TTE TotalEnergies SE

TotalEnergies proves resiliency in a volatile oil environment thanks to its integrated model with $4.1B adjusted net income for the 3rd quarter and $13.9B for first 9 months of the year

Regulatory News:

TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):

 

3Q24

 

Change vs 2Q24

 

9M24

 

Change vs 9M23

Adjusted net income (TotalEnergies share)(1)         - in billions of dollars (B$)  

4.1

 

-13%

 

13.9

 

-23%

- in dollars per share  

1.74

 

-12%

 

5.87

 

-19%

Net income (TotalEnergies share) (B$)  

2.3

 

-39%

 

11.8

 

-28%

Adjusted EBITDA(1) (B$)  

10.0

 

-9%

 

32.6

 

-15%

Cash flow from operations excluding working capital (CFFO)(1) (B$)  

6.8

 

-12%

 

22.8

 

-17%

Cash flow from operating activities (B$)  

7.2

 

-20%

 

18.3

 

-25%

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 $4.1 billion adjusted net income and $6.8 billion CFFO in the third quarter of 2024.

This resilience is firstly underpinned by Exploration & Production, posting solid adjusted net operating income of $2.5 billion, down only 7%, stable cash flow of $4.3 billion and an attractive return on capital employed of 15.6%. During the third quarter, Upstream production was 2.41 Mboe/d, benefiting from the ramp up of Mero 2 in Brazil that partially offset production losses at Ichtys LNG and in Libya. In the third quarter, TotalEnergies commenced production from the high-margin Anchor oil project in the US, as well as from the Fenix gas project in Argentina. The Company also launched the GranMorgu project in Suriname, which will support its production growth target of 3%/year through 2030.

Integrated LNG achieved adjusted net operating income of $1.1 billion and cash flow of $0.9 billion, with gas and LNG trading not fully benefiting from markets characterized by low volatility. TotalEnergies continues to strengthen future cash flows by successfully marketing its LNG volumes through signing several medium-term sales contracts in Asia this quarter.

Given the very sharp decrease in refining margins in Europe (-66% quarter-to-quarter) and in the Rest of the World, Downstream posted adjusted net operating income of $0.6 billion and cash flow of $1.2 billion, down around 40% quarter-to-quarter, with marketing and trading activities compensating for the very sharp decline in refining.

Integrated Power also contributes to the resilience of the Company’s results, with reported adjusted net operating income of $0.5 billion and cash flow of more than $0.6 billion. Year-to-date cash flow is strong at $1.95 billion at the end of the third quarter, which is up 35% year-on-year and in line with annual guidance of more than $2.5 billion. During the third quarter, TotalEnergies continued to deploy its differentiated Integrated Power model through the start up of two giant solar farms with battery storage in Texas, the acquisition of a CCGT in the United Kingdom and the strengthening of its partnerships with Adani in India and RWE in offshore wind in Germany and the Netherlands.

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 7% compared to 2023, and authorized the Company to execute share buybacks of $2 billion* in the fourth quarter of 2024, in line with the objective of reaching $8 billion throughout the year.”

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

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, in Germany
• 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 vs 2Q24

 

3Q23

 

In millions of dollars, except effective tax rate,earnings per share and number of shares

 

9M24

 

9M23

 

9M24 vs 9M23

10,048

 

11,073

 

-9%

 

13,062

  Adjusted EBITDA (1)  

32,614

 

38,334

 

-15%

4,635

 

5,339

 

-13%

 

6,808

  Adjusted net operating income from business segments  

15,574

 

19,383

 

-20%

2,482

 

2,667

 

-7%

 

3,138

  Exploration & Production  

7,699

 

8,140

 

-5%

1,063

 

1,152

 

-8%

 

1,342

  Integrated LNG  

3,437

 

4,744

 

-28%

485

 

502

 

-3%

 

506

  Integrated Power  

1,598

 

1,326

 

+21%

241

 

639

 

-62%

 

1,399

  Refining & Chemicals  

1,842

 

4,021

 

-54%

364

 

379

 

-4%

 

423

  Marketing & Services  

998

 

1,152

 

-13%

706

 

636

 

+11%

 

662

  Contribution of equity affiliates to adjusted net income  

1,963

 

2,403

 

-18%

38.0%

 

40.4%

 

-

 

33.4%

  Effective tax rate (3)  

38.7%

 

37.5%

 

-

4,074

 

4,672

 

-13%

 

6,453

  Adjusted net income (TotalEnergies share) (1)  

13,858

 

17,950

 

-23%

1.74

 

1.98

 

-12%

 

2.63

  Adjusted fully-diluted earnings per share (dollars) (4)  

5.87

 

7.24

 

-19%

1.58

 

1.85

 

-15%

 

2.41

  Adjusted fully-diluted earnings per share (euros) (5)  

5.40

 

6.68

 

-19%

2,310

 

2,328

 

-1%

 

2,423

  Fully-diluted weighted-average shares (millions)  

2,327

 

2,448

 

-5%

 

 

 

 

 

 

 

   

 

 

 

 

 

2,294

 

3,787

 

-39%

 

6,676

  Net income (TotalEnergies share)  

11,802

 

16,321

 

-28%

 

 

 

 

 

 

 

   

 

 

 

 

 

4,102

 

4,410

 

-7%

 

4,283

  Organic investments (1)  

12,584

 

11,987

 

+5%

1,662

 

220

 

x7.5

 

808

  Acquisitions net of assets sales (1)  

1,382

 

4,115

 

-66%

5,764

 

4,630

 

+24%

 

5,091

  Net investments (1)  

13,966

 

16,102

 

-13%

 

 

 

 

 

 

 

   

 

 

 

 

 

6,821

 

7,777

 

-12%

 

9,340

  Cash flow from operations excluding working capital (CFFO) (1)  

22,766

 

27,446

 

-17%

7,009

 

7,895

 

-11%

 

9,551

  Debt Adjusted Cash Flow (DACF) (1)  

23,215

 

27,922

 

-17%

7,171

 

9,007

 

-20%

 

9,496

  Cash flow from operating activities  

18,347

 

24,529

 

-25%

Gearing (1) of 12,9% at September 30, 2024 vs. 10.2% at June 30, 2024 and 12.3% at September 30, 2023

3. Key figures of environment, greenhouse gas emissions and production

3.1 Environment – liquids and gas price realizations, refining margins

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

 

