With close to $10 billion adjusted net income in the first half, TotalEnergies advances its balanced transition strategy, with the support from its employees and shareholders
PARIS–(BUSINESS WIRE)–Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
|
2Q24 |
Change |
1H24 |
Change |
|||||
| Net income (TotalEnergies share) (B$) |
3.8 |
|
-34% |
|
9.5 |
|
-1% |
|
|
Adjusted net income (TotalEnergies share)(1) |
|
|
|
|
|
|
|
|
| – in billions of dollars (B$) |
4.7 |
|
-9% |
|
9.8 |
|
-15% |
|
| – in dollars per share |
1.98 |
|
-8% |
|
4.14 |
|
-10% |
|
| Adjusted EBITDA(1) (B$) |
11.1 |
|
-4% |
|
22.6 |
|
-11% |
|
| Cash flow from operations excluding working capital (CFFO)(1) (B$) |
7.8 |
|
-5% |
|
15.9 |
|
-12% |
|
| Cash flow from operating activities (B$) |
9.0 |
|
x4.2 |
|
11.2 |
|
-26% |
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 24, 2024, to approve the second quarter 2024 financial statements. On the occasion, Patrick Pouyanné said:
“TotalEnergies generated robust financial results in the second quarter, with adjusted net income of $4.7 billion and cash flow of $7.8 billion resulting in first half adjusted net income and cash flow of close to $10 billion and $16 billion, respectively.
During the first half of 2024, TotalEnergies has completed important steps in advancing the balanced transition strategy presented to shareholders at our Investor Day in September 2023:
- within the Oil & Gas pillar, TotalEnergies took final investment decision on several Upstream projects that are the stepping stones to achieve its objectives of growing upstream production by 2-3%/year and growing underlying cash flow: Kaminho in Angola, Sépia 2 and Atapu 2 in Brazil, Marsa LNG in Oman and the Ubeta gas project in Nigeria that supplies Nigeria LNG;
- within the Integrated Power pillar, TotalEnergies has fortified its Integrated Power portfolio with the acquisition of several flexible assets that allow the Company to extract maximum value out of its renewable assets in three key markets: CCGTs in Texas and the UK, and a renewables aggregator and battery developer in Germany.
During the second quarter, upstream production was 2.44 Mboe/d, benefiting from high availability of production facilities. Exploration & Production posted $2.7 billion of adjusted net operating income and $4.4 billion of cash flow, in line with the evolution of the oil and gas price environment. The Company further highgraded its portfolio, notably through acquisitions in Malaysia and deep offshore Congo, and divestments of mature assets in Nigeria, Congo, the UK and in Brunei.
Integrated LNG posted adjusted net operating income and cash flow of $1.2 billion this quarter, reflecting the average LNG price. TotalEnergies actively continues to increase medium-term oil exposure within its LNG portfolio by signing two new mid-term Brent-indexed LNG sales contracts in Asia for 1.3 Mt/y.
Integrated Power reported adjusted net operating income of $0.5 billion and cash flow of $0.6 billion with a return on capital employed above 10%. First half 2024 cash flow is $1.3 billion, in line with the annual guidance of more than $2.5 billion.
Downstream posted adjusted net operating income of $1.0 billion and cash flow of $1.8 billion, wherein the less favorable refining margin environment was partially compensated by higher refinery utilization and sequential results from marketing activities benefitting from cheaper supply.
During the quarter, TotalEnergies successfully issued conventional senior bonds on the US market totalling $4.25 billion, with a 27-year average maturity. The Board of Directors decided to retain flexibility on the format of its senior bonds issuances while also prioritizing long maturity.
Comforted by robust results at mid-year, in line with 2024 objectives, the Board of Directors decided to maintain the second interim dividend at 0.79 €/share for fiscal year 2024, an increase close to 7% compared to 2023, and authorized the Company to buy back shares for up to $2 billion in the third quarter of 2024.
The Board also highlighted the recent success of the Capital increase reserved for employees, which brings TotalEnergies’ employee ownership to more than 8% of the Company’s share capital, and the strong shareholder support for all the resolutions submitted to vote at the Annual General Meeting.”
