TotalEnergies once again demonstrates the relevance of its strategy,
fully leveraging supportive energy prices
with increasing adjusted net income of 6.5 B$ and cash flow of 9.3 B$
PARIS–(BUSINESS WIRE)–
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):
|
3Q23 |
Change |
9M23 |
Change |
|||||
| Net income (TotalEnergies share) (B$) |
6.7 |
+63% |
16.3 |
-5% |
||||
| Adjusted net income (TotalEnergies share)(1) |
|
|
|
|
||||
| – in billions of dollars (B$) |
6.5 |
+30% |
18.0 |
-37% |
||||
| – in dollars per share |
2.63 |
+32% |
7.24 |
-34% |
||||
| Adjusted EBITDA(1) (B$) |
13.1 |
+18% |
38.3 |
-31% |
||||
| Cash flow from operations excluding working capital (CFFO)(1) (B$) |
9.3 |
+10% |
27.4 |
-25% |
||||
| Cash flow from operating activities (B$) |
9.5 |
-4% |
24.5 |
-41% |
||||
| Gearing(1) of 12.3% at September 30, 2023 vs.11.1% at June 30, 2023 | ||||||||
| Third 2023 interim dividend set at 0.74 €/share |
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on October 25, 2023, to approve the third quarter 2023 financial statements. On the occasion, Patrick Pouyanné said:
“While implementing its balanced transition strategy that combines Oil & Gas and Integrated Power, TotalEnergies demonstrates once again this quarter its ability to leverage a supportive price environment, generating adjusted net income of $6.5 billion and return on average capital employed of over 20%. Cash flow from operations (CFFO) increased to $9.3 billion in the third quarter and totaled $27.4 billion in the first nine months of 2023.
In the Oil & Gas business, production at nearly 2.5 Mboe/d is up 5% year-on-year, thanks to the start-up of several oil projects in Brazil (Mero 1), Nigeria (Ikike) and Iraq (Ratawi) and gas projects in Oman (Block 10) and Azerbaijan (Absheron). During the quarter, confirmation of exploration successes in Suriname and Namibia opened the way to new oil developments contributing to future cash flow growth.
Exploration & Production delivered a strong quarter, with adjusted net operating income and cash flow both increasing by $0.8 billion quarter-to-quarter to $3.1 billion and $5.2 billion, respectively. Integrated LNG confirms the robustness of its global integrated portfolio, with adjusted net operating income of $1.3 billion and cash flow of $1.6 billion. Downstream adjusted net operating income and cash flow increased sequentially to $1.8 billion and $2.2 billion, respectively, due to good availability of European refining assets.
This quarter again demonstrates the relevance of TotalEnergies’ profitable transition strategy. For the first time, Integrated Power adjusted net operating income and cash flow both exceed $500 million. Year-to-date cash flow at the end of the third quarter is close to $1.5 billion, in line with Integrated Power’s objective to generate around $2 billion of cash flow in 2023. TotalEnergies commissioned its 1 GW Seagreen offshore wind farm, which was delivered within budget, and its 380 MW Myrtle Solar project in the US, which includes battery storage, and acquired 100% of Total Eren.
Based on the strength of both these results, the Board of Directors decided the distribution of the third interim dividend for the 2023 financial year in the amount of €0.74/share, up 7.25% year-on-year. Additionally, the Company is executing a $9 billion share buyback program in 2023, as announced on September 27. Year-to-date shareholder distribution is close to 43% at the end of September, in line with the recently increased annual guidance of more than 40%.”