 

 

9M24

 

9M23

 

9M24 vs 9M23

80.3

 

85.0

 

-5%

 

86.7

  Brent ($/b)  

82.8

 

82.1

 

+1%

2.2

 

2.3

 

-4%

 

2.7

  Henry Hub ($/Mbtu)  

2.2

 

2.6

 

-14%

11.1

 

9.7

 

+14%

 

10.6

  NBP ($/Mbtu)  

9.8

 

12.4

 

-21%

13.0

 

11.2

 

+16%

 

12.5

  JKM ($/Mbtu)  

11.2

 

13.3

 

-16%

77.0

 

81.0

 

-5%

 

78.9

  Average price of liquids (6),(7) ($/b)Consolidated subsidiaries  

78.9

 

74.9

 

+5%

5.78

 

5.05

 

+14%

 

5.47

  Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries  

5.30

 

6.80

 

-22%

9.91

 

9.32

 

+6%

 

9.56

  Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates  

9.61

 

10.92

 

-12%

15.4

 

44.9

 

-66%

 

100.6

  European Refining Margin Marker (ERM) (6),(10) ($/t)  

44.0

 

77.2

 

-43%

3.2 Greenhouse gas emissions (11)

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Scope 1+2 emissions (MtCO2e)  

9M24

 

9M23

 

9M24 vs 9M23

8.8

 

7.7

 

+14%

 

8.5

  Scope 1+2 from operated facilities (12)  

24.7

 

26.7

 

-7%

7.4

 

7.0

 

+6%

 

7.5

  of which Oil & Gas  

21.5

 

23.1

 

-7%

1.4

 

0.7

 

+100%

 

1.0

  of which CCGT  

3.2

 

3.6

 

-11%

11.7

 

10.8

 

+8%

 

12.1

  Scope 1+2 - equity share  

34.2

 

37.4

 

-9%

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 Europe.

Scope 1+2 emissions from operated installations were down 7% in the first nine months of 2024, mainly thanks to the continuous decline in flaring emissions at Exploration & Production facilities, the implementation of emissions reduction initiatives in Refining & Chemicals and lower utilization of gas-fired power plants in Europe.

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Methane emissions (ktCH4)  

9M24

 

9M23

 

9M24 vs 9M23

7

 

7

 

-

 

7

  Methane emissions from operated facilities  

22

 

25

 

-12%

8

 

8

 

-

 

9

  Methane emissions - equity share  

25

 

30

 

-17%

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 vs 2Q24

 

3Q23

  Hydrocarbon production  

9M24

 

9M23

 

9M24 vs 9M23

2,409

 

2,441

 

-1%

 

2,476

  Hydrocarbon production (kboe/d)  

2,437

 

2,490

 

-2%

1,324

 

1,318

 

-

 

1,399

  Oil (including bitumen) (kb/d)  

1,321

 

1,404

 

-6%

1,086

 

1,123

 

-3%

 

1,077

  Gas (including condensates and associated NGL) (kboe/d)  

1,116

 

1,086

 

+3%

 

 

 

 

 

 

 

   

 

 

 

 

 

2,409

 

2,441

 

-1%

 

2,476

  Hydrocarbon production (kboe/d)  

2,437

 

2,490

 

-2%

1,466

 

1,477

 

-1%

 

1,561

  Liquids (kb/d)  

1,475

 

1,565

 

-6%

5,093

 

5,180

 

-2%

 

4,921

  Gas (Mcf/d)  

5,174

 

4,985

 

+4%

Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, down 1% quarter-to-quarter, benefiting from the ramp-up of the Mero 2 project in Brazil that partially offset unplanned shutdowns in Ichthys LNG and security-related disruptions in Libya.

Hydrocarbon production in the third quarter 2024 was up 1% year-on-year (excluding Canada) and was comprised of:

• +2% due to project start-ups and ramp-ups, including Mero 2 in Brazil, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Block 10 in Oman,
• +3% due to the higher availability of production facilities,
• -1% due to security-related production disruptions in Libya,
• -3% due to the natural field decline.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Hydrocarbon production  

9M24

 

9M23

 

9M24 vs 9M23

1,944

 

1,943

 

-

 

2,043

  EP (kboe/d)  

1,952

 

2,045

 

-5%

1,414

 

1,413

 

-

 

1,507

  Liquids (kb/d)  

1,415

 

1,506

 

-6%

2,830

 

2,829

 

-

 

2,865

  Gas (Mcf/d)  

2,865

 

2,885

 

-1%

4.1.2 Results

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars, except effective tax rate  

9M24

 

9M23

 

9M24 vs 9M23

2,482

 

2,667

 

-7%

 

3,138

  Adjusted net operating income  

7,699

 

8,140

 

-5%

183

 

207

 

-12%

 

125

  including adjusted income from equity affiliates  

535

 

409

 

+31%

45.1%

 

46.9%

 

-

 

44.6%

  Effective tax rate (15)  

46.9%

 

50.7%

 

-

 

 

 

 

 

 

 

   

 

 

 

 

 

2,330

 

2,585

 

-10%

 

2,557

  Organic investments (1)  

6,956

 

7,115

 

-2%

(42)

 

57

 

ns

 

(514)

  Acquisitions net of assets sales (1)  

51

 

1,600

 

-97%

2,288

 

2,642

 

-13%

 

2,043

  Net investments (1)  

7,007

 

8,715

 

-20%

 

 

 

 

 

 

 

   

 

 

 

 

 

4,273

 

4,353

 

-2%

 

5,165

  Cash flow from operations excluding working capital (CFFO) (1)  

13,104

 

14,436

 

-9%

4,763

 

4,535

 

+5%

 

4,240

  Cash flow from operating activities  

12,888

 

12,823

 

+1%

Exploration & Production adjusted net operating income was $2,482 million in the third quarter 2024, down 7% quarter-to-quarter, driven by the decrease in liquid prices that was partially compensated by an increase in gas prices.

Cash flow from operations excluding working capital (CFFO) was $4,273 million in the third quarter 2024, down 2% quarter-to-quarter.

