TotalEnergies SE 6-K, filed Oct 31, 2024
TotalEnergies SE (TTE)
About this 6-K
TotalEnergies SE filed this 6-K on October 31, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
October 31, 2024
Commission File Number 001-10888
TotalEnergies SE
(Translation of registrant’s name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-278983, 333-278983-01, 333-278983-02 AND 333-278983-03) OF TOTALENERGIES SE, TOTALENERGIES CAPITAL INTERNATIONAL, TOTALENERGIES CAPITAL CANADA LTD. AND TOTALENERGIES CAPITAL AND THE REGISTRATION STATEMENT ON FORM S-8 (NOS. 333-278948 AND 333-280516) OF TOTALENERGIES SE, AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
TotalEnergies SE is providing on this Form 6-K its results for the third quarter of 2024 and the nine months ended September 30, 2024, a description of certain recent developments relating to its business, as well as a capitalization table as of September 30, 2024.
EXHIBIT INDEX
| Exhibit No. | Description |
| Exhibit 99.1 | Results for the Third Quarter of 2024 and Nine Months Ended September 30, 2024 |
| Exhibit 99.2 | Recent Developments |
| Exhibit 99.3 | Capitalization and Indebtedness |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TotalEnergies SE | |||
| Date: October 31, 2024 | By: | /s/ GWENOLA JAN | |
| Name: | Gwenola Jan | ||
| Title: | Company Treasurer | ||
Exhibit 99.1
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE.
The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the third quarter of 2024 and nine months ended September 30, 2024 has been derived from TotalEnergies’ unaudited consolidated balance sheets as of September 30, 2024, unaudited statements of income, comprehensive income, cash flow and business segment information for the third quarter of 2024 and nine months ended September 30, 2024 and unaudited consolidated statements of changes in shareholders’ equity for the nine months ended September 30, 2024 on pages 26 et seq. of this exhibit.
The following discussion should be read in conjunction with the aforementioned financial statements and with the information, including TotalEnergies’ audited consolidated financial statements and related notes, provided in TotalEnergies’ Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 29, 2024.
A. KEY FIGURES
| 3Q24 | 2Q24 |
3Q24 2Q24 |
3Q23 | In millions of dollars, except earnings per share and number of shares | 9M24 | 9M23 |
9M24 vs 9M23 |
| 52,021 | 53,743 | -3% | 59,017 | Sales | 162,042 | 177,891 | -9% |
| 2,294 | 3,787 | -39% | 6,676 | Net income (TotalEnergies share) | 11,802 | 16,321 | -28% |
| 10,048 | 11,073 | -9% | 13,062 | Adjusted EBITDA (1) | 32,614 | 38,334 | -15% |
| 4,635 | 5,339 | -13% | 6,808 | Adjusted net operating income (2) from business segments | 15,574 | 19,383 | -20% |
| 2,482 | 2,667 | -7% | 3,138 | Exploration & Production | 7,699 | 8,140 | -5% |
| 1,063 | 1,152 | -8% | 1,342 | Integrated LNG | 3,437 | 4,744 | -28% |
| 485 | 502 | -3% | 506 | Integrated Power | 1,598 | 1,326 | +21% |
| 241 | 639 | -62% | 1,399 | Refining & Chemicals | 1,842 | 4,021 | -54% |
| 364 | 379 | -4% | 423 | Marketing & Services | 998 | 1,152 | -13% |
| 4,074 | 4,672 | -13% | 6,453 | Adjusted net income (1) (TotalEnergies share) | 13,858 | 17,950 | -23% |
| 0.96 | 1.60 | - | 2.73 | Fully-diluted earnings per shares ($) | 4.99 | 6.57 | - |
| 2,310 | 2,328 | -1% | 2,423 | Fully-diluted weighted-average shares (millions) | 2,327 | 2,448 | -5% |
| 5,562 | 4,558 | +22% | 4,987 | Cash flow used in investing activities | 13,587 | 15,822 | -14% |
| 4,102 | 4,410 | -7% | 4,283 | Organic investments (1) | 12,584 | 11,987 | +5% |
| 1,662 | 220 | x7.5 | 808 | Acquisitions net of assets sales(1) | 1,382 | 4,115 | -66% |
| 5,764 | 4,630 | +24% | 5,091 | Net investments (1) | 13,966 | 16,102 | -13% |
| 7,171 | 9,007 | -20% | 9,496 | Cash flow from operating activities | 18,347 | 24,529 | -25% |
| 6,821 | 7,777 | -12% | 9,340 | Cash flow from operations excluding working capital (CFFO) (1) | 22,766 | 27,446 | -17% |
| 7,009 | 7,895 | -11% | 9,551 | Debt Adjusted Cash Flow (DACF) (1) | 23,215 | 27,922 | -17% |
| Gearing(1) of 12.9% at September 30, 2024 vs. 10.2% at June 30, 2024 and 12.3% at September 30, 2023 | |||||||
| (1) | Adjusted EBITDA, adjusted net income, organic investments, acquisitions net of assets sales, net investments, cash flow from operations excluding working capital (CFFO), debt adjusted cash flow (DACF) and gearing are non-GAAP financial measures. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables. | |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
Key figures of environment, greenhouse gas emissions (GHG) and production
Environment – liquids and gas price realizations, refining margins
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | 9M24 | 9M23 |
9M24 vs 9M23 | |
| 80.3 | 85.0 | -5% | 86.7 | Brent ($/b) | 82.8 | 82.1 | +1% |
| 2.2 | 2.3 | -4% | 2.7 | Henry Hub ($/Mbtu) | 2.2 | 2.6 | -14% |
| 11.1 | 9.7 | +14% | 10.6 | NBP ($/Mbtu)(1) | 9.8 | 12.4 | -21% |
| 13.0 | 11.2 | +16% | 12.5 | JKM ($/Mbtu)(2) | 11.2 | 13.3 | -16% |
| 77.0 | 81.0 | -5% | 78.9 |
Average price of liquids (3), (4) ($/b) Consolidated subsidiaries |
78.9 | 74.9 | +5% |
| 5.78 | 5.05 | +14% | 5.47 |
Average price of gas (3), (5) ($/Mbtu) Consolidated subsidiaries |
5.30 | 6.80 | -22% |
| 9.91 | 9.32 | +6% | 9.56 |
Average price of LNG (3), (6) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.61 | 10.92 | -12% |
| 15.4 | 44.9 | -66% | 100.6 | European Refining Margin (ERM) (3), (7) ($/t) | 44.0 | 77.2 | -43% |
| (1) | NBP (National Balancing Point) is a virtual natural gas trading point in the United Kingdom for transferring rights in respect of physical gas and which is widely used as a price benchmark for the natural gas markets in Europe. NBP is operated by National Grid Gas plc, the operator of the UK transmission network. | |
| (2) | JKM (Japan-Korea Marker) measures the prices of spot liquid natural gas (LNG) trades in Asia. It is based on prices reported in spot market trades and/or bids and offers collected after the close of the Asian trading day at 16:30 Singapore time. | |
| (3) | Does not include oil, gas and LNG trading activities, respectively. | |
| (4) | Sales in $ / Sales in volume for consolidated affiliates. | |
| (5) | Sales in $ / Sales in volume for consolidated affiliates. | |
| (6) | Sales in $ / Sales in volume for consolidated and equity affiliates. | |
| (7) | 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. |
Greenhouse gas emissions (GHG)(1)
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Scope 1+2 emissions (MtCO2e) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 8.8 | 7.7 | +14% | 8.5 | Scope 1+2 from operated facilities(2) | 24.7 | 26.7 | -7% |
| 7.4 | 7.0 | +6% | 7.5 | of which Oil & Gas | 21.5 | 23.1 | -7% |
| 1.4 | 0.7 | +100% | 1.0 | of which CCGT | 3.2 | 3.6 | -11% |
| 11.7 | 10.8 | +8% | 12.1 | Scope 1+2 – equity share | 34.2 | 37.4 | -9% |
Estimated quarterly emissions.
| (1) | The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted. | |
| (2) | 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 annual report on Form 20-F filed on March 29, 2024) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
Scope 1+2 emissions from operated facilities were 8.8 Mt this quarter, notably due to the increase in the gas-fired power plants utilization rate in the US and in Europe.
Scope 1+2 emissions from operated installations were down 7% in the first nine months of 2024, mainly due to the continuous decline in flaring emissions at Exploration & Production facilities, the implementation of emissions reduction initiatives in Refining & Chemicals and lower utilization of gas-fired power plants in Europe.
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Methane emissions (ktCH4) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 7 | 7 | - | 7 | Methane emissions from operated facilities | 22 | 25 | -12% |
| 8 | 8 | - | 9 | Methane emissions - equity share | 25 | 30 | -17% |
Estimated quarterly emissions.
| Scope 3 emissions (MtCO2e) | 9M24 | 2023 |
| Scope 3 from Oil, Biofuels and Gas Worldwide(1) | Est. 260 | 355 |
| (1) | TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates. |
Production*
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Hydrocarbon production | 9M24 | 9M23 |
9M24 vs 9M23 |
| 2,409 | 2,441 | -1% | 2,476 | Hydrocarbon production (kboe/d) | 2,437 | 2,490 | -2% |
| 1,324 | 1,318 | - | 1,399 | Oil (including bitumen) (kb/d) | 1,321 | 1,404 | -6% |
| 1,086 | 1,123 | -3% | 1,077 | Gas (including condensates and associated NGL) (kboe/d) | 1,116 | 1,086 | +3% |
| 2,409 | 2,441 | -1% | 2,476 | Hydrocarbon production (kboe/d) | 2,437 | 2,490 | -2% |
| 1,466 | 1,477 | -1% | 1,561 | Liquids (kb/d) | 1,475 | 1,565 | -6% |
| 5,093 | 5,180 | -2% | 4,921 | Gas (Mcf/d) | 5,174 | 4,985 | +4% |
* Company production = Exploration & Production production + Integrated LNG production.
Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, down 1% quarter-to-quarter, benefiting from the ramp-up of the Mero 2 project in Brazil that partially offset unplanned shutdowns in Ichthys LNG and security-related disruptions in Libya.
Hydrocarbon production in the third quarter 2024 was up 1% year-on-year (excluding Canada) and was comprised of:
| • | +2% due to project start-ups and ramp-ups, including Mero 2 in Brazil, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Block 10 in Oman, | |
| • | +3% due to the higher availability of production facilities, | |
| • | -1% due to security-related production disruptions in Libya, | |
| • | -3% due to the natural field decline. |
B. ANALYSIS OF BUSINESS SEGMENT RESULTS
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
Management presents adjusted financial to indicators assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.
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 method.
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.
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.
TotalEnergies measures performance at the segment level on the basis of Adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income (TotalEnergies share) are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
| - | An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries; |
| - | An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities; |
| - | An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; |
| - | A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping; |
| - | A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products. |
In addition, the Corporate segment includes holdings operating and financial activities.
B.1 Exploration & Production
1. Production
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Hydrocarbon production | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,944 | 1,943 | - | 2,043 | EP (kboe/d) | 1,952 | 2,045 | -5% |
| 1,414 | 1,413 | - | 1,507 | Liquids (kb/d) | 1,415 | 1,506 | -6% |
| 2,830 | 2,829 | - | 2,865 | Gas (Mcf/d) | 2,865 | 2,885 | -1% |
2. Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars, except effective tax rate | 9M24 | 9M23 |
9M24 vs 9M23 |
| 2,482 | 2,667 | -7% | 3,138 | Adjusted net operating income (1) | 7,699 | 8,140 | -5% |
| 183 | 207 | -12% | 125 | including adjusted income from equity affiliates | 535 | 409 | +31% |
| 45.1% | 46.9% | - | 44.6% | Effective tax rate (2) | 46.9% | 50.7% | - |
| 2,161 | 2,548 | -15% | 1,978 | Cash flow used in investing activities | 6,697 | 8,542 | -22% |
| 2,330 | 2,585 | -10% | 2,557 | Organic investments | 6,956 | 7,115 | -2% |
| (42) | 57 | ns | (514) | Acquisitions net of assets sales | 51 | 1,600 | -97% |
| 2,288 | 2,642 | -13% | 2,043 | Net investments | 7,007 | 8,715 | -20% |
| 4,763 | 4,535 | +5% | 4,240 | Cash flow from operating activities | 12,888 | 12,823 | +1% |
| 4,273 | 4,353 | -2% | 5,165 | Cash flow from operations excluding working capital (CFFO) | 13,104 | 14,436 | -9% |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. | |
| (2) | 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). |
Exploration & Production adjusted net operating income was $2,482 million in the third quarter of 2024, down 7% quarter-to-quarter, driven by the decrease in liquid prices that was partially compensated by an increase in gas prices.
The segment's cash flow from operating activities was $4,763 million in the third quarter of 2024, up 5% quarter-to-quarter.
The segment’s cash flow from operations excluding working capital (CFFO) was $4,273 million in the third quarter of 2024, down 2% quarter-to-quarter.
B.2 Integrated LNG
1. Production
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Hydrocarbon production for LNG | 9M24 | 9M23 |
9M24 vs 9M23 |
| 465 | 498 | -7% | 433 | Integrated LNG (kboe/d) | 485 | 445 | +9% |
| 52 | 64 | -19% | 54 | Liquids (kb/d) | 60 | 59 | +2% |
| 2,263 | 2,351 | -4% | 2,056 | Gas (Mcf/d) | 2,309 | 2,100 | +10% |
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Liquefied Natural Gas in Mt | 9M24 | 9M23 |
9M24 vs 9M23 |
| 9.5 | 8.8 | +8% | 10.5 | Overall LNG sales | 29.0 | 32.5 | -11% |
| 3.8 | 3.6 | +5% | 3.7 | Incl. Sales from equity production* | 11.6 | 11.3 | +3% |
| 8.4 | 7.6 | +11% | 9.4 | Incl. Sales by TotalEnergies from equity production and third party purchases | 25.3 | 29.3 | -14% |
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG in the third quarter of 2024 was down 7% quarter-to-quarter, notably linked to unplanned maintenance on Ichthys LNG.
LNG sales increased by 8% quarter-to-quarter, notably due to higher spot volumes, in a context of seasonal inventory replenishment.
2. Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars, except the average price of LNG | 9M24 | 9M23 |
9M24 vs 9M23 |
| 9.91 | 9.32 | +6% | 9.56 |
Average price of LNG ($/Mbtu)(1) Consolidated subsidiaries and equity affiliates |
9.61 | 10.92 | -12% |
| 1,063 | 1,152 | -8% | 1,342 | Adjusted net operating income(2) | 3,437 | 4,744 | -28% |
| 538 | 421 | +28% | 385 | including adjusted income from equity affiliates | 1,453 | 1,603 | -9% |
| 500 | 815 | -39% | 566 | Cash flow used in investing activities | 1,830 | 2,293 | -20% |
| 451 | 624 | -28% | 495 | Organic investments | 1,615 | 1,273 | +27% |
| 65 | 198 | -67% | 84 | Acquisitions net of assets sales | 251 | 1,048 | -76% |
| 516 | 822 | -37% | 579 | Net investments | 1,866 | 2,321 | -20% |
| 830 | 431 | +93% | 872 | Cash flow from operating activities | 2,971 | 5,740 | -48% |
| 888 | 1,220 | -27% | 1,648 | Cash flow from operations excluding working capital (CFFO) | 3,456 | 5,530 | -38% |
| (1) | Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
Integrated LNG adjusted net operating income was $1,063 million in the third quarter of 2024, down 8% quarter-to-quarter, mainly due to lower hydrocarbon production for LNG. Moreover, gas trading did not fully benefit from markets characterized by low volatility.
The segment’s cash flow from operating activities was $830 million in the third quarter of 2024, up 93% quarter-to-quarter.
The segment’s cash flow from operations excluding working capital (CFFO) was $888 million in the third quarter of 2024, down 27% quarter-to-quarter, for the same reasons noted above and due to a timing effect in dividend payments from some equity affiliates of around $200 million.
B.3 Integrated Power
1. Productions, capacities, clients and sales
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Integrated Power | 9M24 | 9M23 |
9M24 vs 9M23 |
| 11.1 | 9.1 | +23% | 8.9 | Net power production (TWh) (1) | 29.7 | 25.5 | +17% |
| 6.7 | 6.8 | -1% | 5.4 | o/w power production from renewables | 19.6 | 13.5 | +45% |
| 4.4 | 2.2 | +96% | 3.5 | o/w power production from gas flexible capacities | 10.2 | 12.0 | -15% |
| 21.6 | 19.6 | +10% | 15.9 | Portfolio of power generation net installed capacity (GW) (2) | 21.6 | 15.9 | +36% |
| 14.5 | 13.8 | +5% | 11.6 | o/w renewables | 14.5 | 11.6 | +25% |
| 7.1 | 5.8 | +23% | 4.3 | o/w power gas flexible capacities | 7.1 | 4.3 | +67% |
| 89.6 | 87.4 | +2% | 80.5 | Portfolio of renewable power generation gross capacity (GW) (2), (3) | 89.6 | 80.5 | +11% |
| 24.2 | 24.0 | +1% | 20.2 | o/w installed capacity | 24.2 | 20.2 | +20% |
| 6.0 | 6.0 | - | 6.0 | Clients power – BtB and BtC (Million) (2) | 6.0 | 6.0 | +1% |
| 2.8 | 2.8 | +1% | 2.8 | Clients gas – BtB and BtC (Million) (2) | 2.8 | 2.8 | - |
| 10.9 | 11.1 | -1% | 11.2 | Sales power – BtB and BtC (TWh) | 36.9 | 38.2 | -3% |
| 13.9 | 18.9 | -27% | 13.8 | Sales gas – BtB and BtC (TWh) | 68.4 | 70.2 | -3% |
| (1) | Solar, wind, hydroelectric and gas flexible capacities. |
| (2) | End of period data. |
| (3) | Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net power production was 11.1 TWh in the third quarter of 2024, up 23% quarter-to-quarter mainly due to higher production from flexible gas assets in the United States and the acquisition of the West Burton gas-fired power plant in the United Kingdom.
Gross installed renewable power generation capacity reached 24.2 GW at the end of the third quarter of 2024, up 0.2 GW quarter-to-quarter.
Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 485 | 502 | -3% | 506 | Adjusted net operating income(1) | 1,598 | 1,326 | +21% |
| 29 | 35 | -17% | 37 | including adjusted income from equity affiliates | 25 | 116 | -78% |
| 2,221 | 508 | x4.4 | 1,884 | Cash flow used in investing activities | 4,406 | 3,627 | +21% |
| 707 | 596 | +19% | 578 | Organic investments | 2,246 | 1,908 | +18% |
| 1,529 | (88) | ns | 1,354 | Acquisitions net of assets sales | 2,176 | 1,831 | +19% |
| 2,236 | 508 | x4.4 | 1,932 | Net investments | 4,422 | 3,739 | +18% |
| 373 | 1,647 | -77% | 1,936 | Cash flow from operating activities | 1,771 | 2,935 | -40% |
| 636 | 623 | +2% | 516 | Cash flow from operations excluding working capital (CFFO) | 1,951 | 1,447 | +35% |
(1) Detail of adjustment items shown in the business segment information starting on page 34.