1. Highlights (2)
Social and environmental responsibility
- Ambition of giving access to clean cooking to 100 million people in Africa and India by 2030, announced at the Clean Cooking Summit organized by the IEA in Paris,
- Partnership with SLB on digital innovation and solarization, for a more sustainable energy
Upstream
- Production start-up of Eldfisk North and Kristin South in Norway
- Launch of Kaminho, a 70,000 b/d oil project in the Kwanza basin, in Angola
- Launch of Sépia 2 and Atapu 2, two 225,000 b/d oil projects in Brazil
- Agreement on field development areas and securing of the FPSO hull in Block 58 in Suriname, key milestones toward a Final Investment Decision that is expected in the second half of 2024
- Agreements with OMV and Sapura Upstream Assets to acquire 100% of SapuraOMV, an independent gas producer and operator, in Malaysia
- Agreement with Trident Energy for the acquisition of an additional 10% interest in the Moho field and disposal of Nkossa in Congo
- Agreement with Chappal Energies for the divestment from the 10% interest in the SPDC JV in Nigeria, while retaining gas economical interest to ensure NLNG gas supply
- Agreement with Hibiscus Petroleum Berhad for the divestment of the subsidiary in Brunei
- Agreement with The Prax Group for the divestment from the West of Shetland gas assets in the United Kingdom
- Acquisition of an interest in an offshore exploration block, in Sao Tome and Principe
Downstream
- Acquisition of Tecoil, a lubricant used oil regeneration specialist based in Finland
Integrated LNG
- Launch of the 1 Mt/y Marsa LNG project, a fully electrified and very low-emission (3 kg CO2/boe) LNG plant in Oman, supplied by a 300 MW solar farm
- Entry in Ruwais LNG, a low-emission LNG project in the United Arab Emirates
- Launch of the Ubeta onshore gas development to supply Nigeria LNG
- Acquisition of interests in the Dorado leases in the Eagle Ford shale gas play in Texas
- Signature of two LNG contracts to Asia: 0.8 Mt/y over 10 years to IOCL in India and 0.5 Mt/y over 5 years to Korea South East Power in South Korea
Integrated Power
- Acquisition of a 1.3 GW gross capacity CCGT in the United Kingdom
- Award of a maritime lease to develop a 1.5 GW offshore wind farm in Germany
- Launch of a 100 MW battery storage project developed by Kyon Energy in Germany
- Launch of a joint-venture with SSE to grow electric mobility in the UK and Ireland
Decarbonization and low-carbon molecules
- Agreement with Air Products for delivery of 70 kt/y of green hydrogen over 15 years, in the large-scale tender launched by the Company to decarbonize its European refineries
- Acquisition of 50% of a 795 MW offshore wind farm in the Netherlands, to produce green hydrogen to decarbonize TotalEnergies’ European refineries
2. Key figures from TotalEnergies’ consolidated financial statements (1)
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
1H24 |
1H23 |
1H24 |
|
11,073 |
11,493 |
11,105 |
– |
Adjusted EBITDA (1) |
22,566 |
25,272 |
-11% |
|
5,339 |
5,600 |
5,582 |
-4% |
Adjusted net operating income from business segments |
10,939 |
12,575 |
-13% |
|
2,667 |
2,550 |
2,349 |
+14% |
Exploration & Production |
5,217 |