4.2 Integrated LNG

4.2.1 Production

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Hydrocarbon production for LNG  

9M24

 

9M23

 

9M24 vs 9M23

465

 

498

 

-7%

 

433

  Integrated LNG (kboe/d)  

485

 

445

 

+9%

52

 

64

 

-19%

 

54

  Liquids (kb/d)  

60

 

59

 

+2%

2,263

 

2,351

 

-4%

 

2,056

  Gas (Mcf/d)  

2,309

 

2,100

 

+10%

 

 

 

 

 

 

 

   

 

 

 

 

 

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Liquefied Natural Gas in Mt  

9M24

 

9M23

 

9M24 vs 9M23

9.5

 

8.8

 

+8%

 

10.5

  Overall LNG sales  

29.0

 

32.5

 

-11%

3.8

 

3.6

 

+5%

 

3.7

  incl. Sales from equity production*  

11.6

 

11.2

 

+3%

8.4

 

7.6

 

+11%

 

9.4

  incl. Sales by TotalEnergies from equity production and third party purchases  

25.3

 

29.3

 

-14%

* 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 7% quarter-to-quarter, notably linked to unplanned maintenance on Ichthys LNG.

LNG sales increased by 8% quarter-to-quarter, notably due to higher spot volumes, in a context of seasonal inventory replenishment.

4.2.2 Results

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars, except the average price of LNG  

9M24

 

9M23

 

9M24 vs 9M23

9.91

 

9.32

 

+6%

 

9.56

  Average price of LNG ($/Mbtu) *Consolidated subsidiaries and equity affiliates  

9.61

 

10.92

 

-12%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,063

 

1,152

 

-8%

 

1,342

  Adjusted net operating income  

3,437

 

4,744

 

-28%

538

 

421

 

+28%

 

385

  including adjusted income from equity affiliates  

1,453

 

1,603

 

-9%

 

 

 

 

 

 

 

   

 

 

 

 

 

451

 

624

 

-28%

 

495

  Organic investments (1)  

1,615

 

1,273

 

+27%

65

 

198

 

-67%

 

84

  Acquisitions net of assets sales (1)  

251

 

1,048

 

-76%

516

 

822

 

-37%

 

579

  Net investments (1)  

1,866

 

2,321

 

-20%

 

 

 

 

 

 

 

   

 

 

 

 

 

888

 

1,220

 

-27%

 

1,648

  Cash flow from operations excluding working capital (CFFO) (1)  

3,456

 

5,530

 

-38%

830

 

431

 

+93%

 

872

  Cash flow from operating activities  

2,971

 

5,740

 

-48%

* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

Integrated LNG adjusted net operating income was $1,063 million in the third quarter 2024, down 8% quarter-to-quarter, mainly due to lower hydrocarbon production for LNG. Moreover, gas trading did not fully benefit from markets characterized by low volatility.

Cash flow from operations excluding working capital (CFFO) was $888 million in the third quarter 2024, down 27% quarter-to-quarter, for the same reasons and due to a timing effect in dividend payments from some equity affiliates of around $200 million.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Integrated Power  

9M24

 

9M23

 

9M24 vs 9M23

11.1

 

9.1

 

+23%

 

8.9

  Net power production (TWh) *  

29.7

 

25.5

 

+17%

6.7

 

6.8

 

-1%

 

5.4

  o/w production from renewables  

19.6

 

13.5

 

+45%

4.4

 

2.2

 

+96%

 

3.5

  o/w production from gas flexible capacities  

10.2

 

12.0

 

-15%

21.6

 

19.6

 

+10%

 

15.9

  Portfolio of power generation net installed capacity (GW) **  

21.6

 

15.9

 

+36%

14.5

 

13.8

 

+5%

 

11.6

  o/w renewables  

14.5

 

11.6

 

+25%

7.1

 

5.8

 

+23%

 

4.3

  o/w gas flexible capacities  

7.1

 

4.3

 

+67%

89.6

 

87.4

 

+2%

 

80.5

  Portfolio of renewable power generation gross capacity (GW) **,***  

89.6

 

80.5

 

+11%

24.2

 

24.0

 

+1%

 

20.2

  o/w installed capacity  

24.2

 

20.2

 

+20%

6.0

 

6.0

 

-

 

6.0

  Clients power - BtB and BtC (Million) **  

6.0

 

6.0

 

+1%

2.8

 

2.8

 

+1%

 

2.8

  Clients gas - BtB and BtC (Million) **  

2.8

 

2.8

 

-

10.9

 

11.1

 

-1%

 

11.2

  Sales power - BtB and BtC (TWh)  

36.9

 

38.2

 

-3%

13.9

 

18.9

 

-27%

 

13.8

  Sales gas - BtB and BtC (TWh)  

68.4

 

70.2

 

-3%

* Solar, wind, hydroelectric and gas flexible capacities.

** End of period data.

*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

Net power production was 11.1 TWh in the third quarter 2024, up 23% quarter-to-quarter mainly due to higher production from flexible gas assets in the United States and the acquisition of the West Burton gas-fired power plant in the United Kingdom.

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 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

485

 

502

 

-3%

 

506

  Adjusted net operating income  

1,598

 

1,326

 

+21%

29

 

35

 

-17%

 

37

  including adjusted income from equity affiliates  

25

 

116

 

-78%

 

 

 

 

 

 

 

   

 

 

 

 

 

707

 

596

 

+19%

 

578

  Organic investments (1)  

2,246

 

1,908

 

+18%

1,529

 

(88)

 

ns

 

1,354

  Acquisitions net of assets sales (1)  

2,176

 

1,831

 

+19%

2,236

 

508

 

x4,4

 

1,932

  Net investments (1)  

4,422

 

3,739

 

+18%

 

 

 

 

 

 

 

   

 

 

 

 

 

636

 

623

 

+2%

 

516

  Cash flow from operations excluding working capital (CFFO) (1)  

1,951

 

1,447

 

+35%

373

 

1,647

 

-77%

 

1,936

  Cash flow from operating activities  

1,771

 

2,935

 

-40%

Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were stable in the third quarter 2024 at $485 million and $636 million, respectively. This demonstrates the value of the Company’s integrated business model along the power value chain, with all segments (renewables, flexible assets, marketing to customers) contributing positively to the results.

Cash flow from operations excluding working capital (CFFO) was $1,951 million for the nine first months of 2024, up 35% year-on-year, in line with the growth of the business.