Integrated Power adjusted net operating income was stable in the third quarter of 2024 at $485 million. This demonstrates the value of the Company’s integrated business model along the power value chain, with all segments (renewables, flexible assets, marketing to customers) contributing positively to the results.
The segment's cash flow from operating activities was $373 million in the third quarter of 2024, down 77% quarter-to-quarter.
The segment’s cash flow from operations excluding working capital (CFFO) was stable in the third quarter of 2024 at $636 million, for the same reasons noted above.
The segment’s cash flow from operations excluding working capital (CFFO) was $1,951 million in the first nine months of 2024, up 35% year-on-year, in line with the growth of the business.
B.4 Downstream (Refining & Chemicals and Marketing & Services)
1. Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 605 | 1,018 | -41% | 1,822 | Adjusted net operating income(1) | 2,840 | 5,173 | -45% |
| 629 | 653 | -4% | 531 | Cash flow used in investing activities | 542 | 1,271 | -57% |
| 561 | 568 | -1% | 625 | Organic investments | 1,649 | 1,601 | +3% |
| 112 | 56 | +100% | (115) | Acquisitions net of assets sales | (1,090) | (363) | ns |
| 673 | 624 | +8% | 510 | Net investments | 559 | 1,238 | -55% |
| 1,145 | 3,191 | -64% | 2,266 | Cash flow from operating activities | 2,099 | 3,330 | -37% |
| 1,177 | 1,776 | -34% | 2,205 | Cash flow from operations excluding working capital (CFFO) | 4,723 | 6,479 | -27% |
| (1) | Detail of adjustment items shown in the business segment information starting on page 34. |
B.5 Refining & Chemicals
1. Refinery and petrochemicals throughput and utilization rates
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Refinery throughput and utilization rate* | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,539 | 1,511 | +2% | 1,489 | Total refinery throughput (kb/d) | 1,468 | 1,456 | +1% |
| 451 | 430 | +5% | 489 | France | 406 | 404 | +1% |
| 625 | 636 | -2% | 589 | Rest of Europe | 627 | 596 | +5% |
| 463 | 446 | +4% | 410 | Rest of world | 435 | 456 | -5% |
| 86% | 84% | 84% | Utilization rate based on crude only** | 83% | 81% |
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Petrochemicals production and utilization rate | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,314 | 1,248 | +5% | 1,330 | Monomers* (kt) | 3,850 | 3,782 | +2% |
| 1,167 | 1,109 | +5% | 1,070 | Polymers (kt) | 3,352 | 3,145 | +7% |
| 85% | 79% | 75% | Steam cracker utilization rate** | 79% | 72% |
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.
Refining throughput was up 2% quarter-to-quarter in the third quarter of 2024, mainly due to the restart of the Donges refinery in France.
The utilization rate based on crude was 86% in the third quarter of 2024.
2. Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars, except ERM | 9M24 | 9M23 |
9M24 vs 9M23 |
| 15.4 | 44.9 | -66% | 100.6 | European Refining Margin Marker (ERM) ($/t)(1) | 44.0 | 77.2 | -43% |
| 241 | 639 | -62% | 1,399 | Adjusted net operating income(2) | 1,842 | 4,021 | -54% |
| 319 | 316 | +1% | 310 | Cash flow used in investing activities | 1,032 | 964 | +7% |
| 329 | 382 | -14% | 386 | Organic investments | 1,130 | 1,038 | +9% |
| 34 | (95) | ns | (97) | Acquisitions net of assets sales | (81) | (107) | ns |
| 363 | 287 | +26% | 289 | Net investments | 1,049 | 931 | +13% |
| 564 | 1,541 | -63% | 2,060 | Cash flow from operating activities | (24) | 3,132 | ns |
| 530 | 1,117 | -53% | 1,618 | Cash flow from operations excluding working capital (CFFO) | 2,938 | 4,680 | -37% |
| (1) | 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. |
| (2) | Detail of adjustment items shown in the business segment information starting on page 34. |
Refining & Chemicals adjusted net operating income was $241 million in the third quarter of 2024, down 62% quarter-to-quarter, due to much lower refining margins in Europe (-66% quarter-to-quarter) and in the Rest of the World.
The segment’s cash flow from operating activities was $564 million in the third quarter of 2024, down 63% quarter-to-quarter.
The segment’s cash flow from operations excluding working capital (CFFO) was $530 million in the third quarter of 2024, down 53% quarter-to-quarter, for the same reasons stated above.
B.6 Marketing & Services
1. Petroleum product sales
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Sales in kb/d* | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,383 | 1,363 | +1% | 1,399 | Total Marketing & Services sales | 1,353 | 1,386 | -2% |
| 795 | 773 | +3% | 792 | Europe | 761 | 783 | -3% |
| 588 | 591 | -1% | 608 | Rest of world | 592 | 603 | -2% |
* Excludes trading and bulk refining sales.
Sales of petroleum products in the third quarter of 2024 were stable compared to the second quarter of 2024.
2. Results
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 364 | 379 | -4% | 423 | Adjusted net operating income (1) | 998 | 1,152 | -13% |
| 310 | 337 | -8% | 221 | Cash flow used in investing activities | (490) | 307 | ns |
| 232 | 186 | +25% | 239 | Organic investments | 519 | 563 | -8% |
| 78 | 151 | -48% | (18) | Acquisitions net of assets sales | (1,009) | (256) | ns |
| 310 | 337 | -8% | 221 | Net investments | (490) | 307 | ns |
| 581 | 1,650 | -65% | 206 | Cash flow from operating activities | 2,123 | 198 | x10.7 |
| 647 | 659 | -2% | 587 | Cash flow from operations excluding working capital (CFFO) | 1,785 | 1,799 | -1% |
(1) Detail of adjustment items shown in the business segment information starting on page 34.
Marketing & Services adjusted net operating income was stable in the third quarter of 2024 at $364 million.
The segment’s cash flow from operating activities was $581 million in the third quarter of 2024, down 65% quarter-to-quarter.
The segment’s cash flow from operations excluding working capital (CFFO) was stable in the third quarter of 2024 at $647 million.
C. TOTALENERGIES RESULTS
1. Net income (TotalEnergies share)
Net income (TotalEnergies share) was $2,294 million in the third quarter of 2024, down 39% quarter-to-quarter.
Adjusted net income (TotalEnergies share) was $4,074 million in the third quarter of 2024 compared to $4,672 million in the second quarter of 2024, mainly due to much lower refining margins and the decrease in oil prices.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.
Adjustments to net income were ($1,780) million in the third quarter of 2024, consisting mainly of:
| • | ($1.1) billion related to impairments, notably linked to the Chapter 11 bankruptcy filing of Sunpower and the exit of blocks 11B/12B and 5/6/7 in South Africa, |
| • | ($0.4) billion in inventory effects, |
| • | ($0.3) billion in other adjustments, notably related to the effect of changes in fair value and adjustments of deferred tax assets linked to changes in tax rates. |
| 2. | Fully-diluted shares and share buybacks |
As of September 30, 2024, the number of diluted shares was 2,299 million.
TotalEnergies repurchased:
| • | 29.3 million shares in the third quarter of 2024 for $2 billion, |
| • | 88.1 million shares in the first nine months of 2024 for $6 billion. |
3. Acquisitions - asset sales
Acquisitions were:
| • | $1,795 million in the third quarter of 2024, primarily related to the acquisition of the West Burton flexible gas capacity in the United Kingdom, acquisitions of stakes in offshore wind projects in Germany in 2023 and in the Netherlands in 2024 and investment in a new solar portfolio with Adani Green in India, |
| • | $3,413 million in the first nine months of 2024, related to the above elements as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in the United States, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, battery storage developer Kyon in Germany, and Talos Low Carbon Solutions in the carbon storage industry in the United States. |
Divestments were:
| • | $133 million in the third quarter of 2024, primarily related to earn-out payments from the sale of upstream Canadian oil assets, |
| • | $2,031 million in the first nine months of 2024, related to the above elements as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg, and the Netherlands, the sale of a 15% interest in Absheron, in Azerbaijan, the farmdown of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France. |
4. Cash flow
TotalEnergies’ cash flow from operating activities was $7,171 million in the third quarter of 2024, compared to a cash flow from operations excluding working capital (CFFO) of $6,821 million, and was impacted by an improvement in working capital of $0.4 billion, mainly due to the stock effect at the end of the quarter that was partially compensated by the decrease of tax payables.
The change in working capital was a decrease of $836 million in the third quarter of 2024 in accordance with IFRS. The difference of $486 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $464 million, (ii) less the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $35 million, (iii) plus the capital gains from the renewables project sale of $0 million and (iv) plus the organic loan repayments from equity affiliates of $57 million.
The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power’s contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was a decrease of $350 million in the third quarter of 2024, compared to a decrease of $1,230 million in the second quarter of 2024.
TotalEnergies’ net cash flow1 was:
| • | $1,057 million in the third quarter of 2024 compared to $3,147 million in the second quarter 2024, reflecting the $956 million decrease in CFFO and the $1,134 million increase in net investments to $5,764 million in the third quarter 2024, |
| • | $8,800 million in the first nine months of 2024 compared to $11,344 million a year ago, reflecting the $4,680 million decrease in CFFO and the $2,136 million decrease in net investments to $13,966 million in the first nine months of 2024. |
1 Net cash flow is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.
D. PROFITABILITY
Return on equity was 16.6% for the twelve months ended September 30, 2024.
| In millions of dollars |
October 1, 2023 September 30, 2024 |
July 1, 2023 June 30, 2024 |
October 1, 2022 September 30, 2023 |
| Adjusted net income | 19,398 | 21,769 | 25,938 |
| Average adjusted shareholders’ equity | 116,572 | 116,286 | 116,529 |
| Return on equity (ROE) | 16.6% | 18.7% | 22.3% |
Return on average capital employed (ROACE)2 was 14.6% for the twelve months ended September 30, 2024.
| In millions of dollars |
October 1, 2023 September 30, 2024 |
July 1, 2023 June 30, 2024 |
October 1, 2022 September 30, 2023 |
| Adjusted net operating income | 20,701 | 23,030 | 27,351 |
| Average capital employed | 142,195 | 138,776 | 135,757 |
| ROACE | 14.6% | 16.6% | 20.1% |
E. Annual 2024 Sensitivities*
| Change |
Estimated impact on adjusted net operating income |
Estimated impact on cash flow from operations | |
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price** | +/- 10$/b | +/- 2.3 B$ | +/- 2.8 B$ |
| European gas price – NBP / TTF | +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ |
| European Refining Margin Marker (ERM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** In a 80 $/b Brent environment.
F. SUMMARY AND OUTLOOK
In a context of modest global macroeconomic growth and geopolitical tensions in the Middle East, oil prices are volatile. At the end of October, the European Refining Marker (ERM) is close to 25 $/t, compared to an average of 15$/t in the third quarter of 2024.
European gas prices remain at sustained levels and are expected to be between $12 and $13/Mbtu in the fourth quarter 2024, supported by the anticipation of winter gas consumption. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu in the fourth quarter 2024.
Fourth quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d, benefiting from the end of security-related disruptions in Libya and the start-up of the Mero-3 project in Brazil, which are compensated by several planned shutdowns during the fourth quarter of 2024.
The fourth quarter 2024 refining utilization rate is anticipated to remain above 85%, with a turnaround planned at Leuna refinery in October.
The Company confirms net investments guidance of $17-$18 billion in 2024.
2 ROACE is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements (including 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 COVID-19. 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.
For additional factors, you should read the information set forth under “Item 3. -3.1 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TotalEnergies’ Form 20-F for the year ended December 31, 2023.
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 the Company’s will. Moreover, the Company’s 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.
OPERATING INFORMATION BY SEGMENT
Company’s production (Exploration & Production + Integrated LNG)
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Combined liquids and gas production by region (kboe/d) |
9M24 | 9M23 |
9M24 vs 9M23 |
| 556 | 561 | -1% | 550 | Europe | 563 | 556 | +1% |
| 452 | 449 | +1% | 459 | Africa | 454 | 478 | -5% |
| 799 | 825 | -3% | 781 | Middle East and North Africa | 813 | 756 | +8% |
| 388 | 358 | +8% | 445 | Americas | 366 | 443 | -17% |
| 214 | 248 | -14% | 241 | Asia-Pacific | 241 | 257 | -6% |
| 2,409 | 2,441 | -1% | 2,476 | Total production | 2,437 | 2,490 | -2% |
| 371 | 359 | +3% | 327 | includes equity affiliates | 359 | 336 | +7% |
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Liquids production by region (kb/d) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 221 | 225 | -2% | 229 | Europe | 224 | 230 | -3% |
| 329 | 325 | +1% | 335 | Africa | 328 | 354 | -7% |
| 637 | 660 | -4% | 627 | Middle East and North Africa | 649 | 607 | +7% |
| 189 | 167 | +14% | 268 | Americas | 176 | 267 | -34% |
| 90 | 100 | -10% | 102 | Asia-Pacific | 98 | 107 | -8% |
| 1,466 | 1,477 | -1% | 1,561 | Total production | 1,475 | 1,565 | -6% |
| 154 | 150 | +3% | 156 | includes equity affiliates | 153 | 153 | - |
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Gas production by region (Mcf/d) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,812 | 1,814 | - | 1,733 | Europe | 1,832 | 1,760 | +4% |
| 632 | 620 | +2% | 619 | Africa | 633 | 615 | +3% |
| 888 | 904 | -2% | 844 | Middle East and North Africa | 896 | 817 | +10% |
| 1,100 | 1,061 | +4% | 989 | Americas | 1,055 | 986 | +7% |
| 661 | 781 | -15% | 736 | Asia-Pacific | 758 | 807 | -6% |
| 5,093 | 5,180 | -2% | 4,921 | Total production | 5,174 | 4,985 | +4% |
| 1,190 | 1,127 | +6% | 933 | includes equity affiliates | 1,120 | 996 | +12% |
Downstream (Refining & Chemicals and Marketing & Services)
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Petroleum product sales by region (kb/d) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 1,932 | 1,840 | +5% | 1,838 | Europe | 1,849 | 1,716 | +8% |
| 585 | 558 | +5% | 621 | Africa | 578 | 629 | -8% |
| 1,091 | 989 | +10% | 946 | Americas | 1,038 | 904 | +15% |
| 747 | 639 | +17% | 624 | Rest of world | 699 | 637 | +10% |
| 4,355 | 4,026 | +8% | 4,029 | Total consolidated sales | 4,164 | 3,886 | +7% |
| 395 | 397 | -1% | 407 | Includes bulk sales | 397 | 406 | -2% |
| 2,578 | 2,266 | +14% | 2,222 | Includes trading | 2,414 | 2,095 | +15% |
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | Petrochemicals production* (kt) | 9M24 | 9M23 |
9M24 vs 9M23 |
| 954 | 900 | +6% | 1,018 | Europe | 2,844 | 3,091 | -8% |
| 765 | 756 | +1% | 611 | Americas | 2,166 | 1,837 | +18% |
| 762 | 702 | +9% | 771 | Middle East and Asia | 2,192 | 1,999 | +10% |
| * | Olefins, polymers. |
INTEGRATED POWER
Net power production
| 3Q24 | 2Q24 | |||||||||||||
| Net power production (TWh) | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | ||
| France | 0.2 | 0.1 | - | 0.6 | 0.0 | 0.9 | 0.2 | 0.2 | - | 0.4 | 0.0 | 0.8 | ||
| Rest of Europe | 0.1 | 0.4 | 0.2 | 1.3 | 0.1 | 2.1 | 0.1 | 0.4 | 0.4 | 0.4 | 0.1 | 1.4 | ||
| Africa | 0.0 | 0.0 | - | - | - | 0.0 | 0.0 | 0.0 | - | - | - | 0.0 | ||
| Middle East | 0.2 | - | - | 0.3 | - | 0.5 | 0.3 | - | - | 0.2 | - | 0.5 | ||
| North America | 1.2 | 0.4 | - | 2.2 | - | 3.8 | 0.9 | 0.6 | - | 1.2 | - | 2.8 | ||
| South America | 0.1 | 1.1 | - | - | - | 1.2 | 0.1 | 0.8 | - | - | - | 0.9 | ||
| India | 1.6 | 0.4 | - | - | - | 2.0 | 1.9 | 0.4 | - | - | - | 2.2 | ||
| Asia-Pacific | 0.4 | 0.0 | 0.0 | - | - | 0.4 | 0.4 | 0.0 | 0.0 | - | - | 0.5 | ||
| Total | 4.0 | 2.4 | 0.3 | 4.4 | 0.1 | 11.1 | 3.9 | 2.3 | 0.5 | 2.2 | 0.1 | 9.1 | ||
Installed power generation net capacity
| 3Q24 | 2Q24 | ||||||||||||||||
| Installed power generation net capacity (GW) (1) | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | |||||
| France | 0.6 | 0.4 | - | 2.6 | 0.2 | 3.7 | 0.6 | 0.4 | - | 2.6 | 0.1 | 3.7 | |||||
| Rest of Europe | 0.3 | 0.9 | 0.3 | 2.7 | 0.2 | 4.4 | 0.3 | 0.9 | 0.3 | 1.4 | 0.1 | 2.9 | |||||
| Africa | 0.1 | 0.0 | - | - | 0.0 | 0.1 | 0.1 | 0.0 | - | - | 0.0 | 0.1 | |||||
| Middle East | 0.4 | - | - | 0.3 | - | 0.8 | 0.4 | - | - | 0.3 | - | 0.8 | |||||
| North America | 2.6 | 0.8 | - | 1.5 | 0.4 | 5.3 | 2.3 | 0.8 | - | 1.5 | 0.4 | 5.0 | |||||
| South America | 0.4 | 0.9 | - | - | - | 1.2 | 0.4 | 0.9 | - | - | - | 1.2 | |||||
| India | 4.3 | 0.5 | - | - | - | 4.9 | 4.2 | 0.5 | - | - | - | 4.7 | |||||
| Asia-Pacific | 1.1 | 0.0 | 0.1 | - | 0.0 | 1.2 | 1.1 | 0.0 | 0.1 | - | 0.0 | 1.2 | |||||
| Total | 9.8 | 3.6 | 0.4 | 7.1 | 0.7 | 21.6 | 9.3 | 3.5 | 0.4 | 5.8 | 0.7 | 19.6 | |||||
Power generation gross capacity from renewables
| 3Q24 | 2Q24 | |||||||||||
| Installed power generation gross capacity from renewables (GW) (1), (2) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | ||
| France | 1.1 | 0.7 | - | 0.2 | 2.1 | 1.1 | 0.7 | - | 0.2 | 2.0 | ||
