TotalEnergies delivers robust results in line with its objectives and confirms the relevance of its strategy in an uncertain environment
7.1% ordinary dividend increase – 46% Payout
19% ROACE in 2023, at the top of the majors
PARIS–(BUSINESS WIRE)–
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
|
4Q23 |
Change |
2023 |
Change |
|
| Net income (TotalEnergies share) (B$) |
5.1 |
-24% |
21.4 |
+4% |
| Adjusted net income (TotalEnergies share)(1) |
|
|
|
|
| – in billions of dollars (B$) |
5.2 |
-19% |
23.2 |
-36% |
| – in dollars per share |
2.16 |
-18% |
9.40 |
-33% |
| Adjusted EBITDA(1) (B$) |
11.7 |
-10% |
50.0 |
-30% |
| Cash flow from operations excluding working capital (CFFO)(1) (B$) |
8.5 |
-9% |
35.9 |
-21% |
| Cash flow from operating activities (B$) |
16.2 |
+70% |
40.7 |
-14% |
| Gearing(1) of 5.0% at December 31, 2023 vs.12.3% at September 30, 2023 | ||||
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 6, 2024, to approve the fourth quarter 2023 financial statements. On the occasion, Patrick Pouyanné said:
“In an uncertain environment, TotalEnergies’ balanced transition strategy, which combines growth in Oil & Gas, in particular in LNG, and Integrated Power, delivered strong results in 2023, in line with its objectives. During the fourth quarter, TotalEnergies generated adjusted net income of $5.2 billion and cash flow of $8.5 billion. IFRS net income was $5.1 billion.
In 2023 TotalEnergies reported adjusted net income of $23.2 billion and cash flow of $35.9 billion. 2023 IFRS net income was $21.4 billion (€19.8 billion), up 4% year-on-year. This year the Company once again achieved top tier 20% return on equity and 19% return on average capital employed. TotalEnergies invested $16.8 billion, including 35% for low-carbon energies mainly in power. Ordinary dividends increased by 7.1% and the Company completed $9 billion in buybacks of its shares, of which $1.5 billion was linked to the Canadian asset disposals. The Company further reduced net debt, achieving 5% gearing, including a $5 billion positive contribution of working capital. Payout increased to an attractive 46.0% in 2023. In addition, TotalEnergies ensured balanced profit sharing with its employees around the world and in particular in France (average 5% wage increase*, value sharing bonus* of at least €2k and support for employees in their energy transition**) and with its customers through rebates (€1.99 per liter price cap and renewal of the rebate on gas and power prices to private customers).
In the Oil & Gas business, fourth quarter production was 2.46 Mboe/d, which benefited from 7% LNG production growth quarter-to-quarter. In a softening Brent environment, Exploration & Production delivered a strong quarter, with adjusted net operating income of $2.8 billion and cash flow of $4.7 billion. Operating costs decreased to 5.1 $/boe thanks to the divestment of high-cost Canadian oil sands assets. Full-year 2023 total production increased 2% year-on-year (excluding Novatek), driven by strong LNG production growth of 9%, and Exploration & Production generated strong adjusted net operating income of $10.9 billion and cash flow of $19.1 billion. TotalEnergies’ exploration successes continued in Namibia, Suriname, and Nigeria. The Company reports a reserves replacement ratio of 141% in 2023 and a proved reserves life index of 12 years as of December 31, demonstrating the strength of its project portfolio.
Integrated LNG results remain robust with fourth quarter adjusted net operating income of $1.5 billion and cash flow of $1.8 billion, up 8% and 7% quarter-over-quarter, respectively, and driven by higher production and strengthening prices. For full year 2023, Integrated LNG generated annual adjusted net operating income of $6.2 billion and cash flow of $7.3 billion, which is lower than the exceptional results in 2022 but higher than 2021 thanks to growth in its portfolio.
During the fourth quarter, Integrated Power continued its profitable growth with higher adjusted net operating income and cash flow of $527 million and $705 million, respectively. Full-year 2023 cash flow totaled $2.2 billion, which is more than double compared to 2022. Integrated Power achieved an ROACE of 9.8% in 2023, demonstrating the relevance of the Company’s integrated business model. TotalEnergies announced several acquisitions, further enhancing its Integrated Power business model in the US and in Europe: 1.5 GW of flexible CCGT capacity in Texas and a renewable energy aggregator (9 GW) and a battery storage developer (2 GW) in Germany.