5,002 |
+4% |
|
1,152 |
1,222 |
1,330 |
-13% |
Integrated LNG |
2,374 |
3,402 |
-30% |
|
502 |
611 |
450 |
+12% |
Integrated Power |
1,113 |
820 |
+36% |
|
639 |
962 |
1,004 |
-36% |
Refining & Chemicals |
1,601 |
2,622 |
-39% |
|
379 |
255 |
449 |
-16% |
Marketing & Services |
634 |
729 |
-13% |
|
636 |
621 |
662 |
-4% |
Contribution of equity affiliates to adjusted net income |
1,257 |
1,741 |
-28% |
|
40.4% |
37.8% |
37.3% |
|
Effective tax rate (3) |
39.0% |
39.7% |
|
|
4,672 |
5,112 |
4,956 |
-6% |
Adjusted net income (TotalEnergies share) (1) |
9,784 |
11,497 |
-15% |
|
1.98 |
2.14 |
1.99 |
-1% |
Adjusted fully-diluted earnings per share (dollars) (4) |
4.14 |
4.61 |
-10% |
|
1.85 |
1.97 |
1.84 |
+1% |
Adjusted fully-diluted earnings per share (euros) (5) |
3.82 |
4.27 |
-11% |
|
2,328 |
2,352 |
2,448 |
-5% |
Fully-diluted weighted-average shares (millions) |
2,333 |
2,460 |
-5% |
|
|
|
|
|
|
|
|
|
|
3,787 |
5,721 |
4,088 |
-7% |
Net income (TotalEnergies share) |
9,508 |
9,645 |
-1% |
|
|
|
|
|
|
|
|
|
|
4,410 |
4,072 |
4,271 |
+3% |
Organic investments (1) |
8,482 |
7,704 |
+10% |
|
220 |
(500) |
320 |
-31% |
Acquisitions net of assets sales (1) |
(280) |
3,307 |
ns |
|
4,630 |
3,572 |
4,591 |
+1% |
Net investments (1) |
8,202 |
11,011 |
-26% |
|
|
|
|
|
|
|
|
|
|
7,777 |
8,168 |
8,485 |
-8% |
Cash flow from operations excluding working capital (CFFO) (1) |
15,945 |
18,106 |
-12% |
|
7,895 |
8,311 |
8,596 |
-8% |
Debt Adjusted Cash Flow (DACF) (1) |
16,207 |
18,371 |
-12% |
|
9,007 |
2,169 |
9,900 |
-9% |
Cash flow from operating activities |
11,176 |
15,033 |
-26% |
| Gearing (1) of 10.2% at June 30, 2024 vs. 10.5% at March 31, 2024 and 11.1% at June 30, 2023 | |||||||
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
1H24 |
1H23 |
1H24 |
|
|
85.0 |
83.2 |
78.1 |
+9% |
Brent ($/b) |
84.1 |
79.7 |
+6% |
|
2.3 |
2.1 |
2.3 |
– |
Henry Hub ($/Mbtu) |
2.2 |
2.5 |
-13% |
|
9.7 |
8.7 |
10.5 |
-8% |
NBP ($/Mbtu) |
9.2 |
13.3 |
-31% |
|
11.2 |
9.3 |
10.9 |
+3% |
JKM ($/Mbtu) |
10.3 |
13.7 |
-25% |
|
81.0 |
78.9 |
72.0 |
+13% |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
79.9 |
72.7 |
+10% |
|
5.05 |
5.11 |
5.98 |
-16% |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
5.08 |
7.48 |
-32% |
|
9.32 |
9.58 |
9.84 |
-5% |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.46 |
11.59 |
-18% |
|
44.9 |
71.7 |
40.1 |
+12% |
European Refining Margin Marker (ERM) (6),(10) ($/t) |
58.3 |
65.5 |
-11% |
3.2 Greenhouse gas emissions (11)
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Scope 1+2 emissions (MtCO2e) |
1H24 |
1H23 |
1H24 |
|
7.7 |
8.2 |
9.1 |
-15% |
Scope 1+2 from operated facilities (12) |
15.9 |
18.2 |
-13% |
|
7.0 |
7.1 |
8.0 |
-13% |
of which Oil & Gas |
14.1 |
15.6 |
-10% |
|
0.7 |
1.1 |
1.1 |
-36% |
of which CCGT |
1.8 |
2.6 |
-31% |
|
10.8 |
11.6 |
12.5 |
-14% |
Scope 1+2 – equity share |
22.5 |
25.3 |
-11% |
|
Estimated quarterly emissions. |
|||||||
Scope 1+2 emissions from operated installations were down 6% quarter-to-quarter, thanks to the continuous decline in flaring emissions on Exploration & Production facilities and to the lower gas-fired power plants utilization rate in Europe in a context of lower demand.
