TTE TotalEnergies SE

TotalEnergies generated $4.4B of adjusted net income, up 8%, for the fourth quarter thanks to strong performance in Integrated LNG and Integrated Power

In 2024, in a softer environment than 2023, TotalEnergies leveraged its multi-energy integrated strategy, posting adjusted net income of more than $18B and a 14.8% ROACE, the best among the majors

2024 dividend increase of 7% - $8 billion buybacks in 2024 8.3% gearing at year-end 2024

Regulatory News:

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

 

4Q24

 

Change vs 3Q24

 

2024

 

Change vs 2023

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

4.4

 

+8%

 

18.3

 

-21%

- in dollars per share  

1.90

 

+9%

 

7.77

 

-17%

Net income (TotalEnergies share) (B$)  

4.0

 

+72%

 

15.8

 

-26%

Adjusted EBITDA(1) (B$)  

10.5

 

+5%

 

43.1

 

-14%

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

7.2

 

+5%

 

29.9

 

-17%

Cash flow from operating activities (B$)  

12.5

 

+74%

 

30.9

 

-24%

The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 4, 2025, to approve the 4th quarter and the full-year 2024 financial statements. On the occasion, Patrick Pouyanné said:

“During the fourth quarter, TotalEnergies leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with $4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO, up 5%.

In 2024, TotalEnergies reported adjusted net income of $18.3 billion and cash flow of $29.9 billion in a softer environment mainly affected by a sharp decline in refining margins, after two exceptional years. 2024 IFRS net income was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return on average capital employed in 2024, the best among the majors for the third consecutive year. TotalEnergies continued to implement its balanced growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one third was in new Oil & Gas projects and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. With $8 billion in share buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the Company’s strong financial health.

In the Oil & Gas business, fourth quarter production was 2.43 Mboe/d, benefiting from the ramp up of projects commencing in 2024. With oil prices down $5/b compared to previous quarter, partially offset by higher gas prices, Exploration & Production delivered a strong quarter, with adjusted net operating income of $2.3 billion and cash flow of $3.9 billion. In 2024, TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3 in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%. Exploration & Production generated adjusted net operating income of $10 billion and cash flow of $17 billion. During the year, the Company sanctioned major oil projects in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than 12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low cost and low emission O&G model, with operating costs below $5/boe and GHG emissions† and notably methane emissions down 3% and 15%, respectively, over the year.

Integrated LNG results meaningfully increased sequentially with adjusted net operating income and cash flow of $1.4 billion, up 35% and 63%, respectively, compared to the third quarter, driven by 6% production growth, average LNG prices above $10/Mbtu and LNG trading performance back to the level of the fourth quarter 2023, taking advantage of higher market volatility. For full-year 2024, Integrated LNG generated adjusted net operating income and cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the launch of Marsa LNG in Oman, Ubeta in Nigeria, the Sapura OMV acquisition in Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in Texas. Moreover, TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/ year) in Asia, mostly Brent-indexed.

During the fourth quarter, Integrated Power continued its track record of strong performance throughout the year with a higher adjusted net operating income of $575 million and cash flow of $604 million. Full-year 2024 cash flow totaled $2.6 billion, up 19% year-on-year and in line with annual Company guidance, and with a ROACE of 10%. Net electricity production increased 23% year-on-year to 41 TWh and contributed to reducing the average lifecycle carbon intensity of all energy products sold by the Company to its clients (-17% vs. 2015). During 2024, TotalEnergies continued to deploy its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB that strengthen the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom that further enhance the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies anticipates growing power production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production.

During the fourth quarter, in a globally weak margin environment, Downstream adjusted net operating income was $680 million, up 12%, and cash flow was $1.4 billion, up 15%, following a $10/t increase in European refining margins. Full-year 2024 adjusted net operating income was $3.5 billion, down from 2023 levels due to a sharp decline (-44%) in European refining margins and downgraded operations in some units. Importantly, cash flow remained above $6 billion, demonstrating the resilience of the Company’s integrated Downstream model.

In view of the free cash flow growth outlook and share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to be held on May 23, 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared to the 2023 dividend. Furthermore, the Board of Directors confirmed a shareholder return policy for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions.”

1. Highlights (2)

Upstream

• Closing of the acquisition of the Upstream gas assets of SapuraOMV, in Malaysia
• Production start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil
• Launch, as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply gas-fired power plants in Iraq

Integrated LNG

• Signature of an LNG sales contract for 2 Mt/year over 15 years with Sinopec delivered in China from 2028

Integrated Power

• Signature of an acquisition agreement of VSB, a German renewable energy developer
• Sale of a 50% interest in a 2 GW solar and BESS portfolio in the United States
• Sale of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in the United Kingdom
• Award of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water Company, in Saudi Arabia
• Signature of an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects, in Oman
• Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years

Decarbonization and low-carbon molecules

• Decision to deploy continuous, real-time methane emissions detection equipment on all TotalEnergies operated upstream assets
• Launch by Northern Endurance Partnership of the first CCS project in the UK (TotalEnergies, 10%)
• Launch of a renewable hydrogen production project (bio H2) with Air Liquide at La Mède platform

2. Key figures from TotalEnergies’ consolidated financial statements (1)

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

 

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

 

2024

 

2023

 

2024 vs 2023

10,529

 

10,048

 

+5%

 

11,696

 

Adjusted EBITDA (1)

 

43,143

 

50,030

 

-14%

4,992

 

4,635

 

+8%

 

5,724

 

Adjusted net operating income from business segments

 

20,566

 

25,107

 

-18%

2,305

 

2,482

 

-7%

 

2,802

 

Exploration & Production

 

10,004

 

10,942

 

-9%

1,432

 

1,063

 

+35%

 

1,456

 

Integrated LNG

 

4,869

 

6,200

 

-21%

575

 

485

 

+19%

 

527

 

Integrated Power

 

2,173

 

1,853

 

+17%

318

 

241

 

+32%

 

633

 

Refining & Chemicals

 

2,160

 

4,654

 

-54%

362

 

364

 

-1%

 

306

 

Marketing & Services

 

1,360

 

1,458

 

-7%

706

 

706

 

-

 

597

 

Contribution of equity affiliates to adjusted net income

 

2,669

 

3,000

 

-11%

41.3%

 

38.0%

 

-

 

37.7%

 

Effective tax rate (3)

 

39.4%

 

37.5%

 

-

4,406

 

4,074

 

+8%

 

5,226

 

Adjusted net income (TotalEnergies share) (1)

 

18,264

 

23,176

 

-21%

1.90

 

1.74

 

+9%

 

2.16

 

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

 

7.77

 

9.40

 

-17%

1.78

 

1.58

 

+13%

 

2.02

 

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

 

7.18

 

8.70

 

-17%

2,282

 

2,310

 

-1%

 

2,387

 

Fully-diluted weighted-average shares (millions)

 

2,315

 

2,434

 

-5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,956

 

2,294

 

+72%

 

5,063

 

Net income (TotalEnergies share)

 

15,758

 

21,384

 

-26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,839

 

4,102

 

-6%

 

6,139

 

Organic investments (1)

 

16,423

 

18,126

 

-9%

24

 

1,662

 

-99%

 

(5,404)

 

Acquisitions net of assets sales (1)

 

1,406

 

(1,289)

 

ns

3,863

 

5,764

 

-33%

 

735

 

Net investments (1)

 

17,829

 

16,837

 

+6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,151

 

6,821

 

+5%

 

8,500

 

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

 

29,917

 

35,946

 

-17%

7,398

 

7,009

 

+6%

 

8,529

 

Debt Adjusted Cash Flow (DACF) (1)

 

30,614

 

36,451

 

-16%

12,507

 

7,171

 

+74%

 

16,150

 

Cash flow from operating activities

 

30,854

 

40,679

 

-24%

Gearing (1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023

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

3.1 Environment – liquids and gas price realizations, refining margins

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

   

2024

 

2023

 

2024 vs 2023

74.7

 

80.3

 

-7%

 

84.3

  Brent ($/b)  

80.8

 

82.6

 

-2%

3.0

 

2.2

 

+34%

 

2.9

  Henry Hub ($/Mbtu)  

2.4

 

2.7

 

-9%

13.6

 

11.5

 

+18%

 

13.6

  TTF ($/Mbtu)  

11.0

 

13.1

 

-16%

14.0

 

13.0

 

+7%

 

15.2

  JKM ($/Mbtu)  

11.9

 

13.8

 

-14%

71.8

 

77.0

 

-7%

 

80.2

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

77.1

 

76.2

 

+1%

6.26

 

5.78

 

+8%

 

6.17

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

5.54

 

6.64

 

-16%

10.37

 

9.91

 

+5%

 

10.28

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

9.80

 

10.76

 

-9%

25.9

 

15.4

 

+68%

 

52.6

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

39.5

 

71.0

 

-44%

3.2 Greenhouse gas emissions (11)

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Scope 1+2 emissions (MtCO2e)  

2024

 

2023

 

2024 vs 2023

9.6

 

8.8

 

+9%

 

7.9

  Scope 1+2 from operated facilities (12)  

34.3

 

34.6

 

-1%

7.9

 

7.4

 

+7%

 

7.2

  of which Oil & Gas  

29.4

 

30.3

 

-3%

1.7

 

1.4

 

+21%

 

0.7

  of which CCGT  

4.9

 

4.3

 

+14%

12.2

 

11.7

 

+4%

 

11.5

  Scope 1+2 - equity share  

46.4

 

48.9

 

-5%

 

 

 

 

 

 

 

   

 

 

 

 

 

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Methane emissions (ktCH4)  

2024

 

2023

 

2024 vs 2023

7

 

7

 

-

 

9

  Methane emissions from operated facilities  

29

 

34

 

-15%

9

 

8

 

+13%

 

11

  Methane emissions - equity share  

33

 

40

 

-18%

Estimated quarterly emissions.

In 2024, Scope 1+2 emissions from operated installations amounted to 34.3 million tons CO2e.

2024 methane emissions from operated facilities were down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production, which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020.

2024 Scope 3 (13) Category 11 emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e in 2023.

3.3 Production (14)

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Hydrocarbon production  

2024

 

2023

 

2024 vs 2023

2,427

 

2,409

 

+1%

 

2,462

  Hydrocarbon production (kboe/d)  

2,434

 

2,483

 

-2%

1,292

 

1,324

 

-2%

 

1,341

  Oil (including bitumen) (kb/d)  

1,314

 

1,388

 

-5%

1,135

 

1,086

 

+5%

 

1,121

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

1,120

 

1,095

 

+2%

 

 

 

 

 

 

 

   

 

 

 

 

 

2,427

 

2,409

 

+1%

 

2,462

  Hydrocarbon production (kboe/d)  

2,434

 

2,483

 

-2%

1,445

 

1,466

 

-1%

 

1,506

  Liquids (kb/d)  

1,468

 

1,550

 

-5%

5,323

 

5,093

 

+5%

 

5,158

  Gas (Mcf/d)  

5,211

 

5,028

 

+4%

Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of:

• +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and Anchor in the United States,
• +1% due to higher availability of production facilities,
• +1% portfolio effect related to entry into the producing fields of SARB Umm Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale gas plays in Texas,
• -3% due to the natural field declines.

4. Analysis of business segments

4.1 Exploration & Production

4.1.1 Production

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Hydrocarbon production  

2024

 

2023

 

2024 vs 2023

1,933

 

1,944

 

-1%

 

1,998

  EP (kboe/d)  

1,947

 

2,034

 

-4%

1,385

 

1,414

 

-2%

 

1,448

  Liquids (kb/d)  

1,408

 

1,492

 

-6%

2,924

 

2,830

 

+3%

 

2,946

  Gas (Mcf/d)  

2,880

 

2,900

 

-1%

4.1.2 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars, except effective tax rate  

2024

 

2023

 

2024 vs 2023

2,305

 

2,482

 

-7%

 

2,802

  Adjusted net operating income  

10,004

 

10,942

 

-9%

207

 

183

 

+13%

 

130

  including adjusted income from equity affiliates  

742

 

539

 

+38%

50.5%

 

45.1%

 

-

 

47.7%

  Effective tax rate (15)  

47.8%

 

50.0%

 

-

 

 

 

 

 

 

 

   

 

 

 

 

 

2,104

 

2,330

 

-10%

 

3,117

  Organic investments (1)  

9,060

 

10,232

 

-11%

(258)

 

(42)

 

ns

 

(4,306)

  Acquisitions net of assets sales (1)  

(207)

 

(2,706)

 

ns

1,846

 

2,288

 

-19%

 

(1,189)

  Net investments (1)  

8,853

 

7,526

 

+18%

 

 

 

 

 

 

 

   

 

 

 

 

 

3,945

 

4,273

 

-8%

 

4,690

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

17,049

 

19,126

 

-11%

4,500

 

4,763

 

-6%

 

5,708

  Cash flow from operating activities  

17,388

 

18,531

 

-6%

In the fourth quarter 2024, for Exploration & Production:

• adjusted net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil prices that were partially compensated by increased production and higher gas realizations,
• cash flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter for the same reasons.