Downstream adjusted net operating income was $939 million and cash-flow was $1.7 billion in the fourth quarter, which reflects the decrease in refining margins and weak chemicals demand in Europe. Full-year 2023 adjusted net operating income of $6.1 billion and cash flow of $8.2 billion were supported by good availability in Europe and still attractive refining margins, although lower compared to historic levels in 2022.
In view of the structural cash flow growth and share buybacks executed in 2023 (5.9% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to be held on May 24, 2024, the distribution of a final 2023 dividend of €0.79/share, resulting in an increase of 7.1% for the ordinary 2023 dividend, compared to the ordinary 2022 dividend, to €3.01/share. Furthermore, the Board of Directors confirmed a shareholder return policy for 2024 targeting >40% CFFO payout, which will combine an increase in interim dividends of 6.8% to €0.79/share and $2 billion of share buybacks in the first quarter of 2024, which will remain the base level for quarterly buybacks in the current environment.”
1. Highlights(2)
Social and environmental responsibility
- Release of the TotalEnergies Energy Outlook 2023 on the evolution of the global energy system
-
COP28
- Support from TotalEnergies to the objectives of tripling the amount of renewable energies production capacity and doubling energy efficiency by 2030, as well as slashing methane emissions within that time frame.
- Membership in the Oil & Gas Decarbonization Charter (OGDC)
- Backing of the World Bank’s Global Flaring and Methane Reduction Trust Fund
- AUSEA technology sharing initiative with Petrobras (Brazil), SOCAR (Azerbaijan), Sonangol (Angola) and NNPC (Nigeria) to measure methane emissions
- Release of the third edition of the Human Rights Briefing Paper
- Launch of third-party assessment of the land acquisition program related to Tilenga and EACOP projects
-
Sharing value with employees in France
- Approval of a wage agreement for 2024 to share value with employees in France (5% raise and more than 2k€ value sharing bonus) applicable to employees covered by the Common Corpus of Employee Relations Agreements (SSC)
- Commitment to support the Company’s employees with their energy transition*
Upstream
- Closing of the sale of Surmont to ConocoPhillips for up to $3.3 billion and other Canadian assets to Suncor for around $1.3 billion
- Production start-up of the second phase of the Mero field, in Brazil
- Acquisition of additional interest in Namibia block 2913B and block 2912
- Award of a new offshore exploration license in Suriname
- Launch of an innovative subsea technology to separate and reinject CO2-rich gas at the Mero field in Brazil
- Agreement with OMV to acquire 50% of SapuraOMV, an independent gas producer, in Malaysia
Downstream
- Closing of divestment of retail networks in Europe to Couche-Tard for around $3.8 billion
- Sale to Prax Group of a minority stake in Natref refinery in South Africa
Integrated LNG
- Commissioning of an LNG floating regasification terminal in the Port of Le Havre, in France
- Extension of partnership with Oman LNG by 10 years and with Qalhat LNG by 5 years
Integrated Power
-
US
- Acquisition of 1.5 GW of flexible power generation capacity in Texas
- Attentive Energy One project awarded a 25-year contract to supply 1.4 GW of renewable electricity to New York and Attentive Energy Two awarded a 20-year contract to supply 1.3 GW of renewable electricity to New Jersey
- Signature with LyondellBasell of a 15 year-Power Purchase Agreement
-
Europe
- Acquisition of Quadra Energy, a German renewable energy aggregator
- Acquisition of Kyon Energy, a leading German battery storage developer
- Partial farm down to PTTEP of 25.5% of the Seagreen offshore wind farm for $689 million, in the UK
