TotalEnergies SE 6-K, filed Mar 3, 2025
TotalEnergies SE (TTE)
About this 6-K
TotalEnergies SE filed this 6-K on March 3, 2025.
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
March 3rd, 2025
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.
TotalEnergies SE is providing on this Form 6-K a description of certain recent developments relating to its business.
EXHIBIT INDEX
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: March 3rd, 2025 | By: | /s/ DENIS TOULOUSE | |
| Name: | Denis Toulouse | ||
| Title: | Company Treasurer | ||
Exhibit 99.1
Disclosure of Transactions in Own Shares
Paris, February 3, 2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from January 27 to January 31, 2025:
| Transaction Date | Total daily volume (number of shares) |
Daily weighted average purchase price of shares (EUR/share) |
Amount
of transactions (EUR) |
Market (MIC Code) |
| 27/01/2025 | 393,826 | 55.914883 | 22,020,734.71 | XPAR |
| 27/01/2025 | 110,000 | 55.916677 | 6,150,834.47 | CEUX |
| 27/01/2025 | 30,000 | 55.916463 | 1,677,493.89 | TQEX |
| 27/01/2025 | 20,000 | 55.916865 | 1,118,337.30 | AQEU |
| 28/01/2025 | 399,054 | 55.971999 | 22,335,850.09 | XPAR |
| 28/01/2025 | 110,000 | 55.971304 | 6,156,843.44 | CEUX |
| 28/01/2025 | 30,000 | 55.971829 | 1,679,154.87 | TQEX |
| 28/01/2025 | 20,000 | 55.971603 | 1,119,432.06 | AQEU |
| 29/01/2025 | 408,724 | 55.644116 | 22,743,085.67 | XPAR |
| 29/01/2025 | 110,000 | 55.635273 | 6,119,880.03 | CEUX |
| 29/01/2025 | 30,000 | 55.649570 | 1,669,487.10 | TQEX |
| 29/01/2025 | 15,000 | 55.608305 | 834,124.58 | AQEU |
| 30/01/2025 | 404,814 | 55.991769 | 22,666,251.98 | XPAR |
| 30/01/2025 | 110,000 | 55.994832 | 6,159,431.52 | CEUX |
| 30/01/2025 | 30,000 | 55.994155 | 1,679,824.65 | TQEX |
| 30/01/2025 | 15,000 | 55.997527 | 839,962.91 | AQEU |
| 31/01/2025 | 400,777 | 56.454404 | 22,625,626.67 | XPAR |
| 31/01/2025 | 110,000 | 56.451486 | 6,209,663.46 | CEUX |
| 31/01/2025 | 30,000 | 56.451735 | 1,693,552.05 | TQEX |
| 31/01/2025 | 15,000 | 56.452720 | 846,790.80 | AQEU |
| Total | 2,792,195 | 55.994070 | 156,346,362.24 |
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
@TotalEnergies
TotalEnergies
TotalEnergies
TotalEnergies
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – 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 99.2
|
PRESS RELEASE |
Fourth quarter and full-year 2024 results
TotalEnergies generated $4.4B of adjusted net income, up 8%,
for the fourth quarter thanks to strong performance
in Integrated LNG and Integrated Power
In 2024, in a softer environment than 2023, TotalEnergies
leveraged its
multi-energy integrated strategy, posting adjusted net income of more than
$18B and a 14.8% ROACE, the best among the majors
2024 dividend increase
of 7% - $8 billion buybacks in 2024
8.3% gearing at year-end 2024
| 4Q24 | Change vs 3Q24 |
2024 | Change vs 2023 | |
| Adjusted net income (TotalEnergies share)(1) | ||||
| - in billions of dollars (B$) | 4.4 | +8% | 18.3 | -21% |
| - in dollars per share | 1.90 | +9% | 7.77 | -17% |
| Net income (TotalEnergies share) (B$) | 4.0 | +72% | 15.8 | -26% |
| Adjusted EBITDA(1) (B$) | 10.5 | +5% | 43.1 | -14% |
| Cash flow from operations excluding working capital (CFFO)(1) (B$) |
7.2 | +5% | 29.9 | -17% |
| Cash flow from operating activities (B$) | 12.5 | +74% | 30.9 | -24% |
Paris, February 5, 2025 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 4, 2025, to approve the 4th quarter and the full-year 2024 financial statements. On the occasion, Patrick Pouyanné said:
“During the fourth quarter, TotalEnergies leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with $4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO, up 5%.
In 2024, TotalEnergies reported adjusted net income of $18.3 billion and cash flow of $29.9 billion in a softer environment mainly affected by a sharp decline in refining margins, after two exceptional years. 2024 IFRS net income was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return on average capital employed in 2024, the best among the majors for the third consecutive year. TotalEnergies continued to implement its balanced growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one third was in new Oil & Gas projects and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. With $8 billion in share buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the Company’s strong financial health.