In 2024, adjusted net operating income was $10,004 million, down 9% year-on-year, and cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year, mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets.

4.2 Integrated LNG

4.2.1 Production

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Hydrocarbon production for LNG  

2024

 

2023

 

2024 vs 2023

494

 

465

 

+6%

 

464

  Integrated LNG (kboe/d)  

487

 

449

 

+8%

60

 

52

 

+14%

 

58

  Liquids (kb/d)  

60

 

58

 

+3%

2,399

 

2,263

 

+6%

 

2,212

  Gas (Mcf/d)  

2,331

 

2,128

 

+10%

 

 

 

 

 

 

 

   

 

 

 

 

 

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Liquefied Natural Gas in Mt  

2024

 

2023

 

2024 vs 2023

10.8

 

9.5

 

+14%

 

11.8

  Overall LNG sales  

39.8

 

44.3

 

-10%

3.8

 

3.8

 

+1%

 

4.0

  incl. Sales from equity production*  

15.5

 

15.2

 

+1%

9.4

 

8.4

 

+11%

 

10.8

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

34.7

 

40.1

 

-14%

* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

Hydrocarbon production for LNG in the fourth quarter was up 6% quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter.

LNG sales, although down year-on-year reflecting lower LNG demand in Europe, were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment.

4.2.2 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars, except the average price of LNG  

2024

 

2023

 

2024 vs 2023

10.37

 

9.91

 

+5%

 

10.28

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

9.80

 

10.76

 

-9%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,432

 

1,063

 

+35%

 

1,456

  Adjusted net operating income  

4,869

 

6,200

 

-21%

525

 

538

 

-2%

 

500

  including adjusted income from equity affiliates  

1,978

 

2,103

 

-6%

 

 

 

 

 

 

 

   

 

 

 

 

 

554

 

451

 

+23%

 

790

  Organic investments (1)  

2,169

 

2,063

 

+5%

1,116

 

65

 

x17.2

 

48

  Acquisitions net of assets sales (1)  

1,367

 

1,096

 

+25%

1,670

 

516

 

x3.2

 

838

  Net investments (1)  

3,536

 

3,159

 

+12%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,447

 

888

 

+63%

 

1,763

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

4,903

 

7,293

 

-33%

2,214

 

830

 

x2.7

 

2,702

  Cash flow from operating activities  

5,185

 

8,442

 

-39%

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

In the fourth quarter 2024, for Integrated LNG:

• adjusted net operating income was $1,432 million, up 35% on the quarter, driven by higher hydrocarbon production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting from higher market volatility,
• cash flow from operations excluding working capital (CFFO) was $1,447 million, up 63% on the quarter for the same reasons and due to a positive timing effect in dividend payments from some equity affiliates of around $150 million.

In 2024, for Integrated LNG:

• adjusted net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average LNG selling prices and low market volatility during the first three quarters that impacted gas trading results,
• cash flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year for the same reasons.

4.3 Integrated Power

4.3.1 Productions, capacities, clients and sales

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Integrated Power  

2024

 

2023

 

2024 vs 2023

11.4

 

11.1

 

+2%

 

8.0

  Net power production (TWh) *  

41.1

 

33.4

 

+23%

6.5

 

6.7

 

-4%

 

5.5

  o/w production from renewables  

26.0

 

18.9

 

+38%

4.9

 

4.4

 

+12%

 

2.5

  o/w production from gas flexible capacities  

15.1

 

14.5

 

+4%

21.5

 

21.6

 

-1%

 

17.3

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

21.5

 

17.3

 

+24%

15.1

 

14.5

 

+4%

 

13.0

  o/w renewables  

15.1

 

13.0

 

+16%

6.5

 

7.1

 

-9%

 

4.3

  o/w gas flexible capacities  

6.5

 

4.3

 

+50%

97.2

 

89.6

 

+9%

 

80.1

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

97.2

 

80.1

 

+21%

26.0

 

24.2

 

+8%

 

22.4

  o/w installed capacity  

26.0

 

22.4

 

+16%

6.1

 

6.0

 

+1%

 

5.9

  Clients power - BtB and BtC (Million) **  

6.1

 

5.9

 

+2%

2.8

 

2.8

 

-

 

2.8

  Clients gas - BtB and BtC (Million) **  

2.8

 

2.8

 

-

13.8

 

10.9

 

+26%

 

13.9

  Sales power - BtB and BtC (TWh)  

50.7

 

52.1

 

-3%

30.1

 

13.9

 

x2.2

 

30.7

  Sales gas - BtB and BtC (TWh)  

98.6

 

100.9

 

-2%

* 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 11.4 TWh in the fourth quarter 2024, up 2% on the quarter due to the seasonal increase in power production from flexible capacities in Europe.

Over the year, net power production was up 23%, at 41 TWh. Notably, production from renewables increased 38% and accounted for more than 60% of the electricity generated.

Gross installed renewable power generation capacity reached 26 GW at the end of the fourth quarter 2024, up 1.8 GW quarter-to-quarter.

4.3.2 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

575

 

485

 

+19%

 

527

  Adjusted net operating income  

2,173

 

1,853

 

+17%

(25)

 

29

 

ns

 

21

  including adjusted income from equity affiliates  

-

 

137

 

-100%

 

 

 

 

 

 

 

   

 

 

 

 

 

109

 

707

 

-85%

 

674

  Organic investments (1)  

2,355

 

2,582

 

-9%

(662)

 

1,529

 

ns

 

532

  Acquisitions net of assets sales (1)  

1,514

 

2,363

 

-36%

(553)

 

2,236

 

ns

 

1,206

  Net investments (1)  

3,869

 

4,945

 

-22%

 

 

 

 

 

 

 

   

 

 

 

 

 

604

 

636

 

-5%

 

705

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

2,555

 

2,152

 

+19%

1,201

 

373

 

x3.2

 

638

  Cash flow from operating activities  

2,972

 

3,573

 

-17%

In the fourth quarter 2024, Integrated Power adjusted net operating income was $575 million, up 19% quarter-to-quarter.

In 2024, Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $2,173 million and $2,555 million, respectively, up nearly 20% year-on-year and in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments of the value chain contributing to achieving annual guidance (> $2.5 billion CFFO).

4.4 Downstream (Refining & Chemicals and Marketing & Services)

4.4.1 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

680

 

605

 

+12%

 

939

  Adjusted net operating income  

3,520

 

6,112

 

-42%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,013

 

561

 

+81%

 

1,504

  Organic investments (1)  

2,662

 

3,105

 

-14%

(172)

 

112

 

ns

 

(1,679)

  Acquisitions net of assets sales (1)  

(1,262)

 

(2,042)

 

ns

841

 

673

 

+25%

 

(175)

  Net investments (1)  

1,400

 

1,063

 

+32%

 

 

 

 

 

 

 

   

 

 

 

 

 

1,356

 

1,177

 

+15%

 

1,692

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

6,079

 

8,171

 

-26%

4,610

 

1,145

 

x4

 

6,584

  Cash flow from operating activities  

6,709

 

9,914

 

-32%

4.5 Refining & Chemicals

4.5.1 Refinery and petrochemicals throughput and utilization rates

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Refinery throughput and utilization rate  

2024

 

2023

 

2024 vs 2023

1,432

 

1,539

 

-7%

 

1,381

  Total refinery throughput (kb/d)  

1,472

 

1,436

 

+2%

424

 

451

 

-6%

 

444

  France  

422

 

414

 

+2%

541

 

625

 

-13%

 

582

  Rest of Europe  

605

 

592

 

+2%

467

 

463

 

+1%

 

355

  Rest of world  

446

 

431

 

+3%

82%

 

86%

 

 

 

79%

  Utilization rate based on crude only*  

83%

 

81%

 

 

* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024.

4Q24

3Q24

4Q24 vs 3Q24

4Q23

Petrochemicals production and utilization rate

2024

2023

2024 vs 2023

1,233

1,314

-6%

1,114

Monomers* (kt)

5,082

4,896

+4%

1,080

1,167

-7%

985

Polymers (kt)

4,433

4,130

+7%

79%

85%

 

60%

Steam cracker utilization rate**

79%

69%

* Olefins.

** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.

Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround at the Leuna refinery in Germany.

Over 2024, the utilization rate based on crude was 83%, below the annual objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery in the United States.

4.5.2 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars, except ERM  

2024

 

2023

 

2024 vs 2023

25.9

 

15.4

 

+68%

 

52.6

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

39.5

 

71.0

 

-44%

 

 

 

 

 

 

 

   

 

 

 

 

 

318

 

241

 

+32%

 

633

  Adjusted net operating income  

2,160

 

4,654

 

-54%

 

 

 

 

 

 

 

   

 

 

 

 

 

581

 

329

 

+77%

 

1,002

  Organic investments (1)  

1,711

 

2,040

 

-16%

(92)

 

34

 

ns

 

(11)

  Acquisitions net of assets sales (1)  

(173)

 

(118)

 

ns

489

 

363

 

+35%

 

991

  Net investments (1)  

1,538

 

1,922

 

-20%

 

 

 

 

 

 

 

   

 

 

 

 

 

822

 

530

 

+55%

 

1,173

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

3,760

 

5,853

 

-36%

3,832

 

564

 

x6.8

 

4,825

  Cash flow from operating activities  

3,808

 

7,957

 

-52%

* 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.

In the fourth quarter 2024, for Refining & Chemicals:

• adjusted net operating income was $318 million, up 32% quarter-to-quarter, thanks to a $10/t increase in European refining margins,
• cash flow from operations excluding working capital (CFFO) was $822 million, up 55% quarter-to-quarter, for the same reasons and thanks to dividends received from equity affiliates during the quarter.

In 2024, for Refining & Chemicals, adjusted net operating income and cash flow from operations excluding working capital (CFFO) were both down, amounting to $2,160 million and $3,760 million, respectively, reflecting lower refining margins in Europe and the Rest of the World.

4.6 Marketing & Services

4.6.1 Petroleum product sales

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Sales in kb/d*  

2024

 

2023

 

2024 vs 2023

1,312

 

1,383

 

-5%

 

1,341

  Total Marketing & Services sales  

1,342

 

1,375

 

-2%

724

 

795

 

-9%

 

755

  Europe  

752

 

776

 

-3%

587

 

588

 

-

 

587

  Rest of world  

591

 

599

 

-1%

* Excludes trading and bulk refining sales.

Sales of petroleum products in the fourth quarter 2024 were down 5% quarter-to-quarter, mainly due to seasonality of European fuel demand.

4.6.2 Results

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

362

 

364

 

-1%

 

306

  Adjusted net operating income  

1,360

 

1,458

 

-7%

 

 

 

 

 

 

 

   

 

 

 

 

 

432

 

232

 

+86%

 

502

  Organic investments (1)  

951

 

1,065

 

-11%

(80)

 

78

 

ns

 

(1,668)

  Acquisitions net of assets sales (1)  

(1,089)

 

(1,924)

 

ns

352

 

310

 

+14%

 

(1,166)

  Net investments (1)  

(138)

 

(859)

 

ns

 

 

 

 

 

 

 

   

 

 

 

 

 

534

 

647

 

-17%

 

519

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

2,319

 

2,318

 

-

778

 

581

 

+34%

 

1,759

  Cash flow from operating activities  

2,901

 

1,957

 

+48%

Marketing & Services adjusted net operating income was stable quarter-to-quarter at $362 million and cash flow from operations excluding working capital (CFFO) was $534 million.

5. TotalEnergies results

5.1 Adjusted net operating income from business segments

Adjusted net operating income from business segments was:

• $4,992 million in the fourth quarter 2024 versus $4,635 million in the third quarter 2024, mainly due to increases in hydrocarbon production, gas prices and refining margins that were partially offset by lower oil prices,
• $20,566 million in 2024 versus $25,107 million in 2023, linked to lower oil & gas prices and refining margins and to low market volatility impacting gas & LNG trading.

