equity affiliates and other securities |
(1,814) |
|
(2,411) |
|
Increase in non-current loans |
(1,617) |
|
(1,206) |
|
Total expenditures |
(16,167) |
|
(18,025) |
|
Proceeds from disposals of intangible assets and property, plant and equipment |
413 |
|
1,013 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
1,513 |
|
228 |
|
Proceeds from disposals of non-current investments |
127 |
|
490 |
|
Repayment of non-current loans |
527 |
|
472 |
|
Total divestments |
2,580 |
|
2,203 |
|
Cash flow used in investing activities |
(13,587) |
|
(15,822) |
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
- Parent company shareholders |
521 |
|
383 |
|
- Treasury shares |
(6,018) |
|
(6,203) |
|
Dividends paid: |
|
|
|
|
- Parent company shareholders |
(5,719) |
|
(5,648) |
|
- Non-controlling interests |
(304) |
|
(294) |
|
Net issuance (repayment) of perpetual subordinated notes |
(1,622) |
|
(1,081) |
|
Payments on perpetual subordinated notes |
(232) |
|
(260) |
|
Other transactions with non-controlling interests |
(50) |
|
(110) |
|
Net issuance (repayment) of non-current debt |
7,441 |
|
151 |
|
Increase (decrease) in current borrowings |
(1,006) |
|
(5,831) |
|
Increase (decrease) in current financial assets and liabilities |
501 |
|
2,202 |
|
Cash flow from / (used in) financing activities |
(6,488) |
|
(16,691) |
|
Net increase (decrease) in cash and cash equivalents |
(1,728) |
|
(7,984) |
|
Effect of exchange rates |
137 |
|
(311) |
|
Cash and cash equivalents at the beginning of the period |
27,263 |
|
33,026 |
|
Cash and cash equivalents at the end of the period |
25,672 |
|
24,731 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
||||||||||||||||||
TotalEnergies |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
|
Common shares issued |
Paid-in surplus and retained earnings |
Currency translation adjustment |
Treasury shares |
Shareholders' equity - TotalEnergies Share |
Non-controlling interests |
Total shareholders' equity |
|||||||||||
(M$) |
Number |
Amount |
Number |
Amount |
||||||||||||||
As of January 1, 2023 |
2,619,131,285 |
8,163 |
123,951 |
(12,836) |
(137,187,667) |
(7,554) |
111,724 |
2,846 |
114,570 |
|||||||||
Net income of the first nine months 2023 |
- |
- |
16,321 |
- |
- |
- |
16,321 |
152 |
16,473 |
|||||||||
Other comprehensive income |
- |
- |
1,815 |
(597) |
- |
- |
1,218 |
(60) |
1,158 |
|||||||||
Comprehensive Income |
- |
- |
18,136 |
(597) |
- |
- |
17,539 |
92 |
17,631 |
|||||||||
Dividend |
- |
- |
(5,765) |
- |
- |
- |
(5,765) |
(294) |
(6,059) |
|||||||||
Issuance of common shares |
8,002,155 |
22 |
361 |
- |
- |
- |
383 |
- |
383 |
|||||||||
Purchase of treasury shares |
- |
- |
- |
- |
(100,511,783) |
(7,024) |
(7,024) |
- |
(7,024) |
|||||||||
Sale of treasury shares(a) |
- |
- |
(396) |
- |
6,463,426 |
396 |
- |
- |
- |
|||||||||
Share-based payments |
- |
- |
232 |
- |
- |
- |
232 |
- |
232 |
|||||||||
Share cancellation |
(214,881,605) |
(569) |
(11,720) |
- |
214,881,605 |
12,289 |
- |
- |
- |
|||||||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(1,107) |
- |
- |
- |
(1,107) |
- |
(1,107) |
|||||||||
Payments on perpetual subordinated notes |
- |
- |
(223) |
- |
- |
- |
(223) |
- |
(223) |
|||||||||
Other operations with non-controlling interests |
- |
- |
39 |
(28) |
- |
- |
11 |
12 |
23 |
|||||||||
Other items |
- |
- |
(2) |
- |
- |
(1) |
(3) |
1 |
(2) |
|||||||||
As of September 30, 2023 |
2,412,251,835 |
7,616 |
123,506 |
(13,461) |
(16,354,419) |
(1,894) |
115,767 |
2,657 |
118,424 |
|||||||||
Net income of the fourth quarter 2023 |
- |
- |
5,063 |
- |
- |
- |
5,063 |
(26) |
5,037 |
|||||||||
Other comprehensive income |
- |
- |
172 |
(240) |
- |
- |
(68) |
17 |
(51) |
|||||||||
Comprehensive Income |
- |
- |
5,235 |
(240) |
- |
- |