| Rest of Europe | 0.3 | 1.1 | 1.1 | 0.2 | 2.8 | 0.3 | 1.1 | 1.1 | 0.2 | 2.7 | ||
| Africa | 0.1 | - | - | 0.0 | 0.1 | 0.1 | - | - | 0.0 | 0.1 | ||
| Middle East | 1.2 | - | - | - | 1.2 | 1.2 | - | - | - | 1.2 | ||
| North America | 4.9 | 2.2 | - | 0.7 | 7.7 | 5.2 | 2.2 | - | 0.7 | 8.1 | ||
| South America | 0.4 | 1.3 | - | - | 1.6 | 0.4 | 1.3 | - | - | 1.6 | ||
| India | 6.1 | 0.6 | - | - | 6.7 | 5.9 | 0.5 | - | - | 6.5 | ||
| Asia-Pacific | 1.6 | 0.0 | 0.4 | 0.0 | 2.0 | 1.5 | - | 0.3 | - | 1.8 | ||
| Total | 15.6 | 5.9 | 1.6 | 1.1 | 24.2 | 15.7 | 5.8 | 1.4 | 1.1 | 24.0 | ||
| 3Q24 | 2Q24 | |||||||||||
| Power generation gross capacity from renewables in construction (GW) (1), (2) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | ||
| France | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | ||
| Rest of Europe | 0.4 | 0.1 | 0.8 | 0.1 | 1.4 | 0.4 | 0.2 | - | 0.1 | 0.6 | ||
| Africa | 0.3 | - | - | 0.1 | 0.4 | 0.3 | - | - | 0.1 | 0.4 | ||
| Middle East | 0.1 | - | - | - | 0.1 | 0.1 | - | - | - | 0.1 | ||
| North America | 1.7 | 0.0 | - | 0.4 | 2.1 | 1.7 | 0.0 | - | 0.3 | 2.0 | ||
| South America | 0.3 | 0.6 | - | 0.2 | 1.1 | 0.0 | 0.6 | - | - | 0.7 | ||
| India | 3.9 | - | - | - | 3.9 | 0.5 | 0.1 | - | - | 0.5 | ||
| Asia-Pacific | 0.1 | - | 0.2 | - | 0.3 | 0.0 | 0.0 | 0.4 | - | 0.4 | ||
| Total | 6.9 | 0.8 | 1.0 | 0.7 | 9.5 | 3.2 | 0.9 | 0.4 | 0.4 | 5.0 | ||
| 3Q24 | 2Q24 | |||||||||||
| Power generation gross capacity from renewables in development (GW) (1), (2) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | ||
| France | 1.1 | 0.4 | - | 0.1 | 1.6 | 1.4 | 0.4 | - | 0.1 | 1.9 | ||
| Rest of Europe | 4.6 | 0.8 | 8.9 | 2.6 | 16.9 | 4.4 | 0.8 | 8.9 | 2.2 | 16.4 | ||
| Africa | 0.7 | 0.3 | - | - | 1.0 | 0.7 | 0.3 | - | - | 1.0 | ||
| Middle East | 1.8 | - | - | - | 1.8 | 1.8 | - | - | - | 1.8 | ||
| North America | 8.8 | 3.3 | 4.1 | 4.9 | 21.0 | 9.7 | 2.9 | 4.1 | 4.4 | 21.1 | ||
| South America | 1.8 | 1.2 | - | 0.0 | 3.0 | 2.1 | 1.2 | - | 0.2 | 3.4 | ||
| India | 2.2 | 0.1 | - | - | 2.3 | 4.5 | 0.2 | - | - | 4.7 | ||
| Asia-Pacific | 3.6 | 1.1 | 2.6 | 1.1 | 8.4 | 3.4 | 1.1 | 2.6 | 1.1 | 8.2 | ||
| Total | 24.4 | 7.2 | 15.6 | 8.7 | 55.9 | 28.0 | 6.8 | 15.6 | 8.0 | 58.5 | ||
| (1) | End-of-period data. |
| (2) | Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos. |
ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)
| 3Q24 | 2Q24 | 3Q23 | In millions of dollars | 9M24 | 9M23 |
| 2,294 | 3,787 | 6,676 | Net income (TotalEnergies share) | 11,802 | 16,321 |
| (1,337) | (274) | (749) | Special items affecting net income (TotalEnergies share) | (806) | (1,285) |
| - | (110) | - | Gain (loss) on asset sales | 1,397 | 203 |
| (10) | (11) | - | Restructuring charges | (21) | (5) |
| (1,100) | - | (614) | Impairments | (1,744) | (1,143) |
| (227) | (153) | (135) | Other | (438) | (340) |
| (359) | (320) | 607 | After-tax inventory effect : FIFO vs. replacement cost | (555) | (164) |
| (84) | (291) | 365 | Effect of changes in fair value | (695) | (180) |
| (1,780) | (885) | 223 | Total adjustments affecting net income | (2,056) | (1,629) |
| 4,074 | 4,672 | 6,453 | Adjusted net income (TotalEnergies share) | 13,858 | 17,950 |
RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 2,294 | 3,787 | -39% | 6,676 | Net income - TotalEnergies share | 11,802 | 16,321 | -28% |
| 1,780 | 885 | x2 | (223) | Less: adjustment items to net income (TotalEnergies share) | 2,056 | 1,629 | +26% |
| 4,074 | 4,672 | -13% | 6,453 | Adjusted net income - TotalEnergies share | 13,858 | 17,950 | -23% |
| Adjusted items | |||||||
| 90 | 67 | +34% | 82 | Add: non-controlling interests | 257 | 217 | +18% |
| 2,369 | 2,977 | -20% | 3,130 | Add: income taxes | 8,337 | 9,935 | -16% |
| 3,048 | 2,962 | +3% | 2,967 | Add: depreciation, depletion and impairment of tangible assets and mineral interests | 8,952 | 8,952 | - |
| 103 | 87 | +18% | 88 | Add: amortization and impairment of intangible assets | 282 | 279 | +1% |
| 797 | 725 | +10% | 726 | Add: financial interest on debt | 2,230 | 2,160 | +3% |
| (433) | (417) | ns | (384) | Less: financial income and expense from cash & cash equivalents | (1,302) | (1,159) | ns |
| 10,048 | 11,073 | -9% | 13,062 | Adjusted EBITDA | 32,614 | 38,334 | -15% |
RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME (TOTALENERGIES SHARE)
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| Adjusted items | |||||||
| 47,429 | 49,183 | -4% | 54,413 | Revenues from sales | 148,495 | 164,180 | -10% |
| (30,856) | (31,314) | ns | (34,738) | Purchases, net of inventory variation | (95,695) | (105,596) | ns |
| (7,147) | (7,664) | ns | (7,346) | Other operating expenses | (22,391) | (22,852) | ns |
| (101) | (97) | ns | (245) | Exploration costs | (286) | (401) | ns |
| 59 | 146 | -60% | 142 | Other income | 445 | 335 | +33% |
| (121) | (37) | ns | 64 | Other expense, excluding amortization and impairment of intangible assets | (283) | (138) | ns |
| 293 | 433 | -32% | 296 | Other financial income | 1,008 | 945 | +7% |
| (214) | (213) | ns | (186) | Other financial expense | (642) | (542) | ns |
| 706 | 636 | +11% | 662 | Net income (loss) from equity affiliates | 1,963 | 2,403 | -18% |
| 10,048 | 11,073 | -9% | 13,062 | Adjusted EBITDA | 32,614 | 38,334 | -15% |
| Adjusted items | |||||||
| (3,048) | (2,962) | ns | (2,967) | Less: depreciation, depletion and impairment of tangible assets and mineral interests | (8,952) | (8,952) | ns |
| (103) | (87) | ns | (88) | Less: amortization of intangible assets | (282) | (279) | ns |
| (797) | (725) | ns | (726) | Less: financial interest on debt | (2,230) | (2,160) | ns |
| 433 | 417 | +4% | 384 | Add: financial income and expense from cash & cash equivalents | 1,302 | 1,159 | +12% |
| (2,369) | (2,977) | ns | (3,130) | Less: income taxes | (8,337) | (9,935) | ns |
| (90) | (67) | ns | (82) | Less: non-controlling interests | (257) | (217) | ns |
| (1,780) | (885) | ns | 223 | Add: adjustment - TotalEnergies share | (2,056) | (1,629) | ns |
| 2,294 | 3,787 | -39% | 6,676 | Net income - TotalEnergies share | 11,802 | 16,321 | -28% |
INVESTMENTS – DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: (TOTALENERGIES SHARE)
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 5,562 | 4,558 | +22% | 4,987 | Cash flow used in investing activities (a) | 13,587 | 15,822 | -14% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| 57 | (29) | ns | (17) | Organic loan repayment from equity affiliates (c) | 31 | (5) | ns |
| - | - | ns | 43 | Change in debt from renewable projects financing (d) * | - | 81 | -100% |
| 119 | 97 | +23% | 64 | Capex linked to capitalized leasing contracts (e) | 319 | 188 | +70% |
| 26 | 4 | x6.5 | 14 | Expenditures related to carbon credits (f) | 29 | 16 | +81% |
| 5,764 | 4,630 | +24% | 5,091 | Net investments (a + b + c + d + e + f = g - i + h) | 13,966 | 16,102 | -13% |
| 1,662 | 220 | x7.5 | 808 | of which acquisitions net of assets sales (g-i) | 1,382 | 4,115 | -66% |
| 1,795 | 544 | x3.3 | 1,992 | Acquisitions (g) | 3,413 | 5,730 | -40% |
| 133 | 324 | -59% | 1,184 | Asset sales (i) | 2,031 | 1,615 | +26% |
| - | - | ns | (43) | Change in debt from renewable projects (partner share) | - | (81) | -100% |
| 4,102 | 4,410 | -7% | 4,283 | of which organic investments (h) | 12,584 | 11,987 | +5% |
| 148 | 101 | +46% | 346 | Capitalized exploration | 394 | 879 | -55% |
| 458 | 589 | -22% | 422 | Increase in non-current loans | 1,585 | 1,162 | +36% |
| (140) | (178) | ns | (120) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (464) | (433) | ns |
| - | - | ns | - | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: EXPLORATION & PRODUCTION
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 2,161 | 2,548 | -15% | 1,978 | Cash flow used in investing activities (a) | 6,697 | 8,542 | -22% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | ns | ||
| 1 | - | ns | - | Organic loan repayment from equity affiliates (c) | 1 | ns | |
| - | - | ns | - | Change in debt from renewable projects financing (d) * | ns | ||
| 100 | 90 | +11% | 51 | Capex linked to capitalized leasing contracts (e) | 280 | 157 | +78% |
| 26 | 4 | x6.5 | 14 | Expenditures related to carbon credits (f) | 29 | 16 | +81% |
| 2,288 | 2,642 | -13% | 2,043 | Net investments (a + b + c + d + e + f = g - i + h) | 7,007 | 8,715 | -20% |
| (42) | 57 | ns | (514) | of which acquisitions net of assets sales (g-i) | 51 | 1,600 | -97% |
| 36 | 160 | -78% | 156 | Acquisitions (g) | 523 | 2,281 | -77% |
| 78 | 103 | -24% | 670 | Asset sales (i) | 472 | 681 | -31% |
| - | - | ns | - | Change in debt from renewable projects (partner share) | ns | ||
| 2,330 | 2,585 | -10% | 2,557 | of which organic investments (h) | 6,956 | 7,115 | -2% |
| 140 | 88 | +58% | 343 | Capitalized exploration | 364 | 872 | -58% |
| 46 | 67 | -31% | 32 | Increase in non-current loans | 155 | 93 | +67% |
| (11) | (46) | ns | (29) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (72) | (75) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED LNG
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 500 | 815 | -39% | 566 | Cash flow used in investing activities (a) | 1,830 | 2,293 | -20% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| 2 | - | ns | 1 | Organic loan repayment from equity affiliates (c) | 3 | 2 | +50% |
| - | - | ns | - | Change in debt from renewable projects financing (d) * | - | - | ns |
| 14 | 7 | +100% | 12 | Capex linked to capitalized leasing contracts (e) | 33 | 26 | +27% |
| - | - | ns | - | Expenditures related to carbon credits (f) | - | - | ns |
| 516 | 822 | -37% | 579 | Net investments (a + b + c + d + e + f = g - i + h) | 1,866 | 2,321 | -20% |
| 65 | 198 | -67% | 84 | of which acquisitions net of assets sales (g-i) | 251 | 1,048 | -76% |
| 69 | 199 | -65% | 204 | Acquisitions (g) | 268 | 1,197 | -78% |
| 4 | 1 | x4 | 120 | Asset sales (i) | 17 | 149 | -89% |
| - | - | ns | - | Change in debt from renewable projects (partner share) | - | - | ns |
| 451 | 624 | -28% | 495 | of which organic investments (h) | 1,615 | 1,273 | +27% |
| 8 | 13 | -38% | 3 | Capitalized exploration | 30 | 7 | x4.3 |
| 214 | 153 | +40% | 153 | Increase in non-current loans | 540 | 391 | +38% |
| (79) | (42) | ns | (47) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (158) | (111) | ns |
| - | - | ns | - | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED POWER
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 2,221 | 508 | x4.4 | 1,884 | Cash flow used in investing activities (a) | 4,406 | 3,627 | +21% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| 10 | - | ns | 4 | Organic loan repayment from equity affiliates (c) | 10 | 26 | -62% |
| - | - | ns | 43 | Change in debt from renewable projects financing (d) * | - | 81 | -100% |
| 5 | - | ns | 1 | Capex linked to capitalized leasing contracts (e) | 6 | 5 | +20% |
| - | - | ns | - | Expenditures related to carbon credits (f) | - | - | ns |
| 2,236 | 508 | x4.4 | 1,932 | Net investments (a + b + c + d + e + f = g - i + h) | 4,422 | 3,739 | +18% |
| 1,529 | (88) | ns | 1,354 | of which acquisitions net of assets sales (g-i) | 2,176 | 1,831 | +19% |
| 1,565 | 142 | x11 | 1,622 | Acquisitions (g) | 2,443 | 2,204 | +11% |
| 36 | 230 | -84% | 268 | Asset sales (i) | 267 | 373 | -28% |
| - | - | ns | (43) | Change in debt from renewable projects (partner share) | - | (81) | -100% |
| 707 | 596 | +19% | 578 | of which organic investments (h) | 2,246 | 1,908 | +18% |
| - | - | ns | - | Capitalized exploration | - | - | ns |
| 135 | 239 | -44% | 207 | Increase in non-current loans | 679 | 552 | +23% |
| (24) | (31) | ns | (17) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (116) | (149) | ns |
| - | - | ns | - | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: REFINING & CHEMICALS
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 319 | 316 | +1% | 310 | Cash flow used in investing activities (a) | 1,032 | 964 | +7% |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| 44 | (29) | ns | (21) | Organic loan repayment from equity affiliates (c) | 17 | (33) | ns |
| - | - | ns | - | Change in debt from renewable projects financing (d) * | - | - | ns |
| - | - | ns | - | Capex linked to capitalized leasing contracts (e) | - | - | ns |
| - | - | ns | - | Expenditures related to carbon credits (f) | - | - | ns |
| 363 | 287 | +26% | 289 | Net investments (a + b + c + d + e + f = g - i + h) | 1,049 | 931 | +13% |
| 34 | (95) | ns | (97) | of which acquisitions net of assets sales (g-i) | (81) | (107) | ns |
| 42 | 26 | +62% | - | Acquisitions (g) | 77 | 31 | x2.5 |
| 8 | 121 | -93% | 97 | Asset sales (i) | 158 | 138 | +14% |
| - | - | ns | - | Change in debt from renewable projects (partner share) | - | - | ns |
| 329 | 382 | -14% | 386 | of which organic investments (h) | 1,130 | 1,038 | +9% |
| - | - | ns | - | Capitalized exploration | - | - | ns |
| 33 | 58 | -43% | 13 | Increase in non-current loans | 98 | 51 | +92% |
| (17) | (3) | ns | (9) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (27) | (25) | ns |
| - | - | ns | - | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: MARKETING & SERVICES
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 310 | 337 | -8% | 221 | Cash flow used in investing activities (a) | (490) | 307 | ns |
| - | - | ns | - | Other transactions with non-controlling interests (b) | - | - | ns |
| - | - | ns | - | Organic loan repayment from equity affiliates (c) | - | - | ns |
| - | - | ns | - | Change in debt from renewable projects financing (d) * | - | - | ns |
| - | - | ns | - | Capex linked to capitalized leasing contracts (e) | - | - | ns |
| - | - | ns | - | Expenditures related to carbon credits (f) | - | - | ns |
| 310 | 337 | -8% | 221 | Net investments (a + b + c + d + e + f = g - i + h) | (490) | 307 | ns |
| 78 | 151 | -48% | (18) | of which acquisitions net of assets sales (g-i) | (1,009) | (256) | ns |
| 83 | 17 | x4.9 | 10 | Acquisitions (g) | 102 | 17 | x6 |
| 5 | (134) | ns | 28 | Asset sales (i) | 1,111 | 273 | x4.1 |
| - | - | ns | - | Change in debt from renewable projects (partner share) | - | - | ns |
| 232 | 186 | +25% | 239 | of which organic investments (h) | 519 | 563 | -8% |
| - | - | ns | - | Capitalized exploration | - | - | ns |
| 16 | 57 | -72% | 16 | Increase in non-current loans | 84 | 53 | +58% |
| (10) | (53) | ns | (19) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (89) | (70) | ns |
| - | - | ns | - | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
CASH FLOW (TOTALENERGIES SHARE)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 7,171 | 9,007 | -20% | 9,496 | Cash flow from operating activities (a) | 18,347 | 24,529 | -25% |
| 871 | 1,669 | -48% | (582) | (Increase) decrease in working capital (b) * | (3,581) | (2,851) | ns |
| (464) | (468) | ns | 764 | Inventory effect (c) | (807) | 10 | ns |
| - | - | ns | 43 | Capital gain from renewable project sales (d) | - | 81 | -100% |
| 57 | (29) | ns | (17) | Organic loan repayments from equity affiliates (e) | 31 | (5) | ns |
| 6,821 | 7,777 | -12% | 9,340 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 22,766 | 27,446 | -17% |
| (188) | (118) | ns | (211) | Financial charges | (449) | (476) | ns |
| 7,009 | 7,895 | -11% | 9,551 | Debt Adjusted Cash Flow (DACF) | 23,215 | 27,922 | -17% |
| 4,102 | 4,410 | -7% | 4,283 | Organic investments (g) | 12,584 | 11,987 | +5% |
| 2,719 | 3,367 | -19% | 5,058 | Free cash flow after organic investments (f - g) | 10,182 | 15,459 | -34% |
| 5,764 | 4,630 | +24% | 5,091 | Net investments (h) | 13,966 | 16,102 | -13% |
| 1,057 | 3,147 | -66% | 4,249 | Net cash flow (f - h) | 8,800 | 11,344 | -22% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
CASH FLOW BY SEGMENT
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Exploration & Production
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 4,763 | 4,535 | +5% | 4,240 | Cash flow from operating activities (a) | 12,888 | 12,823 | +1% |
| 491 | 182 | x2.7 | (925) | (Increase) decrease in working capital (b) | (215) | (1,613) | ns |
| - | - | ns | - | Inventory effect (c) | - | - | ns |
| - | - | ns | - | Capital gain from renewable project sales (d) | - | - | ns |
| 1 | - | ns | - | Organic loan repayments from equity affiliates (e) | 1 | - | ns |
| 4,273 | 4,353 | -2% | 5,165 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 13,104 | 14,436 | -9% |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated LNG
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 830 | 431 | +93% | 872 | Cash flow from operating activities (a) | 2,971 | 5,740 | -48% |
| (56) | (789) | ns | (775) | (Increase) decrease in working capital (b) * | (482) | 212 | ns |
| - | - | ns | - | Inventory effect (c) | - | - | ns |
| - | - | ns | - | Capital gain from renewable project sales (d) | - | - | ns |
| 2 | - | ns | 1 | Organic loan repayments from equity affiliates (e) | 3 | 2 | +50% |
| 888 | 1,220 | -27% | 1,648 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 3,456 | 5,530 | -38% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG sectors’ contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated Power
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 373 | 1,647 | -77% | 1,936 | Cash flow from operating activities (a) | 1,771 | 2,935 | -40% |
| (253) | 1,024 | ns | 1,466 | (Increase) decrease in working capital (b) * | (170) | 1,595 | ns |
| - | - | ns | - | Inventory effect (c) | - | - | ns |
| - | - | ns | 43 | Capital gain from renewable project sales (d) | - | 81 | -100% |
| 10 | - | ns | 4 | Organic loan repayments from equity affiliates (e) | 10 | 26 | -62% |
| 636 | 623 | +2% | 516 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 1,951 | 1,447 | +35% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated Power sectors’ contracts.