- Expansion of collaboration with European Energy to develop offshore wind in three Nordic countries
- Acquisition of 200 high power charging sites from Wenea in Spain
- Acquisition of three start-ups in the electricity business as part of the TotalEnergies On program
2. Key figures from TotalEnergies’ consolidated financial statements(1)
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
2023 |
2022 |
2023 |
|
11,696 |
13,062 |
15,997 |
-27% |
Adjusted EBITDA (1) |
50,030 |
71,578 |
-30% |
|
5,724 |
6,808 |
8,238 |
-31% |
Adjusted net operating income from business segments |
25,107 |
38,475 |
-35% |
|
2,802 |
3,138 |
3,528 |
-21% |
Exploration & Production |
10,942 |
17,479 |
-37% |
|
1,456 |
1,342 |
2,408 |
-40% |
Integrated LNG |
6,200 |
11,169 |
-44% |
|
527 |
506 |
481 |
+10% |
Integrated Power |
1,853 |
975 |
+90% |
|
633 |
1,399 |
1,487 |
-57% |
Refining & Chemicals |
4,654 |
7,302 |
-36% |
|
306 |
423 |
334 |
-8% |
Marketing & Services |
1,458 |
1,550 |
-6% |
|
597 |
662 |
1,873 |
-68% |
Contribution of equity affiliates to adjusted net income |
3,000 |
8,254 |
-64% |
|
37.7% |
33.4% |
41.4% |
|
Effective tax rate (3) |
37.5% |
40.9% |
|
|
5,226 |
6,453 |
7,561 |
-31% |
Adjusted net income (TotalEnergies share) (1) |
23,176 |
36,197 |
-36% |
|
2.16 |
2.63 |
2.97 |
-27% |
Adjusted fully-diluted earnings per share (dollars) (4) |
9.40 |
13.94 |
-33% |
|
2.02 |
2.41 |
2.93 |
-31% |
Adjusted fully-diluted earnings per share (euros) (5) |
8.70 |
13.24 |
-34% |
|
2,387 |
2,423 |
2,522 |
-5% |
Fully-diluted weighted-average shares (millions) |
2,434 |
2,572 |
-5% |
|
|
|
|
|
|
|
|
|
|
5,063 |
6,676 |
3,264 |
+55% |
Net income (TotalEnergies share) |
21,384 |
20,526 |
+4% |
|
|
|
|
|
|
|
|
|
|
6,139 |
4,283 |
3,935 |
+56% |
Organic investments (1) |
18,126 |
11,852 |
+53% |
|
(5,404) |
808 |
(133) |
ns |
Net acquisitions (1) |
(1,289) |
4,451 |
ns |
|
735 |
5,091 |
3,802 |
-81% |
Net investments (1) |
16,837 |
16,303 |
+3% |
|
|
|
|
|
|
|
|
|
|
8,500 |
9,340 |
9,135 |
-7% |
Cash flow from operations excluding working capital (CFFO) (1) |
35,946 |
45,729 |
-21% |
|
8,529 |
9,551 |
9,361 |
-9% |
Debt Adjusted Cash Flow (DACF) (1) |
36,451 |
47,025 |
-22% |
|
16,150 |
9,496 |
5,618 |
x2.9 |
Cash flow from operating activities |
40,679 |
47,367 |
-14% |
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
2023 |
2022 |
2023 |
|
|
84.3 |
86.7 |
88.8 |
-5% |
Brent ($/b) |
82.6 |
101.3 |
-18% |
|
2.9 |
2.7 |
6.1 |
-52% |
Henry Hub ($/Mbtu) |
2.7 |
6.5 |
-59% |
|
13.3 |
10.6 |
32.3 |
-59% |
NBP ($/Mbtu) |
12.6 |
32.4 |
-61% |
|
15.2 |
12.5 |
30.5 |
-50% |
JKM ($/Mbtu) |
13.8 |
33.8 |
-59% |
|
80.2 |
78.9 |
80.6 |
-1% |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
76.2 |
91.3 |
-17% |
|
6.17 |
5.47 |
12.74 |
-52% |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
6.64 |
13.15 |
-50% |
|
10.28 |
9.56 |
14.83 |
-31% |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
10.76 |
15.90 |
-32% |
|
50.1 |
95.1 |
73.6 |
-32% |
Variable cost margin – Refining Europe, VCM (6),(10) ($/t) |
69.3 |
94.1 |
-26% |
3.2 Greenhouse gas emissions (11)
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Scope 1+2 emissions (MtCO2e) |
2023 |
2022 |
2023 |
|
7.9 |
8.5 |
10.1 |
-22% |
Scope 1+2 from operated facilities (12) |
34.6 |
39.7 |
-13% |
|
7.2 |
7.5 |
8.3 |
-13% |
of which Oil & Gas |
30.3 |
32.5 |
-7% |
|
0.7 |
1.0 |
1.8 |
-62% |
of which CCGT |
4.3 |
7.2 |
-40% |
|
11.5 |
12.1 |
14.7 |
-22% |
Scope 1+2 – equity share |
48.9 |
56.1 |
-13% |
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were down 22% year-on-year in the fourth quarter 2023, thanks to the continuous decline in flaring emissions on Exploration & Production facilities and the exceptional use of gas-fired power plants in 2022.