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

605

 

1,018

 

-41%

 

1,822

  Adjusted net operating income  

2,840

 

5,173

 

-45%

 

 

 

 

 

 

 

   

 

 

 

 

 

561

 

568

 

-1%

 

625

  Organic investments (1)  

1,649

 

1,601

 

+3%

112

 

56

 

+100%

 

(115)

  Acquisitions net of assets sales (1)  

(1,090)

 

(363)

 

ns

673

 

624

 

+8%

 

510

  Net investments (1)  

559

 

1,238

 

-55%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,177

 

1,776

 

-34%

 

2,205

  Cash flow from operations excluding working capital (CFFO) (1)  

4,723

 

6,479

 

-27%

1,145

 

3,191

 

-64%

 

2,266

  Cash flow from operating activities  

2,099

 

3,330

 

-37%

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Refinery throughput and utilization rate*  

9M24

 

9M23

 

9M24 vs 9M23

1,539

 

1,511

 

+2%

 

1,489

  Total refinery throughput (kb/d)  

1,468

 

1,456

 

+1%

451

 

430

 

+5%

 

489

  France  

406

 

404

 

+1%

625

 

636

 

-2%

 

589

  Rest of Europe  

627

 

596

 

+5%

463

 

446

 

+4%

 

410

  Rest of world  

435

 

456

 

-5%

86%

 

84%

 

 

 

84%

  Utilization rate based on crude only**  

83%

 

81%

 

 

* Includes refineries in Africa reported in the Marketing & Services segment.

** Based on distillation capacity at the beginning of the year.

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Petrochemicals production and utilization rate  

9M24

 

9M23

 

9M24 vs 9M23

1,314

 

1,248

 

+5%

 

1,330

  Monomers* (kt)  

3,850

 

3,782

 

+2%

1,167

 

1,109

 

+5%

 

1,070

  Polymers (kt)  

3,352

 

3,145

 

+7%

85%

 

79%

 

 

 

75%

  Steam cracker utilization rate**  

79%

 

72%

 

* 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 2% quarter-to-quarter in the third quarter 2024, mainly thanks to the restart of the Donges refinery in France.

The utilization rate based on crude was 86% in the third quarter 2024.

4.5.2 Results

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars, except ERM  

9M24

 

9M23

 

9M24 vs 9M23

15.4

 

44.9

 

-66%

 

100.6

  European Refining Margin Marker (ERM) ($/t) *  

44.0

 

77.2

 

-43%

 

 

 

 

 

 

 

   

 

 

 

 

 

241

 

639

 

-62%

 

1,399

  Adjusted net operating income  

1,842

 

4,021

 

-54%

 

 

 

 

 

 

 

   

 

 

 

 

 

329

 

382

 

-14%

 

386

  Organic investments (1)  

1,130

 

1,038

 

+9%

34

 

(95)

 

ns

 

(97)

  Acquisitions net of assets sales (1)  

(81)

 

(107)

 

ns

363

 

287

 

+26%

 

289

  Net investments (1)  

1,049

 

931

 

+13%

 

 

 

 

 

 

 

   

 

 

 

 

 

530

 

1,117

 

-53%

 

1,618

  Cash flow from operations excluding working capital (CFFO) (1)  

2,938

 

4,680

 

-37%

564

 

1,541

 

-63%

 

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 $241 million in the third quarter 2024, down 62% quarter-to-quarter, due to much lower refining margins in Europe (-66% quarter-to-quarter) and in the Rest of the World.

Cash flow from operations excluding working capital (CFFO) was $530 million, down 53% quarter-to-quarter, for the same reasons.

4.6 Marketing & Services

4.6.1 Petroleum product sales

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Sales in kb/d*  

9M24

 

9M23

 

9M24 vs 9M23

1,383

 

1,363

 

+1%

 

1,399

  Total Marketing & Services sales  

1,353

 

1,386

 

-2%

795

 

773

 

+3%

 

792

  Europe  

761

 

783

 

-3%

588

 

591

 

-1%

 

608

  Rest of world  

592

 

603

 

-2%

* 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 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

364

 

379

 

-4%

 

423

  Adjusted net operating income  

998

 

1,152

 

-13%

 

 

 

 

 

 

 

   

 

 

 

 

 

232

 

186

 

+25%

 

239

  Organic investments (1)  

519

 

563

 

-8%

78

 

151

 

-48%

 

(18)

  Acquisitions net of assets sales (1)  

(1,009)

 

(256)

 

ns

310

 

337

 

-8%

 

221

  Net investments (1)  

(490)

 

307

 

ns

 

 

 

 

 

 

 

   

 

 

 

 

 

647

 

659

 

-2%

 

587

  Cash flow from operations excluding working capital (CFFO) (1)  

1,785

 

1,799

 

-1%

581

 

1,650

 

-65%

 

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 $364 million and cash flow from operations excluding working capital (CFFO) of $647 million for the third quarter 2024.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments was:

• $4,635 million in the third quarter 2024 versus $5,339 million in the second quarter 2024, mainly due to much lower refining margins and the decrease in oil prices,
• $15,574 million in the first nine months of 2024 versus $19,383 million in the first nine months of 2023, linked to lower gas and LNG prices and, for the third quarter, lower refining margins.

5.2 Adjusted net income (1) (TotalEnergies share)

TotalEnergies adjusted net income was $4,074 million in the third quarter 2024 versus $4,672 million in the second quarter 2024, mainly due to much lower refining margins and the decrease in oil prices.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.

Adjustments to net income were ($1,780) million in the third quarter 2024, consisting mainly of:

• ($1.1) billion 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 South Africa,
• ($0.4) billion in inventory effects,
• ($0.3) 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.

TotalEnergies’ average tax rate was:

• 38.0% in the third quarter 2024 versus 40.4% in the second quarter 2024,
• 38.7% in the first nine months of 2024 versus 37.5% 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:

• $1.74 in the third quarter 2024, based on 2,310 million weighted average diluted shares, compared to $1.98 in the second quarter 2024,
• $5.87 in the first nine months of 2024, based on 2,327 million weighted average diluted shares, compared to $7.24 a year ago.

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:

• $1,795 million in the third quarter 2024, primarily related to the acquisition of the West Burton flexible gas capacity in the United Kingdom, acquisitions of stakes in offshore wind projects in Germany in 2023 and in the Netherlands in 2024 and investment in a new solar portfolio with Adani Green in India.
• $3,413 million in the first nine months of 2024, related to the above elements as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in the United States, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, battery storage developer Kyon in Germany, and Talos Low Carbon Solutions in the carbon storage industry in the United States.