4,995 |
(9) |
4,986 |
|||||||||
Dividend |
- |
- |
(1,846) |
- |
- |
- |
(1,846) |
(17) |
(1,863) |
|||||||||
Issuance of common shares |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Purchase of treasury shares |
- |
- |
- |
- |
(44,188,794) |
(2,143) |
(2,143) |
- |
(2,143) |
|||||||||
Sale of treasury shares(a) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Share-based payments |
- |
- |
59 |
- |
- |
- |
59 |
- |
59 |
|||||||||
Share cancellation |
- |
- |
(17) |
- |
- |
17 |
- |
- |
- |
|||||||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||
Payments on perpetual subordinated notes |
- |
- |
(71) |
- |
- |
- |
(71) |
- |
(71) |
|||||||||
Other operations with non-controlling interests |
- |
- |
(9) |
- |
- |
- |
(9) |
73 |
64 |
|||||||||
Other items |
- |
- |
- |
- |
- |
1 |
1 |
(4) |
(3) |
|||||||||
As of December 31, 2023 |
2,412,251,835 |
7,616 |
126,857 |
(13,701) |
(60,543,213) |
(4,019) |
116,753 |
2,700 |
119,453 |
|||||||||
Net income of the first nine months 2024 |
- |
- |
11,802 |
- |
- |
- |
11,802 |
210 |
12,012 |
|||||||||
Other comprehensive income |
- |
- |
924 |
(91) |
- |
- |
833 |
4 |
837 |
|||||||||
Comprehensive Income |
- |
- |
12,726 |
(91) |
- |
- |
12,635 |
214 |
12,849 |
|||||||||
Dividend |
- |
- |
(5,863) |
- |
- |
- |
(5,863) |
(304) |
(6,167) |
|||||||||
Issuance of common shares |
10,833,187 |
29 |
492 |
- |
- |
- |
521 |
- |
521 |
|||||||||
Purchase of treasury shares |
- |
- |
- |
- |
(88,066,669) |
(6,568) |
(6,568) |
- |
(6,568) |
|||||||||
Sale of treasury shares(a) |
- |
- |
(395) |
- |
6,067,493 |
395 |
- |
- |
- |
|||||||||
Share-based payments |
- |
- |
458 |
- |
- |
- |
458 |
- |
458 |
|||||||||
Share cancellation |
(25,405,361) |
(68) |
(1,595) |
- |
25,405,361 |
1,663 |
- |
- |
- |
|||||||||
Net issuance (repayment) of perpetual subordinated notes |
- |
- |
(1,679) |
- |
- |
- |
(1,679) |
- |
(1,679) |
|||||||||
Payments on perpetual subordinated notes |
- |
- |
(200) |
- |
- |
- |
(200) |
- |
(200) |
|||||||||
Other operations with non-controlling interests |
- |
- |
- |
- |
- |
- |
- |
(50) |
(50) |
|||||||||
Other items |
- |
- |
3 |
(1) |
- |
- |
2 |
(3) |
(1) |
|||||||||
As of September 30, 2024 |
2,397,679,661 |
7,577 |
130,804 |
(13,793) |
(117,137,028) |
(8,529) |
116,059 |
2,557 |
118,616 |
|||||||||
(a)Treasury shares related to the performance share grants. |
|
|
|
INFORMATION BY BUSINESS SEGMENT |
||||||||||||||||
TotalEnergies |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
3rd quarter 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
External sales |
1,425 |
2,350 |
4,444 |
22,926 |
20,872 |
4 |
- |
52,021 |
||||||||
Intersegment sales |
9,633 |
2,017 |
424 |
7,927 |
218 |
58 |
(20,277) |
- |
||||||||
Excise taxes |
- |
- |
- |
(213) |
(4,379) |
- |
- |
(4,592) |
||||||||
Revenues from sales |
11,058 |
4,367 |
4,868 |
30,640 |
16,711 |
62 |
(20,277) |
47,429 |
||||||||
Operating expenses |
(5,257) |
(3,393) |
(4,329) |
(30,273) |
(16,082) |
(209) |
20,277 |
(39,266) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral 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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
3rd quarter 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
Total expenditures |
2,251 |
599 |
2,291 |
388 |
329 |
52 |
- |
5,910 |
||||||||
Total divestments |
90 |
99 |
70 |
69 |
19 |
1 |
- |
348 |
||||||||
Cash flow from operating activities |
4,763 |
830 |
373 |
564 |
581 |
60 |
- |
7,171 |
INFORMATION BY BUSINESS SEGMENT | ||||||||||||||||
TotalEnergies |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
2nd quarter 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
External sales |
1,416 |
1,986 |
4,464 |
24,516 |
21,358 |
3 |
- |
53,743 |
||||||||
Intersegment sales |
9,796 |