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Methane emissions (ktCH4) |
1H24 |
1H23 |
1H24 |
|
7 |
8 |
8 |
-13% |
Methane emissions from operated facilities |
15 |
18 |
-17% |
|
8 |
9 |
10 |
-20% |
Methane emissions – equity share |
17 |
21 |
-19% |
|
Estimated quarterly emissions. |
|
|
|
||||
| Scope 3 emissions (MtCO2e) |
1H24 |
2023 |
|
||||
| Scope 3 from Oil, Biofuels and Gas Worldwide (13) |
est. 170 |
355 |
|
||||
|
|
|||||||
3.3 Production (14)
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Hydrocarbon production |
1H24 |
1H23 |
1H24 |
|
2,441 |
2,461 |
2,471 |
-1% |
Hydrocarbon production (kboe/d) |
2,451 |
2,498 |
-2% |
|
1,318 |
1,322 |
1,416 |
-7% |
Oil (including bitumen) (kb/d) |
1,320 |
1,407 |
-6% |
|
1,123 |
1,139 |
1,055 |
+6% |
Gas (including condensates and associated NGL) (kboe/d) |
1,131 |
1,091 |
+4% |
|
|
|
|
|
|
|
|
|
|
2,441 |
2,461 |
2,471 |
-1% |
Hydrocarbon production (kboe/d) |
2,451 |
2,498 |
-2% |
|
1,477 |
1,482 |
1,571 |
-6% |
Liquids (kb/d) |
1,480 |
1,567 |
-6% |
|
5,180 |
5,249 |
4,845 |
+7% |
Gas (Mcf/d) |
5,215 |
5,017 |
+4% |
Hydrocarbon production was 2,441 thousand barrels of oil equivalent per day in the second quarter 2024, down 1% quarter-to-quarter, due to higher planned maintenance, notably in the North Sea.
Hydrocarbon production in the second quarter 2024 was up 3% year-on-year (excluding Canada) and was comprised of:
- +2% due to projects start-ups and ramp-ups, including Mero 2 in Brazil, Block 10 in Oman, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Absheron in Azerbaijan,
- +1% portfolio effect related to entry in the producing fields of Ratawi in Iraq and Dorado in the United States, partially offset by the divestment from Dunga in Kazakhstan,
- +3% due to the higher availability of production facilities,
- -3% due to the natural field decline.
When taking into account the Canadian oil sands assets disposals, production was down 1% year-on-year.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Hydrocarbon production |
1H24 |
1H23 |
1H24 |
|
1,943 |
1,969 |
2,033 |
-4% |
EP (kboe/d) |
1,956 |
2,047 |
-4% |
|
1,413 |
1,419 |
1,512 |
-7% |
Liquids (kb/d) |
1,416 |
1,506 |
-6% |
|
2,829 |
2,937 |
2,778 |
+2% |
Gas (Mcf/d) |
2,883 |
2,895 |
– |
4.1.2 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars, except effective tax rate |
1H24 |
1H23 |
1H24 |
|
2,667 |
2,550 |
2,349 |
+14% |
Adjusted net operating income |
5,217 |
5,002 |
+4% |
|
207 |
145 |
149 |
+39% |
including adjusted income from equity affiliates |
352 |
284 |
+24% |
|
46.9% |
48.5% |
49.7% |
– |
Effective tax rate (15) |
47.7% |
53.9% |
– |
|
|
|
|
|
|
|
|
|
|
2,585 |
2,041 |
2,424 |
+7% |
Organic investments (1) |
4,626 |
4,558 |
+1% |
|
57 |
36 |
176 |
-68% |
Acquisitions net of assets sales (1) |
93 |
2,114 |
-96% |
|
2,642 |
2,077 |
2,600 |
+2% |
Net investments (1) |
4,719 |
6,672 |
-29% |
|
|
|
|
|
|
|
|
|
|
4,353 |
4,478 |
4,364 |
– |
Cash flow from operations excluding working capital (CFFO) (1) |
8,831 |
9,271 |
-5% |
|
4,535 |
3,590 |
4,047 |
+12% |
Cash flow from operating activities |
8,125 |
8,583 |
-5% |
Exploration & Production adjusted net operating income was $2,667 million in the second quarter 2024, up 5% quarter-to-quarter, driven by higher oil prices that were partially compensated by lower gas realizations and production.
Cash flow from operations excluding working capital (CFFO) was $4,353 million in the second quarter 2024, down 3% quarter-to-quarter. The difference in quarterly variation between adjusted net operating income and CFFO is mainly linked to the tax impact of an overlift position at the end of the quarter in Norway.