In the Oil & Gas business, fourth quarter production was 2.43 Mboe/d, benefiting from the ramp up of projects commencing in 2024. With oil prices down $5/b compared to previous quarter, partially offset by higher gas prices, Exploration & Production delivered a strong quarter, with adjusted net operating income of $2.3 billion and cash flow of $3.9 billion. In 2024, TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3 in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%. Exploration & Production generated adjusted net operating income of $10 billion and cash flow of $17 billion. During
(1) Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.
* Including coverage of employees share grant plans.
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the year, the Company sanctioned major oil projects in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than 12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low cost and low emission O&G model, with operating costs below $5/boe and GHG emissions* and notably methane emissions down 3% and 15%, respectively, over the year.
Integrated LNG results meaningfully increased sequentially with adjusted net operating income and cash flow of $1.4 billion, up 35% and 63%, respectively, compared to the third quarter, driven by 6% production growth, average LNG prices above $10/Mbtu and LNG trading performance back to the level of the fourth quarter 2023, taking advantage of higher market volatility. For full-year 2024, Integrated LNG generated adjusted net operating income and cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the launch of Marsa LNG in Oman, Ubeta in Nigeria, the Sapura OMV acquisition in Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in Texas. Moreover, TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/ year) in Asia, mostly Brent-indexed.
During the fourth quarter, Integrated Power continued its track record of strong performance throughout the year with a higher adjusted net operating income of $575 million and cash flow of $604 million. Full-year 2024 cash flow totaled $2.6 billion, up 19% year-on-year and in line with annual Company guidance, and with a ROACE of 10%. Net electricity production increased 23% year-on-year to 41 TWh and contributed to reducing the average lifecycle carbon intensity of all energy products sold by the Company to its clients (-17% vs. 2015). During 2024, TotalEnergies continued to deploy its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB that strengthen the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom that further enhance the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies anticipates growing power production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production.
During the fourth quarter, in a globally weak margin environment, Downstream adjusted net operating income was $680 million, up 12%, and cash flow was $1.4 billion, up 15%, following a $10/t increase in European refining margins. Full-year 2024 adjusted net operating income was $3.5 billion, down from 2023 levels due to a sharp decline (-44%) in European refining margins and downgraded operations in some units. Importantly, cash flow remained above $6 billion, demonstrating the resilience of the Company’s integrated Downstream model.
In view of the free cash flow growth outlook and share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to be held on May 23, 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared to the 2023 dividend. Furthermore, the Board of Directors confirmed a shareholder return policy for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions.”
* Scope 1+2 of Oil & Gas operated activities
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1. Highlights (2)
Upstream
| · | Closing of the acquisition of the Upstream gas assets of SapuraOMV, in Malaysia |
| · | Production start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil |
| · | Launch, as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply gas-fired power plants in Iraq |
Integrated LNG
| · | Signature of an LNG sales contract for 2 Mt/year over 15 years with Sinopec delivered in China from 2028 |
Integrated Power
| · | Signature of an acquisition agreement of VSB, a German renewable energy developer |
| · | Sale of a 50% interest in a 2 GW solar and BESS portfolio in the United States |
| · | Sale of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in the United Kingdom |
| · | Award of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water Company, in Saudi Arabia |
| · | Signature of an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects, in Oman |
| · | Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years |
Decarbonization and low-carbon molecules
| · | Decision to deploy continuous, real-time methane emissions detection equipment on all TotalEnergies operated upstream assets |
| · | Launch by Northern Endurance Partnership of the first CCS project in the UK (TotalEnergies, 10%) |
| · | Launch of a renewable hydrogen production project (bio H2) with Air Liquide at La Mède platform |
(2) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements.