2,111 |
369 |
8,203 |
164 |
77 |
(20,720) |
- |
||||||||
Excise taxes |
- |
- |
- |
(208) |
(4,352) |
- |
- |
(4,560) |
||||||||
Revenues from sales |
11,212 |
4,097 |
4,833 |
32,511 |
17,170 |
80 |
(20,720) |
49,183 |
||||||||
Operating expenses |
(4,669) |
(2,922) |
(4,506) |
(31,647) |
(16,601) |
(318) |
20,720 |
(39,943) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,907) |
(310) |
(105) |
(416) |
(208) |
(30) |
- |
(2,976) |
||||||||
Net income (loss) from equity affiliates and other items |
141 |
526 |
26 |
(13) |
(84) |
29 |
- |
625 |
||||||||
Tax on net operating income |
(2,163) |
(251) |
(79) |
(60) |
(101) |
(23) |
- |
(2,677) |
||||||||
Adjustments (a) |
(53) |
(12) |
(333) |
(264) |
(203) |
(9) |
- |
(874) |
||||||||
Adjusted net operating income |
2,667 |
1,152 |
502 |
639 |
379 |
(253) |
- |
5,086 |
||||||||
Adjustments (a) |
|
|
|
|
|
|
|
(874) |
||||||||
Net cost of net debt |
|
|
|
|
|
|
|
(365) |
||||||||
Non-controlling interests |
|
|
|
|
|
|
|
(60) |
||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
|
3,787 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
2nd quarter 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
Total expenditures |
2,697 |
844 |
769 |
443 |
259 |
40 |
- |
5,052 |
||||||||
Total divestments |
149 |
29 |
261 |
127 |
(78) |
6 |
- |
494 |
||||||||
Cash flow from operating activities |
4,535 |
431 |
1,647 |
1,541 |
1,650 |
(797) |
- |
9,007 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
3rd quarter 2023 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
External sales |
1,551 |
2,144 |
5,183 |
27,127 |
23,012 |
- |
- |
59,017 |
||||||||
Intersegment sales |
11,129 |
2,361 |
495 |
10,094 |
153 |
59 |
(24,291) |
- |
||||||||
Excise taxes |
- |
- |
- |
(210) |
(4,394) |
- |
- |
(4,604) |
||||||||
Revenues from sales |
12,680 |
4,505 |
5,678 |
37,011 |
18,771 |
59 |
(24,291) |
54,413 |
||||||||
Operating expenses |
(5,347) |
(3,038) |
(4,811) |
(34,598) |
(17,749) |
(231) |
24,291 |
(41,483) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,976) |
(283) |
(86) |
(483) |
(204) |
(23) |
- |
(3,055) |
||||||||
Net income (loss) from equity affiliates and other items |
10 |
358 |
(8) |
61 |
(16) |
81 |
- |
486 |
||||||||
Tax on net operating income |
(2,437) |
(251) |
(86) |
(502) |
(247) |
157 |
- |
(3,366) |
||||||||
Adjustments (a) |
(208) |
(51) |
181 |
90 |
132 |
(37) |
- |
107 |
||||||||
Adjusted net operating income |
3,138 |
1,342 |
506 |
1,399 |
423 |
80 |
- |
6,888 |
||||||||
Adjustments (a) |
|
|
|
|
|
|
|
107 |
||||||||
Net cost of net debt |
|
|
|
|
|
|
|
(305) |
||||||||
Non-controlling interests |
|
|
|
|
|
|
|
(14) |
||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
|
6,676 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
3rd quarter 2023 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
Total expenditures |
2,677 |
734 |
2,215 |
424 |
270 |
28 |
- |
6,348 |
||||||||
Total divestments |
699 |
168 |
331 |
114 |
49 |
- |
- |
1,361 |
||||||||
Cash flow from operating activities |
4,240 |
872 |
1,936 |
2,060 |
206 |
182 |
- |
9,496 |
INFORMATION BY BUSINESS SEGMENT |
||||||||||||||||
TotalEnergies |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
9 months 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
External sales |
4,159 |
6,995 |
15,990 |
71,975 |
62,901 |
22 |
- |
162,042 |
||||||||
Intersegment sales |
29,164 |
7,623 |
1,583 |
24,273 |
651 |
198 |
(63,492) |
- |
||||||||
Excise taxes |
- |
- |
- |
(591) |
(12,956) |
- |
- |
(13,547) |
||||||||
Revenues from sales |
33,323 |
14,618 |
17,573 |
95,657 |
50,596 |
220 |
(63,492) |
148,495 |
||||||||
Operating expenses |
(14,370) |
(11,099) |
(16,400) |
(92,808) |
(48,779) |
(756) |
63,492 |
(120,720) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,148) |