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Refining & Chemicals
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 564 | 1,541 | -63% | 2,060 | Cash flow from operating activities (a) | (24) | 3,132 | ns |
| 413 | 788 | -48% | (125) | (Increase) decrease in working capital (b) | (2,325) | (1,520) | ns |
| (335) | (393) | ns | 546 | Inventory effect (c) | (620) | (61) | ns |
| - | - | ns | - | Capital gain from renewable project sales (d) | - | - | ns |
| 44 | (29) | ns | (21) | Organic loan repayments from equity affiliates (e) | 17 | (33) | ns |
| 530 | 1,117 | -53% | 1,618 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 2,938 | 4,680 | -37% |
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Marketing & Services
| 3Q24 | 2Q24 |
3Q24 vs 2Q24 |
3Q23 | In millions of dollars | 9M24 | 9M23 |
9M24 vs 9M23 |
| 581 | 1,650 | -65% | 206 | Cash flow from operating activities (a) | 2,123 | 198 | x10.7 |
| 63 | 1,066 | -94% | (599) | (Increase) decrease in working capital (b) | 525 | (1,672) | ns |
| (129) | (75) | ns | 218 | Inventory effect (c) | (187) | 71 | ns |
| - | - | ns | - | Capital gain from renewable project sales (d) | - | - | ns |
| - | - | ns | - | Organic loan repayments from equity affiliates (e) | - | - | ns |
| 647 | 659 | -2% | 587 | Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) | 1,785 | 1,799 | -1% |
GEARING RATIO
| In millions of dollars | 09/30/2024 | 06/30/2024 | 09/30/2023 |
| Current borrowings * | 11,805 | 9,358 | 15,193 |
| Other current financial liabilities | 488 | 461 | 415 |
| Current financial assets *, ** | (5,780) | (6,425) | (6,585) |
| Net financial assets classified as held for sale * | 204 | (61) | (44) |
| Non-current financial debt * | 37,824 | 34,726 | 33,947 |
| Non-current financial assets * | (1,307) | (1,166) | (1,519) |
| Cash and cash equivalents | (25,672) | (23,211) | (24,731) |
| Net debt (a) | 17,562 | 13,682 | 16,676 |
| Shareholders’ equity - TotalEnergies share | 116,059 | 117,379 | 115,767 |
| Non-controlling interests | 2,557 | 2,648 | 2,657 |
| Shareholders' equity (b) | 118,616 | 120,027 | 118,424 |
| Gearing = a / (a+b) | 12.9% | 10.2% | 12.3% |
| Leases (c) | 8,338 | 8,012 | 8,277 |
| Gearing including leases (a+c) / (a+b+c) | 17.9% | 15.3% | 17.4% |
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.
RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE)
Twelve months ended September 30, 2024
| In millions of dollars | Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Company |
| Adjusted net operating income | 10,501 | 4,893 | 2,125 | 2,475 | 1,304 | 20,701 |
| Capital employed at 09/30/2023 | 69,392 | 36,033 | 20,043 | 9,002 | 9,025 | 141,093 |
| Capital employed at 09/30/2024 | 64,859 | 39,460 | 24,589 | 9,050 | 7,325 | 143,297 |
| ROACE | 15.6% | 13.0% | 9.5% | 27.4% | 16.0% | 14.6% |
PAYOUT1
| In millions of dollars | 9M24 | 9M23 | 2023 |
| Dividend paid (parent company shareholders) | 5,719 | 5,648 | 7,517 |
| Repayment of treasury shares | 6,018 | 6,203 | 9,167 |
| Payout ratio | 49% | 43% | 46% |
1 Payout is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).
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 | Inter- Company |
Company |
| Adjusted net operating income 3rd quarter 2024 | 2,482 | 1,063 | 485 | 241 | 364 | (76) | 4,559 | |
| Adjusted net operating income 2nd quarter 2024 | 2,667 | 1,152 | 502 | 639 | 379 | (253) | 5,086 | |
| Adjusted net operating income 1st quarter 2024 | 2,550 | 1,222 | 611 | 962 | 255 | (90) | 5,510 | |
| Adjusted net operating income 4th quarter 2023 | 2,802 | 1,456 | 527 | 633 | 306 | (178) | 5,546 | |
| Adjusted net operating income ( a ) | 10,501 | 4,893 | 2,125 | 2,475 | 1,304 | (597) | 20,701 | |
| Balance sheet as of September 30, 2024 | ||||||||
| Property plant and equipment intangible assets net | 83,224 | 25,426 | 15,517 | 12,365 | 6,808 | 676 | 144,016 | |
| Investments & loans in equity affiliates | 3,850 | 15,609 | 9,341 | 4,117 | 1,046 | 33,963 | ||
| Other non-current assets | 3,896 | 2,096 | 1,286 | 741 | 1,210 | 324 | 9,553 | |
| Inventories, net | 1,444 | 1,595 | 617 | 11,277 | 3,599 | 18,532 | ||
| Accounts receivable, net | 5,801 | 6,146 | 4,270 | 16,506 | 8,770 | 1,067 | (23,783) | 18,777 |
| Other current assets | 7,363 | 7,814 | 4,788 | 2,415 | 3,154 | 2,357 | (5,958) | 21,933 |
| Accounts payable | (7,035) | (6,771) | (5,459) | (28,346) | (9,809) | (994) | 23,746 | (34,668) |
| Other creditors and accrued liabilities | (9,658) | (8,693) | (4,542) | (5,596) | (6,015) | (6,207) | 5,995 | (34,716) |
| Working capital | (2,085) | 91 | (326) | (3,744) | (301) | (3,777) | (10,142) | |
| Provisions and other non-current liabilities | (24,510) | (3,762) | (1,801) | (3,415) | (1,233) | 791 | (33,930) | |
| Assets and liabilities classified as held for sale | 484 | 572 | 1,056 | |||||
| Capital Employed (Balance sheet) | 64,859 | 39,460 | 24,589 | 10,064 | 7,530 | (1,986) | - | 144,516 |
| Less inventory valuation effect | (1,014) | (205) | (1,219) | |||||
| Capital Employed at replacement cost (b) | 64,859 | 39,460 | 24,589 | 9,050 | 7,325 | (1,986) | - | 143,297 |
| Balance sheet as of September 30, 2023 | ||||||||
| Property plant and equipment intangible assets net | 84,906 | 24,683 | 11,635 | 11,350 | 6,449 | 609 | 139,632 | |
| Investments & loans in equity affiliates | 2,823 | 13,624 | 8,840 | 4,293 | 573 | 30,153 | ||
| Other non-current assets | 3,473 | 2,874 | 711 | 722 | 1,124 | (35) | 8,869 | |
| Inventories, net | 1,542 | 1,768 | 657 | 14,337 | 4,208 | 22,512 | ||
| Accounts receivable, net | 7,152 | 8,436 | 5,415 | 23,483 | 9,416 | 1,734 | (32,038) | 23,598 |
| Other current assets | 5,623 | 10,327 | 8,081 | 2,452 | 3,531 | 2,815 | (10,577) | 22,252 |
| Accounts payable | (5,860) | (9,514) | (5,659) | (35,396) | (10,972) | (1,787) | 31,920 | (37,268) |
| Other creditors and accrued liabilities | (9,532) | (12,307) | (8,178) | (6,803) | (4,919) | (6,361) | 10,695 | (37,405) |
| Working capital | (1,075) | (1,290) | 316 | (1,927) | 1,264 | (3,598) | (6,310) | |
| Provisions and other non-current liabilities | (26,342) | (3,858) | (1,586) | (3,757) | (1,207) | 623 | (36,127) | |
| Assets and liabilities classified as held for sale | 5,607 | 127 | 130 | 1,298 | 7,162 | |||
| Capital Employed (Balance sheet) | 69,392 | 36,033 | 20,043 | 10,811 | 9,501 | (2,402) | 143,378 | |
| Less inventory valuation effect | (1,809) | (476) | (2,285) | |||||
| Capital Employed at replacement cost (c) | 69,392 | 36,033 | 20,043 | 9,002 | 9,025 | (2,402) | 141,093 | |
| ROACE as a percentage (a/average(b+c)) | 15.6% | 13.0% | 9.5% | 27.4% | 16.0% | 14.6% | ||
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.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 3rd quarter | 2nd quarter | 3rd quarter | |||
| (M$)(a) | 2024 | 2024 | 2023 | ||
| Sales | 52,021 | 53,743 | 59,017 | ||
| Excise taxes | (4,592) | (4,560) | (4,604) | ||
| Revenues from sales | 47,429 | 49,183 | 54,413 | ||
| Purchases, net of inventory variation | (31,425) | (32,117) | (33,676) | ||
| Other operating expenses | (7,269) | (7,729) | (7,562) | ||
| Exploration costs | (572) | (97) | (245) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,392) | (2,976) | (3,055) | ||
| Other income | 45 | 3 | 535 | ||
| Other expense | (374) | (251) | (928) | ||
| Financial interest on debt | (797) | (725) | (726) | ||
| Financial income and expense from cash & cash equivalents | 457 | 408 | 459 | ||
| Cost of net debt | (340) | (317) | (267) | ||
| Other financial income | 319 | 459 | 311 | ||
| Other financial expense | (214) | (213) | (186) | ||
| Net income (loss) from equity affiliates | 333 | 627 | 754 | ||
| Income taxes | (2,179) | (2,725) | (3,404) | ||
| Consolidated net income | 2,361 | 3,847 | 6,690 | ||
| TotalEnergies share | 2,294 | 3,787 | 6,676 | ||
| Non-controlling interests | 67 | 60 | 14 | ||
| Earnings per share ($) | 0.97 | 1.61 | 2.74 | ||
| Fully-diluted earnings per share ($) | 0.96 | 1.60 | 2.73 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 3rd quarter | 2nd quarter | 3rd quarter | |||
| (M$) | 2024 | 2024 | 2023 | ||
| Consolidated net income | 2,361 | 3,847 | 6,690 | ||
| Other comprehensive income | |||||
| Actuarial gains and losses | 3 | 22 | (1) | ||
| Change in fair value of investments in equity instruments | (141) | 103 | 3 | ||
| Tax effect | 29 | (11) | (2) | ||
| Currency translation adjustment generated by the parent company | 3,151 | (683) | (1,861) | ||
| Items not potentially reclassifiable to profit and loss | 3,042 | (569) | (1,861) | ||
| Currency translation adjustment | (2,457) | 523 | 1,204 | ||
| Cash flow hedge | (13) | 593 | 306 | ||
| Variation of foreign currency basis spread | (4) | - | (3) | ||
| Share of other comprehensive income of equity affiliates, net amount | (208) | (38) | 31 | ||
| Other | 2 | (2) | (4) | ||
| Tax effect | (1) | (153) | (46) | ||
| Items potentially reclassifiable to profit and loss | (2,681) | 923 | 1,488 | ||
| Total other comprehensive income (net amount) | 361 | 354 | (373) | ||
| Comprehensive income | 2,722 | 4,201 | 6,317 | ||
| TotalEnergies share | 2,631 | 4,134 | 6,313 | ||
| Non-controlling interests | 91 | 67 | 4 |
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 9 months | 9 months | ||
| (M$)(a) | 2024 | 2023 | |
| Sales | 162,042 | 177,891 | |
| Excise taxes | (13,547) | (13,711) | |
| Revenues from sales | 148,495 | 164,180 | |
| Purchases, net of inventory variation | (97,322) | (105,891) | |
| Other operating expenses | (22,641) | (23,253) | |
| Exploration costs | (757) | (399) | |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (9,310) | (9,223) | |
| Other income | 1,806 | 992 | |
| Other expense | (940) | (1,594) | |
| Financial interest on debt | (2,230) | (2,160) | |
| Financial income and expense from cash & cash equivalents | 1,337 | 1,362 | |
| Cost of net debt | (893) | (798) | |
| Other financial income | 1,084 | 982 | |
| Other financial expense | (642) | (542) | |
| Net income (loss) from equity affiliates | 978 | 1,981 | |
| Income taxes | (7,846) | (9,962) | |
| Consolidated net income | 12,012 | 16,473 | |
| TotalEnergies share | 11,802 | 16,321 | |
| Non-controlling interests | 210 | 152 | |
| Earnings per share ($) | 5.02 | 6.61 | |
| Fully-diluted earnings per share ($) | 4.99 | 6.57 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 9 months | 9 months | ||
| (M$) | 2024 | 2023 | |
| Consolidated net income | 12,012 | 16,473 | |
| Other comprehensive income | |||
| Actuarial gains and losses | 23 | 137 | |
| Change in fair value of investments in equity instruments | 2 | 6 | |
| Tax effect | 10 | (53) | |
| Currency translation adjustment generated by the parent company | 962 | (452) | |
| Items not potentially reclassifiable to profit and loss | 997 | (362) | |
| Currency translation adjustment | (835) | (95) | |
| Cash flow hedge | 1,387 | 2,197 | |
| Variation of foreign currency basis spread | (19) | 5 | |
| share of other comprehensive income of equity affiliates, net amount | (322) | (64) | |
| Other | 2 | (5) | |
| Tax effect | (373) | (518) | |
| Items potentially reclassifiable to profit and loss | (160) | 1,520 | |
| Total other comprehensive income (net amount) | 837 | 1,158 | |
| Comprehensive income | 12,849 | 17,631 | |
| TotalEnergies share | 12,635 | 17,539 | |
| Non-controlling interests | 214 | 92 |
CONSOLIDATED BALANCE SHEET
TotalEnergies
| September 30, | June 30, | December 31, | September | ||||
| 2024 | 2024 | 2023 | 30, 2023 | ||||
| (M$) | (unaudited) | (unaudited) | (unaudited) | ||||
| ASSETS | |||||||
| Non-current assets | |||||||
| Intangible assets, net | 33,891 | 33,477 | 33,083 | 32,911 | |||
| Property, plant and equipment, net | 110,125 | 109,403 | 108,916 | 106,721 | |||
| Equity affiliates : investments and loans | 33,963 | 32,800 | 30,457 | 30,153 | |||
| Other investments | 1,656 | 1,740 | 1,543 | 1,342 | |||
| Non-current financial assets | 2,578 | 2,469 | 2,395 | 2,710 | |||
| Deferred income taxes | 3,727 | 3,568 | 3,418 | 3,535 | |||
| Other non-current assets | 4,170 | 4,235 | 4,313 | 3,991 | |||
| Total non-current assets | 190,110 | 187,692 | 184,125 | 181,363 | |||
| Current assets | |||||||
| Inventories, net | 18,532 | 20,189 | 19,317 | 22,512 | |||
| Accounts receivable, net | 18,777 | 20,647 | 23,442 | 23,598 | |||
| Other current assets | 21,933 | 20,014 | 20,821 | 22,252 | |||
| Current financial assets | 6,151 | 6,823 | 6,585 | 6,892 | |||
| Cash and cash equivalents | 25,672 | 23,211 | 27,263 | 24,731 | |||
| Assets classified as held for sale | 2,830 | 912 | 2,101 | 8,656 | |||
| Total current assets | 93,895 | 91,796 | 99,529 | 108,641 | |||
| Total assets | 284,005 | 279,488 | 283,654 | 290,004 | |||
| LIABILITIES & SHAREHOLDERS' EQUITY | |||||||
| Shareholders' equity | |||||||
| Common shares | 7,577 | 7,577 | 7,616 | 7,616 | |||
| Paid-in surplus and retained earnings | 130,804 | 130,688 | 126,857 | 123,506 | |||
| Currency translation adjustment | (13,793) | (14,415) | (13,701) | (13,461) | |||
| Treasury shares | (8,529) | (6,471) | (4,019) | (1,894) | |||
| Total shareholders' equity - TotalEnergies share | 116,059 | 117,379 | 116,753 | 115,767 | |||
| Non-controlling interests | 2,557 | 2,648 | 2,700 | 2,657 | |||
| Total shareholders' equity | 118,616 | 120,027 | 119,453 | 118,424 | |||
| Non-current liabilities | |||||||
| Deferred income taxes | 11,750 | 12,461 | 11,688 | 11,633 | |||
| Employee benefits | 1,890 | 1,819 | 1,993 | 1,837 | |||
| Provisions and other non-current liabilities | 20,290 | 20,295 | 21,257 | 22,657 | |||
| Non-current financial debt | 45,750 | 42,526 | 40,478 | 41,022 | |||
| Total non-current liabilities | 79,680 | 77,101 | 75,416 | 77,149 | |||
| Current liabilities | |||||||
| Accounts payable | 34,668 | 36,449 | 41,335 | 37,268 | |||
| Other creditors and accrued liabilities | 34,716 | 33,442 | 36,727 | 37,405 | |||
| Current borrowings | 13,853 | 11,271 | 9,590 | 16,876 | |||
| Other current financial liabilities | 488 | 461 | 446 | 415 | |||
| Liabilities directly associated with the assets classified as held for sale | 1,984 | 737 | 687 | 2,467 | |||
| Total current liabilities | 85,709 | 82,360 | 88,785 | 94,431 | |||
| Total liabilities & shareholders' equity | 284,005 | 279,488 | 283,654 | 290,004 | |||
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
| (unaudited) | |||||
| 3rd quarter | 2nd quarter | 3rd quarter | |||
| (M$) | 2024 | 2024 | 2023 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Consolidated net income | 2,361 | 3,847 | 6,690 | ||
| Depreciation, depletion, amortization and impairment | 4,020 | 3,080 | 3,621 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (93) | (53) | 686 | ||
| (Gains) losses on disposals of assets | (3) | 182 | (521) | ||
| Undistributed affiliates' equity earnings | (13) | (250) | (325) | ||
| (Increase) decrease in working capital | 836 | 2,013 | (923) | ||
| Other changes, net | 63 | 188 | 268 | ||
| Cash flow from operating activities | 7,171 | 9,007 | 9,496 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | |||||
| Intangible assets and property, plant and equipment additions | (4,110) | (3,699) | (3,808) | ||
| Acquisitions of subsidiaries, net of cash acquired | (497) | (251) | (1,607) | ||
| Investments in equity affiliates and other securities | (845) | (481) | (482) | ||
| Increase in non-current loans | (458) | (621) | (451) | ||
| Total expenditures | (5,910) | (5,052) | (6,348) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 32 | 44 | 914 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 82 | 213 | 7 | ||
| Proceeds from disposals of non-current investments | 37 | 56 | 308 | ||
| Repayment of non-current loans | 197 | 181 | 132 | ||
| Total divestments | 348 | 494 | 1,361 | ||
| Cash flow used in investing activities | (5,562) | (4,558) | (4,987) | ||
| CASH FLOW FROM FINANCING ACTIVITIES | |||||
| Issuance (repayment) of shares: | |||||
| - Parent company shareholders | - | 521 | - | ||
| - Treasury shares | (2,005) | (2,007) | (2,098) | ||
| Dividends paid: | |||||
| - Parent company shareholders | (1,963) | (1,853) | (1,962) | ||