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2. Key figures from TotalEnergies’ consolidated financial statements (1)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars, except effective tax rate, earnings per share and number of shares |
2024 | 2023 | 2024 vs 2023 |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA (1) | 43,143 | 50,030 | -14% |
| 4,992 | 4,635 | +8% | 5,724 | Adjusted net operating income from business segments | 20,566 | 25,107 | -18% |
| 2,305 | 2,482 | -7% | 2,802 | Exploration & Production | 10,004 | 10,942 | -9% |
| 1,432 | 1,063 | +35% | 1,456 | Integrated LNG | 4,869 | 6,200 | -21% |
| 575 | 485 | +19% | 527 | Integrated Power | 2,173 | 1,853 | +17% |
| 318 | 241 | +32% | 633 | Refining & Chemicals | 2,160 | 4,654 | -54% |
| 362 | 364 | -1% | 306 | Marketing & Services | 1,360 | 1,458 | -7% |
| 706 | 706 | - | 597 | Contribution of equity affiliates to adjusted net income | 2,669 | 3,000 | -11% |
| 41.3% | 38.0% | 37.7% | Effective tax rate (3) | 39.4% | 37.5% | ||
| 4,406 | 4,074 | +8% | 5,226 | Adjusted net income (TotalEnergies share) (1) | 18,264 | 23,176 | -21% |
| 1.90 | 1.74 | +9% | 2.16 | Adjusted fully-diluted earnings per share (dollars) (4) | 7.77 | 9.40 | -17% |
| 1.78 | 1.58 | +13% | 2.02 | Adjusted fully-diluted earnings per share (euros) (5) | 7.18 | 8.70 | -17% |
| 2,282 | 2,310 | -1% | 2,387 | Fully-diluted weighted-average shares (millions) | 2,315 | 2,434 | -5% |
| 3,956 | 2,294 | +72% | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 | -26% |
| 3,839 | 4,102 | -6% | 6,139 | Organic investments (1) | 16,423 | 18,126 | -9% |
| 24 | 1,662 | -99% | (5,404) | Acquisitions net of assets sales (1) | 1,406 | (1,289) | ns |
| 3,863 | 5,764 | -33% | 735 | Net investments (1) | 17,829 | 16,837 | +6% |
| 7,151 | 6,821 | +5% | 8,500 | Cash flow from operations excluding working capital (CFFO) (1) | 29,917 | 35,946 | -17% |
| 7,398 | 7,009 | +6% | 8,529 | Debt Adjusted Cash Flow (DACF) (1) | 30,614 | 36,451 | -16% |
| 12,507 | 7,171 | +74% | 16,150 | Cash flow from operating activities | 30,854 | 40,679 | -24% |
| Gearing (1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023 | |||||||
| (3) | Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
| (4) | In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds. |
| (5) | Average €-$ exchange rate: 1.0681 in the 4th quarter 2024, 1.0983 in the 3rd quarter 2024, 1.0751 in the 4th quarter 2023, 1.0824 in 2024, and 1.0813 in 2023. |
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| 3. | Key figures of environment, greenhouse gas emissions and production |
| 3.1 | Environment – liquids and gas price realizations, refining margins |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | 2024 | 2023 | 2024 vs 2023 | |
| 74.7 | 80.3 | -7% | 84.3 | Brent ($/b) | 80.8 | 82.6 | -2% |
| 3.0 | 2.2 | +34% | 2.9 | Henry Hub ($/Mbtu) | 2.4 | 2.7 | -9% |
| 13.6 | 11.5 | +18% | 13.6 | TTF ($/Mbtu) | 11.0 | 13.1 | -16% |
| 14.0 | 13.0 | +7% | 15.2 | JKM ($/Mbtu) | 11.9 | 13.8 | -14% |
| 71.8 | 77.0 | -7% | 80.2 | Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
77.1 | 76.2 | +1% |
| 6.26 | 5.78 | +8% | 6.17 | Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
5.54 | 6.64 | -16% |
| 10.37 | 9.91 | +5% | 10.28 | Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.80 | 10.76 | -9% |
| 25.9 | 15.4 | +68% | 52.6 | European Refining Margin Marker (ERM) (6),(10) ($/t) | 39.5 | 71.0 | -44% |
3.2 Greenhouse gas emissions (11)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Scope 1+2 emissions (MtCO2e) | 2024 | 2023 | 2024 vs 2023 |
| 9.6 | 8.8 | +9% | 7.9 | Scope 1+2 from operated facilities (12) | 34.3 | 34.6 | -1% |
| 7.9 | 7.4 | +7% | 7.2 | of which Oil & Gas | 29.4 | 30.3 | 3% |
| 1.7 | 1.4 | +21% | 0.7 | of which CCGT | 4.9 | 4.3 | +14% |
| 12.2 | 11.7 | +4% | 11.5 | Scope 1+2 - equity share | 46.4 | 48.9 | -5% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Methane emissions (ktCH4) | 2024 | 2023 | 2024 vs 2023 |
| 7 | 7 | - | 9 | Methane emissions from operated facilities | 29 | 34 | -15% |
| 9 | 8 | +13% | 11 | Methane emissions - equity share | 33 | 40 | -18% |
Estimated quarterly emissions.
In 2024, Scope 1+2 emissions from operated installations amounted to 34.3 million tons CO2e.
2024 methane emissions from operated facilities were down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production, which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020.