5.2 Adjusted net income (1) (TotalEnergies share)

TotalEnergies adjusted net income was $4,406 million in the fourth quarter 2024 versus $4,074 million in the third quarter 2024, for the same reasons.

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

Adjustments to net income were ($ 0.5) billion in the fourth quarter 2024, consisting mainly of:

• ($0.4) billion related to impairments,
• $0.2 billion in inventory effects,
• ($0.3) billion related to the effect of changes in fair value.

TotalEnergies’ average tax rate was:

• 41.3% in the fourth quarter 2024 versus 38.0% in the third quarter 2024, notably due to the higher relative weight of highly taxed North Sea assets in Exploration & Production,
• 39.4% in 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:

• $1.90 in the fourth quarter 2024, based on 2,282 million weighted average diluted shares, compared to $1.74 in the third quarter 2024,
• $7.77 in 2024, based on 2,315 million weighted average diluted shares, compared to $9.40 in 2023.

As of December 31, 2024, the number of diluted shares was 2,270 million.

As part of its shareholder return policy, TotalEnergies repurchased:

• 32.9 million shares for cancellation in the fourth quarter 2024 for $2 billion,
• 121 million shares for cancellation in 2024 for $8 billion.

5.4 Acquisitions – asset sales

Acquisitions were :

• $1,233 million in the fourth quarter 2024, primarily related to Sapura OMV in Malaysia and interests in dry gas fields operated by Lewis Energy in the Eagle Ford in Texas,
• $4,646 million in 2024, related to the above acquisitions as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in Texas, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible gas capacity in the United Kingdom and interest in offshore wind in Germany in 2023 and in The Netherlands in 2024.

Divestments were :

• $1,209 million in the fourth quarter 2024, primarily related to the farm down of renewable and flexible assets in the United States, the sale of a 50% interest in the West Burton plant in the United Kingdom as well as the sales of TotalEnergies EP Brunei, TotalEnergies’ interest in Total PARCO in Pakistan and a minority interest in the Natref refinery in South Africa.
• $3,240 million in 2024, related to the above divestments as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg and the Netherlands, the sale of a 15% interest in Absheron in Azerbaijan, the farm down of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France.

5.5 Net cash flow (1)

TotalEnergies’ net cash flow was:

• $3,288 million in the fourth quarter 2024 versus $1,057 million in the third quarter, reflecting the $330 million increase in CFFO and the $1,901 million decrease in net investments to $3,863 million in the fourth quarter 2024.
• $12,088 million in 2024 versus $19,109 million in 2023, reflecting the $6,029 million decrease in CFFO and the $992 million increase in net investments to $17,829 million in 2024.

2024 cash flow from operating activities was $12,507 million in the fourth quarter 2024 versus CFFO of $7,151 million, which reflects positive variation from a $5.4 billion working capital release, including around $1.5 billion related to exceptional items.

5.6 Profitability

Return on equity was 15.8% for the twelve months ended December 31, 2024.

In millions of dollars   January 1, 2024   October 1, 2023   January 1, 2023   December 31, 2024   September 30, 2024   December 31, 2023 Adjusted net income (1)  

18,586

 

19,398

 

23,450

Average adjusted shareholders' equity  

117,835

 

116,572

 

115,006

Return on equity (ROE)  

15.8%

 

16.6%

 

20.4%

Return on average capital employed (1) was 14.8% for the twelve months ended December 31, 2024.

In millions of dollars   January 1, 2024   October 1, 2023   January 1, 2023   December 31, 2024   September 30, 2024   December 31, 2023 Adjusted net operating income (1)  

19,974

 

20,701

 

24,684

Average capital employed (1)  

135,174

 

142,195

 

130,517

ROACE (1)  

14.8%

 

14.6%

 

18.9%

6. TotalEnergies SE statutory accounts

Net income for TotalEnergies SE, the parent company, amounted to €15,275 million in 2024, compared to €11,232 million in 2023.

7. Annual 2025 Sensitivities (16)

  Change   Estimated impact on adjustednet operating income   Estimated impact on cash flow from operations Dollar   +/- 0.1 $ per €   -/+ 0.1 B$   ~0 B$ Average liquids price (17)   +/- 10 $/b   +/- 2.3 B$   +/- 2.8 B$ European gas price - TTF   +/- 2 $/Mbtu   +/- 0.4 B$   +/- 0.4 B$ European Refining Margin Marker (ERM)   +/- 10 $/t   +/- 0.4 B$   +/- 0.5 B$

8. Outlook

At the beginning of 2025, Brent prices remain volatile between $70 and $80/b, supported by the willingness of OPEC+ countries to balance oil markets that are facing strong supply growth from non-OPEC countries (US, Guyana, Brazil). According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in 2025, up from a 0.8 Mb/d increase in 2024.

European gas prices increased at the end of 2024 and forward markets currently expect prices to be above $13/Mbtu in the first quarter of 2025, supported by high winter consumption and rapid inventory declines in Europe in the context of the interruption of Russian imports via Ukraine. Gas markets should remain in tension in 2025 due to very limited expected capacity additions related to delays of some projects. TotalEnergies expects more than 40 Mt of LNG sales in 2025. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be above $10/Mbtu in the first quarter 2025.

In 2025, TotalEnergies anticipates its hydrocarbon production will grow more than 3%, benefiting from the ramp-up of 2024 start-ups and production start-ups, notably Ballymore in the Gulf of Mexico and Mero-4 in Brazil.

First quarter 2025 hydrocarbon production is expected to be between 2.5 and 2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the acquisitions of SapuraOMV in Malaysia and of interests in the Eagle Ford shale gas play in Texas that occurred during the fourth quarter 2024.

The Integrated Power segment is expected to expand in 2025 supported by electricity production growth greater than 20% to reach an annual net electricity generation of more than 50 TWh. Cash flow before working capital (CFFO) is expected to be between $2.5 and $3 billion in 2025.

By combining hydrocarbon and electricity production growth, the Company expects to increase energy production by 5% in 2025. Integrated Power production will represent 10% of hydrocarbon production.

For 2025, TotalEnergies expects net investments of $17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly Integrated Power. Organic investments should amount to approximately $17 billion, focused on core growth projects to achieve 2030 production targets, down from the $18 billion guidance presented during the Strategy & Outlook in October 2024.

* * * *

To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 3:00pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501. 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)

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Combined liquids and gasproduction by region (kboe/d)  

2024

 

2023

 

2024 vs 2023

589

 

556

 

+6%

 

592

  Europe  

569

 

565

 

+1%

437

 

452

 

-3%

 

451

  Africa  

450

 

471

 

-4%

790

 

799

 

-1%

 

788

  Middle East and North Africa  

807

 

764

 

+6%

401

 

388

 

+3%

 

376

  Americas  

375

 

426

 

-12%

210

 

214

 

-2%

 

256

  Asia-Pacific  

233

 

257

 

-9%

2,427

 

2,409

 

+1%

 

2,462

  Total production  

2,434

 

2,483

 

-2%

369

 

371

 

-1%

 

331

  includes equity affiliates  

361

 

335

 

+8%

 

 

 

 

 

 

 

   

 

 

 

 

 

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Liquids production by region (kb/d)  

2024

 

2023

 

2024 vs 2023

228

 

221

 

+3%

 

236

  Europe  

225

 

232

 

-3%

318

 

329

 

-3%

 

328

  Africa  

325

 

348

 

-6%

627

 

637

 

-1%

 

629

  Middle East and North Africa  

644

 

612

 

+5%

193

 

189

 

+2%

 

207

  Americas  

180

 

251

 

-28%

79

 

90

 

-13%

 

106

  Asia-Pacific  

94

 

107

 

-12%

1,445

 

1,466

 

-1%

 

1,506

  Total production  

1,468

 

1,550

 

-5%

151

 

154

 

-2%

 

141

  includes equity affiliates  

152

 

150

 

+2%

 

 

 

 

 

 

 

   

 

 

 

 

 

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Gas production by region (Mcf/d)  

2024

 

2023

 

2024 vs 2023

1,951

 

1,812

 

+8%

 

1,921

  Europe  

1,862

 

1,801

 

+3%

620

 

632

 

-2%

 

612

  Africa  

630

 

614

 

+3%

889

 

888

 

-

 

881

  Middle East and North Africa  

894

 

833

 

+7%

1,154

 

1,100

 

+5%

 

941

  Americas  

1,080

 

975

 

+11%

709

 

661

 

+7%

 

803

  Asia-Pacific  

745

 

805

 

-7%

5,323

 

5,093

 

+5%

 

5,158

  Total production  

5,211

 

5,028

 

+4%

1,181

 

1,190

 

-1%

 

1,027

  includes equity affiliates  

1,135

 

1,004

 

+13%

9.2 Downstream (Refining & Chemicals and Marketing & Services)

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Petroleum product sales by region (kb/d)  

2024

 

2023

 

2024 vs 2023

1,820

 

1,932

 

-6%

 

1,789

  Europe  

1,842

 

1,734

 

+6%

614

 

585

 

+5%

 

610

  Africa  

587

 

624

 

-6%

970

 

1,091

 

-11%

 

1,055

  Americas  

1,021

 

942

 

+8%

975

 

747

 

+31%

 

697

  Rest of world  

768

 

652

 

+18%

4,380

 

4,355

 

+1%

 

4,151

  Total consolidated sales  

4,218

 

3,953

 

+7%

343

 

395

 

-13%

 

402

  Includes bulk sales  

384

 

405

 

-5%

2,725

 

2,578

 

+6%

 

2,408

  Includes trading  

2,492

 

2,173

 

+15%

 

 

 

 

 

 

 

   

 

 

 

 

 

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  Petrochemicals production* (kt)  

2024

 

2023

 

2024 vs 2023

875

 

954

 

-8%

 

845

  Europe  

3,719

 

3,936

 

-6%

701

 

765

 

-8%

 

528

  Americas  

2,867

 

2,366

 

+21%

737

 

762

 

-3%

 

725

  Middle East and Asia  

2,929

 

2,724

 

+8%

* Olefins, polymers.

9.3 Integrated Power

9.3.1 Net power production

 

4Q24

 

3Q24

Net power production (TWh)  

Solar

 

Onshore Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Gas

 

Others

 

Total

France  

0.2

 

0.3

 

-

 

1.4

 

0.0

 

1.9

 

0.2

 

0.1

 

-

 

0.6

 

0.0

 

0.9

Rest of Europe  

0.1

 

0.6

 

0.4

 

2.1

 

0.0

 

3.2

 

0.1

 

0.4

 

0.2

 

1.3

 

0.1

 

2.1

Africa  

0.0

 

0.0

 

-

 

-

 

-

 

0.0

 

0.0

 

0.0

 

-

 

-

 

-

 

0.0

Middle East  

0.2

 

-

 

-

 

0.2

 

-

 

0.4

 

0.2

 

-

 

-

 

0.3

 

-

 

0.5

North America  

0.9

 

0.5

 

-

 

1.1

 

-

 

2.5

 

1.2

 

0.4

 

-

 

2.2

 

-

 

3.8

South America  

0.1

 

0.9

 

-

 

-

 

-

 

1.1

 

0.1

 

1.1

 

-

 

-

 

-

 

1.2

India  

1.6

 

0.2

 

-

 

-

 

-

 

1.9

 

1.6

 

0.4

 

-

 

-

 

-

 

2.0

Pacific Asia  

0.3

 

0.0

 

0.2

 

-

 

-

 

0.4

 

0.4

 

0.0

 

0.0

 

-

 

-

 

0.4

Total  

3.4

 

2.5

 

0.6

 

4.9

 

0.1

 

11.4

 

4.0

 

2.4

 

0.3

 

4.4

 

0.1

 

11.1

9.3.2 Installed power generation net capacity

 

4Q24

 

3Q24

Installed power generation net capacity (GW) (18)   Solar   OnshoreWind   OffshoreWind   Gas   Others   Total   Solar   OnshoreWind   OffshoreWind   Gas   Others   Total France  

0.7

 

0.4

 

-

 

2.6

 

0.2

 

4.0

 

0.6

 

0.4

 

-

 

2.6

 

0.2

 

3.7

Rest of Europe  

0.6

 

0.9

 

0.3

 

2.1

 

0.2

 

4.0

 

0.3

 

0.9

 

0.3

 

2.7

 

0.2

 

4.4

Africa  

0.0

 