1. Highlights(2)
Multi-energy strategy
- Launch of GGIP in Iraq: effective entry in the producing Ratawi field on August 16, 2023
- Partnership with SONATRACH to increase the production of the Tin Fouyé Tabankort fields, extend to 2024 2 Mt/y of LNG deliveries in France, and develop renewable energy projects in Algeria
- Partnership with Petrobras and Casa dos Ventos in renewable energies in Brazil
Upstream
- Production start-up of Absheron gas and condensate field, in Azerbaijan
- Acquisition of an interest in the Cash-Maple gas discoveries, in Australia, to ensure long-term supply of Ichthys LNG
- Launch of development studies of a 200,000 b/d oil project in Block 58 in Suriname with targeted FID at the end of 2024
- Closing of the sale of Surmont to ConocoPhillips for up to $3.3 billion and disposal of other Canadian assets to Suncor for around $1.1 billion
- Sale to Petronas of a 40% interest in Block 20 in Angola
- Sale to ADNOC of a 15% interest in Absheron field in Azerbaijan
Downstream
- Start-up of a new polyethylene unit on the Baystar plant, in the US
Integrated LNG
- Signature of 27-year LNG offtake contracts with QatarEnergy LNG for 3.5 Mtpa
- Launch of the Rio Grande LNG project, in Texas: acquisition of a 16.67% stake in the JV in charge of developing the 17.5 Mt/y project, acquisition of a 17.5% stake in NextDecade, and signature of a 5.4 Mt/y offtake agreement for 20 years
Integrated Power
- Commissioning of Myrtle Solar in the US, first large solar farm including battery storage
- Signature with Saint-Gobain of a Power Purchase Agreement over 15 years, in the US
- Commissioning of Seagreen in Scotland, the first offshore windfarm of the Company
- Partial farm downs to Corio Generation and Rise Light & Power in a 3 GW wind project offshore New York and New Jersey, in the US
- Agreement with European Energy to develop more than 4 GW of onshore renewable projects
- Acquisition of a 50% interest in Rönesans Enerji to develop renewable projects in Turkey
- Investment with AGEL in a joint venture in India with more than 1,400 MW of renewable assets
- Award of a contract for the installation and operation of 1,100 EV HPC points in Germany
Low carbon molecules
- Agreement with Air Liquide for the supply of green and low carbon hydrogen to the Normandy platform
- Call for tenders launch for the supply of 500,000 t/y of green hydrogen to decarbonize TotalEnergies’ European refining
- Acquisition of an interest in a CO2 storage exploration license, in Norway
- Circular economy: first conversion of plastic waste derived oil into certified circular polymers, in Saudi Arabia, and FID of a new mechanical recycling unit for plastic waste at Grandpuits biorefinery, in France
2. Key figures from TotalEnergies’ consolidated financial statements(1)
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
9M23 |
|
9M22 |
|
9M23 |
||
|
13,062 |
|
11,105 |
|
19,420 |
|
-33% |
Adjusted EBITDA (1) |
38,334 |
|
55,581 |
|
-31% |
||
|
6,808 |
|
5,582 |
|
10,279 |
|
-34% |
Adjusted net operating income from business segments |
19,383 |
|
30,237 |
|
-36% |
||
|
3,138 |
|
2,349 |
|
4,217 |
|
-26% |
Exploration & Production |
8,140 |
|
13,951 |
|
-42% |
||
|
1,342 |
|
1,330 |
|
3,413 |
|
-61% |
Integrated LNG |