2024 Scope 3 (13) Category 11 emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e in 2023.
| (6) | Does not include oil, gas and LNG trading activities, respectively. |
| (7) | Sales in $ / Sales in volume for consolidated affiliates. |
| (8) | Sales in $ / Sales in volume for consolidated affiliates. |
| (9) | Sales in $ / Sales in volume for consolidated and equity affiliates. |
| (10) | This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. |
| (11) | The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted. |
| (12) | Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). |
| (13) | TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. For TotalEnergies in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers product sales (higher than production) and for the gas value chain, marketable gas production (higher than gas sales either as LNG or as part of direct sales to B2B/B2C). |
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3.3 Production (14)
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Hydrocarbon production | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% |
| 1,292 | 1,324 | -2% | 1,341 | Oil (including bitumen) (kb/d) | 1,314 | 1,388 | -5% |
| 1,135 | 1,086 | +5% | 1,121 | Gas (including condensates and associated NGL) (kboe/d) | 1,120 | 1,095 | +2% |
| 2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% |
| 1,445 | 1,466 | -1% | 1,506 | Liquids (kb/d) | 1,468 | 1,550 | -5% |
| 5,323 | 5,093 | +5% | 5,158 | Gas (Mcf/d) | 5,211 | 5,028 | +4% |
Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of:
| · | +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and Anchor in the United States, |
| · | +1% due to higher availability of production facilities, |
| · | +1% portfolio effect related to entry into the producing fields of SARB Umm Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale gas plays in Texas, |
| · | -3% due to the natural field declines. |
(14) Company production = E&P production + Integrated LNG production.
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4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Hydrocarbon production | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 1,933 | 1,944 | -1% | 1,998 | EP (kboe/d) | 1,947 | 2,034 | -4% |
| 1,385 | 1,414 | -2% | 1,448 | Liquids (kb/d) | 1,408 | 1,492 | -6% |
| 2,924 | 2,830 | +3% | 2,946 | Gas (Mcf/d) | 2,880 | 2,900 | -1% |
4.1.2 Results
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | In millions of dollars, except effective tax rate | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 2,305 | 2,482 | -7% | 2,802 | Adjusted net operating income | 10,004 | 10,942 | -9% |
| 207 | 183 | +13% | 130 | including adjusted income from equity affiliates | 742 | 539 | +38% |
| 50.5% | 45.1% | 47.7% | Effective tax rate (15) | 47.8% | 50.0% | ||
| 2,104 | 2,330 | -10% | 3,117 | Organic investments (1) | 9,060 | 10,232 | -11% |
| (258) | (42) | ns | (4,306) | Acquisitions net of assets sales (1) | (207) | (2,706) | ns |
| 1,846 | 2,288 | -19% | (1,189) | Net investments (1) | 8,853 | 7,526 | +18% |
| 3,945 | 4,273 | -8% | 4,690 | Cash flow from operations excluding working capital (CFFO) (1) | 17,049 | 19,126 | -11% |
| 4,500 | 4,763 | -6% | 5,708 | Cash flow from operating activities | 17,388 | 18,531 | -6% |
In the fourth quarter 2024, for Exploration & Production:
| · | adjusted net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil prices that were partially compensated by increased production and higher gas realizations, |
| · | cash flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter for the same reasons. |
In 2024, adjusted net operating income was $10,004 million, down 9% year-on-year, and cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year, mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets.
| (15) | Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). |
7
4.2 Integrated LNG
4.2.1 Production
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Hydrocarbon production for LNG | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 494 | 465 | +6% | 464 | Integrated LNG (kboe/d) | 487 | 449 | +8% |
| 60 | 52 | +14% | 58 | Liquids (kb/d) | 60 | 58 | +3% |
| 2,399 | 2,263 | +6% | 2,212 | Gas (Mcf/d) | 2,331 | 2,128 | +10% |
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Liquefied Natural Gas in Mt | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 10.8 | 9.5 | +14% | 11.8 | Overall LNG sales | 39.8 | 44.3 | -10% |
| 3.8 | 3.8 | +1% | 4.0 | incl. Sales from equity production* | 15.5 | 15.2 | +1% |
| 9.4 | 8.4 | +11% | 10.8 | incl. Sales by TotalEnergies from equity production and third party purchases | 34.7 | 40.1 | -14% |
| * | The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG in the fourth quarter was up 6% quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter.
LNG sales, although down year-on-year reflecting lower LNG demand in Europe, were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment.