-

 

-

 

-

 

-

 

0.0

 

0.1

 

0.0

 

-

 

-

 

0.0

 

0.1

Middle East  

0.4

 

-

 

-

 

0.3

 

-

 

0.8

 

0.4

 

-

 

-

 

0.3

 

-

 

0.8

North America  

2.3

 

0.8

 

-

 

1.5

 

0.3

 

4.9

 

2.6

 

0.8

 

-

 

1.5

 

0.4

 

5.3

South America  

0.4

 

0.9

 

-

 

-

 

-

 

1.3

 

0.4

 

0.9

 

-

 

-

 

-

 

1.2

India  

4.8

 

0.6

 

-

 

-

 

-

 

5.3

 

4.3

 

0.5

 

-

 

-

 

-

 

4.9

Pacific Asia  

1.1

 

0.0

 

0.2

 

-

 

-

 

1.3

 

1.1

 

0.0

 

0.1

 

-

 

0.0

 

1.2

Total  

10.3

 

3.6

 

0.5

 

6.5

 

0.6

 

21.5

 

9.8

 

3.6

 

0.4

 

7.1

 

0.7

 

21.6

9.3.3 Power generation gross capacity from renewables

 

4Q24

 

3Q24

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  

1.2

 

0.7

 

-

 

0.2

 

2.1

 

1.1

 

0.7

 

-

 

0.2

 

2.1

Rest of Europe  

0.6

 

1.1

 

1.1

 

0.3

 

3.1

 

0.3

 

1.1

 

1.1

 

0.2

 

2.8

Africa  

0.1

 

-

 

-

 

0.0

 

0.1

 

0.1

 

-

 

-

 

0.0

 

0.1

Middle East  

1.2

 

-

 

-

 

-

 

1.2

 

1.2

 

-

 

-

 

-

 

1.2

North America  

5.4

 

2.2

 

-

 

0.7

 

8.2

 

4.9

 

2.2

 

-

 

0.7

 

7.7

South America  

0.4

 

1.3

 

-

 

-

 

1.7

 

0.4

 

1.3

 

-

 

-

 

1.6

India  

6.7

 

0.6

 

-

 

-

 

7.3

 

6.1

 

0.6

 

-

 

-

 

6.7

Asia-Pacific  

1.6

 

0.0

 

0.6

 

0.0

 

2.2

 

1.6

 

0.0

 

0.4

 

0.0

 

2.0

Total  

17.2

 

6.0

 

1.7

 

1.1

 

26.0

 

15.6

 

5.9

 

1.6

 

1.1

 

24.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Q24

 

3Q24

Power generation gross capacity from renewables in construction (GW) (19),(20)  

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

France  

0.3

 

0.0

 

0.0

 

0.0

 

0.3

 

0.2

 

0.0

 

0.0

 

0.0

 

0.2

Rest of Europe  

0.5

 

0.2

 

0.8

 

0.0

 

1.4

 

0.4

 

0.1

 

0.8

 

0.1

 

1.4

Africa  

0.4

 

0.1

 

-

 

0.1

 

0.6

 

0.3

 

-

 

-

 

0.1

 

0.4

Middle East  

0.1

 

-

 

-

 

-

 

0.1

 

0.1

 

-

 

-

 

-

 

0.1

North America  

1.2

 

0.0

 

-

 

0.5

 

1.8

 

1.7

 

0.0

 

-

 

0.4

 

2.1

South America  

0.4

 

0.6

 

-

 

0.2

 

1.2

 

0.3

 

0.6

 

-

 

0.2

 

1.1

India  

3.2

 

-

 

-

 

-

 

3.2

 

3.9

 

-

 

-

 

-

 

3.9

Asia-Pacific  

0.1

 

-

 

0.1

 

-

 

0.1

 

0.1

 

-

 

0.2

 

-

 

0.3

Total  

6.2

 

1.0

 

0.8

 

0.9

 

8.9

 

6.9

 

0.8

 

1.0

 

0.7

 

9.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Q24

 

3Q24

Power generation gross capacity from renewables in development (GW) (19),(20)  

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

 

Solar

 

Onshore Wind

 

Offshore Wind

 

Other

 

Total

France  

0.9

 

0.5

 

-

 

0.1

 

1.5

 

1.1

 

0.4

 

-

 

0.1

 

1.6

Rest of Europe  

4.9

 

0.7

 

13.3

 

2.7

 

21.6

 

4.6

 

0.8

 

8.9

 

2.6

 

16.9

Africa  

0.6

 

0.2

 

-

 

-

 

0.8

 

0.7

 

0.3

 

-

 

-

 

1.0

Middle East  

2.3

 

0.2

 

-

 

-

 

2.6

 

1.8

 

-

 

-

 

-

 

1.8

North America  

10.3

 

3.1

 

4.1

 

4.4

 

21.9

 

8.8

 

3.3

 

4.1

 

4.9

 

21.0

South America  

1.6

 

1.1

 

-

 

0.0

 

2.8

 

1.8

 

1.2

 

-

 

0.0

 

3.0

India  

2.3

 

0.1

 

-

 

-

 

2.5

 

2.2

 

0.1

 

-

 

-

 

2.3

Asia-Pacific  

3.4

 

1.1

 

3.0

 

1.2

 

8.6

 

3.6

 

1.1

 

2.6

 

1.1

 

8.4

Total  

26.5

 

7.1

 

20.4

 

8.3

 

62.3

 

24.4

 

7.2

 

15.6

 

8.7

 

55.9

10. Alternative Performance Measures (Non-GAAP measures)

10.1 Adjustment items to net income (TotalEnergies share)

4Q24

 

3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

3,956

 

2,294

 

5,063

  Net income (TotalEnergies share)  

15,758

 

21,384

(413)

 

(1,337)

 

180

  Special items affecting net income (TotalEnergies share)  

(1,219)

 

(1,105)

(25)

 

-

 

1,844

  Gain (loss) on asset sales  

1,372

 

2,047

(6)

 

(10)

 

(51)

  Restructuring charges  

(27)

 

(56)

(232)

 

(1,100)

 

(1,023)

  Impairments  

(1,976)

 

(2,166)

(150)

 

(227)

 

(590)

  Other  

(588)

 

(930)

216

 

(359)

 

(535)

  After-tax inventory effect : FIFO vs. replacement cost  

(339)

 

(699)

(253)

 

(84)

 

192

  Effect of changes in fair value  

(948)

 

12

(450)

 

(1,780)

 

(163)

  Total adjustments affecting net income  

(2,506)

 

(1,792)

4,406

 

4,074

 

5,226

  Adjusted net income (TotalEnergies share)  

18,264

 

23,176

10.2 Reconciliation of adjusted EBITDA with consolidated financial statements

10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

3,956

 

2,294

 

+72%

 

5,063

  Net income (TotalEnergies share)  

15,758

 

21,384

 

-26%

450

 

1,780

 

-75%

 

163

  Less: adjustment items to net income (TotalEnergies share)  

2,506

 

1,792

 

+40%

4,406

 

4,074

 

+8%

 

5,226

  Adjusted net income (TotalEnergies share)  

18,264

 

23,176

 

-21%

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

65

 

90

 

-28%

 

57

  Add: non-controlling interests  

322

 

274

 

+18%

2,872

 

2,369

 

+21%

 

3,004

  Add: income taxes  

11,209

 

12,939

 

-13%

2,715

 

3,048

 

-11%

 

3,060

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

11,667

 

12,012

 

-3%

107

 

103

 

+4%

 

115

  Add: amortization and impairment of intangible assets  

389

 

394

 

-1%

786

 

797

 

-1%

 

660

  Add: financial interest on debt  

3,016

 

2,820

 

+7%

(422)

 

(433)

 

ns

 

(426)

  Less: financial income and expense from cash & cash equivalents  

(1,724)

 

(1,585)

 

ns

10,529

 

10,048

 

+5%

 

11,696

  Adjusted EBITDA  

43,143

 

50,030

 

-14%

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

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

47,115

 

47,429

 

-1%

 

54,765

  Revenues from sales  

195,610

 

218,945

 

-11%

(30,305)

 

(30,856)

 

ns

 

(36,651)

  Purchases, net of inventory variation  

(126,000)

 

(142,247)

 

ns

(7,094)

 

(7,147)

 

ns

 

(6,956)

  Other operating expenses  

(29,485)

 

(29,808)

 

ns

(242)

 

(101)

 

ns

 

(174)

  Exploration costs  

(528)

 

(575)

 

ns

280

 

59

 

x4.7

 

169

  Other income  

725

 

504

 

+44%

(34)

 

(121)

 

ns

 

(150)

  Other expense, excluding amortization and impairment of intangible assets  

(317)

 

(288)

 

ns

296

 

293

 

+1%

 

276

  Other financial income  

1,304

 

1,221

 

+7%

(193)

 

(214)

 

ns

 

(180)

  Other financial expense  

(835)

 

(722)

 

ns

706

 

706

 

-

 

597

  Net income (loss) from equity affiliates  

2,669

 

3,000

 

-11%

10,529

 

10,048

 

+5%

 

11,696

  Adjusted EBITDA  

43,143

 

50,030

 

-14%

 

 

 

 

 

 

 

  Adjusted items  

 

 

 

 

 

(2,715)

 

(3,048)

 

ns

 

(3,060)

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

(11,667)

 

(12,012)

 

ns

(107)

 

(103)

 

ns

 

(115)

  Less: amortization of intangible assets  

(389)

 

(394)

 

ns

(786)

 

(797)

 

ns

 

(660)

  Less: financial interest on debt  

(3,016)

 

(2,820)

 

ns

422

 

433

 

-3%

 

426

  Add: financial income and expense from cash & cash equivalents  

1,724

 

1,585

 

+9%

(2,872)

 

(2,369)

 

ns

 

(3,004)

  Less: income taxes  

(11,209)

 

(12,939)

 

ns

(65)

 

(90)

 

ns

 

(57)

  Less: non-controlling interests  

(322)

 

(274)

 

ns

(450)

 

(1,780)

 

ns

 

(163)

  Add: adjustment (TotalEnergies share)  

(2,506)

 

(1,792)

 

ns

3,956

 

2,294

 

+72%

 

5,063

  Net income (TotalEnergies share)  

15,758

 

21,384

 

-26%

10.3 Investments – Divestments (TotalEnergies share)

Reconciliation of Cash flow used in investing activities to Net investments

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

3,745

 

5,562

 

-33%

 

632

  Cash flow used in investing activities ( a )  

17,332

 

16,454

 

+5%

-

 

-

 

ns

 

-

  Other transactions with non-controlling interests ( b )  

-

 

-

 

ns

(2)

 

57

 

ns

 

3

  Organic loan repayment from equity affiliates ( c )  

29

 

(2)

 

ns

(52)

 

-

 

ns

 

(3)

  Change in debt from renewable projects financing ( d ) *  

(52)

 

78

 

ns

152

 

119

 

+28%

 

71

  Capex linked to capitalized leasing contracts ( e )  

471

 

259

 

+82%

20

 

26

 

-23%

 

32

  Expenditures related to carbon credits ( f )  

49

 

48

 

+2%

3,863

 

5,764

 

-33%

 

735

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

17,829

 

16,837

 

+6%

24

 

1,662

 

-99%

 

(5,404)

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

1,406

 

(1,289)

 

ns

1,233

 

1,795

 

-31%

 

698

  Acquisitions ( g )  

4,646

 

6,428

 

-28%

1,209

 

133

 

x9.1

 

6,102

  Asset sales ( i )  

3,240

 

7,717

 

-58%

26

 

-

 

ns

 

-

  Change in debt from renewable projects (partner share)  

26

 

(81)

 

ns

3,839

 

4,102

 

-6%

 

6,139

  of which organic investments ( h )  

16,423

 

18,126

 

-9%

122

 

148

 

-17%

 

214

  Capitalized exploration  

516

 

1,094

 

-53%

625

 

458

 

+36%

 

683

  Increase in non-current loans  

2,210

 

1,845

 

+20%

(619)

 

(140)

 

ns

 

(91)

  Repayment of non-current loans, excluding organic loan repayment from equity affiliates  

(1,083)

 

(524)

 

ns

(26)

 

-

 

ns

 

(3)

  Change in debt from renewable projects (TotalEnergies share)  

(26)

 

(3)

 

ns

* Change in debt from renewable projects (TotalEnergies share and partner share).