Divestments were:

• $133 million in the third quarter 2024, primarily related to earn-out payments from the sale of upstream Canadian oil assets,
• $2,031 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 Belgium, Luxemburg, and the Netherlands, the sale of a 15% interest in Absheron, in Azerbaijan, the farmdown of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France.

5.5 Net cash flow (1)

TotalEnergies' net cash flow was:

• $1,057 million in the third quarter 2024 compared to $3,147 million in the second quarter 2024, reflecting the $956 million decrease in CFFO and the $1,134 million increase in net investments to $5,764 million in the third quarter 2024,
• $8,800 million in the first nine months of 2024 compared to $11,344 million a year ago, reflecting the $4,680 million decrease in CFFO and the $2,136 million decrease in net investments to $13,966 million in the first nine months of 2024.

2024 third quarter cash flow from operating activities was $7,171 million versus CFFO of $6,821 million, and was impacted by an improvement in working capital of $0.4 billion, mainly due to the stock effect at the end of the quarter that was partially compensated by the decrease of tax payables.

5.6 Profitability

Return on equity was 16.6% for the twelve months ended September 30, 2024.

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)  

16.6%

 

18.7%

 

22.3%

Return on average capital employed (1) was 14.6% for the twelve months ended September 30, 2024.

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)  

14.6%

 

16.6%

 

20.1%

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 adjustednet operating income   Estimated impact oncash 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 Middle East, oil prices are volatile. At the end of October, the European Refining Marker (ERM) is close to 25 $/t, compared to an average of 15$/t in the third quarter.

European gas prices remain at sustained levels and are expected to be between $12 and $13/Mbtu in the fourth quarter 2024, supported by the anticipation of winter gas consumption. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu in the fourth quarter 2024.

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 Libya and the start-up of the Mero-3 project in Brazil, which are compensated by several planned shutdowns during the fourth quarter of 2024.

The fourth quarter 2024 refining utilization rate is anticipated to remain above 85%, with a turnaround planned at Leuna refinery in October.

The Company confirms net investments guidance of $17-$18 billion in 2024.

* * * *

To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:00pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference replay will be available on the Company's website totalenergies.com after the event.

* * * *

9. Operating information by segment

9.1 Company’s production (Exploration & Production + Integrated LNG)

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Combined liquids and gasproduction by region (kboe/d)  

9M24

 

9M23

 

9M24 vs 9M23

556

 

561

 

-1%

 

550

  Europe  

563

 

556

 

+1%

452

 

449

 

+1%

 

459

  Africa  

454

 

478

 

-5%

799

 

825

 

-3%

 

781

  Middle East and North Africa  

813

 

756

 

+8%

388

 

358

 

+8%

 

445

  Americas  

366

 

443

 

-17%

214

 

248

 

-14%

 

241

  Asia-Pacific  

241

 

257

 

-6%

2,409

 

2,441

 

-1%

 

2,476

  Total production  

2,437

 

2,490

 

-2%

371

 

359

 

+3%

 

327

  includes equity affiliates  

359

 

336

 

+7%

 

 

 

 

 

 

 

   

 

 

 

 

 

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Liquids production by region (kb/d)  

9M24

 

9M23

 

9M24 vs 9M23

221

 

225

 

-2%

 

229

  Europe  

224

 

230

 

-3%

329

 

325

 

+1%

 

335

  Africa  

328

 

354

 

-7%

637

 

660

 

-4%

 

627

  Middle East and North Africa  

649

 

607

 

+7%

189

 

167

 

+14%

 

268

  Americas  

176

 

267

 

-34%

90

 

100

 

-10%

 

102

  Asia-Pacific  

98

 

107

 

-8%

1,466

 

1,477

 

-1%

 

1,561

  Total production  

1,475

 

1,565

 

-6%

154

 

150

 

+3%

 

156

  includes equity affiliates  

153

 

153

 

-

 

 

 

 

 

 

 

   

 

 

 

 

 

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Gas production by region (Mcf/d)  

9M24

 

9M23

 

9M24 vs 9M23

1,812

 

1,814

 

-

 

1,733

  Europe  

1,832

 

1,760

 

+4%

632

 

620

 

+2%

 

619

  Africa  

633

 

615

 

+3%

888

 

904

 

-2%

 

844

  Middle East and North Africa  

896

 

817

 

+10%

1,100

 

1,061

 

+4%

 

989

  Americas  

1,055

 

986

 

+7%

661

 

781

 

-15%

 

736

  Asia-Pacific  

758

 

807

 

-6%

5,093

 

5,180

 

-2%

 

4,921

  Total production  

5,174

 

4,985

 

+4%

1,190

 

1,127

 

+6%

 

933

  includes equity affiliates  

1,120

 

996

 

+12%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Petroleum product sales by region (kb/d)  

9M24

 

9M23

 

9M24 vs 9M23

1,932

 

1,840

 

+5%

 

1,838

  Europe  

1,849

 

1,716

 

+8%

585

 

558

 

+5%

 

621

  Africa  

578

 

629

 

-8%

1,091

 

989

 

+10%

 

946

  Americas  

1,038

 

904

 

+15%

747

 

639

 

+17%

 

624

  Rest of world  

699

 

637

 

+10%

4,355

 

4,026

 

+8%

 

4,029

  Total consolidated sales  

4,164

 

3,886

 

+7%

395

 

397

 

-1%

 

407

  Includes bulk sales  

397

 

406

 

-2%

2,578

 

2,266

 

+14%

 

2,222

  Includes trading  

2,414

 

2,095

 

+15%

 

 

 

 

 

 

 

   

 

 

 

 

 

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  Petrochemicals production* (kt)  

9M24

 

9M23

 

9M24 vs 9M23

954

 

900

 

+6%

 

1,018

  Europe  

2,844

 

3,091

 

-8%

765

 

756

 

+1%

 

611

  Americas  

2,166

 

1,837

 

+18%

762

 

702

 

+9%

 

771

  Middle East and Asia  

2,192

 

1,999

 

+10%

* Olefins, polymers.