4.2.2 Results
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars, except the average price of LNG | 2024 | 2023 | 2024 vs 2023 |
| 10.37 | 9.91 | +5% | 10.28 | Average
price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates |
9.80 | 10.76 | -9% |
| 1,432 | 1,063 | +35% | 1,456 | Adjusted net operating income | 4,869 | 6,200 | -21% |
| 525 | 538 | -2% | 500 | including adjusted income from equity affiliates | 1,978 | 2,103 | -6% |
| 554 | 451 | +23% | 790 | Organic investments (1) | 2,169 | 2,063 | +5% |
| 1,116 | 65 | x17.2 | 48 | Acquisitions net of assets sales (1) | 1,367 | 1,096 | +25% |
| 1,670 | 516 | x3.2 | 838 | Net investments (1) | 3,536 | 3,159 | +12% |
| 1,447 | 888 | +63% | 1,763 | Cash flow from operations excluding working capital (CFFO) (1) | 4,903 | 7,293 | -33% |
| 2,214 | 830 | x2.7 | 2,702 | Cash flow from operating activities | 5,185 | 8,442 | -39% |
| * | Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
In the fourth quarter 2024, for Integrated LNG:
| · | adjusted net operating income was $1,432 million, up 35% on the quarter, driven by higher hydrocarbon production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting from higher market volatility, |
| · | cash flow from operations excluding working capital (CFFO) was $1,447 million, up 63% on the quarter for the same reasons and due to a positive timing effect in dividend payments from some equity affiliates of around $150 million. |
In 2024, for Integrated LNG:
| · | adjusted net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average LNG selling prices and low market volatility during the first three quarters that impacted gas trading results, |
| · | cash flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year for the same reasons. |
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4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Integrated Power | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 11.4 | 11.1 | +2% | 8.0 | Net power production (TWh) * | 41.1 | 33.4 | +23% |
| 6.5 | 6.7 | -4% | 5.5 | o/w production from renewables | 26.0 | 18.9 | +38% |
| 4.9 | 4.4 | +12% | 2.5 | o/w production from gas flexible capacities | 15.1 | 14.5 | +4% |
| 21.5 | 21.6 | -1% | 17.3 | Portfolio of power generation net installed capacity (GW) ** | 21.5 | 17.3 | +24% |
| 15.1 | 14.5 | +4% | 13.0 | o/w renewables | 15.1 | 13.0 | +16% |
| 6.5 | 7.1 | -9% | 4.3 | o/w gas flexible capacities | 6.5 | 4.3 | +50% |
| 97.2 | 89.6 | +9% | 80.1 | Portfolio of renewable power generation gross capacity (GW) **,*** | 97.2 | 80.1 | +21% |
| 26.0 | 24.2 | +8% | 22.4 | o/w installed capacity | 26.0 | 22.4 | +16% |
| 6.1 | 6.0 | +1% | 5.9 | Clients power - BtB and BtC (Million) ** | 6.1 | 5.9 | +2% |
| 2.8 | 2.8 | - | 2.8 | Clients gas - BtB and BtC (Million) ** | 2.8 | 2.8 | - |
| 13.8 | 10.9 | +26% | 13.9 | Sales power - BtB and BtC (TWh) | 50.7 | 52.1 | -3% |
| 30.1 | 13.9 | x2.2 | 30.7 | Sales gas - BtB and BtC (TWh) | 98.6 | 100.9 | -2% |
| * | Solar, wind, hydroelectric and gas flexible capacities. |
| ** | End of period data. |
| *** | Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net power production was 11.4 TWh in the fourth quarter 2024, up 2% on the quarter due to the seasonal increase in power production from flexible capacities in Europe.
Over the year, net power production was up 23%, at 41 TWh. Notably, production from renewables increased 38% and accounted for more than 60% of the electricity generated.
Gross installed renewable power generation capacity reached 26 GW at the end of the fourth quarter 2024, up 1.8 GW quarter-to-quarter.
4.3.2 Results
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | In millions of dollars | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 575 | 485 | +19% | 527 | Adjusted net operating income | 2,173 | 1,853 | +17% |
| (25) | 29 | ns | 21 | including adjusted income from equity affiliates | - | 137 | -100% |
| 109 | 707 | -85% | 674 | Organic investments (1) | 2,355 | 2,582 | -9% |
| (662) | 1,529 | ns | 532 | Acquisitions net of assets sales (1) | 1,514 | 2,363 | -36% |
| (553) | 2,236 | ns | 1,206 | Net investments (1) | 3,869 | 4,945 | -22% |
| 604 | 636 | -5% | 705 | Cash flow from operations excluding working capital (CFFO) (1) | 2,555 | 2,152 | +19% |
| 1,201 | 373 | x3.2 | 638 | Cash flow from operating activities | 2,972 | 3,573 | -17% |
In the fourth quarter 2024, Integrated Power adjusted net operating income was $575 million, up 19% quarter-to-quarter.
In 2024, Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $2,173 million and $2,555 million, respectively, up nearly 20% year-on-year and in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments of the value chain contributing to achieving annual guidance (> $2.5 billion CFFO).