(925) |
(316) |
(1,192) |
(643) |
(86) |
- |
(9,310) |
||||||||
Net income (loss) from equity affiliates and other items |
285 |
1,503 |
(863) |
(24) |
1,367 |
18 |
- |
2,286 |
||||||||
Tax on net operating income |
(6,303) |
(785) |
(185) |
(275) |
(311) |
149 |
- |
(7,710) |
||||||||
Adjustments (a) |
(912) |
(125) |
(1,789) |
(484) |
1,232 |
(36) |
- |
(2,114) |
||||||||
Adjusted net operating income |
7,699 |
3,437 |
1,598 |
1,842 |
998 |
(419) |
- |
15,155 |
||||||||
Adjustments (a) |
|
|
|
|
|
|
|
(2,114) |
||||||||
Net cost of net debt |
|
|
|
|
|
|
|
(1,029) |
||||||||
Non-controlling interests |
|
|
|
|
|
|
|
(210) |
||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
|
11,802 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||||||||||
|
||||||||||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
9 months 2024 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
Total expenditures |
7,242 |
2,008 |
4,799 |
1,266 |
732 |
120 |
- |
16,167 |
||||||||
Total divestments |
545 |
178 |
393 |
234 |
1,222 |
8 |
- |
2,580 |
||||||||
Cash flow from operating activities |
12,888 |
2,971 |
1,771 |
(24) |
2,123 |
(1,382) |
- |
18,347 |
INFORMATION BY BUSINESS SEGMENT | ||||||||||||||||
TotalEnergies |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
9 months 2023 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
External sales |
4,939 |
9,036 |
19,987 |
76,831 |
67,083 |
15 |
- |
177,891 |
||||||||
Intersegment sales |
31,965 |
11,138 |
2,850 |
27,785 |
474 |
180 |
(74,392) |
- |
||||||||
Excise taxes |
- |
- |
- |
(625) |
(13,086) |
- |
- |
(13,711) |
||||||||
Revenues from sales |
36,904 |
20,174 |
22,837 |
103,991 |
54,471 |
195 |
(74,392) |
164,180 |
||||||||
Operating expenses |
(15,271) |
(16,280) |
(20,976) |
(98,532) |
(52,208) |
(668) |
74,392 |
(129,543) |
||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,159) |
(848) |
(184) |
(1,291) |
(669) |
(72) |
- |
(9,223) |
||||||||
Net income (loss) from equity affiliates and other items |
63 |
1,634 |
(328) |
116 |
291 |
43 |
- |
1,819 |
||||||||
Tax on net operating income |
(7,724) |
(593) |
(238) |
(1,014) |
(528) |
180 |
- |
(9,917) |
||||||||
Adjustments (a) |
(327) |
(657) |
(215) |
(751) |
205 |
(77) |
- |
(1,822) |
||||||||
Adjusted net operating income |
8,140 |
4,744 |
1,326 |
4,021 |
1,152 |
(245) |
- |
19,138 |
||||||||
Adjustments (a) |
|
|
|
|
|
|
|
(1,822) |
||||||||
Net cost of net debt |
|
|
|
|
|
|
|
(843) |
||||||||
Non-controlling interests |
|
|
|
|
|
|
|
(152) |
||||||||
Net income - TotalEnergies share |
|
|
|
|
|
|
|
16,321 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
||||||||||||||||
|
||||||||||||||||
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment. |
||||||||||||||||
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
9 months 2023 |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
||||||||
(M$) |
||||||||||||||||
Total expenditures |
9,298 |
2,555 |
4,256 |
1,138 |
685 |
93 |
- |
18,025 |
||||||||
Total divestments |
756 |
262 |
629 |
174 |
378 |
4 |
- |
2,203 |
||||||||
Cash flow from operating activities |
12,823 |
5,740 |
2,935 |
3,132 |
198 |
(299) |
- |
24,529 |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
2,161 |
2,548 |
- |
1,978 |
Cash flow used in investing activities ( a ) |
6,697 |
8,542 |
- |
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
|||||||
1 |
- |
ns |
- |
Organic loan repayment from equity affiliates ( c ) |
1 |
- |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects financing ( d ) * |
- |
- |
ns |
|||||||
100 |
90 |
|
51 |
Capex linked to capitalized leasing contracts ( e ) |
280 |
157 |
|
|||||||
26 |
4 |
x6.5 |
14 |
Expenditures related to carbon credits ( f ) |
29 |
16 |
|
|||||||
2,288 |
2,642 |
- |