2023 methane emissions from operated facilities were down 19% compared to 2022 mainly due continuous decrease in flaring and of fugitive emissions on Exploration & Production and were down 47% compared to the 2020 reference level.
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Methane emissions (ktCH4) |
2023 |
2022 |
2023 |
|
9 |
7 |
11 |
-21% |
Methane emissions from operated facilities |
34 |
42 |
-19% |
|
11 |
9 |
10 |
+12% |
Methane emissions – equity share |
40 |
47 |
-14% |
|
Estimated quarterly emissions. |
|||||||
| Scope 3 emissions (MtCO2e) |
2023 |
2022 |
|
||||
| Scope 3 from Oil, Biofuels and Gas Worldwide (13) |
355 |
389 |
|
||||
3.3 Production(14)
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Hydrocarbon production |
2023 |
2022 |
2023 |
|
2,462 |
2,476 |
2,812 |
-12% |
Hydrocarbon production (kboe/d) |
2,483 |
2,765 |
-10% |
|
1,341 |
1,399 |
1,357 |
-1% |
Oil (including bitumen) (kb/d) |
1,388 |
1,307 |
+6% |
|
1,121 |
1,077 |
1,455 |
-23% |
Gas (including condensates and associated NGL) (kboe/d) |
1,095 |
1,458 |
-25% |
|
|
|
|
|
|
|
|
|
|
2,462 |
2,476 |
2,812 |
-12% |
Hydrocarbon production (kboe/d) |
2,483 |
2,765 |
-10% |
|
1,506 |
1,561 |
1,570 |
-4% |
Liquids (kb/d) |
1,550 |
1,519 |
+2% |
|
5,158 |
4,921 |
6,681 |
-23% |
Gas (Mcf/d) |
5,028 |
6,759 |
-26% |
|
|
|
|
|
|
|
|
|
|
2,462 |
2,476 |
2,475 |
-1% |
Hydrocarbon production excluding Novatek (kboe/d) |
2,483 |
2,437 |
+2% |
Hydrocarbon production was 2,462 thousand barrels of oil equivalent per day in the fourth quarter 2023, down 1% quarter-over-quarter. Fourth quarter benefited from LNG production growth, which partially compensated for the Canadian oil sands assets disposals that were effective this quarter.
Hydrocarbon production was 2,483 thousand barrels of oil equivalent per day in 2023, up 2% year-on-year (excluding Novatek) and was comprised of:
- +4% due to start-ups and ramp-ups, including Johan Sverdrup Phase 2 in Norway, Mero 1 in Brazil, Ikike in Nigeria, Block 10 in Oman, and Absheron in Azerbaijan,
- +1% due to improved security conditions in Nigeria and Libya,
- +1% due to lower planned maintenance and unplanned shutdowns, including at the Kashagan field in Kazakhstan,
- -1% portfolio effect related to the end of the Bongkot operating licenses in Thailand, exit from Termokarstovoye in Russia, disposal of the Canadian oil sands assets and effective withdrawal from Myanmar, partially offset by the entries in the producing fields of SARB Umm Lulu in the United Arab Emirates, of Sépia and Atapu in Brazil, of Ratawi in Iraq, and the increased participation in the Waha concessions in Libya,
- -3% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Hydrocarbon production |
2023 |
2022 |
2023 |
|
1,998 |
2,043 |
2,309 |
-13% |
EP (kboe/d) |
2,034 |
2,296 |
-11% |
|
1,448 |
1,507 |
1,512 |
-4% |
Liquids (kb/d) |
1,492 |
1,466 |
+2% |
|
2,946 |
2,865 |
4,261 |
-31% |
Gas (Mcf/d) |
2,900 |
4,492 |
-35% |
|
|
|
|
|
|
|
|
|
|
1,998 |
2,043 |
2,030 |