9
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
| 4Q24 | 3Q24 | 4Q24 |
4Q23 | In millions of dollars | 2024 | 2023 | 2024 |
| 680 | 605 | +12% | 939 | Adjusted net operating income | 3,520 | 6,112 | -42% |
| 1,013 | 561 | +81% | 1,504 | Organic investments (1) | 2,662 | 3,105 | -14% |
| (172) | 112 | ns | (1,679) | Acquisitions net of assets sales (1) | (1,262) | (2,042) | ns |
| 841 | 673 | +25% | (175) | Net investments (1) | 1,400 | 1,063 | +32% |
| 1,356 | 1,177 | +15% | 1,692 | Cash flow from operations excluding working capital (CFFO) (1) | 6,079 | 8,171 | -26% |
| 4,610 | 1,145 | x4 | 6,584 | Cash flow from operating activities | 6,709 | 9,914 | -32% |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
| 4Q24 | 3Q24 | 4Q24 3Q24 |
4Q23 | Refinery throughput and utilization rate | 2024 | 2023 | 2024 2023 |
| 1,432 | 1,539 | -7% | 1,381 | Total refinery throughput (kb/d) | 1,472 | 1,436 | +2% |
| 424 | 451 | -6% | 444 | France | 422 | 414 | +2% |
| 541 | 625 | -13% | 582 | Rest of Europe | 605 | 592 | +2% |
| 467 | 463 | +1% | 355 | Rest of world | 446 | 431 | +3% |
| 82% | 86% | 79% | Utilization rate based on crude only* | 83% | 81% |
| * | Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024. |
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Petrochemicals production and utilization rate | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 1,233 | 1,314 | -6% | 1,114 | Monomers* (kt) | 5,082 | 4,896 | +4% |
| 1,080 | 1,167 | -7% | 985 | Polymers (kt) | 4,433 | 4,130 | +7% |
| 79% | 85% | 60% | Steam cracker utilization rate** | 79% | 69% |
| * | Olefins. |
| ** | Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. |
Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround at the Leuna refinery in Germany.
Over 2024, the utilization rate based on crude was 83%, below the annual objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery in the United States.
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4.5.2 Results
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | In millions of dollars, except ERM | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 25.9 | 15.4 | +68% | 52.6 | European Refining Margin Marker (ERM) ($/t) * | 39.5 | 71.0 | -44% |
| 318 | 241 | +32% | 633 | Adjusted net operating income | 2,160 | 4,654 | -54% |
| 581 | 329 | +77% | 1,002 | Organic investments (1) | 1,711 | 2,040 | -16% |
| (92) | 34 | ns | (11) | Acquisitions net of assets sales (1) | (173) | (118) | ns |
| 489 | 363 | +35% | 991 | Net investments (1) | 1,538 | 1,922 | -20% |
| 822 | 530 | +55% | 1,173 | Cash flow from operations excluding working capital (CFFO) (1) | 3,760 | 5,853 | -36% |
| 3,832 | 564 | x6.8 | 4,825 | Cash flow from operating activities | 3,808 | 7,957 | -52% |
| * | This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. |
In the fourth quarter 2024, for Refining & Chemicals:
| · | adjusted net operating income was $318 million, up 32% quarter-to-quarter, thanks to a $10/t increase in European refining margins, |
| · | cash flow from operations excluding working capital (CFFO) was $822 million, up 55% quarter-to-quarter, for the same reasons and thanks to dividends received from equity affiliates during the quarter. |
In 2024, for Refining & Chemicals, adjusted net operating income and cash flow from operations excluding working capital (CFFO) were both down, amounting to $2,160 million and $3,760 million, respectively, reflecting lower refining margins in Europe and the Rest of the World.
4.6 Marketing & Services
4.6.1 Petroleum product sales
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | Sales in kb/d* | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 1,312 | 1,383 | -5% | 1,341 | Total Marketing & Services sales | 1,342 | 1,375 | -2% |
| 724 | 795 | -9% | 755 | Europe | 752 | 776 | -3% |
| 587 | 588 | - | 587 | Rest of world | 591 | 599 | -1% |
| * | Excludes trading and bulk refining sales. |
Sales of petroleum products in the fourth quarter 2024 were down 5% quarter-to-quarter, mainly due to seasonality of European fuel demand.
4.6.2 Results
| 4Q24 | 2024 | ||||||
| 4Q24 | 3Q24 | vs | 4Q23 | In millions of dollars | 2024 | 2023 | vs |
| 3Q24 | 2023 | ||||||
| 362 | 364 | -1% | 306 | Adjusted net operating income | 1,360 | 1,458 | -7% |
| 432 | 232 | +86% | 502 | Organic investments (1) | 951 | 1,065 | -11% |
| (80) | 78 | ns | (1,668) | Acquisitions net of assets sales (1) | (1,089) | (1,924) | ns |
| 352 | 310 | +14% | (1,166) | Net investments (1) | (138) | (859) | ns |
| 534 | 647 | -17% | 519 | Cash flow from operations excluding working capital (CFFO) (1) | 2,319 | 2,318 | - |
| 778 | 581 | +34% | 1,759 | Cash flow from operating activities | 2,901 | 1,957 | +48% |
Marketing & Services adjusted net operating income was stable quarter-to-quarter at $362 million and cash flow from operations excluding working capital (CFFO) was $534 million.