9.3 Integrated Power

9.3.1 Net power production

 

3Q24

 

2Q24

Net power production (TWh)  

Solar

 

Onshore Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

France  

0.2

 

0.1

 

-

 

0.6

 

0.0

 

0.9

 

0.2

 

0.2

 

-

 

0.4

 

0.0

 

0.8

Rest of Europe  

0.1

 

0.4

 

0.2

 

1.3

 

0.1

 

2.1

 

0.1

 

0.4

 

0.4

 

0.4

 

0.1

 

1.4

Africa  

0.0

 

0.0

 

-

 

-

 

-

 

0.0

 

0.0

 

0.0

 

-

 

-

 

-

 

0.0

Middle East  

0.2

 

-

 

-

 

0.3

 

-

 

0.5

 

0.3

 

-

 

-

 

0.2

 

-

 

0.5

North America  

1.2

 

0.4

 

-

 

2.2

 

-

 

3.8

 

0.9

 

0.6

 

-

 

1.2

 

-

 

2.8

South America  

0.1

 

1.1

 

-

 

-

 

-

 

1.2

 

0.1

 

0.8

 

-

 

-

 

-

 

0.9

India  

1.6

 

0.4

 

-

 

-

 

-

 

2.0

 

1.9

 

0.4

 

-

 

-

 

-

 

2.2

Pacific Asia  

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 Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

France  

0.6

 

0.4

 

-

 

2.6

 

0.2

 

3.7

 

0.6

 

0.4

 

-

 

2.6

 

0.1

 

3.7

Rest of Europe  

0.3

 

0.9

 

0.3

 

2.7

 

0.2

 

4.4

 

0.3

 

0.9

 

0.3

 

1.4

 

0.1

 

2.9

Africa  

0.1

 

0.0

 

-

 

-

 

0.0

 

0.1

 

0.1

 

0.0

 

-

 

-

 

0.0

 

0.1

Middle East  

0.4

 

-

 

-

 

0.3

 

-

 

0.8

 

0.4

 

-

 

-

 

0.3

 

-

 

0.8

North America  

2.6

 

0.8

 

-

 

1.5

 

0.4

 

5.3

 

2.3

 

0.8

 

-

 

1.5

 

0.4

 

5.0

South America  

0.4

 

0.9

 

-

 

-

 

-

 

1.2

 

0.4

 

0.9

 

-

 

-

 

-

 

1.2

India  

4.3

 

0.5

 

-

 

-

 

-

 

4.9

 

4.2

 

0.5

 

-

 

-

 

-

 

4.7

Pacific Asia  

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 Wind

 

Offshore Wind

 

Other

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

France  

1.1

 

0.7

 

-

 

0.2

 

2.1

 

1.1

 

0.7

 

-

 

0.2

 

2.0

Rest of Europe  

0.3

 

1.1

 

1.1

 

0.2

 

2.8

 

0.3

 

1.1

 

1.1

 

0.2

 

2.7

Africa  

0.1

 

-

 

-

 

0.0

 

0.1

 

0.1

 

-

 

-

 

0.0

 

0.1

Middle East  

1.2

 

-

 

-

 

-

 

1.2

 

1.2

 

-

 

-

 

-

 

1.2

North America  

4.9

 

2.2

 

-

 

0.7

 

7.7

 

5.2

 

2.2

 

-

 

0.7

 

8.1

South America  

0.4

 

1.3

 

-

 

-

 

1.6

 

0.4

 

1.3

 

-

 

-

 

1.6

India  

6.1

 

0.6

 

-

 

-

 

6.7

 

5.9

 

0.5

 

-

 

-

 

6.5

Asia-Pacific  

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 Wind

 

Offshore Wind

 

Other

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

France  

0.2

 

0.0

 

0.0

 

0.0

 

0.2

 

0.1

 

0.0

 

0.0

 

0.0

 

0.2

Rest of Europe  

0.4

 

0.1

 

0.8

 

0.1

 

1.4

 

0.4

 

0.2

 

-

 

0.1

 

0.6

Africa  

0.3

 

-

 

-

 

0.1

 

0.4

 

0.3

 

-

 

-

 

0.1

 

0.4

Middle East  

0.1

 

-

 

-

 

-

 

0.1

 

0.1

 

-

 

-

 

-

 

0.1

North America  

1.7

 

0.0

 

-

 

0.4

 

2.1

 

1.7

 

0.0

 

-

 

0.3

 

2.0

South America  

0.3

 

0.6

 

-

 

0.2

 

1.1

 

0.0

 

0.6

 

-

 

-

 

0.7

India  

3.9

 

-

 

-

 

-

 

3.9

 

0.5

 

0.1

 

-

 

-

 

0.5

Asia-Pacific  

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 Wind

 

Offshore Wind

 

Other

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

France  

1.1

 

0.4

 

-

 

0.1

 

1.6

 

1.4

 

0.4

 

-

 

0.1

 

1.9

Rest of Europe  

4.6

 

0.8

 

8.9

 

2.6

 

16.9

 

4.4

 

0.8

 

8.9

 

2.2

 

16.4

Africa  

0.7

 

0.3

 

-

 

-

 

1.0

 

0.7

 

0.3

 

-

 

-

 

1.0

Middle East  

1.8

 

-

 

-

 

-

 

1.8

 

1.8

 

-

 

-

 

-

 

1.8

North America  

8.8

 

3.3

 

4.1

 

4.9

 

21.0

 

9.7

 

2.9

 

4.1

 

4.4

 

21.1

South America  

1.8

 

1.2

 

-

 

0.0

 

3.0

 

2.1

 

1.2

 

-

 

0.2

 

3.4

India  

2.2

 

0.1

 

-

 

-

 

2.3

 

4.5

 

0.2

 

-

 

-

 

4.7

Asia-Pacific  

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 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

2,294

 

3,787

 

-39%

 

6,676

  Net income (TotalEnergies share)  

11,802

 

16,321

 

-28%

1,780

 

885

 

x2

 

(223)

  Less: adjustment items to net income (TotalEnergies share)  

2,056

 

1,629

 

+26%

4,074

 

4,672

 

-13%

 

6,453

  Adjusted net income (TotalEnergies share)  

13,858

 

17,950

 

-23%

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

90

 

67

 

+34%

 

82

  Add: non-controlling interests  

257

 

217

 

+18%

2,369

 

2,977

 

-20%

 

3,130

  Add: income taxes  

8,337

 

9,935

 

-16%

3,048

 

2,962

 