4.2 Integrated LNG
4.2.1 Production
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Hydrocarbon production for LNG |
1H24 |
1H23 |
1H24 |
|
498 |
492 |
438 |
+14% |
Integrated LNG (kboe/d) |
495 |
451 |
+10% |
|
64 |
63 |
59 |
+10% |
Liquids (kb/d) |
64 |
61 |
+5% |
|
2,351 |
2,312 |
2,067 |
+14% |
Gas (Mcf/d) |
2,332 |
2,122 |
+10% |
|
|
|
|
|
|
|
|
|
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Liquefied Natural Gas in Mt |
1H24 |
1H23 |
1H24 |
|
8.8 |
10.7 |
11.0 |
-20% |
Overall LNG sales |
19.5 |
22.0 |
-12% |
|
3.6 |
4.2 |
3.6 |
– |
incl. Sales from equity production* |
7.8 |
7.6 |
+3% |
|
7.6 |
9.3 |
10.0 |
-24% |
incl. Sales by TotalEnergies from equity production and third party purchases |
16.9 |
19.9 |
-15% |
|
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
|||||||
Hydrocarbon production for LNG in the second quarter 2024 was up 1% quarter-to-quarter, notably linked to the entry into the Dorado gas field (Eagle Ford basin) in the United States early in the second quarter 2024.
LNG sales decreased by 18% quarter-to-quarter, notably due to lower spot purchases, in a context of lower LNG demand in Europe.
4.2.2 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars, except the average price of LNG |
1H24 |
1H23 |
1H24 |
|
9.32 |
9.58 |
9.84 |
-5% |
Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates |
9.46 |
11.59 |
-18% |
|
|
|
|
|
|
|
|
|
|
1,152 |
1,222 |
1,330 |
-13% |
Adjusted net operating income |
2,374 |
3,402 |
-30% |
|
421 |
494 |
432 |
-3% |
including adjusted income from equity affiliates |
915 |
1,218 |
-25% |
|
|
|
|
|
|
|
|
|
|
624 |
540 |
382 |
+63% |
Organic investments (1) |
1,164 |
779 |
+49% |
|
198 |
(12) |
205 |
-3% |
Acquisitions net of assets sales (1) |
186 |
964 |
-81% |
|
822 |
528 |
587 |
+40% |
Net investments (1) |
1,350 |
1,743 |
-23% |
|
|
|
|
|
|
|
|
|
|
1,220 |
1,348 |
1,801 |
-32% |
Cash flow from operations excluding working capital (CFFO) (1) |
2,568 |
3,882 |
-34% |
|
431 |
1,710 |
1,332 |
-68% |
Cash flow from operating activities |
2,141 |
4,868 |
-56% |
|
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
|||||||
Integrated LNG adjusted net operating income was $1,152 million in the second quarter 2024, down 6% quarter-to-quarter, linked to lower LNG prices and sales. Moreover, gas trading did not fully benefit in markets characterized by lower volatility than during first half of 2023.
Cash flow from operations excluding working capital (CFFO) was $1,220 million in the second quarter 2024, down 9% quarter-to-quarter, for the same reasons.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Integrated Power |
1H24 |
1H23 |
1H24 |
|
9.1 |
9.6 |
8.2 |
+10% |
Net power production (TWh) * |
18.6 |
16.6 |
+12% |
|
6.8 |
6.0 |
4.2 |
+61% |
o/w production from renewables |
12.8 |
8.1 |
+59% |
|
2.2 |
3.6 |
4.0 |
-44% |
o/w production from gas flexible capacities |
5.8 |
8.5 |
-32% |
|
19.6 |
19.5 |
13.2 |
+48% |
Portfolio of power generation net installed capacity (GW) ** |
19.6 |
13.2 |
+48% |
|
13.8 |
13.7 |
8.9 |
+54% |
o/w renewables |
13.8 |
8.9 |
+54% |
|
5.8 |
5.8 |
4.3 |
+35% |
o/w gas flexible capacities |
5.8 |
4.3 |
+35% |
|
87.4 |
84.1 |
74.7 |
+17% |
Portfolio of renewable power generation gross capacity (GW) **,*** |
87.4 |
74.7 |
+17% |
|
24.0 |
23.5 |
19.0 |
+26% |
o/w installed capacity |
24.0 |
19.0 |
+26% |
|
6.0 |
6.0 |
6.0 |
– |
Clients power – BtB and BtC (Million) ** |
6.0 |
6.0 |
– |
|
2.8 |
2.8 |
2.8 |
– |
Clients gas – BtB and BtC (Million) ** |
2.8 |
2.8 |
– |
|
11.1 |
14.9 |
11.5 |
-4% |
Sales power – BtB and BtC (TWh) |
26.0 |
27.0 |
-4% |
|
18.9 |
35.7 |
19.2 |
-1% |
Sales gas – BtB and BtC (TWh) |
54.6 |
56.4 |
-3% |
|
* Solar, wind, hydroelectric and gas flexible capacities. |
|||||||
|
** End of period data. |
|||||||
|
*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
|||||||
Net power production was 9.1 TWh in the second quarter 2024, down 5% quarter-to-quarter and linked to lower production from flexible gas assets due to lower demand in Europe, partially compensated by production from renewable sources, which was up 13%.