4,744 |
|
8,761 |
|
-46% |
||
|
506 |
|
450 |
|
236 |
|
x2,1 |
Integrated Power |
1,326 |
|
494 |
|
x2,7 |
||
|
1,399 |
|
1,004 |
|
1,935 |
|
-28% |
Refining & Chemicals |
4,021 |
|
5,815 |
|
-31% |
||
|
423 |
|
449 |
|
478 |
|
-12% |
Marketing & Services |
1,152 |
|
1,216 |
|
-5% |
||
|
662 |
|
662 |
|
2,576 |
|
-74% |
Contribution of equity affiliates to adjusted net income |
2,403 |
|
6,381 |
|
-62% |
||
|
33.4% |
|
37.3% |
|
44.1% |
|
|
Effective tax rate (3) |
37.5% |
|
40.8% |
|
|
||
|
6,453 |
|
4,956 |
|
9,863 |
|
-35% |
Adjusted net income (TotalEnergies share) (1) |
17,950 |
|
28,636 |
|
-37% |
||
|
2.63 |
|
1.99 |
|
3.83 |
|
-31% |
Adjusted fully-diluted earnings per share (dollars) (4) |
7.24 |
|
10.96 |
|
-34% |
||
|
2.41 |
|
1.84 |
|
3.78 |
|
-36% |
Adjusted fully-diluted earnings per share (euros) (5) |
6.68 |
|
10.31 |
|
-35% |
||
|
2,423 |
|
2,448 |
|
2,560 |
|
-5% |
Fully-diluted weighted-average shares (millions) |
2,448 |
|
2,589 |
|
-5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
6,676 |
|
4,088 |
|
6,626 |
|
+1% |
Net income (TotalEnergies share) |
16,321 |
|
17,262 |
|
-5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
4,283 |
|
4,271 |
|
3,116 |
|
+37% |
Organic investments (1) |
11,987 |
|
7,916 |
|
+51% |
||
|
808 |
|
320 |
|
1,587 |
|
-49% |
Net acquisitions (1) |
4,115 |
|
4,585 |
|
-10% |
||
|
5,091 |
|
4,591 |
|
4,703 |
|
+8% |
Net investments (1) |
16,102 |
|
12,501 |
|
+29% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
9,340 |
|
8,485 |
|
11,736 |
|
-20% |
Cash flow from operations excluding working capital (CFFO) (1) |
27,446 |
|
36,595 |
|
-25% |
||
|
9,551 |
|
8,596 |
|
12,040 |
|
-21% |
Debt Adjusted Cash Flow (DACF) (1) |
27,922 |
|
37,665 |
|
-26% |
||
|
9,496 |
|
9,900 |
|
17,848 |
|
-47% |
Cash flow from operating activities |
24,529 |
|
41,749 |
|
-41% |
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
9M23 |
|
9M22 |
|
9M23 |
|||
|
86.7 |
|
78.1 |
|
100.8 |
|
-14% |
Brent ($/b) |
82.1 |
|
105.5 |
|
-22% |
||
|
2.7 |
|
2.3 |
|
7.9 |
|
-66% |
Henry Hub ($/Mbtu) |
2.6 |
|
6.7 |
|
-61% |
||
|
10.6 |
|
10.5 |
|
42.5 |
|
-75% |
NBP ($/Mbtu) |
12.4 |
|
32.4 |
|
-62% |
||
|
12.5 |
|
10.9 |
|
46.5 |
|
-73% |
JKM ($/Mbtu) |
13.3 |
|
34.9 |
|
-62% |
||
|
78.9 |
|
72.0 |
|
93.6 |
|
-16% |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
74.9 |
|
95.4 |
|
-22% |
||
|
5.47 |
|
5.98 |
|
16.83 |
|
-67% |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
6.80 |
|
13.28 |
|
-49% |
||
|
9.56 |
|
9.84 |
|
21.51 |
|
-56% |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
10.92 |
|
16.26 |
|
-33% |
||
|
95.1 |
|
42.7 |
|
99.3 |
|
-4% |
Variable cost margin – Refining Europe, VCM (6),(10) ($/t) |
75.9 |
|
100.3 |
|
-24% |
3.2 Greenhouse gas emissions (11)
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Scope 1+2 emissions (MtCO2e) |
9M23 |
|
9M22 |
|
9M23 |
||
|
8.5 |
|
9.1 |
|
10.3 |
|
-18% |
Scope 1+2 from operated facilities (12) |
26.6 |
|
29.6 |
|
-10% |
||
|
7.5 |
|
7.9 |
|
8.2 |
|
-9% |
of which Oil & Gas |
23.1 |
|
24.2 |
|
-5% |
||
|
1.0 |
|
1.1 |
|
2.1 |
|
-54% |
of which CCGT |
3.6 |
|
5.4 |
|
-33% |
||
|
12.1 |
|
12.5 |
|
14.0 |
|
-14% |
Scope 1+2 – equity share |
37.4 |
|
41.4 |
|
-10% |
Estimated 3Q23 and 2Q23 emissions.