+3%

 

2,967

  Add: depreciation, depletion and impairment of tangible assets and mineral interests  

8,952

 

8,952

 

-

103

 

87

 

+18%

 

88

  Add: amortization and impairment of intangible assets  

282

 

279

 

+1%

797

 

725

 

+10%

 

726

  Add: financial interest on debt  

2,230

 

2,160

 

+3%

(433)

 

(417)

 

ns

 

(384)

  Less: financial income and expense from cash & cash equivalents  

(1,302)

 

(1,159)

 

ns

10,048

 

11,073

 

-9%

 

13,062

  Adjusted EBITDA  

32,614

 

38,334

 

-15%

10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

47,429

 

49,183

 

-4%

 

54,413

  Revenues from sales  

148,495

 

164,180

 

-10%

(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

 

-60%

 

142

  Other income  

445

 

335

 

+33%

(121)

 

(37)

 

ns

 

64

  Other expense, excluding amortization and impairment of intangible assets  

(283)

 

(138)

 

ns

293

 

433

 

-32%

 

296

  Other financial income  

1,008

 

945

 

+7%

(214)

 

(213)

 

ns

 

(186)

  Other financial expense  

(642)

 

(542)

 

ns

706

 

636

 

+11%

 

662

  Net income (loss) from equity affiliates  

1,963

 

2,403

 

-18%

10,048

 

11,073

 

-9%

 

13,062

  Adjusted EBITDA  

32,614

 

38,334

 

-15%

 

 

 

 

 

 

 

  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

 

+4%

 

384

  Add: financial income and expense from cash & cash equivalents  

1,302

 

1,159

 

+12%

(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

 

-39%

 

6,676

  Net income (TotalEnergies share)  

11,802

 

16,321

 

-28%

10.3 Investments – Divestments (TotalEnergies share)

Reconciliation of Cash flow used in investing activities to Net investments

3Q24

 

2Q24

 

3Q24 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

5,562

 

4,558

 

+22%

 

4,987

  Cash flow used in investing activities ( a )  

13,587

 

15,822

 

-14%

-

 

-

 

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

 

-100%

119

 

97

 

+23%

 

64

  Capex linked to capitalized leasing contracts ( e )  

319

 

188

 

+70%

26

 

4

 

x6.5

 

14

  Expenditures related to carbon credits ( f )  

29

 

16

 

+81%

5,764

 

4,630

 

+24%

 

5,091

  Net investments ( a + b + c + d + e + f = g - i + h )  

13,966

 

16,102

 

-13%

1,662

 

220

 

x7.5

 

808

  of which acquisitions net of assets sales ( g-i )  

1,382

 

4,115

 

-66%

1,795

 

544

 

x3.3

 

1,992

  Acquisitions ( g )  

3,413

 

5,730

 

-40%

133

 

324

 

-59%

 

1,184

  Asset sales ( i )  

2,031

 

1,615

 

+26%

-

 

-

 

ns

 

(43)

  Change in debt from renewable projects (partner share)  

-

 

(81)

 

-100%

4,102

 

4,410

 

-7%

 

4,283

  of which organic investments ( h )  

12,584

 

11,987

 

+5%

148

 

101

 

+46%

 

346

  Capitalized exploration  

394

 

879

 

-55%

458

 

589

 

-22%

 

422

  Increase in non-current loans  

1,585

 

1,162

 

+36%

(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 vs 2Q24

 

3Q23

  In millions of dollars  

9M24

 

9M23

 

9M24 vs 9M23

7,171

 

9,007

 

-20%

 

9,496

  Cash flow from operating activities ( a )  

18,347

 

24,529

 

-25%

871

 

1,669

 

-48%

 

(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

 

-100%

57

 

(29)

 

ns

 

(17)

  Organic loan repayments from equity affiliates ( e )  

31

 

(5)

 

ns

6,821

 

7,777

 

-12%

 

9,340

  Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )  

22,766

 

27,446

 

-17%

(188)

 

(118)

 

ns

 

(211)

  Financial charges  

(449)

 

(476)

 

ns

7,009

 

7,895

 

-11%

 

9,551

  Debt Adjusted Cash Flow (DACF)  

23,215

 

27,922

 

-17%

 

 

 

 

 

 

 

   

 

 

 

 

 

4,102

 

4,410

 

-7%

 

4,283

  Organic investments ( g )  

12,584

 

11,987

 

+5%

2,719

 

3,367

 

-19%

 

5,058

  Free cash flow after organic investments ( f - g )  

10,182

 

15,459

 

-34%

 

 

 

 

 

 

 

   

 

 

 

 

 

5,764

 

4,630

 

+24%

 

5,091

  Net investments ( h )  

13,966

 

16,102

 

-13%

1,057

 

3,147

 

-66%

 

4,249

  Net cash flow ( f - h )  

8,800

 

11,344

 

-22%

* 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 )  

12.9%

 

10.2%

 

12.3%

 

 

 

 

 

 

Leases (c)  

8,338

 

8,012

 

8,277

Gearing including leases ( a+c ) / ( a+b+c )  

17.9%

 

15.3%

 

17.4%

* 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   IntegratedLNG   IntegratedPower   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  

15.6%

 

13.0%

 

9.5%

 

27.4%

 

16.0%

 

14.6%

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  

49%

 

43%

 

46%

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, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

(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 Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted.

(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% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.

(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

 

-15%

 

1,978

 

Cash flow used in investing activities ( a )

 

6,697

 

8,542

 

-22%

-

 

-

 

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

 

11%

 

51

 

Capex linked to capitalized leasing contracts ( e )

 

280

 

157

 

78%

26

 

4

 

x6.5

 

14

 

Expenditures related to carbon credits ( f )

 

29

 

16

 

81%

2,288

 

2,642

 

-13%

 

2,043

 

Net investments ( a + b + c + d + e + f = g - i + h )

 

7,007

 

8,715

 

-20%

(42)

 

57

 

ns

 

(514)

 

of which net acquisitions of assets sales ( g - i )

 

51

 

1,600

 

-97%

36

 

160

 

-78%

 

156

 

Acquisitions ( g )

 

523

 

2,281

 

-77%

78

 

103

 

-24%

 

670

 

Assets sales ( i )

 

472

 

681

 

-31%

-

 

-

 

ns

 

-

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

2,330

 

2,585

 