-2% |
EP excluding Novatek (kboe/d) |
2,034 |
2,025 |
– |
4.1.2 Results
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
In millions of dollars, except effective tax rate |
2023 |
2022 |
2023 |
|
2,802 |
3,138 |
3,528 |
-21% |
Adjusted net operating income |
10,942 |
17,479 |
-37% |
|
130 |
125 |
316 |
-59% |
including adjusted income from equity affiliates |
539 |
1,335 |
-60% |
|
47.7% |
44.6% |
54.4% |
|
Effective tax rate (15) |
50.0% |
50.8% |
|
|
|
|
|
|
|
|
|
|
|
3,117 |
2,557 |
2,219 |
+40% |
Organic investments (1) |
10,232 |
7,507 |
+36% |
|
(4,306) |
(514) |
105 |
ns |
Net acquisitions (1) |
(2,706) |
2,520 |
ns |
|
(1,189) |
2,043 |
2,324 |
ns |
Net investments (1) |
7,526 |
10,027 |
-25% |
|
|
|
|
|
|
|
|
|
|
4,690 |
5,165 |
4,988 |
-6% |
Cash flow from operations excluding working capital (CFFO) (1) |
19,126 |
26,080 |
-27% |
|
5,708 |
4,240 |
4,035 |
+41% |
Cash flow from operating activities |
18,531 |
27,654 |
-33% |
Exploration & Production adjusted net operating income was:
- $2,802 million in the fourth quarter 2023, down 11% quarter-to-quarter primarily driven by lower oil prices,
- $10,942 million in 2023, down 37% year-on-year, mainly due to lower oil and gas prices.
Cash flow from operations excluding working capital (CFFO) was:
- $4,690 million in the fourth quarter 2023, down 9% quarter-to-quarter, primarily driven by lower oil prices,
- $19,126 million in 2023, down 27% year-on-year, mainly due to lower oil and gas prices.
4.2 Integrated LNG
4.2.1 Production
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Hydrocarbon production for LNG |
2023 |
2022 |
2023 |
|
464 |
433 |
503 |
-8% |
Integrated LNG (kboe/d) |
449 |
469 |
-4% |
|
58 |
54 |
58 |
-2% |
Liquids (kb/d) |
58 |
53 |
+10% |
|
2,212 |
2,056 |
2,420 |
-9% |
Gas (Mcf/d) |
2,128 |
2,267 |
-6% |
|
|
|
|
|
|
|
|
|
|
464 |
433 |
445 |
+4% |
Integrated LNG excluding Novatek (kboe/d) |
449 |
413 |
+9% |
|
|
|
|
|
|
|
|
|
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Liquefied Natural Gas in Mt |
2023 |
2022 |
2023 |
|
11.8 |
10.5 |
12.7 |
-7% |
Overall LNG sales |
44.3 |
48.1 |
-8% |
|
4.0 |
3.7 |
4.4 |
-10% |
incl. Sales from equity production* |
15.2 |
17.0 |
-10% |
|
10.8 |
9.4 |
11.4 |
-6% |
incl. Sales by TotalEnergies from equity production and third party purchases |
40.1 |
42.8 |
-6% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG (excluding Novatek) was up 7% quarter-to-quarter, reflecting lower unplanned shutdowns. For full-year 2023, hydrocarbon production for LNG (excluding Novatek) was up 9% compared to 2022 due to increased supply to NLNG in Nigeria and higher availability of Ichthys LNG in Australia and Snøvhit in Norway.
In the fourth quarter 2023, LNG sales increased 13% quarter-to-quarter, mainly due to higher production and higher spot volumes.
For full-year 2023, LNG sales were down 8% compared to 2022, mainly due to lower spot volumes related to lower demand in Europe as a result of a milder winter weather and high inventories.