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

4Q24

 

3Q24

 

4Q24 vs 3Q24

 

4Q23

  In millions of dollars  

2024

 

2023

 

2024 vs 2023

12,507

 

7,171

 

74%

 

16,150

  Cash flow from operating activities ( a )  

30,854

 

40,679

 

-24%

5,072

 

871

 

x5.8

 

8,377

  (Increase) decrease in working capital ( b ) *  

1,491

 

5,526

 

-73%

282

 

(464)

 

ns

 

(724)

  Inventory effect ( c )  

(525)

 

(714)

 

ns

-

 

-

 

ns

 

(0)

  Capital gain from renewable project sales ( d )  

-

 

81

 

-100%

(2)

 

57

 

ns

 

3

  Organic loan repayments from equity affiliates ( e )  

29

 

(2)

 

ns

7,151

 

6,821

 

+5%

 

8,500

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

29,917

 

35,946

 

-17%

(247)

 

(188)

 

ns

 

(29)

  Financial charges  

(697)

 

(505)

 

ns

7,398

 

7,009

 

+6%

 

8,529

  Debt Adjusted Cash Flow (DACF)  

30,614

 

36,451

 

-16%

 

 

 

 

 

 

 

   

 

 

 

 

 

3,839

 

4,102

 

-6%

 

6,139

  Organic investments ( g )  

16,423

 

18,126

 

-9%

3,312

 

2,719

 

+22%

 

2,361

  Free cash flow after organic investments ( f - g )  

13,494

 

17,820

 

-24%

 

 

 

 

 

 

 

   

 

 

 

 

 

3,863

 

5,764

 

-33%

 

735

  Net investments ( h )  

17,829

 

16,837

 

+6%

3,288

 

1,057

 

x3.1

 

7,765

  Net cash flow ( f - h )  

12,088

 

19,109

 

-37%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

10.5 Gearing ratio

In millions of dollars  

12/31/2024

 

09/30/2024

 

12/31/2023

Current borrowings *  

7,929

 

11,805

 

7,869

Other current financial liabilities  

664

 

488

 

446

Current financial assets * , **  

(6,536)

 

(5,780)

 

(6,256)

Net financial assets classified as held for sale *  

33

 

204

 

17

Non-current financial debt *  

35,711

 

37,824

 

32,722

Non-current financial assets *  

(1,027)

 

(1,307)

 

(1,229)

Cash and cash equivalents  

(25,844)

 

(25,672)

 

(27,263)

Net debt ( a )  

10,930

 

17,562

 

6,306

 

 

 

 

 

 

Shareholders’ equity (TotalEnergies share)  

117,858

 

116,059

 

116,753

Non-controlling interests  

2,397

 

2,557

 

2,700

Shareholders' equity (b)  

120,255

 

118,616

 

119,453

 

 

 

 

 

 

Gearing = a / ( a+b )  

8.3%

 

12.9%

 

5.0%

 

 

 

 

 

 

Leases (c)  

8,272

 

8,338

 

8,275

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

13.8%

 

17.9%

 

10.9%

* Excludes leases receivables and leases debts.

** Including initial margins held as part of the Company's activities on organized markets.

10.6 Return on average capital employed

In millions of dollars   Exploration &Production   IntegratedLNG   IntegratedPower   Refining &Chemicals   Marketing &Services   Company Adjusted net operating income  

10,004

 

4,869

 

2,173

 

2,160

 

1,360

 

19,974

Capital employed at 12/31/2023  

63,870

 

36,048

 

21,511

 

6,043

 

7,674

 

132,222

Capital employed at 12/31/2024  

64,430

 

41,477

 

21,739

 

5,564

 

6,870

 

138,125

ROACE  

15.6%

 

12.6%

 

10.0%

 

37.2%

 

18.7%

 

14.8%

10.7 Payout

In millions of dollars  

2024

 

9M24

 

2023

Dividend paid (parent company shareholders)  

7,717

 

5,719

 

7,517

Repayment of treasury shares  

7,995

 

6,018

 

9,167

 

 

 

 

 

 

Payout ratio  

50%

 

49%

 

46%

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 (or free cash-flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.

Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.

Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.

Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.

Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.

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 fourth quarter of 2024 and the full year of 2024 from the consolidated financial statements of TotalEnergies SE as of December 31, 2024 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the website totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).

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 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.

*

Including coverage of employees share grant plans.

†

Scope 1+2 of Oil & Gas operated activities

(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: 1.0681 in the 4th quarter 2024, 1.0983 in the 3rd quarter 2024, 1.0751 in the 4th quarter 2023, 1.0824 in 2024, and 1.0813 in 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 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted.

(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. For TotalEnergies in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers product sales (higher than production) and for the gas value chain, marketable gas production (higher than gas sales either as LNG or as part of direct sales to B2B/B2C).

(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).

(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 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

(17)

In a 70-80 $/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)         (M$) (a)  

4th quarter 2024

 

3rd quarter 2024

 

4th quarter 2023

Sales  

52,508

 

52,021

 

59,237

Excise taxes  

(5,393)

 

(4,592)

 

(4,472)

Revenues from sales  

47,115

 

47,429

 

54,765

  Purchases, net of inventory variation  

(30,342)

 

(31,425)

 

(37,150)

Other operating expenses  

(7,219)

 

(7,269)

 

(7,166)

Exploration costs  

(242)

 

(572)

 

(174)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(2,715)

 

(3,392)

 

(3,539)

Other income  

306

 

45

 

2,685

Other expense  

(341)

 

(374)

 

(802)

  Financial interest on debt  

(786)

 

(797)

 

(660)

Financial income and expense from cash & cash equivalents  

449

 

457

 

439

Cost of net debt  

(337)

 

(340)

 

(221)

  Other financial income  

319

 

319

 

303

Other financial expense  

(193)

 

(214)

 

(189)

  Net income (loss) from equity affiliates  

597

 

333

 

(136)

  Income taxes  

(2,929)

 

(2,179)

 

(3,339)

Consolidated net income  

4,019

 

2,361

 

5,037

TotalEnergies share  

3,956

 

2,294

 

5,063

Non-controlling interests  

63

 

67

 

(26)

Earnings per share ($)  

1.72

 

0.97

 

2.11

Fully-diluted earnings per share ($)  

1.70

 

0.96

 

2.09

(a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited)         (M$)  

4th quarter 2024

 

3rd quarter 2024

 

4th quarter 2023

Consolidated net income  

4,019

 

2,361

 

5,037

  Other comprehensive income  

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses  

(3)

 

3

 

(251)

Change in fair value of investments in equity instruments  

142

 

(141)

 

(17)

Tax effect  

36

 

29

 

42

Currency translation adjustment generated by the parent company  

(5,125)

 

3,151

 

3,025

Items not potentially reclassifiable to profit and loss  

(4,950)

 

3,042

 

2,799

Currency translation adjustment  

3,594

 

(2,457)

 

(3,182)

Cash flow hedge  

1,732

 

(13)

 

701

Variation of foreign currency basis spread  

(13)

 

(4)

 

(16)

Share of other comprehensive income of equity affiliates, net amount  

76

 

(208)

 

(144)

Other  

(1)

 

2

 

3

Tax effect  

(441)

 

(1)

 

(212)

Items potentially reclassifiable to profit and loss  

4,947

 

(2,681)

 

(2,850)

Total other comprehensive income (net amount)  

(3)

 

361

 

(51)

 

 

 

 

 

 

Comprehensive income  

4,016

 

2,722

 

4,986

TotalEnergies share  

4,001

 

2,631

 

4,995

Non-controlling interests  

15

 

91

 

(9)

CONSOLIDATED STATEMENT OF INCOME TotalEnergies     (M$) (a)  

Year 2024 (unaudited)

 

Year 2023

Sales  

214,550

 

237,128

Excise taxes  

(18,940)

 

(18,183)

Revenues from sales  

195,610

 

218,945

  Purchases, net of inventory variation  

(127,664)

 

(143,041)

Other operating expenses  

(29,860)

 

(30,419)

Exploration costs  

(999)

 

(573)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(12,025)

 

(12,762)

Other income  

2,112

 

3,677

Other expense  

(1,281)

 

(2,396)

  Financial interest on debt  

(3,016)

 

(2,820)

Financial income and expense from cash & cash equivalents  

1,786

 

1,801

Cost of net debt  

(1,230)

 

(1,019)

  Other financial income  

1,403

 

1,285

Other financial expense  

(835)

 

(731)

  Net income (loss) from equity affiliates  

1,575

 

1,845

  Income taxes  

(10,775)

 

(13,301)

Consolidated net income  

16,031

 

21,510

TotalEnergies share  

15,758

 

21,384

Non-controlling interests  

273

 

126

Earnings per share ($)  

6.74

 

8.72

Fully-diluted earnings per share ($)  

6.69

 

8.67

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies       (M$)  

Year 2024 (unaudited)

 

Year 2023

Consolidated net income  

16,031

 

21,510

  Other comprehensive income           Actuarial gains and losses  

20

 

(114)

Change in fair value of investments in equity instruments  

144

 

(11)

Tax effect  

46

 

(11)

Currency translation adjustment generated by the parent company  

(4,163)

 

2,573

Items not potentially reclassifiable to profit and loss  

(3,953)

 

2,437

Currency translation adjustment  

2,759

 

(3,277)

Cash flow hedge  

3,119

 

2,898

Variation of foreign currency basis spread  

(32)

 

(11)

Share of other comprehensive income of equity affiliates, net amount  

(246)

 

(208)

Other  

1

 

(2)

Tax effect  

(814)

 

(730)

Items potentially reclassifiable to profit and loss  

4,787

 

(1,330)

Total other comprehensive income (net amount)  

834

 

1,107

      Comprehensive income  

16,865

 

22,617

TotalEnergies share  

16,636

 

22,534

Non-controlling interests  

229

 

83

CONSOLIDATED BALANCE SHEET TotalEnergies (unaudited)     (M$)  

December 31, 2024 (unaudited)

 

September 30, 2024 (unaudited)

 

December 31, 2023

  ASSETS         Non-current assets       Intangible assets, net  

34,238

 

33,891

 

33,083

Property, plant and equipment, net  

109,095

 

110,125

 

108,916

Equity affiliates : investments and loans  

34,405

 

33,963

 

30,457

Other investments  

1,665

 

1,656

 

1,543

Non-current financial assets  

2,305

 

2,578

 

2,395

Deferred income taxes  

3,202

 

3,727

 

3,418

Other non-current assets  

4,006

 

4,170

 

4,313

Total non-current assets  

188,916

 

190,110

 

184,125

  Current assets       Inventories, net  

18,868

 

18,532

 

19,317

Accounts receivable, net  

19,281

 

18,777

 

23,442

Other current assets  

23,687

 

21,933

 

20,821

Current financial assets  

6,914

 

6,151

 

6,585

Cash and cash equivalents  

25,844

 

25,672

 

27,263

Assets classified as held for sale  

1,977

 

2,830

 

2,101

Total current assets  

96,571

 

93,895

 

99,529

Total assets  

285,487

 

284,005

 

283,654

  LIABILITIES & SHAREHOLDERS' EQUITY         Shareholders' equity       Common shares  

7,577

 

7,577

 

7,616

Paid-in surplus and retained earnings  

135,496

 

130,804

 

126,857

Currency translation adjustment  

(15,259)

 

(13,793)

 

(13,701)

Treasury shares  

(9,956)

 

(8,529)

 

(4,019)

Total shareholders' equity - TotalEnergies share  

117,858

 

116,059

 

116,753

Non-controlling interests  

2,397

 

2,557

 

2,700

Total shareholders' equity  

120,255

 

118,616

 

119,453

  Non-current liabilities       Deferred income taxes  

12,114

 

11,750

 

11,688

Employee benefits  

1,753

 

1,890

 

1,993

Provisions and other non-current liabilities  

19,872

 

20,290

 

21,257

Non-current financial debt  

43,533

 

45,750

 

40,478

Total non-current liabilities  

77,272

 

79,680

 

75,416

  Current liabilities       Accounts payable  

39,932

 

34,668

 

41,335

Other creditors and accrued liabilities  

35,961

 

34,716

 

36,727

Current borrowings  

10,024

 

13,853

 

9,590

Other current financial liabilities  

664

 

488

 

446

Liabilities directly associated with the assets classified as held for sale  

1,379

 

1,984

 

687

Total current liabilities  

87,960

 

85,709

 

88,785

Total liabilities & shareholders' equity  

285,487

 

284,005

 