-10%

 

2,557

 

of which organic investments ( h )

 

6,956

 

7,115

 

-2%

140

 

88

 

58%

 

343

 

Capitalized exploration

 

364

 

872

 

-58%

46

 

67

 

-31%

 

32

 

Increase in non-current loans

 

155

 

93

 

67%

(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

 

-39%

 

566

 

Cash flow used in investing activities ( a )

 

1,830

 

2,293

 

-20%

-

 

-

 

ns

 

-

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

2

 

-

 

ns

 

1

 

Organic loan repayment from equity affiliates ( c )

 

3

 

2

 

50%

-

 

-

 

ns

 

-

 

Change in debt from renewable projects financing ( d ) *

 

-

 

-

 

ns

14

 

7

 

100%

 

12

 

Capex linked to capitalized leasing contracts ( e )

 

33

 

26

 

27%

-

 

-

 

ns

 

-

 

Expenditures related to carbon credits ( f )

 

-

 

-

 

ns

516

 

822

 

-37%

 

579

 

Net investments ( a + b + c + d + e + f = g - i + h )

 

1,866

 

2,321

 

-20%

65

 

198

 

-67%

 

84

 

of which net acquisitions of assets sales ( g - i )

 

251

 

1,048

 

-76%

69

 

199

 

-65%

 

204

 

Acquisitions ( g )

 

268

 

1,197

 

-78%

4

 

1

 

x4

 

120

 

Assets sales ( i )

 

17

 

149

 

-89%

-

 

-

 

ns

 

-

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

451

 

624

 

-28%

 

495

 

of which organic investments ( h )

 

1,615

 

1,273

 

27%

8

 

13

 

-38%

 

3

 

Capitalized exploration

 

30

 

7

 

x4.3

214

 

153

 

40%

 

153

 

Increase in non-current loans

 

540

 

391

 

38%

(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

 

21%

-

 

-

 

ns

 

-

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

10

 

-

 

ns

 

4

 

Organic loan repayment from equity affiliates ( c )

 

10

 

26

 

-62%

-

 

-

 

ns

 

43

 

Change in debt from renewable projects financing ( d ) *

 

-

 

81

 

-100%

5

 

-

 

ns

 

1

 

Capex linked to capitalized leasing contracts ( e )

 

6

 

5

 

20%

-

 

-

 

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

 

18%

1,529

 

(88)

 

ns

 

1,354

 

of which net acquisitions of assets sales ( g - i )

 

2,176

 

1,831

 

19%

1,565

 

142

 

x11

 

1,622

 

Acquisitions ( g )

 

2,443

 

2,204

 

11%

36

 

230

 

-84%

 

268

 

Assets sales ( i )

 

267

 

373

 

-28%

-

 

-

 

ns

 

(43)

 

Change in debt from renewable projects (partner share)

 

-

 

(81)

 

-100%

707

 

596

 

19%

 

578

 

of which organic investments ( h )

 

2,246

 

1,908

 

18%

-

 

-

 

ns

 

-

 

Capitalized exploration

 

-

 

-

 

ns

135

 

239

 

-44%

 

207

 

Increase in non-current loans

 

679

 

552

 

23%

(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

 

1%

 

310

 

Cash flow used in investing activities ( a )

 

1,032

 

964

 

7%

-

 

-

 

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

 

26%

 

289

 

Net investments ( a + b + c + d + e + f = g - i + h )

 

1,049

 

931

 

13%

34

 

(95)

 

ns

 

(97)

 

of which net acquisitions of assets sales ( g - i )

 

(81)

 

(107)

 

ns

42

 

26

 

62%

 

-

 

Acquisitions ( g )

 

77

 

31

 

x2.5

8

 

121

 

-93%

 

97

 

Assets sales ( i )

 

158

 

138

 

14%

-

 

-

 

ns

 

-

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

329

 

382

 

-14%

 

386

 

of which organic investments ( h )

 

1,130

 

1,038

 

9%

-

 

-

 

ns

 

-

 

Capitalized exploration

 

-

 

-

 

ns

33

 

58

 

-43%

 

13

 

Increase in non-current loans

 

98

 

51

 

92%

(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

 

-8%

 

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

 

-8%

 

221

 

Net investments ( a + b + c + d + e + f = g - i + h )

 

(490)

 

307

 

ns

78

 

151

 

-48%

 

(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

 

25%

 

239

 

of which organic investments ( h )

 

519

 

563

 

-8%

-

 

-

 

ns

 

-

 

Capitalized exploration

 

-

 

-

 

ns

16

 

57

 

-72%

 

16

 

Increase in non-current loans

 

84

 

53

 

58%

(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

 

5%

 

4,240

 

Cash flow from operating activities ( a )

 

12,888

 

12,823

 

1%

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

 

-2%

 

5,165

 

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

 

13,104

 

14,436

 

-9%

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

 

93%

 

872

 

Cash flow from operating activities ( a )

 

2,971

 

5,740

 

-48%

(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

 

50%

888

 

1,220

 

-27%

 

1,648

 

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

 

3,456

 

5,530

 

-38%

*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

 

-77%

 

1,936

 

Cash flow from operating activities ( a )

 

1,771

 

2,935

 

-40%

(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

 

-100%

10

 

-

 

ns

 

4

 

Organic loan repayments from equity affiliates ( e )

 

10

 

26

 

-62%

636

 

623

 

2%

 

516

 

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

 

1,951

 

1,447

 

35%

* 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

 

-63%

 

2,060

 

Cash flow from operating activities ( a )

 

(24)

 

3,132

 

ns

413

 

788

 

-48%

 

(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

 

-53%

 

1,618

 

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

 

2,938

 

4,680

 

-37%

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

 

-65%

 

206

 

Cash flow from operating activities ( a )

 

2,123

 

198

 

x10.7

63

 

1,066

 

-94%

 

(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

 

-2%

 

587

 

Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )

 

1,785

 

1,799

 

-1%

Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited)

3. Reconciliation of capital employed (balance sheet) and calculation of ROACE

(In millions of dollars)

 

Exploration & Production

 

Integrated LNG

 

Integrated Power

 

Refining & Chemicals

 

Marketing & Services

 

Corporate

 

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 ))

 

15.6%

 

13.0%

 

9.5%

 

27.4%

 

16.0%

 

 

 

 

 

14.6%

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/

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