4.2.2 Results
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
In millions of dollars |
2023 |
2022 |
2023 |
|
1,456 |
1,342 |
2,408 |
-40% |
Adjusted net operating income |
6,200 |
11,169 |
-44% |
|
500 |
385 |
1,213 |
-59% |
including adjusted income from equity affiliates |
2,103 |
5,637 |
-63% |
|
|
|
|
|
|
|
|
|
|
790 |
495 |
195 |
x4.1 |
Organic investments (1) |
2,063 |
519 |
x4 |
|
48 |
84 |
19 |
x2.5 |
Net acquisitions (1) |
1,096 |
(47) |
ns |
|
838 |
579 |
214 |
x3.9 |
Net investments (1) |
3,159 |
472 |
x6.7 |
|
|
|
|
|
|
|
|
|
|
1,763 |
1,648 |
2,688 |
-34% |
Cash flow from operations excluding working capital (CFFO) (1) |
7,293 |
9,784 |
-25% |
|
2,702 |
872 |
134 |
x20.2 |
Cash flow from operating activities |
8,442 |
9,604 |
-12% |
Integrated LNG adjusted net operating income was $1,456 million in the fourth quarter 2023, up 8% quarter-to-quarter, reflecting the evolution of prices and production volumes. For full-year 2023, Integrated LNG adjusted net operating income was $6,200 million, down 37% year-on-year (excluding Novatek), mainly due to the exceptional environment in 2022 linked to the energy crisis in Europe resulting from the Russia-Ukraine conflict.
Cash flow from operations excluding working capital (CFFO) for Integrated LNG was $1,763 million in the fourth quarter 2023, up 7% quarter-to-quarter, reflecting the evolution of prices and production volumes.
Integrated LNG CFFO was down 25% year-on-year (excluding Novatek), mainly due to lower LNG prices that were partially offset by high margins captured in 2022 on LNG cargoes delivered in 2023.
4.3 Integrated Power
4.3.1 Capacities, productions, clients and sales
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Integrated Power |
2023 |
2022 |
2023 |
|
8.0 |
8.9 |
9.4 |
-16% |
Net power production (TWh) * |
33.4 |
33.2 |
+1% |
|
5.5 |
5.4 |
3.3 |
+65% |
o/w power production from renewables |
18.9 |
10.4 |
+82% |
|
2.5 |
3.5 |
6.1 |
-59% |
o/w CCGT |
14.5 |
22.8 |
-36% |
|
17.3 |
15.9 |
12.0 |
+44% |
Portfolio of power generation net installed capacity (GW) ** |
17.3 |
12.0 |
+44% |
|
13.0 |
11.6 |
7.7 |
+69% |
o/w renewables |
13.0 |
7.7 |
+69% |
|
4.3 |
4.3 |
4.3 |
– |
o/w CCGT |
4.3 |
4.3 |
– |
|
80.1 |
80.5 |
69.0 |
+16% |
Portfolio of renewable power generation gross capacity (GW) **,*** |
80.1 |
69.0 |
+16% |
|
22.4 |
20.2 |
16.8 |
+33% |
o/w installed capacity |
22.4 |
16.8 |
+33% |
|
|
|
|
|
|
|
|
|
|
5.9 |
6.0 |
6.1 |
-3% |
Clients power – BtB and BtC (Million) ** |
5.9 |
6.1 |
-3% |
|
2.8 |
2.8 |
2.7 |
+1% |
Clients gas – BtB and BtC (Million) ** |
2.8 |
2.7 |
+1% |
|
13.9 |
11.2 |
14.6 |
-5% |
Sales power – BtB and BtC (TWh) |
52.1 |
55.3 |
-6% |
|
30.7 |
13.8 |
28.1 |
+9% |
Sales gas – BtB and BtC (TWh) |
100.9 |
96.3 |
+5% |
* 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 8.0 TWh in the fourth quarter 2023, down 10% quarter-to-quarter due to lower CCGT generation. For the full-year 2023, net power production was 33.4 TWh, up 1% year-on-year as lower generation from flexible capacity, whose utilization rate was exceptional in 2022 due to the energy crisis in Europe, was more than compensated by growing electricity generation from renewables that is related to the integration of 100% of Total Eren and contribution from Clearway in the US and Casa dos Ventos in Brazil.
Gross installed renewable power generation capacity reached more than 22 GW at the end of the fourth quarter 2023, up by more than 2 GW quarter-to-quarter, including 1.3 GW installed in the US (Clearway, Danish) and 0.5 GW from the creation of a new 50/50 JV with AGEL in India. In 2023, gross installed renewable capacity grew by nearly 6 GW.