283,654

CONSOLIDATED STATEMENT OF CASH FLOW       TotalEnergies       (unaudited)         (M$)  

4th quarter 2024

 

3rd quarter 2024

 

4th quarter 2023

  CASH FLOW FROM OPERATING ACTIVITIES         Consolidated net income  

4,019

 

2,361

 

5,037

Depreciation, depletion, amortization and impairment  

2,971

 

4,020

 

3,815

Non-current liabilities, valuation allowances and deferred taxes  

44

 

(93)

 

(268)

(Gains) losses on disposals of assets  

(66)

 

(3)

 

(2,609)

Undistributed affiliates' equity earnings  

99

 

(13)

 

940

(Increase) decrease in working capital  

5,201

 

836

 

8,308

Other changes, net  

239

 

63

 

927

Cash flow from operating activities  

12,507

 

7,171

 

16,150

  CASH FLOW USED IN INVESTING ACTIVITIES         Intangible assets and property, plant and equipment additions  

(3,680)

 

(4,110)

 

(5,076)

Acquisitions of subsidiaries, net of cash acquired  

(932)

 

(497)

 

(10)

Investments in equity affiliates and other securities  

(313)

 

(845)

 

(1,066)

Increase in non-current loans  

(658)

 

(458)

 

(683)

Total expenditures  

(5,583)

 

(5,910)

 

(6,835)

Proceeds from disposals of intangible assets and property, plant and equipment  

314

 

32

 

2,776

Proceeds from disposals of subsidiaries, net of cash sold  

654

 

82

 

3,333

Proceeds from disposals of non-current investments  

220

 

37

 

-

Repayment of non-current loans  

650

 

197

 

94

Total divestments  

1,838

 

348

 

6,203

Cash flow used in investing activities  

(3,745)

 

(5,562)

 

(632)

  CASH FLOW FROM FINANCING ACTIVITIES         Issuance (repayment) of shares:       - Parent company shareholders  

-

 

-

 

-

- Treasury shares  

(1,977)

 

(2,005)

 

(2,964)

Dividends paid:       - Parent company shareholders  

(1,998)

 

(1,963)

 

(1,869)

- Non-controlling interests  

(18)

 

(171)

 

(17)

Net issuance (repayment) of perpetual subordinated notes  

1,165

 

-

 

-

Payments on perpetual subordinated notes  

(82)

 

(23)

 

(54)

Other transactions with non-controlling interests  

(17)

 

(14)

 

(16)

Net issuance (repayment) of non-current debt  

91

 

3,080

 

(21)

Increase (decrease) in current borrowings  

(4,136)

 

911

 

(8,458)

Increase (decrease) in current financial assets and liabilities  

(965)

 

760

 

360

Cash flow from / (used in) financing activities  

(7,937)

 

575

 

(13,039)

Net increase (decrease) in cash and cash equivalents  

825

 

2,184

 

2,479

Effect of exchange rates  

(653)

 

277

 

53

Cash and cash equivalents at the beginning of the period  

25,672

 

23,211

 

24,731

Cash and cash equivalents at the end of the period  

25,844

 

25,672

 

27,263

CONSOLIDATED STATEMENT OF CASH FLOW     TotalEnergies           (M$)  

Year 2024 (unaudited)

 

Year 2023

  CASH FLOW FROM OPERATING ACTIVITIES       Consolidated net income  

16,031

 

21,510

Depreciation, depletion, amortization and impairment  

13,107

 

13,818

Non-current liabilities, valuation allowances and deferred taxes  

190

 

813

(Gains) losses on disposals of assets  

(1,497)

 

(3,452)

Undistributed affiliates' equity earnings  

124

 

649

(Increase) decrease in working capital  

2,364

 

6,091

Other changes, net  

535

 

1,250

Cash flow from operating activities  

30,854

 

40,679

  CASH FLOW USED IN INVESTING ACTIVITIES       Intangible assets and property, plant and equipment additions  

(14,909)

 

(17,722)

Acquisitions of subsidiaries, net of cash acquired  

(2,439)

 

(1,772)

Investments in equity affiliates and other securities  

(2,127)

 

(3,477)

Increase in non-current loans  

(2,275)

 

(1,889)

Total expenditures  

(21,750)

 

(24,860)

Proceeds from disposals of intangible assets and property, plant and equipment  

727

 

3,789

Proceeds from disposals of subsidiaries, net of cash sold  

2,167

 

3,561

Proceeds from disposals of non-current investments  

347

 

490

Repayment of non-current loans  

1,177

 

566

Total divestments  

4,418

 

8,406

Cash flow used in investing activities  

(17,332)

 

(16,454)

  CASH FLOW FROM FINANCING ACTIVITIES       Issuance (repayment) of shares:     - Parent company shareholders  

521

 

383

- Treasury shares  

(7,995)

 

(9,167)

Dividends paid:     - Parent company shareholders  

(7,717)

 

(7,517)

- Non-controlling interests  

(322)

 

(311)

Net issuance (repayment) of perpetual subordinated notes  

(457)

 

(1,081)

Payments on perpetual subordinated notes  

(314)

 

(314)

Other transactions with non-controlling interests  

(67)

 

(126)

Net issuance (repayment) of non-current debt  

7,532

 

130

Increase (decrease) in current borrowings  

(5,142)

 

(14,289)

Increase (decrease) in current financial assets and liabilities  

(464)

 

2,562

Cash flow from / (used in) financing activities  

(14,425)

 

(29,730)

Net increase (decrease) in cash and cash equivalents  

(903)

 

(5,505)

Effect of exchange rates  

(516)

 

(258)

Cash and cash equivalents at the beginning of the period  

27,263

 

33,026

Cash and cash equivalents at the end of the period  

25,844

 

27,263

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY TotalEnergies (Unaudited: Year 2024)   Common shares issued   Paid-in surplus and 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 2023  

-

 

-

 

21,384

 

-

 

-

 

-

 

21,384

 

126

 

21,510

Other comprehensive Income  

-

 

-

 

1,987

 

(837)

 

-

 

-

 

1,150

 

(43)

 

1,107

Comprehensive Income  

-

 

-

 

23,371

 

(837)

 

-

 

-

 

22,534

 

83

 

22,617

Dividend  

-

 

-

 

(7,611)

 

-

 

-

 

-

 

(7,611)

 

(311)

 

(7,922)

Issuance of common shares  

8,002,155

 

22

 

361

 

-

 

-

 

-

 

383

 

-

 

383

Purchase of treasury shares  

-

 

-

 

-

 

-

 

(144,700,577)

 

(9,167)

 

(9,167)

 

-

 

(9,167)

Sale of treasury shares (1)  

-

 

-

 

(396)

 

-

 

6,463,426

 

396

 

-

 

-

 

-

Share-based payments  

-

 

-

 

291

 

-

 

-

 

-

 

291

 

-

 

291

Share cancellation  

(214,881,605)

 

(569)

 

(11,737)

 

-

 

214,881,605

 

12,306

 

-

 

-

 

-

Net issuance (repayment) of perpetual subordinated notes  

-

 

-

 

(1,107)

 

-

 

-

 

-

 

(1,107)

 

-

 

(1,107)

Payments on perpetual subordinated notes  

-

 

-

 

(294)

 

-

 

-

 

-

 

(294)

 

-

 

(294)

Other operations with non-controlling interests  

-

 

-

 

30

 

(28)

 

-

 

-

 

2

 

85

 

87

Other items  

-

 

-

 

(2)

 

-

 

-

 

-

 

(2)

 

(3)

 

(5)

As of December 31, 2023  

2,412,251,835

 

7,616

 

126,857

 

(13,701)

 

(60,543,213)

 

(4,019)

 

116,753

 

2,700

 

119,453

Net income 2024  

-

 

-

 

15,758

 

-

 

-

 

-

 

15,758

 

273

 

16,031

Other comprehensive Income  

-

 

-

 

2,436

 

(1,558)

 

-

 

-

 

878

 

(44)

 

834

Comprehensive Income  

-

 

-

 

18,194

 

(1,558)

 

-

 

-

 

16,636

 

229

 

16,865

Dividend  

-

 

-

 

(7,756)

 

-

 

-

 

-

 

(7,756)

 

(455)

 

(8,211)

Issuance of common shares  

10,833,187

 

29

 

492

 

-

 

-

 

-

 

521

 

-

 

521

Purchase of treasury shares  

-

 

-

 

-

 

-

 

(120,463,232)

 

(7,995)

 

(7,995)

 

-

 

(7,995)

Sale of treasury shares (1)  

-

 

-

 

(395)

 

-

 

6,071,266

 

395

 

-

 

-

 

-

Share-based payments  

-

 

-

 

556

 

-

 

-

 

-

 

556

 

-

 

556

Share cancellation  

(25,405,361)

 

(68)

 

(1,595)

 

-

 

25,405,361

 

1,663

 

-

 

-

 

-

Net issuance (repayment) of perpetual subordinated notes  

-

 

-

 

(576)

 

-

 

-

 

-

 

(576)

 

-

 

(576)

Payments on perpetual subordinated notes  

-

 

-

 

(272)

 

-

 

-

 

-

 

(272)

 

-

 

(272)

Other operations with non-controlling interests  

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(67)

 

(67)

Other items  

-

 

-

 

(9)

 

-

 

-

 

-

 

(9)

 

(10)

 

(19)

As of December 31, 2024  

2,397,679,661

 

7,577

 

135,496

 

(15,259)

 

(149,529,818)

 

(9,956)

 

117,858

 

2,397

 

120,255

INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     4th quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales  

1,496

 

2,890

 

6,137

 

21,540

 

20,440

 

5

 

-

 

52,508

Intersegment sales  

9,382

 

2,968

 

765

 

7,207

 

168

 

70

 

(20,560)

 

-

Excise taxes  

-

 

-

 

-

 

(193)

 

(5,200)

 

-

 

-

 

(5,393)

Revenues from sales  

10,878

 

5,858

 

6,902

 

28,554

 

15,408

 

75

 

(20,560)

 

47,115

Operating expenses  

(4,754)

 

(4,431)

 

(6,536)

 

(27,616)

 

(14,772)

 

(254)

 

20,560

 

(37,803)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(1,853)

 

(326)

 

(28)

 

(250)

 

(227)

 

(31)

 

-

 

(2,715)

Net income (loss) from equity affiliates and other items  

40

 

548

 

26

 

(90)

 

90

 

74

 

-

 

688

Tax on net operating income  

(2,163)

 

(288)

 

(70)

 

(139)

 

(215)

 

(60)

 

-

 

(2,935)

Adjustments (a)  

(157)

 

(71)

 

(281)

 

141

 

(78)

 

(23)

 

-

 

(469)

Adjusted Net operating income  

2,305

 

1,432

 

575

 

318

 

362

 

(173)

 

-

 

4,819

Adjustments (a)                

(469)

Net cost of net debt                

(331)

Non-controlling interests                

(63)

Net income - TotalEnergies share                

3,956

  (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   4th quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures  

1,983

 

1,904

 

529

 

630

 

458

 

79

 

-

 

5,583

Total divestments  

295

 

247

 

1,038

 

132

 

106

 

20

 

-

 

1,838

Cash flow from operating activities  

4,500

 

2,214

 

1,201

 

3,832

 

778

 

(18)

 

-

 

12,507

INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     3rd quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales  

1,425

 

2,350

 

4,444

 

22,926

 

20,872

 

4

 

-

 

52,021

Intersegment sales  

9,633

 

2,017

 

424

 

7,927

 

218

 

58

 

(20,277)

 

-

Excise taxes  

-

 

-

 

-

 

(213)

 

(4,379)

 

-

 

-

 

(4,592)

Revenues from sales  

11,058

 

4,367

 

4,868

 

30,640

 

16,711

 

62

 

(20,277)

 

47,429

Operating expenses  

(5,257)

 

(3,393)

 

(4,329)

 

(30,273)

 

(16,082)

 

(209)

 

20,277

 

(39,266)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(2,324)

 

(294)

 

(114)

 

(400)

 

(229)

 

(31)

 

-

 

(3,392)

Net income (loss) from equity affiliates and other items  

47

 

482

 

(274)

 

(79)

 

(29)

 

(38)

 

-

 

109

Tax on net operating income  

(1,879)

 

(250)

 

(66)

 

40

 

(102)

 

117

 

-

 

(2,140)

Adjustments (a)  

(837)

 

(151)

 

(400)

 

(313)

 

(95)

 

(23)

 

-

 