2,043 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
7,007 |
8,715 |
- |
|||||||
(42) |
57 |
ns |
(514) |
of which net acquisitions of assets sales ( g - i ) |
51 |
1,600 |
- |
|||||||
36 |
160 |
- |
156 |
Acquisitions ( g ) |
523 |
2,281 |
- |
|||||||
78 |
103 |
- |
670 |
Assets sales ( i ) |
472 |
681 |
- |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (partner share) |
- |
- |
ns |
|||||||
2,330 |
2,585 |
- |
2,557 |
of which organic investments ( h ) |
6,956 |
7,115 |
- |
|||||||
140 |
88 |
|
343 |
Capitalized exploration |
364 |
872 |
- |
|||||||
46 |
67 |
- |
32 |
Increase in non-current loans |
155 |
93 |
|
|||||||
(11) |
(46) |
ns |
(29) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(72) |
(75) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
|||||||
*Change in debt from renewable projects (TotalEnergies share and partner share) |
1.2 Integrated LNG
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
500 |
815 |
- |
566 |
Cash flow used in investing activities ( a ) |
1,830 |
2,293 |
- |
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
|||||||
2 |
- |
ns |
1 |
Organic loan repayment from equity affiliates ( c ) |
3 |
2 |
|
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects financing ( d ) * |
- |
- |
ns |
|||||||
14 |
7 |
|
12 |
Capex linked to capitalized leasing contracts ( e ) |
33 |
26 |
|
|||||||
- |
- |
ns |
- |
Expenditures related to carbon credits ( f ) |
- |
- |
ns |
|||||||
516 |
822 |
- |
579 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
1,866 |
2,321 |
- |
|||||||
65 |
198 |
- |
84 |
of which net acquisitions of assets sales ( g - i ) |
251 |
1,048 |
- |
|||||||
69 |
199 |
- |
204 |
Acquisitions ( g ) |
268 |
1,197 |
- |
|||||||
4 |
1 |
x4 |
120 |
Assets sales ( i ) |
17 |
149 |
- |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (partner share) |
- |
- |
ns |
|||||||
451 |
624 |
- |
495 |
of which organic investments ( h ) |
1,615 |
1,273 |
|
|||||||
8 |
13 |
- |
3 |
Capitalized exploration |
30 |
7 |
x4.3 |
|||||||
214 |
153 |
|
153 |
Increase in non-current loans |
540 |
391 |
|
|||||||
(79) |
(42) |
ns |
(47) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(158) |
(111) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
|||||||
*Change in debt from renewable projects (TotalEnergies share and partner share) |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
2,221 |
508 |
x4.4 |
1,884 |
Cash flow used in investing activities ( a ) |
4,406 |
3,627 |
|
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
|||||||
10 |
- |
ns |
4 |
Organic loan repayment from equity affiliates ( c ) |
10 |
26 |
- |
|||||||
- |
- |
ns |
43 |
Change in debt from renewable projects financing ( d ) * |
- |
81 |
- |
|||||||
5 |
- |
ns |
1 |
Capex linked to capitalized leasing contracts ( e ) |
6 |
5 |
|
|||||||
- |
- |
ns |
- |
Expenditures related to carbon credits ( f ) |
- |
- |
ns |
|||||||
2,236 |
508 |
x4.4 |
1,932 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
4,422 |
3,739 |
|
|||||||
1,529 |
(88) |
ns |
1,354 |
of which net acquisitions of assets sales ( g - i ) |
2,176 |
1,831 |
|
|||||||
1,565 |
142 |
x11 |
1,622 |
Acquisitions ( g ) |
2,443 |
2,204 |
|
|||||||
36 |
230 |
- |
268 |
Assets sales ( i ) |
267 |
373 |
- |
|||||||
- |
- |
ns |
(43) |
Change in debt from renewable projects (partner share) |
- |
(81) |
- |
|||||||
707 |
596 |
|
578 |
of which organic investments ( h ) |
2,246 |
1,908 |
|
|||||||
- |
- |
ns |
- |
Capitalized exploration |
- |
- |
ns |
|||||||
135 |
239 |
- |
207 |
Increase in non-current loans |
679 |
552 |
|
|||||||
(24) |
(31) |
ns |
(17) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(116) |
(149) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
|||||||
*Change in debt from renewable projects (TotalEnergies share and partner share) |