Scope 1+2 emissions from operated installations were down 18% year-on-year in the third quarter 2023, thanks to the continuous decline in flaring emissions on Exploration & Production facilities and the decrease in the use of gas-fired power plants in Europe.
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Methane emissions (ktCH4) |
9M23 |
|
9M22 |
|
9M23 |
||
|
7 |
|
8 |
|
10 |
|
-30% |
Methane emissions from operated facilities |
25 |
|
31 |
|
-19% |
||
|
9 |
|
10 |
|
14 |
|
-32% |
Methane emissions – equity share |
30 |
|
38 |
|
-21% |
Estimated 3Q23 and 2Q23 emissions.
| Scope 3 emissions (MtCO2e) |
9M23 |
|
2022 |
|
| Scope 3 from Oil, Biofuels and Gas Worldwide (13) |
est. 270 |
|
389 |
3.3 Production(14)
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Hydrocarbon production |
9M23 |
|
9M22 |
|
9M23 |
||
|
2,476 |
|
2,471 |
|
2,669 |
|
-7% |
Hydrocarbon production (kboe/d) |
2,490 |
|
2,750 |
|
-9% |
||
|
1,399 |
|
1,416 |
|
1,298 |
|
+8% |
Oil (including bitumen) (kb/d) |
1,404 |
|
1,291 |
|
+9% |
||
|
1,077 |
|
1,055 |
|
1,371 |
|
-21% |
Gas (including condensates and associated NGL) (kboe/d) |
1,086 |
|
1,459 |
|
-26% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,476 |
|
2,471 |
|
2,669 |
|
-7% |
Hydrocarbon production (kboe/d) |
2,490 |
|
2,750 |
|
-9% |
||
|
1,561 |
|
1,571 |
|
1,494 |
|
+4% |
Liquids (kb/d) |
1,565 |
|
1,501 |
|
+4% |
||
|
4,921 |
|
4,845 |
|
6,367 |
|
-23% |
Gas (Mcf/d) |
4,985 |
|
6,785 |
|
-27% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,476 |
|
2,471 |
|
2,356 |
|
+5% |
Hydrocarbon production excluding Novatek (kboe/d) |
2,490 |
|
2,425 |
|
+3% |
Hydrocarbon production was 2,476 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2023, up 5% year-on-year (excluding Novatek) and comprised of:
- +5% due to start-ups and ramp-ups, including Absheron in Azerbaijan, Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil, Ikike in Nigeria and Bloc 10 in Oman
- +2% due to a decrease of planned maintenance, notably on Ichthys in Australia and lower unplanned outages, notably at the Kashagan field in Kazakhstan
- +1% due to improved security conditions in Nigeria and Libya
- -3% due to natural field declines
Between the third quarters of 2022 and 2023, portfolio additions, such as entry into SARB Umm Lulu in the United Arab Emirates, the Ratawi field in Iraq and the increase in interest in Waha concessions in Libya, offset negative portfolio changes such as the end of the Bongkot operating licenses in Thailand and the exit from Termokarstovoye in Russia.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Hydrocarbon production |
9M23 |
|
9M22 |
|
9M23 |
||
|
2,043 |
|
2,033 |
|
2,251 |
|
-9% |
EP (kboe/d) |
2,045 |
|
2,292 |
|
-11% |
||
|
1,507 |
|
1,512 |
|
1,454 |
|
+4% |
Liquids (kb/d) |
1,506 |
|
1,450 |
|
+4% |
||
|
2,865 |
|
2,778 |
|
4,300 |
|
-33% |
Gas (Mcf/d) |
2,885 |
|
4,569 |
|
-37% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,043 |