| - Non-controlling interests | (171) | (127) | (168) | ||
| Net issuance (repayment) of perpetual subordinated notes | - | (1,622) | - | ||
| Payments on perpetual subordinated notes | (23) | (50) | (22) | ||
| Other transactions with non-controlling interests | (14) | (19) | (11) | ||
| Net issuance (repayment) of non-current debt | 3,080 | 4,319 | 47 | ||
| Increase (decrease) in current borrowings | 911 | (5,453) | (446) | ||
| Increase (decrease) in current financial assets and liabilities | 760 | (530) | (182) | ||
| Cash flow from / (used in) financing activities | 575 | (6,821) | (4,842) | ||
| Net increase (decrease) in cash and cash equivalents | 2,184 | (2,372) | (333) | ||
| Effect of exchange rates | 277 | (57) | (508) | ||
| Cash and cash equivalents at the beginning of the period | 23,211 | 25,640 | 25,572 | ||
| Cash and cash equivalents at the end of the period | 25,672 | 23,211 | 24,731 |
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
| 9 months | 9 months | ||
| (M$) | 2024 | 2023 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Consolidated net income | 12,012 | 16,473 | |
| Depreciation, depletion, amortization and impairment | 10,136 | 10,003 | |
| Non-current liabilities, valuation allowances and deferred taxes | 146 | 1,081 | |
| (Gains) losses on disposals of assets | (1,431) | (843) | |
| Undistributed affiliates' equity earnings | 25 | (291) | |
| (Increase) decrease in working capital | (2,837) | (2,217) | |
| Other changes, net | 296 | 323 | |
| Cash flow from operating activities | 18,347 | 24,529 | |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Intangible assets and property, plant and equipment additions | (11,229) | (12,646) | |
| Acquisitions of subsidiaries, net of cash acquired | (1,507) | (1,762) | |
| Investments in equity affiliates and other securities | (1,814) | (2,411) | |
| Increase in non-current loans | (1,617) | (1,206) | |
| Total expenditures | (16,167) | (18,025) | |
| Proceeds from disposals of intangible assets and property, plant and equipment | 413 | 1,013 | |
| Proceeds from disposals of subsidiaries, net of cash sold | 1,513 | 228 | |
| Proceeds from disposals of non-current investments | 127 | 490 | |
| Repayment of non-current loans | 527 | 472 | |
| Total divestments | 2,580 | 2,203 | |
| Cash flow used in investing activities | (13,587) | (15,822) | |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Issuance (repayment) of shares: | |||
| - Parent company shareholders | 521 | 383 | |
| - Treasury shares | (6,018) | (6,203) | |
| Dividends paid: | |||
| - Parent company shareholders | (5,719) | (5,648) | |
| - Non-controlling interests | (304) | (294) | |
| Net issuance (repayment) of perpetual subordinated notes | (1,622) | (1,081) | |
| Payments on perpetual subordinated notes | (232) | (260) | |
| Other transactions with non-controlling interests | (50) | (110) | |
| Net issuance (repayment) of non-current debt | 7,441 | 151 | |
| Increase (decrease) in current borrowings | (1,006) | (5,831) | |
| Increase (decrease) in current financial assets and liabilities | 501 | 2,202 | |
| Cash flow from / (used in) financing activities | (6,488) | (16,691) | |
| Net increase (decrease) in cash and cash equivalents | (1,728) | (7,984) | |
| Effect of exchange rates | 137 | (311) | |
| Cash and cash equivalents at the beginning of the period | 27,263 | 33,026 | |
| Cash and cash equivalents at the end of the period | 25,672 | 24,731 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
| Common shares issued | Paid-in | Currency | Treasury shares | Shareholders' | Non- | Total | |||
| surplus and | translation | equity - | controlling | shareholders' | |||||
| retained | adjustment | TotalEnergies | interests | equity | |||||
| (M$) | Number | Amount | earnings | Number | Amount | Share | |||
| As of January 1, 2023 | 2,619,131,285 | 8,163 | 123,951 | (12,836) | (137,187,667) | (7,554) | 111,724 | 2,846 | 114,570 |
| Net income of the first nine months 2023 | - | - | 16,321 | - | - | - | 16,321 | 152 | 16,473 |
| Other comprehensive income | - | - | 1,815 | (597) | - | - | 1,218 | (60) | 1,158 |
| Comprehensive Income | - | - | 18,136 | (597) | - | - | 17,539 | 92 | 17,631 |
| Dividend | - | - | (5,765) | - | - | - | (5,765) | (294) | (6,059) |
| Issuance of common shares | 8,002,155 | 22 | 361 | - | - | - | 383 | - | 383 |
| Purchase of treasury shares | - | - | - | - | (100,511,783) | (7,024) | (7,024) | - | (7,024) |
| Sale of treasury shares(a) | - | - | (396) | - | 6,463,426 | 396 | - | - | - |
| Share-based payments | - | - | 232 | - | - | - | 232 | - | 232 |
| Share cancellation | (214,881,605) | (569) | (11,720) | - | 214,881,605 | 12,289 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1,107) | - | - | - | (1,107) | - | (1,107) |
| Payments on perpetual subordinated notes | - | - | (223) | - | - | - | (223) | - | (223) |
| Other operations with non-controlling interests | - | - | 39 | (28) | - | - | 11 | 12 | 23 |
| Other items | - | - | (2) | - | - | (1) | (3) | 1 | (2) |
| As of September 30, 2023 | 2,412,251,835 | 7,616 | 123,506 | (13,461) | (16,354,419) | (1,894) | 115,767 | 2,657 | 118,424 |
| Net income of the fourth quarter 2023 | - | - | 5,063 | - | - | - | 5,063 | (26) | 5,037 |
| Other comprehensive income | - | - | 172 | (240) | - | - | (68) | 17 | (51) |
| Comprehensive Income | - | - | 5,235 | (240) | - | - | 4,995 | (9) | 4,986 |
| Dividend | - | - | (1,846) | - | - | - | (1,846) | (17) | (1,863) |
| Issuance of common shares | - | - | - | - | - | - | - | - | - |
| Purchase of treasury shares | - | - | - | - | (44,188,794) | (2,143) | (2,143) | - | (2,143) |
| Sale of treasury shares(a) | - | - | - | - | - | - | - | - | - |
| Share-based payments | - | - | 59 | - | - | - | 59 | - | 59 |
| Share cancellation | - | - | (17) | - | - | 17 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | - | - | - | - | - | - | - |
| Payments on perpetual subordinated notes | - | - | (71) | - | - | - | (71) | - | (71) |
| Other operations with non-controlling interests | - | - | (9) | - | - | - | (9) | 73 | 64 |
| Other items | - | - | - | - | - | 1 | 1 | (4) | (3) |
| As of December 31, 2023 | 2,412,251,835 | 7,616 | 126,857 | (13,701) | (60,543,213) | (4,019) | 116,753 | 2,700 | 119,453 |
| Net income of the first nine months 2024 | - | - | 11,802 | - | - | - | 11,802 | 210 | 12,012 |
| Other comprehensive income | - | - | 924 | (91) | - | - | 833 | 4 | 837 |
| Comprehensive Income | - | - | 12,726 | (91) | - | - | 12,635 | 214 | 12,849 |
| Dividend | - | - | (5,863) | - | - | - | (5,863) | (304) | (6,167) |
| Issuance of common shares | 10,833,187 | 29 | 492 | - | - | - | 521 | - | 521 |
| Purchase of treasury shares | - | - | - | - | (88,066,669) | (6,568) | (6,568) | - | (6,568) |
| Sale of treasury shares(a) | - | - | (395) | - | 6,067,493 | 395 | - | - | - |
| Share-based payments | - | - | 458 | - | - | - | 458 | - | 458 |
| Share cancellation | (25,405,361) | (68) | (1,595) | - | 25,405,361 | 1,663 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1,679) | - | - | - | (1,679) | - | (1,679) |
| Payments on perpetual subordinated notes | - | - | (200) | - | - | - | (200) | - | (200) |
| Other operations with non-controlling interests | - | - | - | - | - | - | - | (50) | (50) |
| Other items | - | - | 3 | (1) | - | - | 2 | (3) | (1) |
| As of September 30, 2024 | 2,397,679,661 | 7,577 | 130,804 | (13,793) | (117,137,028) | (8,529) | 116,059 | 2,557 | 118,616 |
(a)Treasury shares related to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2024
(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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3rd
quarter 2024 |
Exploration |
Integrated |
Integrated |
Refining |
Marketing |
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)
2nd quarter 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total |
|
| External sales | 1,416 | 1,986 | 4,464 | 24,516 | 21,358 | 3 | - | 53,743 | |
| Intersegment sales | 9,796 | 2,111 | 369 | 8,203 | 164 | 77 | (20,720) | - | |
| Excise taxes | - | - | - | (208) | (4,352) | - | - | (4,560) | |
| Revenues from sales | 11,212 | 4,097 | 4,833 | 32,511 | 17,170 | 80 | (20,720) | 49,183 | |
| Operating expenses | (4,669) | (2,922) | (4,506) | (31,647) | (16,601) | (318) | 20,720 | (39,943) | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,907) | (310) | (105) | (416) | (208) | (30) | - | (2,976) |
|
Net income (loss) from equity affiliates and other items |
141 | 526 | 26 | (13) | (84) | 29 | - | 625 |
|
| Tax on net operating income | (2,163) | (251) | (79) | (60) | (101) | (23) | - | (2,677) | |
| Adjustments (a) | (53) | (12) | (333) | (264) | (203) | (9) | - | (874) | |
| Adjusted net operating income | 2,667 | 1,152 | 502 | 639 | 379 | (253) | - | 5,086 | |
| Adjustments (a) | (874) | ||||||||
| Net cost of net debt | (365) | ||||||||
| Non-controlling interests | (60) | ||||||||
| Net income - TotalEnergies share | 3,787 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
2nd quarter 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| Total expenditures | 2,697 | 844 | 769 | 443 | 259 | 40 | - | 5,052 | |
| Total divestments | 149 | 29 | 261 | 127 | (78) | 6 | - | 494 | |
| Cash flow from operating activities | 4,535 | 431 | 1,647 | 1,541 | 1,650 | (797) | - | 9,007 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd quarter 2023
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total |
|
| External sales | 1,551 | 2,144 | 5,183 | 27,127 | 23,012 | - | - | 59,017 | |
| Intersegment sales | 11,129 | 2,361 | 495 | 10,094 | 153 | 59 | (24,291) | - | |
| Excise taxes | - | - | - | (210) | (4,394) | - | - | (4,604) | |
| Revenues from sales | 12,680 | 4,505 | 5,678 | 37,011 | 18,771 | 59 | (24,291) | 54,413 | |
| Operating expenses | (5,347) | (3,038) | (4,811) | (34,598) | (17,749) | (231) | 24,291 | (41,483) | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(1,976) | (283) | (86) | (483) | (204) | (23) | - | (3,055) |
|
Net income (loss) from equity affiliates and other items |
10 | 358 | (8) | 61 | (16) | 81 | - | 486 |
|
| Tax on net operating income | (2,437) | (251) | (86) | (502) | (247) | 157 | - | (3,366) | |
| Adjustments (a) | (208) | (51) | 181 | 90 | 132 | (37) | - | 107 | |
| Adjusted net operating income | 3,138 | 1,342 | 506 | 1,399 | 423 | 80 | - | 6,888 | |
| Adjustments (a) | 107 | ||||||||
| Net cost of net debt | (305) | ||||||||
| Non-controlling interests | (14) | ||||||||
| Net income - TotalEnergies share | 6,676 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3rd quarter 2023
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| Total expenditures | 2,677 | 734 | 2,215 | 424 | 270 | 28 | - | 6,348 | |
| Total divestments | 699 | 168 | 331 | 114 | 49 | - | - | 1,361 | |
| Cash flow from operating activities | 4,240 | 872 | 1,936 | 2,060 | 206 | 182 | - | 9,496 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| External sales | 4,159 | 6,995 | 15,990 | 71,975 | 62,901 | 22 | - | 162,042 | |
| Intersegment sales | 29,164 | 7,623 | 1,583 | 24,273 | 651 | 198 | (63,492) | - | |
| Excise taxes | - | - | - | (591) | (12,956) | - | - | (13,547) | |
| Revenues from sales | 33,323 | 14,618 | 17,573 | 95,657 | 50,596 | 220 | (63,492) | 148,495 | |
| Operating expenses | (14,370) | (11,099) | (16,400) | (92,808) | (48,779) | (756) | 63,492 | (120,720) | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,148) |
(925) |
(316) |
(1,192) |
(643) |
(86) |
- |
(9,310) |
|
Net income (loss) from equity affiliates and other items |
285 |
1,503 |
(863) |
(24) |
1,367 |
18 |
- |
2,286 |
|
| Tax on net operating income | (6,303) | (785) | (185) | (275) | (311) | 149 | - | (7,710) | |
| Adjustments (a) | (912) | (125) | (1,789) | (484) | 1,232 | (36) | - | (2,114) | |
| Adjusted net operating income | 7,699 | 3,437 | 1,598 | 1,842 | 998 | (419) | - | 15,155 | |
| Adjustments (a) | (2,114) | ||||||||
| Net cost of net debt | (1,029) | ||||||||
| Non-controlling interests | (210) | ||||||||
| Net income - TotalEnergies share | 11,802 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| Total expenditures | 7,242 | 2,008 | 4,799 | 1,266 | 732 | 120 | - | 16,167 | |
| Total divestments | 545 | 178 | 393 | 234 | 1,222 | 8 | - | 2,580 | |
| Cash flow from operating activities | 12,888 | 2,971 | 1,771 | (24) | 2,123 | (1,382) | - | 18,347 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2023
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| External sales | 4,939 | 9,036 | 19,987 | 76,831 | 67,083 | 15 | - | 177,891 | |
| Intersegment sales | 31,965 | 11,138 | 2,850 | 27,785 | 474 | 180 | (74,392) | - | |
| Excise taxes | - | - | - | (625) | (13,086) | - | - | (13,711) | |
| Revenues from sales | 36,904 | 20,174 | 22,837 | 103,991 | 54,471 | 195 | (74,392) | 164,180 | |
| Operating expenses | (15,271) | (16,280) | (20,976) | (98,532) | (52,208) | (668) | 74,392 | (129,543) | |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,159) |
(848) |
(184) |
(1,291) |
(669) |
(72) |
- |
(9,223) |
|
Net income (loss) from equity affiliates and other items |
63 |
1,634 |
(328) |
116 |
291 |
43 |
- |
1,819 |
|
| Tax on net operating income | (7,724) | (593) | (238) | (1,014) | (528) | 180 | - | (9,917) | |
| Adjustments (a) | (327) | (657) | (215) | (751) | 205 | (77) | - | (1,822) | |
| Adjusted net operating income | 8,140 | 4,744 | 1,326 | 4,021 | 1,152 | (245) | - | 19,138 | |
| Adjustments (a) | (1,822) | ||||||||
| Net cost of net debt | (843) | ||||||||
| Non-controlling interests | (152) | ||||||||
| Net income - TotalEnergies share | 16,321 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2023
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total |
|
| Total expenditures | 9,298 | 2,555 | 4,256 | 1,138 | 685 | 93 | - | 18,025 | |
| Total divestments | 756 | 262 | 629 | 174 | 378 | 4 | - | 2,203 | |
| Cash flow from operating activities | 12,823 | 5,740 | 2,935 | 3,132 | 198 | (299) | - | 24,529 |
TotalEnergies
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FIRST NINE MONTHS 2024
(unaudited)
1) Basis of preparation of the consolidated financial statements
The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).
The interim consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of September 30, 2024, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.
The accounting principles applied for the consolidated financial statements at September 30, 2024, are consistent with those used for the financial statements at December 31, 2023.
The preparation of financial statements in accordance with IFRS for the closing as of September 30, 2024 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.
These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.
The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2023.
Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
2) Changes in the Company structure
2.1) Main acquisitions and divestments
| Ø | Exploration & Production |
| ● | In February 2024, TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) have completed the sale of 15% interest each in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company). Following the completion of this transaction, TotalEnergies holds a 35% stake in the Absheron gas field alongside SOCAR (35%) and ADNOC (30%). |
| Ø | Integrated Power |
| ● | In February 2024, TotalEnergies has finalized the acquisition of three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen, a U.S.-based company for a net investment of $635 million. |
September 30, 2024 - Notes to the consolidated financial statements - 1/15
| Ø | Marketing & Services |
| ● | In January 2024, TotalEnergies has finalized the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands to Alimentation Couche-Tard for 1.4 billion dollars. |
2.2) Major business combinations
| Ø | Integrated Power |
Acquisition of 1.5 GW Power Generation Capacity in Texas
In accordance with IFRS 3 “Business combinations”, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. A preliminary purchase price allocation has been done in the first quarter after the closing and will be finalized within 12 months following the acquisition date.