1.4 Refining & Chemicals
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
319 |
316 |
|
310 |
Cash flow used in investing activities ( a ) |
1,032 |
964 |
|
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
|||||||
44 |
(29) |
ns |
(21) |
Organic loan repayment from equity affiliates ( c ) |
17 |
(33) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects financing ( d ) * |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Capex linked to capitalized leasing contracts ( e ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Expenditures related to carbon credits ( f ) |
- |
- |
ns |
|||||||
363 |
287 |
|
289 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
1,049 |
931 |
|
|||||||
34 |
(95) |
ns |
(97) |
of which net acquisitions of assets sales ( g - i ) |
(81) |
(107) |
ns |
|||||||
42 |
26 |
|
- |
Acquisitions ( g ) |
77 |
31 |
x2.5 |
|||||||
8 |
121 |
- |
97 |
Assets sales ( i ) |
158 |
138 |
|
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (partner share) |
- |
- |
ns |
|||||||
329 |
382 |
- |
386 |
of which organic investments ( h ) |
1,130 |
1,038 |
|
|||||||
- |
- |
ns |
- |
Capitalized exploration |
- |
- |
ns |
|||||||
33 |
58 |
- |
13 |
Increase in non-current loans |
98 |
51 |
|
|||||||
(17) |
(3) |
ns |
(9) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(27) |
(25) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
|||||||
*Change in debt from renewable projects (TotalEnergies share and partner share) |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
310 |
337 |
- |
221 |
Cash flow used in investing activities ( a ) |
(490) |
307 |
ns |
|||||||
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Organic loan repayment from equity affiliates ( c ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects financing ( d ) * |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Capex linked to capitalized leasing contracts ( e ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Expenditures related to carbon credits ( f ) |
- |
- |
ns |
|||||||
310 |
337 |
- |
221 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
(490) |
307 |
ns |
|||||||
78 |
151 |
- |
(18) |
of which net acquisitions of assets sales ( g - i ) |
(1,009) |
(256) |
ns |
|||||||
83 |
17 |
x4.9 |
10 |
Acquisitions ( g ) |
102 |
17 |
x6 |
|||||||
5 |
(134) |
ns |
28 |
Assets sales ( i ) |
1,111 |
273 |
x4.1 |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (partner share) |
- |
- |
ns |
|||||||
232 |
186 |
|
239 |
of which organic investments ( h ) |
519 |
563 |
- |
|||||||
- |
- |
ns |
- |
Capitalized exploration |
- |
- |
ns |
|||||||
16 |
57 |
- |
16 |
Increase in non-current loans |
84 |
53 |
|
|||||||
(10) |
(53) |
ns |
(19) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(89) |
(70) |
ns |
|||||||
- |
- |
ns |
- |
Change in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
|||||||
*Change in debt from renewable projects (TotalEnergies share and partner share) |
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
4,763 |
4,535 |
|
4,240 |
Cash flow from operating activities ( a ) |
12,888 |
12,823 |
|
|||||||
491 |
182 |
x2.7 |
(925) |
(Increase) decrease in working capital ( b ) |
(215) |
(1,613) |
ns |
|||||||
- |
- |
ns |
- |
Inventory effect ( c ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Capital gain from renewable project sales ( d ) |
- |
- |
ns |
|||||||
1 |
- |
ns |
- |
Organic loan repayments from equity affiliates ( e ) |
1 |
- |
ns |
|||||||
4,273 |
4,353 |
- |
5,165 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
13,104 |
14,436 |
- |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
830 |
431 |
|
872 |
Cash flow from operating activities ( a ) |
2,971 |
5,740 |
- |
|||||||
(56) |
(789) |
ns |
(775) |
(Increase) decrease in working capital ( b ) * |