|
2,033 |
|
1,988 |
|
+3% |
EP excluding Novatek (kboe/d) |
2,045 |
|
2,023 |
|
1.1% |
4.1.2 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars, except effective tax rate |
9M23 |
|
9M22 |
|
9M23 |
||
|
3,138 |
|
2,349 |
|
4,217 |
|
-26% |
Adjusted net operating income |
8,140 |
|
13,951 |
|
-42% |
||
|
125 |
|
149 |
|
377 |
|
-67% |
including adjusted income from equity affiliates |
409 |
|
1,019 |
|
-60% |
||
|
44.6% |
|
49.7% |
|
55.4% |
|
|
Effective tax rate (15) |
50.7% |
|
49.9% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,557 |
|
2,424 |
|
1,989 |
|
+29% |
Organic investments (1) |
7,115 |
|
5,288 |
|
+35% |
||
|
(514) |
|
176 |
|
(126) |
|
ns |
Net acquisitions (1) |
1,600 |
|
2,415 |
|
-34% |
||
|
2,043 |
|
2,600 |
|
1,863 |
|
+10% |
Net investments (1) |
8,715 |
|
7,703 |
|
+13% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
5,165 |
|
4,364 |
|
6,406 |
|
-19% |
Cash flow from operations excluding working capital (CFFO) (1) |
14,436 |
|
21,092 |
|
-32% |
||
|
4,240 |
|
4,047 |
|
9,083 |
|
-53% |
Cash flow from operating activities |
12,823 |
|
23,619 |
|
-46% |
Exploration & Production adjusted net operating income was $3,138 million in the third quarter 2023 up 34% quarter-to-quarter, primarily driven by higher oil prices and a lower effective tax rate due to the North Sea, which carries higher tax rates, comprising a lower percentage of the overall portfolio mix.
Cash flow from operations excluding working capital (CFFO) was $5,165 million in the third quarter 2023, up 18% quarter-to-quarter, for the same reasons.
4.2 Integrated LNG
4.2.1 Production
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Hydrocarbon production for LNG |
9M23 |
|
9M22 |
|
9M23 |
||
|
433 |
|
438 |
|
418 |
|
+4% |
Integrated LNG (kboe/d) |
445 |
|
458 |
|
-3% |
||
|
54 |
|
59 |
|
40 |
|
+37% |
Liquids (kb/d) |
59 |
|
51 |
|
+15% |
||
|
2,056 |
|
2,067 |
|
2,067 |
|
-1% |
Gas (Mcf/d) |
2,100 |
|
2,216 |
|
-5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
433 |
|
438 |
|
368 |
|
+18% |
Integrated LNG excluding Novatek (kboe/d) |
445 |
|
402 |
|
+11% |
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Liquefied Natural Gas in Mt |
9M23 |
|
9M22 |
|
9M23 |
||
|
10.5 |
|
11.0 |
|
10.4 |
|
– |
Overall LNG sales |
32.5 |
|
35.4 |
|
-8% |
||
|
3.7 |
|
3.6 |
|
4.0 |
|
-9% |
incl. Sales from equity production* |
11.2 |
|
12.6 |
|
-11% |
||
|
9.4 |
|
10.0 |
|
9.2 |
|
+2% |
incl. Sales by TotalEnergies from equity production and third party purchases |
29.3 |
|
31.4 |
|
-7% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG (excluding Novatek) stabilized quarter-to-quarter and was up by 18% year-on-year mainly due to a planned maintenance impacting production at Ichthys field in the third quarter 2022.
In the third quarter 2023, LNG sales stabilized year-on-year and decreased quarter-to-quarter, due to the decrease in spot traded volumes in a less volatile environment.