2.3) Major divestment projects
| Ø | Exploration & Production |
| ● | On April 24, 2024, TotalEnergies announces that its 85%-owned affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy combining the acquisition of an additional 10% interest in the Moho license from Trident Energy and the sale to Trident Energy of its 53.5% interest in the Nkossa and Nsoko II licenses. |
As of September 30, 2024, the assets and liabilities related to Nkossa and Nsoko II licenses have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $362 million and “liabilities classified as held for sale” for an amount of $216 million. These assets mainly include tangible assets.
| ● | On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria. |
As of September 30, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $1,199 million and “liabilities classified as held for sale” for an amount of $866 million. These assets mainly include tangible assets.
| Ø | Integrated Power |
| ● | In August 2024, TotalEnergies reached an agreement to sell 50% of its stake in West Burton Energy, which the Company had fully acquired in the third quarter. West Burton Energy owns and operates the West Burton B gas-fired power plant in Nottinghamshire, in England. West Burton B comprises three combined-cycle gas turbines (CCGT) with total output of 1.3 GW. |
As of September 30, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $828 million and “liabilities classified as held for sale” for an amount of $462 million. These assets mainly include tangible assets.
September 30, 2024 - Notes to the consolidated financial statements - 2/15
3) Business segment information
Description of the business segments
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 and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.
The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.
Sales prices for transactions between business segments approximate market prices.
The reporting structure for the business segments’ financial information is based on the following five business segments:
| - | An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries; |
| - | An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities; |
| - | An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity; |
| - | A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping; |
| - | A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products; |
In addition the Corporate segment includes holdings operating and financial activities.
Definition of the indicators
Adjusted Net Operating Income
TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.
The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.
Adjustment items include:
a) 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.
September 30, 2024 - Notes to the consolidated financial statements - 3/15
b) 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 method.
c) 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.
September 30, 2024 - Notes to the consolidated financial statements - 4/15
3.1) Information by business segment
9 months 2024
(M$) |
Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||
| External sales | 4,159 | 6,995 | 15,990 | 71,975 | 62,901 | 22 | - | 162,042 | ||||||||
| Intersegment sales | 29,164 | 7,623 | 1,583 | 24,273 | 651 | 198 | (63,492 | ) | - | |||||||
| Excise taxes | - | - | - | (591 | ) | (12,956 | ) | - | - | (13,547 | ) | |||||
| Revenues from sales | 33,323 | 14,618 | 17,573 | 95,657 | 50,596 | 220 | (63,492 | ) | 148,495 | |||||||
| Operating expenses | (14,370 | ) | (11,099 | ) | (16,400 | ) | (92,808 | ) | (48,779 | ) | (756 | ) | 63,492 | (120,720 | ) | |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,148 | ) | (925 | ) | (316 | ) | (1,192 | ) | (643 | ) | (86 | ) | - | (9,310 | ) | |
| Net income (loss) from equity affiliates and other items | 285 | 1,503 | (863 | ) | (24 | ) | 1,367 | 18 | - | 2,286 | ||||||
| Tax on net operating income | (6,303 | ) | (785 | ) | (185 | ) | (275 | ) | (311 | ) | 149 | - | (7,710 | ) | ||
| Adjustments (a) | (912 | ) | (125 | ) | (1,789 | ) | (484 | ) | 1,232 | (36 | ) | - | (2,114 | ) | ||
| Adjusted net operating income | 7,699 | 3,437 | 1,598 | 1,842 | 998 | (419 | ) | - | 15,155 | |||||||
| Adjustments (a) | (2,114 | ) | ||||||||||||||
| Net cost of net debt | (1,029 | ) | ||||||||||||||
| Non-controlling interests | (210 | ) | ||||||||||||||
| Net income - TotalEnergies share | 11,802 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total | |
| Total expenditures | 7,242 | 2,008 | 4,799 | 1,266 | 732 | 120 | - | 16,167 | |
| Total divestments | 545 | 178 | 393 | 234 | 1,222 | 8 | - | 2,580 | |
| Cash flow from operating activities | 12,888 | 2,971 | 1,771 | (24) | 2,123 | (1,382) | - | 18,347 |
September 30, 2024 - Notes to the consolidated financial statements - 5/15
9 months 2023
(M$) |
Exploration & Production | Integrated LNG | Integrated Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||||
| External sales | 4,939 | 9,036 | 19,987 | 76,831 | 67,083 | 15 | - | 177,891 | ||||||||
| Intersegment sales | 31,965 | 11,138 | 2,850 | 27,785 | 474 | 180 | (74,392 | ) | - | |||||||
| Excise taxes | - | - | - | (625 | ) | (13,086 | ) | - | - | (13,711 | ) | |||||
| Revenues from sales | 36,904 | 20,174 | 22,837 | 103,991 | 54,471 | 195 | (74,392 | ) | 164,180 | |||||||
| Operating expenses | (15,271 | ) | (16,280 | ) | (20,976 | ) | (98,532 | ) | (52,208 | ) | (668 | ) | 74,392 | (129,543 | ) | |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,159 | ) | (848 | ) | (184 | ) | (1,291 | ) | (669 | ) | (72 | ) | - | (9,223 | ) | |
| Net income (loss) from equity affiliates and other items | 63 | 1,634 | (328 | ) | 116 | 291 | 43 | - | 1,819 | |||||||
| Tax on net operating income | (7,724 | ) | (593 | ) | (238 | ) | (1,014 | ) | (528 | ) | 180 | - | (9,917 | ) | ||
| Adjustments (a) | (327 | ) | (657 | ) | (215 | ) | (751 | ) | 205 | (77 | ) | - | (1,822 | ) | ||
| Adjusted operating income | 8,140 | 4,744 | 1,326 | 4,021 | 1,152 | (245 | ) | - | 19,138 | |||||||
| Adjustments (a) | (1,822 | ) | ||||||||||||||
| Net cost of net debt | (843 | ) | ||||||||||||||
| Non-controlling interests | (152 | ) | ||||||||||||||
| Net income - TotalEnergies share | 16,321 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2023
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total | |
| Total expenditures | 9,298 | 2,555 | 4,256 | 1,138 | 685 | 93 | - | 18,025 | |
| Total divestments | 756 | 262 | 629 | 174 | 378 | 4 | - | 2,203 | |
| Cash flow from operating activities | 12,823 | 5,740 | 2,935 | 3,132 | 198 | (299) | - | 24,529 |
September 30, 2024 - Notes to the consolidated financial statements - 6/15
3rd quarter 2024
(M$) |
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 value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3rd quarter 2024
(M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
Intercompany |
Total | |
| Total expenditures | 2,251 | 599 | 2,291 | 388 | 329 | 52 | - | 5,910 | |
| Total divestments | 90 | 99 | 70 | 69 | 19 | 1 | - | 348 | |
| Cash flow from operating activities | 4,763 | 830 | 373 | 564 | 581 | 60 | - | 7,171 |
September 30, 2024 - Notes to the consolidated financial statements - 7/15
| 3rd quarter 2023 | Exploration | Integrated | Integrated | Refining | Marketing | ||||
| & | LNG | Power | & | & | Corporate | Intercompany | Total | ||
| (M$) | Production | Chemicals | Services | ||||||
| External sales | 1,551 | 2,144 | 5,183 | 27,127 | 23,012 | - | - | 59,017 | |
| Intersegment sales | 11,129 | 2,361 | 495 | 10,094 | 153 | 59 | (24,291) | - | |
| Excise taxes | - | - | - | (210) | (4,394) | - | - | (4,604) | |
| Revenues from sales | 12,680 | 4,505 | 5,678 | 37,011 | 18,771 | 59 | (24,291) | 54,413 | |
| Operating expenses | (5,347) | (3,038) | (4,811) | (34,598) | (17,749) | (231) | 24,291 | (41,483) | |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,976) | (283) | (86) | (483) | (204) | (23) | - | (3,055) | |
| Net income (loss) from equity affiliates and other items | 10 | 358 | (8) | 61 | (16) | 81 | - | 486 | |
| Tax on net operating income | (2,437) | (251) | (86) | (502) | (247) | 157 | - | (3,366) | |
| Adjustments (a) | (208) | (51) | 181 | 90 | 132 | (37) | - | 107 | |
| Adjusted net operating income | 3,138 | 1,342 | 506 | 1,399 | 423 | 80 | - | 6,888 | |
| Adjustments (a) | 107 | ||||||||
| Net cost of net debt | (305) | ||||||||
| Non-controlling interests | (14) | ||||||||
| Net income - TotalEnergies share | 6,676 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
| 3rd quarter 2023 | Exploration | Integrated | Integrated | Refining | Marketing | |||
| & | LNG | Power | & | & | Corporate | Intercompany | Total | |
| (M$) | Production | Chemicals | Services | |||||
| Total expenditures | 2,677 | 734 | 2,215 | 424 | 270 | 28 | - | 6,348 |
| Total divestments | 699 | 168 | 331 | 114 | 49 | - | - | 1,361 |
| Cash flow from operating activities | 4,240 | 872 | 1,936 | 2,060 | 206 | 182 | - | 9,496 |
September 30, 2024 - Notes to the consolidated financial statements - 8/15
3.2) Adjustment items
The main adjustement items for the first nine months 2024 are the following:
| 1) | An “Inventory valuation effect” amounting to $(595) million in net operating income for the Refining & Chemicals and Marketing & Services segments; |
| 2) | An “Effect of changes in fair value” amounting to $(695) million in net operating income for the Integrated LNG and Integrated Power segments; |
| 3) | “Asset impairment and provisions charges” of $(1,751) million in net operating income mainly consisting of impairments related to the Company’s minority stake in Sunpower and Maxeon for the Integrated Power segment and those related to the exit from blocks 11B/12B and 5/6/7 in South Africa for the Exploration & Production segment; |
| 4) | “Gains on disposals of assets” for an amount of $1,397 million in net operating income generated in particular on the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount includes the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg; |
| 5) | “Other items” amounted to $(449) million in net operating income mainly consisting of the impacts of the contribution on inframarginal annuity in France and deferred tax adjustments related to rate changes. |
September 30, 2024 - Notes to the consolidated financial statements - 9/15
The detail of the adjustment items is presented in the table below.
| ADJUSTMENTS TO NET OPERATING INCOME | Exploration | Integrated | Integrated | Refining | Marketing | Corporate | Total | |||
| & | LNG | Power | & | & | ||||||
| (M$) | Production | Chemicals | Services | |||||||
| 3rd quarter 2024 | Inventory valuation effect | - | - | - | (290) | (85) | - | (375) | ||
| Effect of changes in fair value | - | (49) | (35) | - | - | - | (84) | |||
| Restructuring charges | - | - | - | - | (10) | - | (10) | |||
| Asset impairment and provisions charges | (811) | - | (281) | (15) | - | - | (1,107) | |||
| Gains (losses) on disposals of assets | - | - | - | - | - | - | - | |||
| Other items | (26) | (102) | (84) | (8) | - | (23) | (243) | |||
| Total | (837) | (151) | (400) | (313) | (95) | (23) | (1,819) | |||
| 3rd quarter 2023 | Inventory valuation effect | - | - | - | 466 | 157 | - | 623 | ||
| Effect of changes in fair value | - | 44 | 321 | - | - | - | 365 | |||
| Restructuring charges | - | - | - | - | - | - | - | |||
| Asset impairment and provisions charges | - | - | (427) | (271) | - | - | (698) | |||
| Gains (losses) on disposals of assets | - | - | - | - | - | - | - | |||
| Other items | (208) | (95) | 287 | (105) | (25) | (37) | (183) | |||
| Total | (208) | (51) | 181 | 90 | 132 | (37) | 107 | |||
| 9 months 2024 | Inventory valuation effect | - | - | - | (460) | (135) | - | (595) | ||
| Effect of changes in fair value | - | (23) | (672) | - | - | - | (695) | |||
| Restructuring charges | - | - | (11) | - | (10) | - | (21) | |||
| Asset impairment and provisions charges | (811) | - | (925) | (15) | - | - | (1,751) | |||
| Gains (losses) on disposals of assets | (9) | - | 29 | - | 1,377 | - | 1,397 | |||
| Other items | (92) | (102) | (210) | (9) | - | (36) | (449) | |||
| Total | (912) | (125) | (1,789) | (484) | 1,232 | (36) | (2,114) | |||
| 9 months 2023 | Inventory valuation effect | - | - | - | (193) | 48 | - | (145) | ||
| Effect of changes in fair value | - | (573) | 393 | - | - | - | (180) | |||
| Restructuring charges | - | - | (5) | - | - | - | (5) | |||
| Asset impairment and provisions charges | (123) | - | (773) | (331) | - | - | (1,227) | |||
| Gains (losses) on disposals of assets | - | - | - | - | 203 | - | 203 | |||
| Other items | (204) | (84) | 170 | (227) | (46) | (77) | (468) | |||
| Total | (327) | (657) | (215) | (751) | 205 | (77) | (1,822) | |||
September 30, 2024 - Notes to the consolidated financial statements - 10/15
4) Shareholders’ equity
Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)
| December 31, 2023 | September 30, 2024 | |
| Number of treasury shares | 60,543,213 | 117,137,028 |
| Percentage of share capital | 2.51% | 4.89% |
At its meeting on February 6, 2024, the Board of Directors decided, following the authorization of the Extraordinary Shareholder’s Meeting held on May 25, 2022, to cancel 25 405 361 treasury shares bought back between August 25, 2023 and October 26, 2023.
Dividend
The Board of Directors, at its meeting on April 25, 2024, set the first interim dividend for the fiscal year 2024 at €0.79 per share. The ex-dividend date of this interim dividend was September 25, 2024 and it was paid in cash on October 1st, 2024.
Moreover, the Board of Directors, at its meeting on July 24, 2024, set the second interim dividend for the fiscal year 2024 at €0.79 per share, i.e. an amount equal to the aforementioned first interim dividend. The ex-dividend date of this second interim dividend will be January 2, 2025 and it will be paid in cash on January 6, 2025.
Furthermore, the Board of Directors, at its meeting on October 30, 2024, set the third interim dividend for the fiscal year 2024 at €0.79 per share, i.e. an amount equal to the first and second interim dividends for the same fiscal year. The ex-dividende date of this third interim dividend will be March 26, 2025 and it will be paid in cash on April 1st, 2025.
| Dividend 2024 | First interim | Second interim | Third interim |
| Amount | €0.79 | €0.79 | €0.79 |
| Set date | April 25, 2024 | July 24, 2024 | October 30, 2024 |
| Ex-dividend date | September 25, 2024 | January 2, 2025 | March 26, 2025 |
| Payment date | October 1, 2024 | January 6, 2025 | April 1, 2025 |
Earnings per share in Euro
Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.88 per share for the 3rd quarter 2024 (€1.51 per share for the 2nd quarter 2024 and €2.51 per share for the 3rd quarter 2023). Diluted earnings per share calculated using the same method amounted to €0.87 per share for the 3rd quarter 2024 (€1.51 per share for the 2nd quarter 2024 and €2.49 per share for the 3rd quarter 2023).
Earnings per share are calculated after remuneration of perpetual subordinated notes.
Perpetual subordinated notes
TotalEnergies SE has not issued any perpetual subordinated notes during the first nine months of 2024.
In April 2024, TotalEnergies SE has fully reimbursed the nominal amount of €1,500 million of perpetual subordinated notes carrying a coupon of 1.750%, issued in April 2019, on their first call date.
September 30, 2024 - Notes to the consolidated financial statements - 11/15
Other comprehensive income
Detail of other comprehensive income is presented in the table below:
| (M$) | 9 months 2024 | 9 months 2023 | |||||
| Actuarial gains and losses | 23 | 137 | |||||
| Change in fair value of investments in equity instruments | 2 | 6 | |||||
| Tax effect | 10 | (53 | ) | ||||
| Currency translation adjustment generated by the parent company | 962 | (452 | ) | ||||
| Sub-total items not potentially reclassifiable to profit and loss | 997 | (362 | ) | ||||
| Currency translation adjustment | (835 | ) | (95 | ) | |||
| - unrealized gain/(loss) of the period | (700 | ) | (182 | ) | |||
| - less gain/(loss) included in net income | 135 | (87 | ) | ||||
| Cash flow hedge | 1,387 | 2,197 | |||||
| - unrealized gain/(loss) of the period | 1,259 | 2,139 | |||||
| - less gain/(loss) included in net income | (128 | ) | (58 | ) | |||
| Variation of foreign currency basis spread | (19 | ) | 5 | ||||
| - unrealized gain/(loss) of the period | (33 | ) | (16 | ) | |||
| - less gain/(loss) included in net income | (14 | ) | (21 | ) | |||
| Share of other comprehensive income of equity affiliates, net amount | (322 | ) | (64 | ) | |||
| - unrealized gain/(loss) of the period | (318 | ) | (47 | ) | |||
| - less gain/(loss) included in net income | 4 | 17 | |||||
| Other | 2 | (5 | ) | ||||
| Tax effect | (373 | ) | (518 | ) | |||
| Sub-total items potentially reclassifiable to profit and loss | (160 | ) | 1,520 | ||||
| Total other comprehensive income (net amount) | 837 | 1,158 |
September 30, 2024 - Notes to the consolidated financial statements - 12/15
Tax effects relating to each component of other comprehensive income are as follows:
| 9 months 2024 | 9 months 2023 | |||||
| Pre-tax | Pre-tax | |||||
| (M$) | amount | Tax effect | Net amount | amount | Tax effect | Net amount |
| Actuarial gains and losses | 23 | 10 | 33 | 137 | (52) | 85 |
| Change in fair value of investments in equity instruments | 2 | - | 2 | 6 | (1) | 5 |
| Currency translation adjustment generated by the parent company | 962 | - | 962 | (452) | - | (452) |
| Sub-total items not potentially reclassifiable to profit and loss | 987 | 10 | 997 | (309) | (53) | (362) |
| Currency translation adjustment | (835) | - | (835) | (95) | - | (95) |
| Cash flow hedge | 1,387 | (378) | 1,009 | 2,197 | (517) | 1,680 |
| Variation of foreign currency basis spread | (19) | 5 | (14) | 5 | (1) | 4 |
| Share of other comprehensive income of equity affiliates, net amount | (322) | - | (322) | (64) | - | (64) |
| Other | 2 | - | 2 | (5) | - | (5) |
| Sub-total items potentially reclassifiable to profit and loss | 213 | (373) | (160) | 2,038 | (518) | 1,520 |
| Total other comprehensive income | 1,200 | (363) | 837 | 1,729 | (571) | 1,158 |
5) Financial debt
The Company has issued one senior bond across three tranches in the U.S. markets in April 2024:
| - | Tranche 1 at 5.150% issued by TotalEnergies Capital and maturing in April 2034 ($1,250 million); |
| - | Tranche 2 at 5.488% issued by TotalEnergies Capital and maturing in April 2054 ($1,750 million); |
| - | Tranche 3 at 5.638% issued by TotalEnergies Capital and maturing in April 2064 ($1,250 million). |
The Company has issued one senior bond across three tranches in the U.S. markets in September 2024:
| - | Tranche 1 at 4.724% issued by TotalEnergies Capital and maturing in September 2034 ($750 million); |
| - | Tranche 2 at 5.275% issued by TotalEnergies Capital and maturing in September 2054 ($1,000 million); |
| - | Tranche 3 at 5.425% issued by TotalEnergies Capital and maturing in September 2064 ($1,250 million). |
The Company has redeemed four senior bonds during the first nine months of 2024:
| - | 5.125% bond issued by TotalEnergies Capital in 2009 and maturing in March 2024 (€950 million); |
| - | 3.700% bond issued by TotalEnergies Capital International in 2013 and maturing in January 2024 ($1,000 million); |
| - | 3.750% bond issued by TotalEnergies Capital International in 2014 and maturing in April 2024 ($1,250 million); |
| - | 1.000% bond issued by TotalEnergies Capital International in 2014 and maturing in August 2024 (CHF800 million). |
September 30, 2024 - Notes to the consolidated financial statements - 13/15
6) Related parties
The related parties are mainly equity affiliates and non-consolidated investments.