Gross installed renewable power generation capacity reached 24.0 GW at the end of the second quarter 2024, up 0.5 GW quarter-to-quarter and including 0.2 GW installed in the United States and 0.2 GW in India.
4.3.2 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars |
1H24 |
1H23 |
1H24 |
|
502 |
611 |
450 |
+12% |
Adjusted net operating income |
1,113 |
820 |
+36% |
|
35 |
(39) |
23 |
+52% |
including adjusted income from equity affiliates |
(4) |
79 |
ns |
|
|
|
|
|
|
|
|
|
|
596 |
943 |
753 |
-21% |
Organic investments (1) |
1,539 |
1,330 |
+16% |
|
(88) |
735 |
(42) |
ns |
Acquisitions net of assets sales (1) |
647 |
477 |
+36% |
|
508 |
1,678 |
711 |
-29% |
Net investments (1) |
2,186 |
1,807 |
+21% |
|
|
|
|
|
|
|
|
|
|
623 |
692 |
491 |
+27% |
Cash flow from operations excluding working capital (CFFO) (1) |
1,315 |
931 |
+41% |
|
1,647 |
(249) |
2,284 |
-28% |
Cash flow from operating activities |
1,398 |
999 |
+40% |
Integrated Power adjusted net operating income was $502 million in the second quarter 2024, up 12% year-on-year, reflecting activity growth. The decrease in adjusted net operating income quarter-to-quarter reflects in particular the seasonality of electricity demand in Europe.
Cash flow from operations excluding working capital (CFFO) was $623 million, up 27% year-on-year and down 10% quarter-to-quarter, for the same reasons.
Integrated Power adjusted net operating income was $1,113 million in the first half 2024, up 36% year-on-year reflecting activity growth.
Cash flow from operations excluding working capital (CFFO) was $1,315 million, up 41% year-on-year, for the same reason.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars |
1H24 |
1H23 |
1H24 |
|
1,018 |
1,217 |
1,453 |
-30% |
Adjusted net operating income |
2,235 |
3,351 |
-33% |
|
|
|
|
|
|
|
|
|
|
568 |
520 |
686 |
-17% |
Organic investments (1) |
1,088 |
976 |
+11% |
|
56 |
(1,258) |
(19) |
ns |
Acquisitions net of assets sales (1) |
(1,202) |
(248) |
ns |
|
624 |
(738) |
667 |
-6% |
Net investments (1) |
(114) |
728 |
ns |
|
|
|
|
|
|
|
|
|
|
1,776 |
1,770 |
2,085 |
-15% |
Cash flow from operations excluding working capital (CFFO) (1) |
3,546 |
4,274 |
-17% |
|
3,191 |
(2,237) |
2,588 |
+23% |
Cash flow from operating activities |
954 |
1,064 |
-10% |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Refinery throughput and utilization rate* |
1H24 |
1H23 |
1H24 |
|
1,511 |
1,424 |
1,472 |
+3% |
Total refinery throughput (kb/d) |
1,468 |
1,437 |
+2% |
|
430 |
382 |
364 |
+18% |
France |
406 |
360 |
+13% |
|
636 |
618 |
601 |
+6% |
Rest of Europe |
627 |
598 |
+5% |
|
446 |
424 |
507 |
-12% |
Rest of world |
435 |
479 |
-9% |
|
84% |
79% |
82% |
|
Utilization rate based on crude only** |
82% |
80% |
|
|
* Includes refineries in Africa reported in the Marketing & Services segment. |
|||||||
|
** Based on distillation capacity at the beginning of the year. |
|||||||
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Petrochemicals production and utilization rate |
1H24 |
1H23 |
1H24 |
|
1,248 |
1,287 |
1,157 |
+8% |
Monomers* (kt) |
2,535 |
2,452 |
+3% |
|
1,109 |
1,076 |
963 |
+15% |
Polymers (kt) |
2,185 |
2,074 |
+5% |
|
79% |
73% |
67% |
|
Steam cracker utilization rate** |
76% |
71% |
|
|
* Olefins. |
|||||||
|
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. |
|||||||
Refining throughput was up 6% quarter-to-quarter in the second quarter, mainly due to lower planned maintenance. Utilization rate was 84.5% in the second quarter 2024.