4.2.2 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,342 |
|
1,330 |
|
3,413 |
|
-61% |
Adjusted net operating income |
4,744 |
|
8,761 |
|
-46% |
||
|
385 |
|
432 |
|
1,828 |
|
-79% |
including adjusted income from equity affiliates |
1,603 |
|
4,424 |
|
-64% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
495 |
|
382 |
|
213 |
|
x2,3 |
Organic investments (1) |
1,273 |
|
324 |
|
x3,9 |
||
|
84 |
|
205 |
|
(10) |
|
ns |
Net acquisitions (1) |
1,048 |
|
(66) |
|
ns |
||
|
579 |
|
587 |
|
203 |
|
x2,9 |
Net investments (1) |
2,321 |
|
258 |
|
x9 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
1,648 |
|
1,801 |
|
2,492 |
|
-34% |
Cash flow from operations excluding working capital (CFFO) (1) |
5,530 |
|
7,096 |
|
-22% |
||
|
872 |
|
1,332 |
|
3,449 |
|
-75% |
Cash flow from operating activities |
5,740 |
|
9,470 |
|
-39% |
Integrated LNG adjusted net operating income was $1,342 million in the third quarter 2023, down 53% year-on-year (excluding Novatek), mainly due to lower LNG prices, as well as exceptional trading results in the third quarter 2022, partially offset by higher production.
Cash flow from operations excluding working capital (CFFO) for Integrated LNG was $1,648 million in the third quarter 2023, down 34% year-on-year (excluding Novatek), mainly due to lower LNG prices, partially offset by the high margins captured in 2022 on LNG cargoes to be delivered in 2023.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Integrated Power |
9M23 |
|
9M22 |
|
9M23 |
||
|
8.9 |
|
8.2 |
|
8.5 |
|
+4% |
Net power production (TWh) * |
25.5 |
|
23.7 |
|
+7% |
||
|
5.4 |
|
4.2 |
|
2.4 |
|
x2,3 |
o/w power production from renewables |
13.5 |
|
7.1 |
|
+90% |
||
|
3.5 |
|
4.0 |
|
6.1 |
|
-43% |
o/w CCGT |
12.0 |
|
16.6 |
|
-28% |
||
|
15.9 |
|
13.2 |
|
11.7 |
|
+36% |
Portfolio of power generation net installed capacity (GW) ** |
15.9 |
|
11.7 |
|
+36% |
||
|
11.6 |
|
8.9 |
|
7.4 |
|
+57% |
o/w renewables |
11.6 |
|
7.4 |
|
+57% |
||
|
4.3 |
|
4.3 |
|
4.3 |
|
– |
o/w CCGT |
4.3 |
|
4.3 |
|
– |
||
|
80.5 |
|
74.7 |
|
67.8 |
|
+19% |
Portfolio of renewable power generation gross capacity (GW) **,*** |
80.5 |
|
67.8 |
|
+19% |
||
|
20.2 |
|
19.0 |
|
16.0 |
|
+26% |
o/w installed capacity |
20.2 |
|
16.0 |
|
+26% |
||
|
6.0 |
|
6.0 |
|
6.3 |
|
-5% |
Clients power – BtB and BtC (Million) ** |
6.0 |
|
6.3 |
|
-5% |
||
|
2.8 |
|
2.8 |
|
2.8 |
|
– |
Clients gas – BtB and BtC (Million) ** |
2.8 |
|
2.8 |
|
– |
||
|
11.2 |
|
11.5 |
|
12.1 |
|
-7% |
Sales power – BtB and BtC (TWh) |
38.2 |
|
40.7 |
|
-6% |
||
|
13.8 |
|
19.2 |
|
14.2 |
|
-2% |
Sales gas – BtB and BtC (TWh) |
70.2 |
|
68.3 |
|
+3% |
* Solar, wind, hydroelectric and combined-cycle gas turbine (CCGT) plants.
** End of period data.
*** Includes 20% of Adani Green Energy Ltd’s gross capacity effective first quarter 2021, 50% of Clearway Energy Group’s gross capacity effective third quarter 2022 and 49% of Casa dos Ventos’ gross capacity effective first quarter 2023.
Net power production was 8.9 TWh in the third quarter 2023, up 7% quarter-to-quarter, due to growing power generation from renewables following the integration at 100% of Total Eren and the start-up of Myrtle Solar and Danish Fields in the US.