There were no major changes concerning transactions with related parties during the first nine months of 2024.
7) Other risks and contingent liabilities
TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.
Yemen
In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.
Mozambique
Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.
Legal and arbitration proceedings
- FERC
The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA brought a claim to the U.S. District Court for the District of Texas in December 2022 disputing the constitutionality of FERC's administrative procedure; the U.S. District Court for the District of Texas ordered a stay of the case in the course of 2023, pending decisions by the U.S. Supreme Court in other cases involving similar constitutional issues. On June 27, 2024, the U.S. Supreme Court confirmed that the constitution guarantees respondents with the right to a jury trial in this type of administrative procedure and the competence of the U.S. District Court. FERC terminated in September 2024 its administrative procedure (Hearing Order) started in 2021 and mentioned that no penalties would be imposed on the Company’s entities on the basis of the 2016 question (Order to show cause) although it is not terminating the whole case. TGPNA contests the claims brought against it.
- Disputes relating to Climate
In France, the Corporation was summoned in January 2020 before Nanterre’s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5 °C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. All the claimants appealed this decision before the Paris Court of Appeal, which struck out 17 out of the 22 plaintiffs on June 18, 2024, and declined to awards any provisional measures. The other demands are judged as admissible and will now be transferred before the Paris Civil Court of Justice for trial on the merits. TotalEnergies SE considers that it has fulfilled its obligations
September 30, 2024 - Notes to the consolidated financial statements - 14/15
under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.
Several associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 – after the change of name of TotalEnergies – the Corporation’s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded.
In France, on July 4, 2023, nine shareholders (two companies and 7 individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders’ Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies's assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded.
In the United States, several US subsidiaries of TotalEnergies were summoned, amongst many companies and professional associations, in several "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Corporation was summoned in some of these claims along with these subsidiaries and considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.
- Mozambique
In France, victims and heirs of deceased persons filed a complaint against TotalEnergies SEin October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for “unvoluntary manslaughter” and, “failure to assist people in danger”. The Corporation considers these accusations as unfounded in both law and fact1.
- Kazakhstan
On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.
8) Subsequent events
There are no post-balance sheet events that could have a material impact on the Company’s financial statements.
1 Refer to the press release published by the Company on October 11, 2023 contesting the accusations.
September 30, 2024 - Notes to the consolidated financial statements - 15/15
Exhibit 99.2
RECENT DEVELOPMENTS
The term “TotalEnergies” or the “Company” in this exhibit is used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
TotalEnergies announces the third interim dividend of €0.79/share for fiscal year 2024, an increase close to 7% compared to 2023
On October 30, 2024, the Board of Directors of the Company (the “Board of Directors”) met, under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of the third 2024 interim dividend of 0.79 €/share, an increase of 6.8% compared to the three interim dividends paid for fiscal year 2023 and identical to the first and second 2024 interims. This increase is in line with the shareholder return policy confirmed by the Board of Directors in February 2024 and reiterated at the Annual General Meeting of May 24, 2024.
This interim dividend will be paid in cash exclusively, according to the following timetable:
| Shareholders | American
Depositary Shares holders | |
| Ex-dividend date | March 26, 2025 | March 25, 2025 |
| Payment date | April 1, 2025 | April 16, 2025 |
Brazil: First oil of Mero-3
On October 30, 2024, TotalEnergies announced first oil from the third development phase of the Mero field on the Libra block, located 180 kilometers off the coast of Rio de Janeiro, Brazil, in the pre-salt area of the Santos Basin.
Launched in August 2020, “Mero-3” includes 15 wells connected to the Marechal Duque de Caxias FPSO (Floating Production, Storage and Offloading unit), with a production capacity of 180,000 barrels of oil per day (b/d). Mero-3 has been designed to minimize greenhouse gas emissions, with reinjection of the associated gas into the reservoir and zero routine flaring. The FPSO is expected to be later connected to the HISEP® pilot project, using an innovative high pressure subsea separation technology. Currently under development, this pilot project is expected to separate oil from CO2-rich gas at the bottom of the ocean and reinject the gas directly into the reservoir.
With the start-up of Mero-3, the overall production capacity of Mero field is expected to reach 590,000 b/d. An additional development phase of 180,000 b/d, “Mero-4”, is currently under construction, with a start-up expected in 2025. At full capacity, production from the Mero field is expected to represent over 100,000 b/d in TotalEnergies share.
Mero is a unitized field, operated by Petrobras (38.6%), in partnership with TotalEnergies (19.3%), Shell Brasil (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A (PPSA) (3.5%) representing the Government in the non-contracted area.
Denmark: TotalEnergies discovers new gas condensate resources in offshore Harald field
On October 29, 2024, TotalEnergies announced that the Harald East Middle Jurassic nearby exploration well (HEMJ-1X) has discovered additional gas condensate resources in the Harald field, in the Danish North Sea.
Located in shallow waters, 250 km off the west coast of Denmark, the HEMJ-1X well was drilled in the Eastern part of Harald field and encountered 48 meters of net gas condensate pay in a good quality reservoir.
The HEMJ-1X well is expected to be immediately connected to the Harald platform and to start producing before the end of the year through the existing Harald and Tyra facilities.
TotalEnergies is the operator of the Danish Underground Consortium with a 43.2% working interest, alongside joint venture partners BlueNord (36.8%) and Nordsøfonden (20.0%).
Renewables & Green Hydrogen: TE H2, CIP, and A.P. Møller Capital partner for a large-scale project in the Kingdom of Morocco
On October 28, 2024, under the presidency of His Majesty King Mohammed VI of Morocco and His Excellency Emmanuel Macron, President of the French Republic, the government of the Kingdom of Morocco and TE H2, along with its partners, signed a Preliminary Contract for Land Reservation for the “Chbika” project.
This agreement is expected to allow TE H2, a joint venture between TotalEnergies and the EREN Group, together with the two Danish companies, Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund, and A.P. Møller Capital, through its Emerging Markets Infrastructure Fund, to launch the pre-FEED studies.
Located near the Atlantic coast in the Guelmim-Oued Noun region, the “Chbika” project aims to build 1 GW of onshore solar and wind capacities that are expected to power the production of green hydrogen through the electrolysis of desalinated seawater and its transformation into 200,000 tons per year of green ammonia for the European market. This project is expected to constitute the first phase of a development program aimed at creating a world-scale green hydrogen production hub.
TE H2 and CIP are expected to be responsible for the development of renewable energy production (solar, wind, green hydrogen, and its derivatives), while A.P. Møller Capital is expected to develop the port and associated infrastructure. This contract, a first in Morocco, is expected to highlight the country’s exceptional renewable potential and contribute to the economic development of the Kingdom.
Brazil: TotalEnergies sells its fuel distribution activities to SIM Distribuidora
On October 18, 2024, TotalEnergies signed an agreement to sell its fuel distribution activities in Brazil to SIM Distribuidora, a Brazilian company. The transaction involves a network of about 240 filling stations and several storage facilities for petroleum products and ethanol.
SIM Distribuidora, one of the recognized players of the fuel distribution business in Brazil, belongs to Grupo Argenta.
This sale reflects the selective strategy of TotalEnergies in Marketing & Services in the retail network business focused on core geographies with significant market share positions. The Company expects to retain its lubricants blending and distribution activities in Brazil.
The acquisition remains subject to authorization by the relevant authorities.
TotalEnergies expands global LNG bunkering footprint
On October 10, 2024, TotalEnergies signed a charter contract with Spanish shipowner Ibaizabal for a new liquefied natural gas (LNG) bunker vessel of 18,600m3 capacity. This new vessel is expected to expand the Company’s global presence in bunkering hubs. In particular, this additional vessel might be deployed in Oman, where the Company is developing the Marsa LNG project with the objective to provide LNG to the shipping sector in the Gulf.
The vessel, owned by Ibaizabal, is expected to supply LNG to a wide range of vessels (containerships, tankers, large cruise ships, ferries) at TotalEnergies’ LNG bunkering hubs and meet the highest technical and environmental standards.
Used as a marine fuel, LNG is an immediately available transition fuel that reduces greenhouse gas (GHG) emissions in the shipping sector by around 20%. It also significantly improves air quality by reducing nitrogen oxides (NOx) emissions by up to 85%, and it almost completely eliminates (by 99%) sulfur oxides (SOx) and fine particles. These benefits are particularly impactful when ships are at berth, improving the quality of life for port cities and communities in coastal areas.
This new vessel, currently being constructed by Hudong–Zhonghua Shipbuilding in China, is expected to be delivered by the end of 2026 and join TotalEnergies’ current fleet of three deployed LNG bunker vessels: the Gas Agility, which has been positioned in the Port of Rotterdam, the Gas Vitality, operated in the Port of Marseille and the Brassavola located in the Port of Singapore.
LNG’s role in shipping’s energy transition
Used as a marine fuel, LNG helps cut greenhouse gas emissions by around 20% compared to conventional marine fuel and has the potential to reduce emissions significantly more if bio or synthetic LNG is used. As such, marine LNG is a sustainable, affordable and immediately available way of reducing emissions in the shipping sector. TotalEnergies has actively invested in LNG bunkering infrastructure, critical to supporting its shipping customers' adoption of LNG as a marine fuel.
TotalEnergies, the world’s third largest LNG player
TotalEnergies is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies. The Company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.
Decarbonizing French Industry: TotalEnergies signs a renewable electricity supply agreement with Saint-Gobain
On October 8, 2024, TotalEnergies signed a Power Purchase Agreement (PPA) with Saint-Gobain, under which TotalEnergies is expected to supply renewable electricity to Saint-Gobain’s French facilities. It will take effect from January 2026 for a total volume of 875 GWh over a period of five years.
TotalEnergies is expected to provide Saint-Gobain with a baseload supply of electricity and guarantees of origin for that amount of power, produced by TotalEnergies’ wind and solar plants in the northeast and south of France, and the Loire Valley.
The contract for renewable electricity between the two companies adds to a previous agreement, signed in June 2023, for the sale to Saint-Gobain of biomethane produced by TotalEnergies at its BioBéarn site.
Tailored solutions for the specific needs of our customers worldwide
The PPA with Saint-Gobain follows similar contracts signed with Air Liquide, Amazon, LyondellBasell, Merck, Microsoft, Orange and Sasol, and provides a further illustration of TotalEnergies’ ability to develop innovative solutions by leveraging its diverse asset portfolio to support its customers’ decarbonization efforts.
Integrated Power in Germany: TotalEnergies joins RWE in two offshore wind projects
On October 7, 2024, TotalEnergies signed an agreement with RWE to acquire a 50% stake in two offshore wind projects in the North Sea. These two projects, N-9.1 (2 GW) and N9.2 (2 GW), located 110 km off the German coast, were awarded to RWE in August 2024 and have 25-year licenses extendable to 35 years.
This acquisition will add to our already awarded N-12.1, N-11.2 and O-2.2 concessions, which is expected to enable TotalEnergies to benefit from the synergies of its 6.5 GW German offshore wind hub and optimize its construction and operation costs.
Preliminary studies on the marine environment, subsoil, and wind and oceanographic conditions have already been conducted by the German Federal Maritime and Hydrographic Agency (BSH). This data is expected to help RWE and TotalEnergies to plan the construction of the parks, which are scheduled to be commissioned in 2031 and 2032, respectively.
Strategy & Outlook Presentation 2024
On October 2, 2024, Patrick Pouyanné, Chairman and CEO, and the members of the Executive Committee presented TotalEnergies’ Strategy & Outlook in New York. The webcast of the presentation in English is available on totalenergies.com.
TotalEnergies advanced its balanced and profitable transition strategy anchored on two pillars: Oil & Gas, notably LNG, and electricity, expecting to grow its global energy production (oil, gas, electricity, bioenergy) by 4% per year through 2030 while drastically lowering the emissions from its operations (-40% on Scope 1+2 net in 2030 vs 2015 and - 80% on methane in 2030 vs 2020). As a result of this transition strategy, the average carbon content of TotalEnergies’ energy sales is expected to be 25% lower in 2030 vs 2015.
Since its last outlook in September 2023, TotalEnergies has de-risked its growth and profitability perspectives in several ways:
· An expected Oil & Gas production average growth of ~3% per year to 2030, led by LNG, thanks to the launch of six major projects in 2024 (two in Brazil, Suriname, Angola, Oman, Nigeria) that de-risk, high-grade and extend guidance from 2028 to 2030. Over the next two years in 2025 and 2026, growth is expected to exceed 3% per year due to the start-up of several high margin projects (US GoM, Brazil, Iraq, Uganda, Argentina, Malaysia, Qatar), which are accretive in net income per barrel and cash-flow per barrel. In 2024, the Company has also de-risked its LNG exposure to spot gas prices by signing long-term LNG sales contracts mainly indexed on Brent and by developing its upstream gas production in the US through two low-cost acquisitions.
Natural gas is indeed at the core of TotalEnergies’ transition strategy through an expected outstanding LNG growth (+50% over 2024-2030) and a gas-to-power integration supporting its profitable Integrated Power strategy to complement the intermittent renewables.
· Growing electricity generation, expected to reach more than 100 TWh in 2030, of which 70% is expected to be renewable and 30% flexible-based. It is expected to represent nearly 20% of global energy production of the Company.
The Company retains flexibility to reduce its net investments by $2 billion in the case of a sharp drop in prices.
Thanks to this clear and disciplined investment policy and the perspective for +$10 billion of free cash flow growth by 2030 (versus 2024 at same price deck), the Board of Directors has projected a shareholder return1 of over 40% of cash flow through cycles and has made the following decisions:
· In 2024, execute $8 billion in share buybacks2, corresponding to approximately 5% of the Company's capital. Anticipated shareholder return1 is above 45% of 2024 cash flow.
1 Payout = (dividends + share buybacks for cancellation) / CFFO
2 Including coverage of employees share grant plans
· In 2025, continue share buybacks2 of $2 billion per quarter assuming reasonable market conditions, and increase the dividend per share by at least 5% based on the 2024 share buybacks.
Suriname: TotalEnergies announces Final Investment Decision for the GranMorgu development on Block 58
On October 1, 2024, Patrick Pouyanné, Chairman and CEO of TotalEnergies, met in Paramaribo with His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V., Suriname’s National Oil Company, to announce the Final Investment Decision (FID) for the “GranMorgu” development located on offshore Block 58.
“GranMorgu” means both “new dawn” and “Goliath grouper” in Sranan Tongo, the local language.
A landmark project in a prolific basin
The GranMorgu project is expected to develop the Sapakara and Krabdagu oil discoveries, on which a successful exploration and appraisal campaign was completed in 2023. The fields are located 150 km off the coast of Suriname and hold recoverable reserves estimated at over 750 million barrels.
The project includes a 220,000 barrels of oil per day Floating Production Storage and Offloading (FPSO) unit, that replicates a proven and efficient design. Total investment is estimated at around $10.5 billion and first oil is expected in 2028. The GranMorgu FPSO is designed to accommodate future tie-back opportunities that would extend its production plateau.
TotalEnergies is the operator of Block 58 with a 50% interest, alongside APA Corporation (50%). Staatsolie has announced its intent to exercise its option to enter the development project with up to 20% interest. Partners agreed that Staatsolie is expected to contribute to the project from FID and is expected to finalize its interest before June 2025.
Leveraging best-in-class technologies to minimize GHG emissions
GranMorgu leverages technology to minimize greenhouse gas emissions, with a scope 1 and 2 emissions intensity below 16 kg CO2e/boe thanks in particular to:
· an all-electric FPSO configuration, with zero routine flaring and full reinjection of associated gas into the reservoirs;
· an optimized power usage with a Waste Heat Recovery Unit and optimized water cooling for improved efficiency; and
· the installation of a permanent methane detection and monitoring system relying on a network of sensors.
Maximising local content for the benefit of Suriname economy and people
Significant investments are expected to be made in local content and job creation and are expected to contribute to the development of the Surinamese economy. Paramaribo is expected to serve as the primary hub for administrative, support and logistic activities. Local companies are expected to be involved in logistics, well services, as well as the installation and operations of the subsea systems and the FPSO. Overall local content is estimated to be more than $1 billion and more than 6000 jobs (2000 direct and 4000 indirect and induced) are expected to be created in Suriname.
Alongside the FID announcement, TotalEnergies and its partner APA signed a Memorandum of Understanding with the Health Ministry to support the rehabilitation of two mother and child hospitals in Paramaribo.
Renewables: TotalEnergies starts up its largest utility-scale solar farms with batteries in the United States
On September 30, 2024, TotalEnergies started commercial operations of Danish Fields and Cottonwood, two utility-scale solar farms with integrated battery storage located in southeast Texas. These new projects, with a combined capacity of 1.2 GW, are part of a portfolio of renewable assets totaling 4 GW in operation or under construction in Texas.
Danish Fields is TotalEnergies’ largest solar farm in the United States, with a capacity of 720 MWp and 1.4 million ground-mounted photovoltaic panels. Danish Fields also features a 225 MWh battery storage system supplied by Saft, the battery subsidiary of TotalEnergies.
70% of Danish’s solar capacity has been contracted through long-term Corporate Power Purchase Agreements (CPPAs) signed with industry players like Saint-Gobain, featuring an upside sharing mechanism indexed on merchant price.
The remaining 30% will support the decarbonization of TotalEnergies’ industrial plants in the U.S. Gulf Coast region. Along with Myrtle Solar which was commissioned in 2023 and the under-construction Hill 1 solar farm, these three projects will cover the electricity consumption of TotalEnergies’ industrial sites in Port Arthur and La Porte in Texas, and Carville in Louisiana.