(482) |
212 |
ns |
|||||||
- |
- |
ns |
- |
Inventory effect ( c ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Capital gain from renewable project sales ( d ) |
- |
- |
ns |
|||||||
2 |
- |
ns |
1 |
Organic loan repayments from equity affiliates ( e ) |
3 |
2 |
|
|||||||
888 |
1,220 |
- |
1,648 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
3,456 |
5,530 |
- |
|||||||
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. |
2.3 Integrated Power
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
373 |
1,647 |
- |
1,936 |
Cash flow from operating activities ( a ) |
1,771 |
2,935 |
- |
|||||||
(253) |
1,024 |
ns |
1,466 |
(Increase) decrease in working capital ( b ) * |
(170) |
1,595 |
ns |
|||||||
- |
- |
ns |
- |
Inventory effect ( c ) |
- |
- |
ns |
|||||||
- |
- |
ns |
43 |
Capital gain from renewable project sales ( d ) |
- |
81 |
- |
|||||||
10 |
- |
ns |
4 |
Organic loan repayments from equity affiliates ( e ) |
10 |
26 |
- |
|||||||
636 |
623 |
|
516 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
1,951 |
1,447 |
|
|||||||
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
564 |
1,541 |
- |
2,060 |
Cash flow from operating activities ( a ) |
(24) |
3,132 |
ns |
|||||||
413 |
788 |
- |
(125) |
(Increase) decrease in working capital ( b ) |
(2,325) |
(1,520) |
ns |
|||||||
(335) |
(393) |
ns |
546 |
Inventory effect ( c ) |
(620) |
(61) |
ns |
|||||||
- |
- |
ns |
- |
Capital gain from renewable project sales ( d ) |
- |
- |
ns |
|||||||
44 |
(29) |
ns |
(21) |
Organic loan repayments from equity affiliates ( e ) |
17 |
(33) |
ns |
|||||||
530 |
1,117 |
- |
1,618 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
2,938 |
4,680 |
- |
2.5 Marketing & Services
3rd quarter |
2nd quarter |
3rd quarter 2024 vs |
3rd quarter |
(in millions of dollars) |
9 months |
9 months |
9 months 2024 vs |
|||||||
2024 |
2024 |
2nd quarter 2024 |
2023 |
2024 |
2023 |
9 months 2023 |
||||||||
581 |
1,650 |
- |
206 |
Cash flow from operating activities ( a ) |
2,123 |
198 |
x10.7 |
|||||||
63 |
1,066 |
- |
(599) |
(Increase) decrease in working capital ( b ) |
525 |
(1,672) |
ns |
|||||||
(129) |
(75) |
ns |
218 |
Inventory effect ( c ) |
(187) |
71 |
ns |
|||||||
- |
- |
ns |
- |
Capital gain from renewable project sales ( d ) |
- |
- |
ns |
|||||||
- |
- |
ns |
- |
Organic loan repayments from equity affiliates ( e ) |
- |
- |
ns |
|||||||
647 |
659 |
- |
587 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
1,785 |
1,799 |
- |
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In millions of dollars) |
Exploration
|
Integrated
|
Integrated
|
Refining
|
Marketing
|
Corporate |
InterCompany |
Company |
||||||||
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 4th quarter 2023 |
2,802 |
1,456 |
527 |
633 |
306 |
(178) |
- |
5,546 |
||||||||
Adjusted net operating income ( a ) |
10,501 |
4,893 |
2,125 |
2,475 |
1,304 |
(597) |
- |
20,701 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance sheet as of September 30, 2024 |
|
|
|
|
|
|
|
|
||||||||
Property plant and equipment intangible assets net |
83,224 |
25,426 |
15,517 |
12,365 |
6,808 |
676 |
- |
144,016 |
||||||||
Investments & loans in equity affiliates |
3,850 |
15,609 |
9,341 |
4,117 |
1,046 |
- |
- |
33,963 |
||||||||
Other non-current assets |
3,896 |
2,096 |
1,286 |
741 |
1,210 |
324 |
- |
9,553 |
||||||||
Inventories, net |
1,444 |
1,595 |
617 |
11,277 |
3,599 |
- |
- |
18,532 |
||||||||
Accounts receivable, net |
5,801 |
6,146 |
4,270 |
16,506 |
8,770 |
1,067 |
(23,783) |
18,777 |
||||||||
Other current assets |
7,363 |
7,814 |
4,788 |
2,415 |
3,154 |
2,357 |
(5,958) |
21,933 |
||||||||
Accounts payable |
(7,035) |
(6,771) |
(5,459) |
(28,346) |
(9,809) |
(994) |
23,746 |
(34,668) |
||||||||