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5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
| · | $4,992 million in the fourth quarter 2024 versus $4,635 million in the third quarter 2024, mainly due to increases in hydrocarbon production, gas prices and refining margins that were partially offset by lower oil prices, | |
| · | $20,566 million in 2024 versus $25,107 million in 2023, linked to lower oil & gas prices and refining margins and to low market volatility impacting gas & LNG trading. |
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,406 million in the fourth quarter 2024 versus $4,074 million in the third quarter 2024, for the same reasons.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.
Adjustments to net income were ($ 0.5) billion in the fourth quarter 2024, consisting mainly of:
| · | ($0.4) billion related to impairments, | |
| · | $0.2 billion in inventory effects, | |
| · | ($0.3) billion related to the effect of changes in fair value. |
TotalEnergies’ average tax rate was:
| · | 41.3% in the fourth quarter 2024 versus 38.0% in the third quarter 2024, notably due to the higher relative weight of highly taxed North Sea assets in Exploration & Production, | |
| · | 39.4% in 2024 versus 37.5% a year ago, notably due to a higher weight of Exploration & Production in the Company’s results. |
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
| · | $1.90 in the fourth quarter 2024, based on 2,282 million weighted average diluted shares, compared to $1.74 in the third quarter 2024, | |
| · | $7.77 in 2024, based on 2,315 million weighted average diluted shares, compared to $9.40 in 2023. |
As of December 31, 2024, the number of diluted shares was 2,270 million.
As part of its shareholder return policy, TotalEnergies repurchased:
| · | 32.9 million shares for cancellation in the fourth quarter 2024 for $2 billion, | |
| · | 121 million shares for cancellation in 2024 for $8 billion. |
5.4 Acquisitions – asset sales
Acquisitions were :
| · | $1,233 million in the fourth quarter 2024, primarily related to Sapura OMV in Malaysia and interests in dry gas fields operated by Lewis Energy in the Eagle Ford in Texas, | |
| · | $4,646 million in 2024, related to the above acquisitions as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in Texas, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible gas capacity in the United Kingdom and interest in offshore wind in Germany in 2023 and in The Netherlands in 2024. |
Divestments were :
| · | $1,209 million in the fourth quarter 2024, primarily related to the farm down of renewable and flexible assets in the United States, the sale of a 50% interest in the West Burton plant in the United Kingdom as well as the sales of TotalEnergies EP Brunei, TotalEnergies’ interest in Total PARCO in Pakistan and a minority interest in the Natref refinery in South Africa. | |
| · | $3,240 million in 2024, related to the above divestments as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg and the Netherlands, the sale of a 15% interest in Absheron in Azerbaijan, the farm down of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France. |
12
5.5 Net cash flow (1)
TotalEnergies’ net cash flow was:
| · | $3,288 million in the fourth quarter 2024 versus $1,057 million in the third quarter, reflecting the $330 million increase in CFFO and the $1,901 million decrease in net investments to $3,863 million in the fourth quarter 2024. | |
| · | $12,088 million in 2024 versus $19,109 million in 2023, reflecting the $6,029 million decrease in CFFO and the $992 million increase in net investments to $17,829 million in 2024. |
2024 cash flow from operating activities was $12,507 million in the fourth quarter 2024 versus CFFO of $7,151 million, which reflects positive variation from a $5.4 billion working capital release, including around $1.5 billion related to exceptional items.
5.6 Profitability
Return on equity was 15.8% for the twelve months ended December 31, 2024.
| In millions of dollars | January1,
2024 December 31, 2024 |
October1,
2023 September 30, 2024 |
January1,
2023 December 31, 2023 |
| Adjusted net income (1) | 18,586 | 19,398 | 23,450 |
| Average adjusted shareholders' equity | 117,835 | 116,572 | 115,006 |
| Return on equity (ROE) | 15.8% | 16.6% | 20.4% |
Return on average capital employed (1) was 14.8% for the twelve months ended December 31, 2024.
| In millions of dollars | January1,
2024 December 31, 2024 |
October1,
2023 September 30, 2024 |
January1,
2023 December 31, 2023 |
| Adjusted net operating income (1) | 19,974 | 20,701 | 24,684 |
| Average capital employed (1) | 135,174 | 142,195 | 130,517 |
| ROACE (1) | 14.8% | 14.6% | 18.9% |
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to €15,275 million in 2024, compared to €11,232 million in 2023.