(1,819)

Adjusted Net operating income  

2,482

 

1,063

 

485

 

241

 

364

 

(76)

 

-

 

4,559

Adjustments (a)                

(1,819)

Net cost of net debt                

(379)

Non-controlling interests                

(67)

Net income - TotalEnergies share                

2,294

  (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   3rd quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures  

2,251

 

599

 

2,291

 

388

 

329

 

52

 

-

 

5,910

Total divestments  

90

 

99

 

70

 

69

 

19

 

1

 

-

 

348

Cash flow from operating activities  

4,763

 

830

 

373

 

564

 

581

 

60

 

-

 

7,171

INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     4th quarter 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales  

1,622

 

3,050

 

7,350

 

24,372

 

22,826

 

17

 

-

 

59,237

Intersegment sales  

10,630

 

3,651

 

1,276

 

8,796

 

157

 

26

 

(24,536)

 

-

Excise taxes  

-

 

-

 

-

 

(216)

 

(4,256)

 

-

 

-

 

(4,472)

Revenues from sales  

12,252

 

6,701

 

8,626

 

32,952

 

18,727

 

43

 

(24,536)

 

54,765

Operating expenses  

(5,084)

 

(5,289)

 

(7,787)

 

(32,367)

 

(18,289)

 

(210)

 

24,536

 

(44,490)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(2,334)

 

(440)

 

(97)

 

(394)

 

(236)

 

(38)

 

-

 

(3,539)

Net income (loss) from equity affiliates and other items  

(370)

 

560

 

(17)

 

(158)

 

1,917

 

(71)

 

-

 

1,861

Tax on net operating income  

(2,371)

 

(217)

 

(156)

 

76

 

(718)

 

91

 

-

 

(3,295)

Adjustments (a)  

(709)

 

(141)

 

42

 

(524)

 

1,095

 

(7)

 

-

 

(244)

Adjusted Net operating income  

2,802

 

1,456

 

527

 

633

 

306

 

(178)

 

-

 

5,546

Adjustments (a)                

(244)

Net cost of net debt                

(265)

Non-controlling interests                

26

Net income - TotalEnergies share                

5,063

  (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   4th quarter 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures  

3,080

 

855

 

1,241

 

1,011

 

588

 

60

 

-

 

6,835

Total divestments  

4,362

 

28

 

32

 

22

 

1,754

 

5

 

-

 

6,203

Cash flow from operating activities  

5,708

 

2,702

 

638

 

4,825

 

1,759

 

518

 

-

 

16,150

INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     Year 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales  

5,655

 

9,885

 

22,127

 

93,515

 

83,341

 

27

 

-

 

214,550

Intersegment sales  

38,546

 

10,591

 

2,348

 

31,480

 

819

 

268

 

(84,052)

 

-

Excise taxes  

-

 

-

 

-

 

(784)

 

(18,156)

 

-

 

-

 

(18,940)

Revenues from sales  

44,201

 

20,476

 

24,475

 

124,211

 

66,004

 

295

 

(84,052)

 

195,610

Operating expenses  

(19,124)

 

(15,530)

 

(22,936)

 

(120,424)

 

(63,551)

 

(1,010)

 

84,052

 

(158,523)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(8,001)

 

(1,251)

 

(344)

 

(1,442)

 

(870)

 

(117)

 

-

 

(12,025)

Net income (loss) from equity affiliates and other items  

325

 

2,051

 

(837)

 

(114)

 

1,457

 

92

 

-

 

2,974

Tax on net operating income  

(8,466)

 

(1,073)

 

(255)

 

(414)

 

(526)

 

89

 

-

 

(10,645)

Adjustments (a)  

(1,069)

 

(196)

 

(2,070)

 

(343)

 

1,154

 

(59)

 

-

 

(2,583)

Adjusted Net operating income  

10,004

 

4,869

 

2,173

 

2,160

 

1,360

 

(592)

 

-

 

19,974

Adjustments (a)                

(2,583)

Net cost of net debt                

(1,360)

Non-controlling interests                

(273)

Net income - TotalEnergies share                

15,758

  (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   Year 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures  

9,225

 

3,912

 

5,328

 

1,896

 

1,190

 

199

 

-

 

21,750

Total divestments  

840

 

425

 

1,431

 

366

 

1,328

 

28

 

-

 

4,418

Cash flow from operating activities  

17,388

 

5,185

 

2,972

 

3,808

 

2,901

 

(1,400)

 

-

 

30,854

INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                                       Year 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales  

6,561

 

12,086

 

27,337

 

101,203

 

89,909

 

32

 

-

 

237,128

Intersegment sales  

42,595

 

14,789

 

4,126

 

36,581

 

631

 

206

 

(98,928)

 

-

Excise taxes  

-

 

-

 

-

 

(841)

 

(17,342)

 

-

 

-

 

(18,183)

Revenues from sales  

49,156

 

26,875

 

31,463

 

136,943

 

73,198

 

238

 

(98,928)

 

218,945

Operating expenses  

(20,355)

 

(21,569)

 

(28,763)

 

(130,899)

 

(70,497)

 

(878)

 

98,928

 

(174,033)

Depreciation, depletion and impairment of tangible assets and mineral interests  

(8,493)

 

(1,288)

 

(281)

 

(1,685)

 

(905)

 

(110)

 

-

 

(12,762)

Net income (loss) from equity affiliates and other items  

(307)

 

2,194

 

(345)

 

(42)

 

2,208

 

(28)

 

-

 

3,680

Tax on net operating income  

(10,095)

 

(810)

 

(394)

 

(938)

 

(1,246)

 

271

 

-

 

(13,212)

Adjustments (a)  

(1,036)

 

(798)

 

(173)

 

(1,275)

 

1,300

 

(84)

 

-

 

(2,066)

Adjusted Net operating income  

10,942

 

6,200

 

1,853

 

4,654

 

1,458

 

(423)

 

-

 

24,684

Adjustments (a)                

(2,066)

Net cost of net debt                

(1,108)

Non-controlling interests                

(126)

Net income - TotalEnergies share                

21,384

  (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.   Year 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures  

12,378

 

3,410

 

5,497

 

2,149

 

1,273

 

153

 

-

 

24,860

Total divestments  

5,118

 

290

 

661

 

196

 

2,132

 

9

 

-

 

8,406

Cash flow from operating activities  

18,531

 

8,442

 

3,573

 

7,957

 

1,957

 

219

 

-

 

40,679

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

1. Reconciliation of cash flow used in investing activities to Net investments

1.1 Exploration & Production

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

1,688

 

2,161

 

(1,282)

 

ns

 

Cash flow used in investing activities ( a )

 

8,385

 

7,260

 

15%

-

 

-

 

-

 

ns

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

-

 

1

 

-

 

ns

 

Organic loan repayment from equity affiliates ( c )

 

1

 

-

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects financing ( d ) *

 

-

 

-

 

ns

138

 

100

 

61

 

x2.3

 

Capex linked to capitalized leasing contracts ( e )

 

418

 

218

 

92%

20

 

26

 

32

 

-38%

 

Expenditures related to carbon credits ( f )

 

49

 

48

 

2%

1,846

 

2,288

 

(1,189)

 

ns

 

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

 

8,853

 

7,526

 

18%

(258)

 

(42)

 

(4,306)

 

ns

 

of which net acquisitions ( g - i )

 

(207)

 

(2,706)

 

ns

11

 

36

 

39

 

-72%

 

Acquisitions ( g )

 

534

 

2,320

 

-77%

269

 

78

 

4,345

 

-94%

 

Assets sales ( i )

 

741

 

5,026

 

-85%

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

2,104

 

2,330

 

3,117

 

-32%

 

of which organic investments ( h )

 

9,060

 

10,232

 

-11%

119

 

140

 

208

 

-43%

 

Capitalized exploration

 

483

 

1,081

 

-55%

41

 

46

 

61

 

-33%

 

Increase in non-current loans

 

196

 

154

 

27%

(26)

 

(11)

 

(17)

 

ns

 

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

 

(98)

 

(92)

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (TotalEnergies share)

 

-

 

-

 

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

1.2 Integrated LNG

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

 

 

 

2023

1,657

 

500

 

827

 

x2

 

Cash flow used in investing activities ( a )

 

3,487

 

3,120

 

12%

-

 

-

 

-

 

ns

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

-

 

2

 

-

 

ns

 

Organic loan repayment from equity affiliates ( c )

 

3

 

2

 

50%

-

 

-

 

-

 

ns

 

Change in debt from renewable projects financing ( d ) *

 

-

 

-

 

ns

13

 

14

 

11

 

18%

 

Capex linked to capitalized leasing contracts ( e )

 

46

 

37

 

24%

-

 

-

 

-

 

ns

 

Expenditures related to carbon credits ( f )

 

-

 

-

 

ns

1,670

 

516

 

838

 

99%

 

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

 

3,536

 

3,159

 

12%

1,116

 

65

 

48

 

x23.3

 

of which net acquisitions ( g - i )

 

1,367

 

1,096

 

25%

1,149

 

69

 

56

 

x20.5

 

Acquisitions ( g )

 

1,417

 

1,253

 

13%

33

 

4

 

8

 

x4.1

 

Assets sales ( i )

 

50

 

157

 

-68%

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

554

 

451

 

790

 

-30%

 

of which organic investments ( h )

 

2,169

 

2,063

 

5%

3

 

8

 

6

 

-50%

 

Capitalized exploration

 

33

 

13

 

x2.5

269

 

214

 

179

 

50%

 

Increase in non-current loans

 

809

 

570

 

42%

(214)

 

(79)

 

(20)

 

ns

 

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

 

(372)

 

(131)

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (TotalEnergies share)

 

-

 

-

 

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

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

1.3 Integrated Power

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

 

 

 

2023

(509)

 

2,221

 

1,209

 

ns

 

Cash flow used in investing activities ( a )

 

3,897

 

4,836

 

-19%

-

 

-

 

-

 

ns

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

7

 

10

 

1

 

x7

 

Organic loan repayment from equity affiliates ( c )

 

17

 

27

 

-37%

(52)

 

-

 

(3)

 

ns

 

Change in debt from renewable projects financing ( d ) *

 

(52)

 

78

 

ns

1

 

5

 

(1)

 

ns

 

Capex linked to capitalized leasing contracts ( e )

 

7

 

4

 

75%

-

 

-

 

-

 

ns

 

Expenditures related to carbon credits ( f )

 

-

 

-

 

ns

(553)

 

2,236

 

1,206

 

ns

 

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

 

3,869

 

4,945

 

-22%

(662)

 

1,529

 

532

 

ns

 

of which net acquisitions ( g - i )

 

1,514

 

2,363

 

-36%

72

 

1,565

 

535

 

-87%

 

Acquisitions ( g )

 

2,515

 

2,739

 

-8%

734

 

36

 

3

 

x253.6

 

Assets sales ( i )

 

1,001

 

376

 

x2.7

26

 

-

 

-

 

ns

 

Change in debt from renewable projects (partner share)

 

26

 

(81)

 

ns

109

 

707

 

674

 

-84%

 

of which organic investments ( h )

 

2,355

 

2,582

 

-9%

-

 

-

 

-

 

ns

 

Capitalized exploration

 

-

 

-

 

ns

300

 

135

 

318

 

-6%

 

Increase in non-current loans

 

979

 

870

 

13%

(323)

 

(24)

 

(28)

 

ns

 

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

 

(439)

 

(177)

 

ns

(26)

 

-

 

(3)

 

ns

 

Change in debt from renewable projects (TotalEnergies share)

 

(26)

 

(3)

 

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

1.4 Refining & Chemicals

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

498

 

319

 

989

 

-50%

 

Cash flow used in investing activities ( a )

 

1,530

 

1,953

 

-22%

-

 

-

 

-

 

ns

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

(9)

 

44

 

2

 

ns

 

Organic loan repayment from equity affiliates ( c )

 

8

 

(31)

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects financing ( d ) *

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Capex linked to capitalized leasing contracts ( e )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Expenditures related to carbon credits ( f )

 

-

 

-

 

ns

489

 

363

 

991

 

-51%

 

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

 

1,538

 

1,922

 

-20%

(92)

 

34

 

(11)

 

ns

 

of which net acquisitions ( g - i )

 

(173)

 

(118)

 

ns

-

 

42

 

1

 

-100%

 

Acquisitions ( g )

 

77

 

32

 

x2.4

92

 

8

 

12

 

x7.7

 