4.5.2 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars, except ERM |
1H24 |
1H23 |
1H24 |
|
44.9 |
71.7 |
40.1 |
+12% |
European Refining Margin Marker (ERM) ($/t) * |
58.3 |
65.5 |
-11% |
|
|
|
|
|
|
|
|
|
|
639 |
962 |
1,004 |
-36% |
Adjusted net operating income |
1,601 |
2,622 |
-39% |
|
|
|
|
|
|
|
|
|
|
382 |
419 |
454 |
-16% |
Organic investments (1) |
801 |
652 |
+23% |
|
(95) |
(20) |
(15) |
ns |
Acquisitions net of assets sales (1) |
(115) |
(10) |
ns |
|
287 |
399 |
439 |
-35% |
Net investments (1) |
686 |
642 |
+7% |
|
|
|
|
|
|
|
|
|
|
1,117 |
1,291 |
1,329 |
-16% |
Cash flow from operations excluding working capital (CFFO) (1) |
2,408 |
3,062 |
-21% |
|
1,541 |
(2,129) |
1,923 |
-20% |
Cash flow from operating activities |
(588) |
1,072 |
ns |
|
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. |
|||||||
Refining & Chemicals adjusted net operating income was $639 million in the second quarter 2024, down 34% quarter-to-quarter, due to lower refining margins mainly in Europe (ERM was down 37% quarter-to-quarter) and the Middle East that were partially compensated by the increase in the refineries’ utilization rate.
Cash flow from operations excluding working capital (CFFO) was $1,117 million, down 13% quarter-to-quarter, for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
Sales in kb/d* |
1H24 |
1H23 |
1H24 |
|
1,363 |
1,312 |
1,397 |
-2% |
Total Marketing & Services sales |
1,338 |
1,379 |
-3% |
|
773 |
715 |
799 |
-3% |
Europe |
744 |
778 |
-4% |
|
591 |
597 |
598 |
-1% |
Rest of world |
594 |
600 |
-1% |
|
* Excludes trading and bulk refining sales. |
|||||||
Sales of petroleum products in the second quarter 2024 were down year-on-year by 2%, mainly due to lower diesel demand in Europe that was partially compensated by higher activity in the aviation business.
4.6.2 Results
|
2Q24 |
1Q24 |
2Q23 |
2Q24 |
In millions of dollars |
1H24 |
1H23 |
1H24 |
|
379 |
255 |
449 |
-16% |
Adjusted net operating income |
634 |
729 |
-13% |
|
|
|
|
|
|
|
|
|
|
186 |
101 |
232 |
-20% |
Organic investments (1) |
287 |
324 |
-11% |
|
151 |
(1,238) |
(4) |
ns |
Acquisitions net of assets sales (1) |
(1,087) |
(238) |
ns |
|
337 |
(1,137) |
228 |
+48% |
Net investments (1) |
(800) |
86 |
ns |
|
|
|
|
|
|
|
|
|
|
659 |
479 |
756 |
-13% |
Cash flow from operations excluding working capital (CFFO) (1) |
1,138 |
1,212 |
-6% |
|
1,650 |
(108) |
665 |
x2.5 |
Cash flow from operating activities |
1,542 |
(8) |
ns |
Marketing & Services adjusted net operating income was $379 million for the second quarter 2024, up 49% quarter-to-quarter, benefiting from higher margins due to lower refining margins.
Cash flow from operations excluding working capital (CFFO) was $659 million in the second quarter 2024, up 38% quarter-to-quarter for the same reason.
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
- $5,339 million in the second quarter 2024 versus $5,600 million in the first quarter 2024, mainly due to lower refining margins,
- $10,939 million in the first half 2024 versus $12,575 million in the first half 2023, linked to lower refining margins, and lower gas and LNG prices.
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,672 million in the second quarter 2024 versus $5,112 million in the first quarter 2024, mainly due to lower refining margins.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.
Contacts
TotalEnergies
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