Cottonwood has a capacity of 455 MWp featuring over 847,000 ground-mounted photovoltaic panels. The site is expected to also feature 225 MWh of battery storage supplied by Saft, scheduled for commissioning in 2025. Cottonwood’s electricity production is contracted under long-term PPAs indexed to merchant prices through an upside-sharing mechanism with LyondellBasell and Saint-Gobain, to support their decarbonization efforts.
U.S.A.: TotalEnergies enhances gas value chain integration by acquiring producing assets in the Eagle Ford basin
On September 27, 2024, TotalEnergies signed an agreement with Lewis Energy Group to acquire a 45% interest in dry gas producing assets owned and operated by Lewis Energy Group in the Eagle Ford basin in Texas. The acquisition of these low cost and long plateau assets further strengthens TotalEnergies’ integration across the gas value chain in the US, and follows the Texas Dorado acquisition announced in April 2024.
TotalEnergies further expands its natural gas production in the U.S.
Located in Southwest Texas, the acquired assets have the potential to be developed to reach a sustainable gross production of around 400 Mcf/d by 2028.
This is the second acquisition of non-operated shale gas assets in 2024 after the purchase of non-operated interest in the Dorado asset, located in the Eagle Ford basin and which was purchased from Lewis Energy Group earlier this year. Moreover, TotalEnergies operates a technical production of around 500 Mcf/d in the Barnett.
TotalEnergies, one of the largest exporters of U.S. LNG
With over 10 million tons (Mt) exported in 2023, TotalEnergies is one of the largest exporters of U.S. LNG, thanks to its 16.6% stake in the Cameron LNG plant in Louisiana and several long-term purchasing agreements. The Company’s U.S. LNG export capacity is expected to reach 15 Mt/y by 2030.
Norway: Northern Lights facilities completed and ready to store CO2
On September 26, 2024, TotalEnergies and its partners, Equinor and Shell, announced the completion of the CO2 receiving and storage facilities of Northern Lights Joint-Venture in Norway. The facilities consist of a terminal that will receive CO2 cargos, a 100 km subsea pipeline for CO2 transportation to the offshore storage location, and subsea injection facilities for safe and permanent CO2 storage in a reservoir 2,600 meters below the seabed.
Northern Lights is now ready to receive and permanently store CO2 from European industries, with the first CO2 injection expected in 2025. Developing CO2 transportation and storage services is one of the necessary levers to reduce emissions and a realistic decarbonization solution for European industry.
Northern Lights is one of the world’s first commercial CO2 transportation and storage projects. The first phase of the project was supported by the Norwegian government and has a capacity of 1.5 Mt CO2/year, which has been fully booked by customers in Norway and Continental Europe. Studies are under way for a capacity expansion to more than 5 Mt CO2/y in a second phase.
South Korea: TotalEnergies will supply 200,000 tons per year of LNG to HD Hyundai Chemical until 2033
On September 24, 2024, in line with its strategy to grow its long-term LNG sales, TotalEnergies announced the signing of a Heads of Agreement (HoA) with HD Hyundai Chemical for the delivery of 200,000 tons of LNG per year for 7 years starting from 2027.
Thanks to this agreement, with prices indexed both to Brent and Henry Hub, TotalEnergies strengthens its long-term position in South Korea, the world’s third-largest LNG importing country. In Asia, LNG serves as a true transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when it replaces coal in electricity generation.
Air France-KLM ramps up its SAF offtake agreement with TotalEnergies, which will supply up to 1.5 million tons of more sustainable aviation fuel over a 10-year period
On September 23, 2024, TotalEnergies and Air France-KLM signed an agreement for TotalEnergies to supply up to 1.5 million tons of more sustainable aviation fuel (SAF) to Air France-KLM Group airlines over a 10-year period, until 2035.
This agreement marks one of the largest SAF purchase contracts signed by Air France-KLM to date. In 2022 and 2023, Air France-KLM was the world's leading SAF user, representing 17% and 16% of total global production respectively.
Accelerating the decarbonization of air transport in Europe
This contract builds on a memorandum of understanding (MoU) signed in 2022 for the supply of 800,000 tons of SAF. By re-evaluating this agreement today, the two groups are reaffirming their objective to curb the environmental impact of the air transport sector as quickly as possible by reducing CO2 emissions.
The SAF supplied to Air France-KLM will be made from waste and residues from the circular economy and is expected to be produced in TotalEnergies' French and European biorefineries and refineries by coprocessing. This SAF is expected to be used to fuel flights operated by Air France-KLM’s airlines on departure from France, the Netherlands, and other European countries. The development of SAF is at the heart of TotalEnergies' transition strategy to meet demand from the aviation sector.
Air France-KLM has implemented a strict sourcing policy, purchasing only second-generation SAF that does not compete with global food production, and that is RSB or ISCC+ certified for its sustainability.
SAF allows for a reduction in CO2 emissions of at least 75% and up to 90% over the entire fuel life cycle, compared with fossil fuel equivalents.
A long-standing partnership between TotalEnergies and Air France-KLM
For the past 10 years, TotalEnergies and the Air France-KLM Group have been working together to test and incorporate sustainable aviation fuel. This partnership began in 2014 with “Lab’line for the Future”, a two-year experiment during which 78 Air France flights between Paris-Orly and Toulouse, and between Paris-Orly and Nice were fueled with 10% SAF supplied by TotalEnergies.
In January 2020, TotalEnergies and Air France took part, alongside Safran and Suez, in the Call for Expressions of Interest launched by the French government to encourage the emergence of a French SAF production industry.
Since 2022, TotalEnergies has been supplying SAF to Air France-KLM Group airlines in France, as part of the French incorporation mandate.
French and European SAF production
TotalEnergies is investing heavily in projects to produce more sustainable aviation fuel in France and Europe:
· In Grandpuits: TotalEnergies is transforming the site into a zero-oil platform with an investment of 400 million euros. Mainly focused on the production of SAF from the circular economy, Grandpuits is expected to be able to produce 210,000 tons of sustainable aviation fuel by 2025, and an additional 75,000 tons by 2027.
· In Normandy: TotalEnergies has started producing SAF at its Gonfreville refinery. The company plans to increase production to 160,000 tons of SAF per year by 2025.
· At La Mède: TotalEnergies has invested 340 million euros to transform its refinery into a biorefinery. In 2024, TotalEnergies has invested an additional 70 million euros to process up to 100% waste from the circular economy and produce SAF by 2025. Since 2021, biodiesel produced at La Mède has been used to produce SAF at TotalEnergies' Oudalle plant near Le Havre.
TotalEnergies is studying the production of SAF through co-processing in its other European refineries by 2025.
Argentina: production start-up at Fenix offshore gas field
On September 20, 2024, TotalEnergies announced the start of production from the Fenix gas field, located 60 km off the coast of Tierra del Fuego in Southern Argentina.
The Fenix field is part of the Cuenca Marina Austral 1 (CMA-1) concession, in which TotalEnergies holds a 37.5% operated interest, alongside its partners Harbour Energy (37.5%) and Pan American Energy (25%).
With a production capacity of 10 million cubic meters per day (70,000 boe/d), the Fenix development consists of a new unmanned platform, located in 70 meters water depth and connected to the existing CMA-1 facilities. Gas produced at Fenix is sent through a 35-kilometer subsea pipeline to the TotalEnergies-operated Véga Pléyade platform and is subsequently treated onshore at the Río Cullen and Cañadon Alfa facilities, which are also operated by the Company. Fenix is a low cost, low emissions development, with a carbon intensity of 9 kg CO2e/boe, leveraging on the existing infrastructure.
Long-term LNG sales in China: TotalEnergies will supply 1.25 million tons per year to CNOOC until 2034
On September 19, 2024, in line with its strategy to grow its long-term LNG sales, TotalEnergies announced a 5-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034.
Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.
Long term LNG sales in Turkey: TotalEnergies will supply 1.1 million tons per year to BOTAŞ for 10 years
On September 18, 2024, in line with its strategy to grow its long-term LNG sales, TotalEnergies announced the signing of an HoA with BOTAŞ for the delivery of 1.1 million tons of LNG per year for ten years starting from 2027.
This agreement allows TotalEnergies to strengthen a long-term presence in the Turkish LNG market. Natural gas plays a crucial role as a transition energy, addressing the intermittency of renewable energy sources and reducing emissions by replacing coal in electricity generation.
Decarbonization: TotalEnergies joins the first Japanese fund dedicated to the development of low-carbon hydrogen
On September 12, 2024, TotalEnergies announced its entry as an investor in the “Japan Hydrogen Fund” at its first close, joining several major Japanese companies in this fund dedicated to developing the low-carbon hydrogen value chain.
At its launch, the fund was initially endowed with over $400 million, thanks to contributions from prominent Japanese investors: Toyota Motor Corporation, Iwatani Corporation, Sumitomo Mitsui Banking Corporation, MUFG Bank, Tokyo Century Corporation, Japan Green Investment Corp. for Carbon Neutrality, and the Bank of Fukuoka.
The fund will be managed by Advantage Partners, one of Japan’s leading private equity firms, and is launched by the Japan Hydrogen Association (JH2A), the largest private hydrogen value chain promotion council in Japan, representing over 440 members and aiming to promote sustainable development with hydrogen.
This commitment follows TotalEnergies’ launch of the Hy24 clean hydrogen infrastructure fund in 2021 along with Air Liquide and VINCI.
India: TotalEnergies to invest in a new solar portfolio of over 1 GW with Adani Green
On September 3, 2024, TotalEnergies and Adani Green Energy Limited (AGEL) have entered into an agreement to create a new joint venture, equally owned by TotalEnergies and AGEL, with a 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat.
The electricity generated by the solar projects is expected to be sold through Power Purchase Agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India (SECI), and through sales on the wholesale market. This new transaction is expected to allow TotalEnergies to capitalize on the ongoing liberalization of the Indian electricity market.
This is expected to strengthen TotalEnergies’ strategic alliance with AGEL, allowing it to support the company in becoming a global renewable leader as it targets 50 GW of renewable power capacity by 2030. AGEL already operates over 11 GW of solar and wind capacity in India.
AGEL is expected to contribute to the joint venture with assets and TotalEnergies will provide an equity investment of $444m to support their development. The signing and completion of the transaction is subject to the approval of AGEL’s shareholders and satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.
Khavda: one of the world’s largest renewable energy plants
AGEL (19.75% owned by TotalEnergies) is developing one of the world’s largest renewable energy sites in the Khavda region (Gujarat). Spanning over 538 km2, five times the size of Paris, the site is expected to boast solar and wind capacity of 30 GW. Of this, 2 GW has already been operationalized by AGEL. Once completed, Khavda is expected to generate enough electricity to power the equivalent of 16 million homes in India.
United States: TotalEnergies invests in sustainable forestry operations to preserve sustainable carbon sinks
On August 30, 2024, TotalEnergies signed a $100 million agreement with Anew Climate, a North American leader in climate solutions, and Aurora Sustainable Lands, a carbon-stewardship company and forest landowner in the U.S. to deploy their projects aimed at protecting productive forests from heavy timber harvesting, advancing conversion to sustainable management practices, and enhancing their ability to store more carbon from the atmosphere. The investment supports Improved Forest Management (IFM) practices across a portfolio of 20 carbon projects, covering 300,000 hectares in 10 states across the U.S. (Arkansas, Florida, Kentucky, Louisiana, Michigan, Minnesota, New York, Virginia, West Virginia, and Wisconsin). Anew Climate and Aurora Sustainable Lands will provide operational oversight to help ensure the carbon projects meet the highest standards of additionality and durability.
The environmental benefits expected from this improved forest management include the preservation of natural carbon sinks by reducing timber harvesting, as well as water and soil quality improvement, biodiversity protection and natural habitat conservation. The carbon credits generated are expected to be acquired by TotalEnergies and retired beyond 2030. After prioritizing emission avoidance and reduction, the Company is expected to use these credits to voluntarily offset part of its remaining direct Scope 1 & 2 emissions.
TotalEnergies supports the U.S government’s Voluntary Carbon Markets Principles
TotalEnergies welcomes the Voluntary Carbon Markets Joint Policy Statement and Principles guide issued by U.S. government on May 28, 2024. The Company’s actions in nature-based solutions are aligned with these Principles, particularly those focused on integrity, transparency and environmental protection
United Kingdom: TotalEnergies launches a floating offshore wind pilot project to supply renewable electricity to an offshore oil & gas platform in the North Sea
On August 29, 2024, TotalEnergies announced the launch of a pilot project consisting of a floating wind turbine to supply renewable power to Culzean offshore platform in the UK North Sea, thus pioneering an innovative decarbonization scheme.
The 3 MW floating wind turbine will be located 2 km west of the Culzean platform, 220 km off the eastern coast of Scotland. This turbine, expected to be fully operational by the end of 2025, is expected to supply around 20% of Culzean’s power requirement, thereby reducing its GHG emissions. The turbine will be installed on a modular, light semi-submersible floater hull designed by Ocergy, allowing for fast assembly and optimized costs.
This pilot project was selected in Crown Estate Scotland’s Innovation and Targeted Oil & Gas (INTOG) leasing round, designed to encourage and support the use of offshore wind energy to directly supply offshore oil & gas platforms.
United States: First oil from the Anchor field in Gulf of Mexico
On August 12, 2024, TotalEnergies announced the start of production from the Anchor field, located in the US Gulf of Mexico, in which the Company has a 37.14% interest alongside operator Chevron (62.86%).
Located 225 kilometers off the Louisiana coast, Anchor, which development was launched in December 2019, consists of a system of subsea wells connected to a semi-submersible floating production unit (FPU) with a production capacity of 75,000 barrels of oil per day and 28 million cubic feet of gas per day. At plateau, Anchor is expected to represent close to 30,000 barrels of oil equivalent per day (boe/d) net for TotalEnergies. The Anchor FPU has been designed to minimize greenhouse gas
emissions through an all-electric configuration, with electric motors and electronic controls, and the utilization of waste heat and vapor recovery technologies.
TotalEnergies sells its shares in Total Parco in Pakistan
On August 6, 2024, TotalEnergies signed an agreement to sell its 50% stake in Total PARCO Pakistan Limited (TPPL) to Gunvor Group, a leading global commodities trading company. The transaction reflects the selective strategy of TotalEnergies in Marketing & Services focused on core geographies with growth and transitioning opportunities.
TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The new entity is expected to continue its retail business under the existing “Total Parco” brand, and its lubricants business under the “Total” brand for five years in Pakistan, continuing to serve its customers.
The acquisition remains subject to authorization by the relevant authorities and related agreements.
Renewables: TotalEnergies acquires a portfolio of hydropower projects in Africa to deploy its multi-energy strategy
On July 30, 2024, TotalEnergies signed an agreement with Scatec, a Norwegian renewable energy company, to acquire 100% of its subsidiary SN Power, which holds interests in renewable hydropower projects in Africa, through a joint venture (51% SN Power) with Norfund and British International Investment (BII).
As a result of this transaction, which is subject to certain previous conditions, TotalEnergies is expected to acquire a 28.3% stake in the Bujagali hydropower plant currently in operation in Uganda. With a capacity of 250 megawatts (MW), it covers more than 25% of the country's peak electricity demand.
TotalEnergies is also expected to acquire minority stakes in two projects under development in Rwanda (260 MW) and Malawi (360 MW).
To date, TotalEnergies has interests in a number of hydropower projects with a gross capacity of 3.7 GW worldwide:
· 218 MW installed in Europe: in France (19 MW), Portugal (33 MW) and Turkey (166 MW)
· 1.5 GW under development in Mozambique (Mphanda Nkuwa project)
· 2 GW under development by Adani Green in India
South Africa: TotalEnergies exits from offshore Blocks 11B/12B and 5/6/7
On July 29, 2024, following the decision of the partner CNRI to withdraw from Block 11B/12B, TotalEnergies also announced its withdrawal from this block, off the Southern coast of South Africa, in which its affiliate TotalEnergies EP South Africa holds a 45% interest.
TotalEnergies entered into Block 11B/12B in 2013 and made two gas discoveries, Brulpadda and Luiperd, which could however not be turned into a commercial development as it appeared to be too challenging to economically develop and monetize these gas discoveries for the South African market.
TotalEnergies has also decided to exit from offshore exploration Block 5/6/7 where TotalEnergies EP South Africa currently holds a 40% interest.
TotalEnergies publishes its financial report for first half 2024
On July 26, 2024, the financial report of TotalEnergies SE for the first half 2024 was filed with the French Financial Markets Authority (Autorité des marchés financiers). It can be consulted and downloaded from the website totalenergies.com, under the heading Investors / Results and Reports / Results.
FORWARD-LOOKING STATEMENTS
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 latest annual report on Form 20-F filed with the 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.
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.
Exhibit 99.3
CAPITALIZATION AND INDEBTEDNESS OF TOTALENERGIES
(unaudited)
The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE (collectively, “TotalEnergies”) as of September 30, 2024, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (“dollars” or “$”) or in euros (“euros” or “€”).
| At September 30, 2024 | |||
| (in millions of dollars) | |||
| Current financial debt, including current portion of non-current financial debt | |||
| Current portion of non-current financial debt | 5,668 | ||
| Current financial debt | 8,185 | ||
| Current portion of financial instruments for interest rate swaps liabilities | 179 | ||
| Other current financial instruments — liabilities | 309 | ||
| Financial liabilities directly associated with assets held for sale | 271 | ||
| Total current financial debt | 14,612 | ||
| Non-current financial debt | 45,750 | ||
| Non-controlling interests | 2,557 | ||
| Shareholders’ equity | |||
| Common shares | 7,577 | ||
| Paid-in surplus and retained earnings | 130,804 | ||
| Currency translation adjustment | (13,793 | ) | |
| Treasury shares | (8,529 | ) | |
| Total shareholders’ equity — TotalEnergies share | 116,059 | ||
| Total capitalization and non-current indebtedness | 164,366 |
As of September 30, 2024, TotalEnergies SE had an issued share capital of 2,397,679,661 ordinary shares with a par value of €2.50 per share, of which 117,137,028 were treasury shares. For more information on the delegations of authority and powers granted to the Board of Directors with respect to share capital increases and authorization for share cancellation, see Exhibit 15.1 (section 4.4.2, chapter 4) to the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 29, 2024.
As of September 30, 2024, approximately $8,513 million of TotalEnergies’ non-current financial debt was secured and $37,237 million was unsecured, and all of TotalEnergies’ current financial debt of $14,612 million was unsecured. As of September 30, 2024, TotalEnergies had no outstanding guarantees from third parties relating to its consolidated indebtedness.
For more information about TotalEnergies’ off-balance sheet commitments and contingencies, see Note 13.1 of the Notes to TotalEnergies’ audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 29, 2024.
Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TotalEnergies since September 30, 2024.