Gross installed renewable power generation capacity reached more than 20 GW at the end of the third quarter 2023, up by more than 1 GW quarter-to-quarter, including 0.5 GW installed in the US (Myrtle Solar, Danish) and the connection of 0.3 GW from the Seagreen offshore wind project in the UK.
4.3.2 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars |
9M23 |
|
9M22 |
|
9M23 |
||
|
506 |
|
450 |
|
236 |
|
x2,1 |
Adjusted net operating income |
1,326 |
|
494 |
|
x2,7 |
||
|
37 |
|
23 |
|
60 |
|
-38% |
including adjusted income from equity affiliates |
116 |
|
113 |
|
+3% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
578 |
|
753 |
|
440 |
|
+31% |
Organic investments (1) |
1,908 |
|
929 |
|
x2,1 |
||
|
1,354 |
|
(42) |
|
1,728 |
|
-22% |
Net acquisitions (1) |
1,831 |
|
2,367 |
|
-23% |
||
|
1,932 |
|
711 |
|
2,168 |
|
-11% |
Net investments (1) |
3,739 |
|
3,296 |
|
+13% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
516 |
|
491 |
|
191 |
|
x2,7 |
Cash flow from operations excluding working capital (CFFO) (1) |
1,447 |
|
532 |
|
x2,7 |
||
|
1,936 |
|
2,284 |
|
941 |
|
x2,1 |
Cash flow from operating activities |
2,935 |
|
(795) |
|
ns |
Integrated Power adjusted net operating income was $506 million and cash flow from operations excluding working capital (CFFO) was $516 million in the third quarter 2023, up 12% and 5% respectively quarter-to-quarter, due to the growth in power generation from renewables and the performance of its profitable Integrated Power model.
Cash flow from operating activities is $1,936 million in the third quarter 2023, due to the positive impact on working capital of the seasonality in the gas and power marketing business.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,822 |
|
1,453 |
|
2,413 |
|
-24% |
Adjusted net operating income |
5,173 |
|
7,031 |
|
-26% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
625 |
|
686 |
|
453 |
|
+38% |
Organic investments (1) |
1,601 |
|
1,332 |
|
+20% |
||
|
(115) |
|
(19) |
|
(6) |
|
ns |
Net acquisitions (1) |
(363) |
|
(131) |
|
ns |
||
|
510 |
|
667 |
|
447 |
|
+14% |
Net investments (1) |
1,238 |
|
1,201 |
|
+3% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2,205 |
|
2,085 |
|
2,944 |
|
-25% |
Cash flow from operations excluding working capital (CFFO) (1) |
6,479 |
|
8,388 |
|
-23% |
||
|
2,266 |
|
2,588 |
|
4,737 |
|
-52% |
Cash flow from operating activities |
3,330 |
|
10,848 |
|
-69% |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Refinery throughput and utilization rate* |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,489 |
|
1,472 |
|
1,599 |
|
-7% |
Total refinery throughput (kb/d) |
1,456 |
|
1,497 |
|
-3% |
||
|
489 |
|
364 |
|
431 |
|
+14% |
France |
404 |
|
359 |
|
+12% |
||
|
589 |
|
601 |
|
656 |
|
-10% |
Rest of Europe |
596 |
|
637 |
|
-6% |
||
|
410 |
|
507 |
|
512 |
|
-20% |
Rest of world |
456 |
|
501 |
|
-9% |
||
|
84% |
|
82% |
|
88% |
|
|
Utilization rate based on crude only** |
81% |
|
84% |
|
|
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Petrochemicals production and utilization rate |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,330 |
|
1,157 |
|
1,299 |
|
+2% |
Monomers* (kt) |
3,782 |
|
3,910 |
|
-3% |
||
|
1,070 |
|
963 |
|
1,171 |
|
-9% |
Polymers (kt) |
3,145 |
|
3,632 |
|
-13% |
||
|
75% |
|
67% |
|
80% |
|
|
Steamcracker utilization rate** |
72% |
|
79% |
|
|
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.