4.3.2 Results
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
In millions of dollars |
2023 |
2022 |
2023 |
|
527 |
506 |
481 |
+10% |
Adjusted net operating income |
1,853 |
975 |
+90% |
|
21 |
37 |
88 |
-76% |
including adjusted income from equity affiliates |
137 |
201 |
-32% |
|
|
|
|
|
|
|
|
|
|
674 |
578 |
455 |
+48% |
Organic investments (1) |
2,582 |
1,385 |
+86% |
|
532 |
1,354 |
(230) |
ns |
Net acquisitions (1) |
2,363 |
2,136 |
+11% |
|
1,206 |
1,932 |
225 |
x5.4 |
Net investments (1) |
4,945 |
3,521 |
+40% |
|
|
|
|
|
|
|
|
|
|
705 |
516 |
439 |
+61% |
Cash flow from operations excluding working capital (CFFO) (1) |
2,152 |
970 |
x2.2 |
|
638 |
1,936 |
861 |
-26% |
Cash flow from operating activities |
3,573 |
66 |
x54.1 |
Integrated Power adjusted net operating income was:
- $527 million in the fourth quarter 2023, up 10% year-on-year and up 4% quarter-to-quarter due to performance of its integrated electricity portfolio,
- $1,853 million in 2023, up 90% year-on-year, demonstrating the performance of its integrated business model along the power value chain: renewables, CCGT, trading, and B2B & B2C marketing.
Integrated Power cash flow from operations excluding working capital (CFFO) was:
- $705 million in the fourth quarter 2023, up 61% year-on-year and 37% quarter-to-quarter, as the fourth quarter further benefited from dividend distributions from equity affiliates,
- $2,152 million in 2023, more than twice 2022 CFFO, with all the segments of the value chain contributing to growth.
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
In millions of dollars |
2023 |
2022 |
2023 |
|
939 |
1,822 |
1,821 |
-48% |
Adjusted net operating income |
6,112 |
8,852 |
-31% |
|
|
|
|
|
|
|
|
|
|
1,504 |
625 |
1,023 |
+47% |
Organic investments (1) |
3,105 |
2,354 |
+32% |
|
(1,679) |
(115) |
(28) |
ns |
Net acquisitions (1) |
(2,042) |
(159) |
ns |
|
(175) |
510 |
995 |
ns |
Net investments (1) |
1,063 |
2,195 |
-52% |
|
|
|
|
|
|
|
|
|
|
1,692 |
2,205 |
1,681 |
+1% |
Cash flow from operations excluding working capital (CFFO) (1) |
8,171 |
10,069 |
-19% |
|
6,584 |
2,266 |
939 |
x7 |
Cash flow from operating activities |
9,914 |
11,787 |
-16% |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Refinery throughput and utilization rate* |
2023 |
2022 |
2023 |
|
1,381 |
1,489 |
1,389 |
-1% |
Total refinery throughput (kb/d) |
1,436 |
1,472 |
-2% |
|
444 |
489 |
312 |
+42% |
France |
414 |
348 |
+19% |
|
582 |
589 |
580 |
– |
Rest of Europe |
592 |
623 |
-5% |
|
355 |
410 |
497 |
-29% |
Rest of world |
431 |
501 |
-14% |
|
79% |
84% |
77% |
|
Utilization rate based on crude only** |
81% |
82% |
|
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
|
4Q23 |
3Q23 |
4Q22 |
4Q23 |
Petrochemicals production and utilization rate |
2023 |
2022 |
2023 |
|
1,114 |
1,330 |
1,095 |
+2% |
Monomers* (kt) |
4,896 |
5,005 |
-2% |
|
985 |
1,070 |
917 |
+7% |
Polymers (kt) |
4,130 |
4,549 |
-9% |
|
60% |
75% |
66% |
|
Steam cracker utilization rate** |
69% |
76% |
|
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year.
Refining throughput was:
- down 7% quarter-on-quarter mainly due to turnarounds at Satorp and Antwerp and the gradual restart of the Port Arthur refinery,
- down 2% year-on-year in 2023 mainly due to a slightly lower refinery utilization rate reflecting the major turnaround schedule of the year.
Contacts
TotalEnergies SE