Other creditors and accrued liabilities |
(9,658) |
(8,693) |
(4,542) |
(5,596) |
(6,015) |
(6,207) |
5,995 |
(34,716) |
||||||||
Working capital |
(2,085) |
91 |
(326) |
(3,744) |
(301) |
(3,777) |
- |
(10,142) |
||||||||
Provisions and other non-current liabilities |
(24,510) |
(3,762) |
(1,801) |
(3,415) |
(1,233) |
791 |
- |
(33,930) |
||||||||
Assets and liabilities classified as held for sale - Capital employed |
484 |
- |
572 |
- |
- |
- |
- |
1,056 |
||||||||
Capital Employed (Balance sheet) |
64,859 |
39,460 |
24,589 |
10,064 |
7,530 |
(1,986) |
- |
144,516 |
||||||||
Less inventory valuation effect |
|
|
|
(1,014) |
(205) |
|
|
(1,219) |
||||||||
Capital Employed at replacement cost ( b ) |
64,859 |
39,460 |
24,589 |
9,050 |
7,325 |
(1,986) |
- |
143,297 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Balance sheet as of September 30, 2023 |
|
|
|
|
|
|
|
|
||||||||
Property plant and equipment intangible assets net |
84,906 |
24,683 |
11,635 |
11,350 |
6,449 |
609 |
- |
139,632 |
||||||||
Investments & loans in equity affiliates |
2,823 |
13,624 |
8,840 |
4,293 |
573 |
- |
- |
30,153 |
||||||||
Other non-current assets |
3,473 |
2,874 |
711 |
722 |
1,124 |
(35) |
- |
8,869 |
||||||||
Inventories, net |
1,542 |
1,768 |
657 |
14,337 |
4,208 |
- |
- |
22,512 |
||||||||
Accounts receivable, net |
7,152 |
8,436 |
5,415 |
23,483 |
9,416 |
1,734 |
(32,038) |
23,598 |
||||||||
Other current assets |
5,623 |
10,327 |
8,081 |
2,452 |
3,531 |
2,815 |
(10,577) |
22,252 |
||||||||
Accounts payable |
(5,860) |
(9,514) |
(5,659) |
(35,396) |
(10,972) |
(1,787) |
31,920 |
(37,268) |
||||||||
Other creditors and accrued liabilities |
(9,532) |
(12,307) |
(8,178) |
(6,803) |
(4,919) |
(6,361) |
10,695 |
(37,405) |
||||||||
Working capital |
(1,075) |
(1,290) |
316 |
(1,927) |
1,264 |
(3,598) |
- |
(6,310) |
||||||||
Provisions and other non-current liabilities |
(26,342) |
(3,858) |
(1,586) |
(3,757) |
(1,207) |
623 |
- |
(36,127) |
||||||||
Assets and liabilities classified as held for sale - Capital employed |
5,607 |
- |
127 |
130 |
1,298 |
- |
- |
7,162 |
||||||||
Capital Employed (Balance sheet) |
69,392 |
36,033 |
20,043 |
10,811 |
9,501 |
(2,402) |
- |
143,378 |
||||||||
Less inventory valuation effect |
|
|
|
(1,809) |
(476) |
|
|
(2,285) |
||||||||
Capital Employed at replacement cost ( c ) |
69,392 |
36,033 |
20,043 |
9,002 |
9,025 |
(2,402) |
- |
141,093 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
ROACE as a percentage ( a / average ( b + c )) |
|
|
|
|
|
|
|
|
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars) |
3rd quarter |
2nd quarter |
3rd quarter |
9 months |
9 months |
|||||
2024 |
2024 |
2023 |
2024 |
2023 |
||||||
Consolidated net income ( a ) |
2,361 |
3,847 |
6,690 |
12,012 |
16,473 |
|||||
Net cost of net debt ( b ) |
(379) |
(365) |
(305) |
(1,029) |
(843) |
|||||
Special items affecting net operating income |
(1,360) |
(256) |
(881) |
(824) |
(1,497) |
|||||
Gain (loss) on asset sales |
- |
(110) |
- |
1,397 |
203 |
|||||
Restructuring charges |
(10) |
(11) |
- |
(21) |
(5) |
|||||
Impairments |
(1,107) |
- |
(698) |
(1,751) |
(1,227) |
|||||
Other |
(243) |
(135) |
(183) |
(449) |
(468) |
|||||
After-tax inventory effect : FIFO vs. replacement cost |
(375) |
(327) |
623 |
(595) |
(145) |
|||||
Effect of changes in fair value |
(84) |
(291) |
365 |
(695) |
(180) |
|||||
Total adjustments affecting net operating income ( c ) |
(1,819) |
(874) |
107 |
(2,114) |
(1,822) |
|||||
Adjusted net operating income ( a - b - c ) |
4,559 |
5,086 |
6,888 |
15,155 |
19,138 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031605124/en/
TotalEnergies
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Source: TotalEnergies SE
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