Refining throughput was down 7% year-on-year in the third quarter 2023, notably due to planned maintenance and unplanned shutdowns at the Port Arthur refinery in the US and the Antwerp refinery in Belgium, despite an increase in refinery throughput in France.
The utilization rate on processed crude increased sequentially over the quarter to 84% thanks to higher availability of French refining.
4.5.2 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,399 |
|
1,004 |
|
1,935 |
|
-28% |
Adjusted net operating income |
4,021 |
|
5,815 |
|
-31% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
386 |
|
454 |
|
224 |
|
+72% |
Organic investments (1) |
1,038 |
|
735 |
|
+41% |
||
|
(97) |
|
(15) |
|
1 |
|
ns |
Net acquisitions (1) |
(107) |
|
(33) |
|
ns |
||
|
289 |
|
439 |
|
225 |
|
+28% |
Net investments (1) |
931 |
|
702 |
|
+33% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
1,618 |
|
1,329 |
|
2,164 |
|
-25% |
Cash flow from operations excluding working capital (CFFO) (1) |
4,680 |
|
6,560 |
|
-29% |
||
|
2,060 |
|
1,923 |
|
3,798 |
|
-46% |
Cash flow from operating activities |
3,132 |
|
8,431 |
|
-63% |
Refining & Chemicals adjusted net operating income was $1,399 million in the third quarter 2023, up 39% quarter-to-quarter, reflecting higher refining margins in Europe and a higher utilization rate.
Cash flow from operations excluding working capital (CFFO) was $1,618 million in the third quarter 2023, up 22% quarter-to-quarter for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
Sales in kb/d* |
9M23 |
|
9M22 |
|
9M23 |
||
|
1,399 |
|
1,397 |
|
1,495 |
|
-6% |
Total Marketing & Services sales |
1,386 |
|
1,475 |
|
-6% |
||
|
792 |
|
799 |
|
873 |
|
-9% |
Europe |
783 |
|
827 |
|
-5% |
||
|
608 |
|
598 |
|
622 |
|
-2% |
Rest of world |
603 |
|
648 |
|
-7% |
* Excludes trading and bulk refining sales.
Sales of petroleum products were down year-on-year by 6% in the third quarter due to the portfolio effect linked to the disposal of 50% of the fuel distribution business in Egypt, partially offset by the recovery in the aviation business.
4.6.2 Results
|
3Q23 |
|
2Q23 |
|
3Q22 |
|
3Q23 |
In millions of dollars |
9M23 |
|
9M22 |
|
9M23 |
||
|
423 |
|
449 |
|
478 |
|
-12% |
Adjusted net operating income |
1,152 |
|
1,216 |
|
-5% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
239 |
|
232 |
|
229 |
|
+4% |
Organic investments (1) |
563 |
|
597 |
|
-6% |
||
|
(18) |
|
(4) |
|
(7) |
|
ns |
Net acquisitions (1) |
(256) |
|
(98) |
|
ns |
||
|
221 |
|
228 |
|
222 |
|
– |
Net investments (1) |
307 |
|
499 |
|
-38% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
587 |
|
756 |
|
780 |
|
-25% |
Cash flow from operations excluding working capital (CFFO) (1) |
1,799 |
|
1,828 |
|
-2% |
||
|
206 |
|
665 |
|
939 |
|
-78% |
Cash flow from operating activities |
198 |
|
2,417 |
|
-92% |
Marketing & Services adjusted net operating income was $423 million in the third quarter 2023, down 12% year-on-year, due to lower sales.
Cash flow from operations excluding working capital (CFFO) decreased by 25% year-on-year to $587 million in the third quarter 2023, negatively impacted by the tax effect of higher prices on the valuation of petroleum product inventories.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
- $6,808 million in the third quarter 2023, compared to $5,582 million in the second quarter 2023, due to higher oil prices and refining margins and a lower effective tax rate for Exploration-Production,
- $19,383 million in the first nine months of 2023, compared to $30,237 million in the first nine months of 2022, due to lower prices of oil, gas and refining margins.
Contacts
TotalEnergies