Assets sales ( i )

 

250

 

150

 

67%

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

581

 

329

 

1,002

 

-42%

 

of which organic investments ( h )

 

1,711

 

2,040

 

-16%

-

 

-

 

-

 

ns

 

Capitalized exploration

 

-

 

-

 

ns

1

 

33

 

28

 

-96%

 

Increase in non-current loans

 

99

 

79

 

25%

(16)

 

(17)

 

(8)

 

ns

 

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

 

(43)

 

(33)

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (TotalEnergies share)

 

-

 

-

 

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

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

1.5 Marketing & Services

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

352

 

310

 

(1,166)

 

ns

 

Cash flow used in investing activities ( a )

 

(138)

 

(859)

 

ns

-

 

-

 

-

 

ns

 

Other transactions with non-controlling interests ( b )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Organic loan repayment from equity affiliates ( c )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects financing ( d ) *

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Capex linked to capitalized leasing contracts ( e )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Expenditures related to carbon credits ( f )

 

-

 

-

 

ns

352

 

310

 

(1,166)

 

ns

 

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

 

(138)

 

(859)

 

ns

(80)

 

78

 

(1,668)

 

ns

 

of which net acquisitions ( g - i )

 

(1,089)

 

(1,924)

 

ns

1

 

83

 

67

 

-99%

 

Acquisitions ( g )

 

103

 

84

 

23%

81

 

5

 

1,735

 

-95%

 

Assets sales ( i )

 

1,192

 

2,008

 

-41%

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (partner share)

 

-

 

-

 

ns

432

 

232

 

502

 

-14%

 

of which organic investments ( h )

 

951

 

1,065

 

-11%

-

 

-

 

-

 

ns

 

Capitalized exploration

 

-

 

-

 

ns

19

 

16

 

99

 

-81%

 

Increase in non-current loans

 

103

 

152

 

-32%

(20)

 

(10)

 

(12)

 

ns

 

Repayment of non-current loans, excluding organic loan repayment from equity affiliates

 

(109)

 

(82)

 

ns

-

 

-

 

-

 

ns

 

Change in debt from renewable projects (TotalEnergies share)

 

-

 

-

 

ns

*Change in debt from renewable projects (TotalEnergies share and partner share)

2. Reconciliation of cash flow from operating activities to CFFO

2.1 Exploration & Production

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

4,500

 

4,763

 

5,708

 

-21%

 

Cash flow from operating activities ( a )

 

17,388

 

18,531

 

-6%

555

 

491

 

1,018

 

-45%

 

(Increase) decrease in working capital ( b )

 

340

 

(595)

 

ns

-

 

-

 

-

 

ns

 

Inventory effect ( c )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Capital gain from renewable project sales ( d )

 

-

 

-

 

ns

-

 

1

 

-

 

ns

 

Organic loan repayments from equity affiliates ( e )

 

1

 

-

 

ns

3,945

 

4,273

 

4,690

 

-16%

 

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

 

17,049

 

19,126

 

-11%

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

2.2 Integrated LNG

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

2,214

 

830

 

2,702

 

-18%

 

Cash flow from operating activities ( a )

 

5,185

 

8,442

 

-39%

767

 

(56)

 

939

 

-18%

 

(Increase) decrease in working capital ( b ) *

 

285

 

1,151

 

-75%

-

 

-

 

-

 

ns

 

Inventory effect ( c )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Capital gain from renewable project sales ( d )

 

-

 

-

 

ns

-

 

2

 

-

 

ns

 

Organic loan repayments from equity affiliates ( e )

 

3

 

2

 

50%

1,447

 

888

 

1,763

 

-18%

 

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

 

4,903

 

7,293

 

-33%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

2.3 Integrated Power

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

1,201

 

373

 

638

 

88%

 

Cash flow from operating activities ( a )

 

2,972

 

3,573

 

-17%

604

 

(253)

 

(66)

 

ns

 

(Increase) decrease in working capital ( b ) *

 

434

 

1,529

 

-72%

-

 

-

 

-

 

ns

 

Inventory effect ( c )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Capital gain from renewable project sales ( d )

 

-

 

81

 

-100%

7

 

10

 

1

 

x7

 

Organic loan repayments from equity affiliates ( e )

 

17

 

27

 

-37%

604

 

636

 

705

 

-14%

 

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

 

2,555

 

2,152

 

19%

* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.

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

2.4 Refining & Chemicals

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

3,832

 

564

 

4,825

 

-21%

 

Cash flow from operating activities ( a )

 

3,808

 

7,957

 

-52%

2,758

 

413

 

4,161

 

-34%

 

(Increase) decrease in working capital ( b )

 

433

 

2,641

 

-84%

243

 

(335)

 

(507)

 

ns

 

Inventory effect ( c )

 

(377)

 

(568)

 

ns

-

 

-

 

-

 

ns

 

Capital gain from renewable project sales ( d )

 

-

 

-

 

ns

(9)

 

44

 

2

 

ns

 

Organic loan repayments from equity affiliates ( e )

 

8

 

(31)

 

ns

822

 

530

 

1,173

 

-30%

 

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

 

3,760

 

5,853

 

-36%

2.5 Marketing & Services

4th quarter

 

3rd quarter

 

4th quarter

 

4th quarter 2024 vs

 

(in millions of dollars)

 

2024

 

2023

 

2024 vs

2024

 

2024

 

2023

 

4th quarter 2023

 

     

2023

778

 

581

 

1,759

 

-56%

 

Cash flow from operating activities ( a )

 

2,901

 

1,957

 

48%

205

 

63

 

1,457

 

-86%

 

(Increase) decrease in working capital ( b )

 

730

 

(215)

 

ns

39

 

(129)

 

(217)

 

ns

 

Inventory effect ( c )

 

(148)

 

(146)

 

ns

-

 

-

 

-

 

ns

 

Capital gain from renewable project sales ( d )

 

-

 

-

 

ns

-

 

-

 

-

 

ns

 

Organic loan repayments from equity affiliates ( e )

 

-

 

-

 

ns

534

 

647

 

519

 

3%

 

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

 

2,319

 

2,318

 

0%

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 4th quarter 2024

 

2,305

 

1,432

 

575

 

318

 

362

 

(173)

 

-

 

4,819

Adjusted net operating income 3rd quarter 2024

 

2,482

 

1,063

 

485

 

241

 

364

 

(76)

 

-

 

4,559

Adjusted net operating income 2nd quarter 2024

 

2,667

 

1,152

 

502

 

639

 

379

 

(253)

 

-

 

5,086

Adjusted net operating income 1st quarter 2024

 

2,550

 

1,222

 

611

 

962

 

255

 

(90)

 

-

 

5,510

Adjusted net operating income ( a )

 

10,004

 

4,869

 

2,173

 

2,160

 

1360

 

(592)

 

-

 

19,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of December, 31 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property plant and equipment intangible assets net

 

83,397

 

27,654

 

13,034

 

11,956

 

6,632

 

660

 

-

 

143,333

Investments & loans in equity affiliates

 

3,910

 

15,986

 

9,537

 

3,984

 

988

 

-

 

-

 

34,405

Other non-current assets

 

3,732

 

1,952

 

1,316

 

646

 

1,116

 

111

 

-

 

8,873

Inventories, net

 

1,456

 

1,475

 

547

 

12,063

 

3,327

 

-

 

-

 

18,868

Accounts receivable, net

 

5,845

 

8,412

 

7,466

 

16,362

 

7,167

 

581

 

(26,552)

 

19,281

Other current assets

 

6,663

 

10,198

 

4,086

 

2,208

 

2,870

 

2,342

 

(4,680)

 

23,687

Accounts payable

 

(6,632)

 

(8,888)

 

(9,222)

 

(32,204)

 

(8,642)

 

(805)

 

26,461

 

(39,932)

Other creditors and accrued liabilities

 

(10,241)

 

(11,060)

 

(3,363)

 

(4,992)

 

(5,329)

 

(5,747)

 

4,771

 

(35,961)

Working capital

 

(2,909)

 

137

 

(486)

 

(6,563)

 

(607)

 

(3,629)

 

-

 

(14,057)

Provisions and other non-current liabilities

 

(24,271)

 

(4,252)

 

(1,663)

 

(3,343)

 

(1,113)

 

903

 

-

 

(33,739)

Assets and liabilities classified as held for sale - Capital employed

 

571

 

-

 

1

 

-

 

70

 

-

 

-

 

642

Capital Employed (Balance sheet)

 

64,430

 

41,477

 

21,739

 

6,680

 

7,086

 

(1,955)

 

-

 

139,457

Less inventory valuation effect

 

 

 

 

 

 

 

(1,116)

 

(216)

 

 

 

 

 

(1,332)

Capital Employed at replacement cost ( b )

 

64,430

 

41,477

 

21,739

 

5,564

 

6,870

 

(1,955)

 

-

 

138,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance sheet as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property plant and equipment intangible assets net

 

84,876

 

24,936

 

12,526

 

12,287

 

6,696

 

678

 

-

 

141,999

Investments & loans in equity affiliates

 

2,630

 

13,905

 

9,202

 

4,167

 

553

 

-

 

-

 

30,457

Other non-current assets

 

3,451

 

2,720

 

1,027

 

677

 

1,258

 

141

 

-

 

9,274

Inventories, net

 

1,463

 

1,784

 

689

 

11,582

 

3,798

 

1

 

-

 

19,317

Accounts receivable, net

 

6,849

 

10,183

 

7,601

 

20,010

 

9,024

 

683

 

(30,908)

 

23,442

Other current assets

 

6,218

 

9,782

 

6,963

 

2,383

 

3,465

 

1,817

 

(9,807)

 

20,821

Accounts payable

 

(6,904)

 

(11,732)

 

(8,114)

 

(33,864)

 

(10,693)

 

(798)

 

30,770

 

(41,335)

Other creditors and accrued liabilities

 

(9,875)

 

(11,653)

 

(6,985)

 

(6,152)

 

(5,707)

 

(6,300)

 

9,945

 

(36,727)

Working capital

 

(2,249)

 

(1,636)

 

154

 

(6,041)

 

(113)

 

(4,597)

 

-

 

(14,482)

Provisions and other non-current liabilities

 

(25,152)

 

(3,877)

 

(1,790)

 

(3,706)

 

(1,267)

 

854

 

-

 

(34,938)

Assets and liabilities classified as held for sale - Capital employed

 

314

 

-

 

392

 

137

 

881

 

-

 

-

 

1,724

Capital Employed (Balance sheet)

 

63,870

 

36,048

 

21,511

 

7,521

 

8,008

 

(2,924)

 

-

 

134,034

Less inventory valuation effect

 

 

 

 

 

 

 

(1,478)

 

(334)

 

 

 

 

 

(1,812)

Capital Employed ( c )

 

63,870

 

36,048

 

21,511

 

6,043

 

7,674

 

(2,924)

 

-

 

132,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROACE as a percentage ( a / average ( b + c ))

 

15.6%

 

12.6%

 

10.0%

 

37.2%

 

18.7%

 

 

 

 

 

14.8%

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

4. Reconciliation of consolidated net income to adjusted net operating income

4th quarter

 

3rd quarter

 

4th quarter

 

(in millions of dollars)

 

2024

 

2023

2024

 

2024

 

2023

 

   

4,019

 

2,361

 

5,037

 

Consolidated net income ( a )

 

16,031

 

21,510

(331)

 

(379)

 

(265)

 

Net cost of net debt ( b )

 

(1,360)

 

(1,108)

(425)

 

(1,360)

 

113

 

Special items affecting net operating income

 

(1,249)

 

(1,384)

(25)

 

-

 

1,844

 

Gain (loss) on asset sales

 

1,372

 

2,047

(6)

 

(10)

 

(51)

 

Restructuring charges

 

(27)

 

(56)

(227)

 

(1,107)

 

(1,070)

 

Impairments

 

(1,978)

 

(2,297)

(167)

 

(243)

 

(610)

 

Other

 

(616)

 

(1,078)

209

 

(375)

 

(549)

 

After-tax inventory effect : FIFO vs. replacement cost

 

(386)

 

(694)

(253)

 

(84)

 

192

 

Effect of changes in fair value

 

(948)

 

12

(469)

 

(1,819)

 

(244)

 

Total adjustments affecting net operating income ( c )

 

(2,583)

 

(2,066)

4,819

 

4,559

 

5,546

 

Adjusted net operating income ( a - b - c )

 

19,974

 

24,684

 

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