7. Annual 2025 Sensitivities (16)
| Change | Estimated impact on adjusted net operating income |
Estimated
impact on cash flow from operations | |
| Dollar | +/- 0.1 $ per € | -/+ 0.1 B$ | ~0 B$ |
| Average liquids price (17) | +/- 10 $/b | +/- 2.3 B$ | +/- 2.8 B$ |
| European gas price - TTF | +/- 2 $/Mbtu | +/- 0.4 B$ | +/- 0.4 B$ |
| European Refining Margin Marker (ERM) | +/- 10 $/t | +/- 0.4 B$ | +/- 0.5 B$ |
| (16) | Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. | |
| (17) | In a 70-80 $/b Brent environment. |
13
8. Outlook
At the beginning of 2025, Brent prices remain volatile between $70 and $80/b, supported by the willingness of OPEC+ countries to balance oil markets that are facing strong supply growth from non-OPEC countries (US, Guyana, Brazil). According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in 2025, up from a 0.8 Mb/d increase in 2024.
European gas prices increased at the end of 2024 and forward markets currently expect prices to be above $13/Mbtu in the first quarter of 2025, supported by high winter consumption and rapid inventory declines in Europe in the context of the interruption of Russian imports via Ukraine. Gas markets should remain in tension in 2025 due to very limited expected capacity additions related to delays of some projects. TotalEnergies expects more than 40 Mt of LNG sales in 2025. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be above $10/Mbtu in the first quarter 2025.
In 2025, TotalEnergies anticipates its hydrocarbon production will grow more than 3%, benefiting from the ramp-up of 2024 start-ups and production start-ups, notably Ballymore in the Gulf of Mexico and Mero-4 in Brazil.
First quarter 2025 hydrocarbon production is expected to be between 2.5 and 2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the acquisitions of SapuraOMV in Malaysia and of interests in the Eagle Ford shale gas play in Texas that occurred during the fourth quarter 2024.
The Integrated Power segment is expected to expand in 2025 supported by electricity production growth greater than 20% to reach an annual net electricity generation of more than 50 TWh. Cash flow before working capital (CFFO) is expected to be between $2.5 and $3 billion in 2025.
By combining hydrocarbon and electricity production growth, the Company expects to increase energy production by 5% in 2025. Integrated Power production will represent 10% of hydrocarbon production.
For 2025, TotalEnergies expects net investments of $17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly Integrated Power. Organic investments should amount to approximately $17 billion, focused on core growth projects to achieve 2030 production targets, down from the $18 billion guidance presented during the Strategy & Outlook in October 2024.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 3:00pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501. The conference replay will be available on the Company's website totalenergies.com after the event.
* * * *
| TotalEnergies contacts | |||||
| Media Relations: | +33 | (0)1 | 47 | 44 | 46 99 l presse@totalenergies.com l @TotalEnergiesPR |
| Investor Relations: | +33 | (0)1 | 47 | 44 | 46 46 l ir@totalenergies.com |
14
9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Combined
liquids and gas production by region (kboe/d) |
2024 | 2023 | 2024 vs 2023 |
| 589 | 556 | +6% | 592 | Europe | 569 | 565 | +1% |
| 437 | 452 | -3% | 451 | Africa | 450 | 471 | -4% |
| 790 | 799 | -1% | 788 | Middle East and North Africa | 807 | 764 | +6% |
| 401 | 388 | +3% | 376 | Americas | 375 | 426 | -12% |
| 210 | 214 | -2% | 256 | Asia-Pacific | 233 | 257 | -9% |
| 2,427 | 2,409 | +1% | 2,462 | Total production | 2,434 | 2,483 | -2% |
| 369 | 371 | -1% | 331 | includes equity affiliates | 361 | 335 | +8% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Liquids production by region (kb/d) | 2024 | 2023 | 2024 vs 2023 |
| 228 | 221 | +3% | 236 | Europe | 225 | 232 | -3% |
| 318 | 329 | -3% | 328 | Africa | 325 | 348 | -6% |
| 627 | 637 | -1% | 629 | Middle East and North Africa | 644 | 612 | +5% |
| 193 | 189 | +2% | 207 | Americas | 180 | 251 | -28% |
| 79 | 90 | -13% | 106 | Asia-Pacific | 94 | 107 | -12% |
| 1,445 | 1,466 | -1% | 1,506 | Total production | 1,468 | 1,550 | -5% |
| 151 | 154 | -2% | 141 | includes equity affiliates | 152 | 150 | +2% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Gas production by region (Mcf/d) | 2024 | 2023 | 2024 vs 2023 |
| 1,951 | 1,812 | +8% | 1,921 | Europe | 1,862 | 1,801 | +3% |
| 620 | 632 | -2% | 612 | Africa | 630 | 614 | +3% |
| 889 | 888 | - | 881 | Middle East and North Africa | 894 | 833 | +7% |
| 1,154 | 1,100 | +5% | 941 | Americas | 1,080 | 975 | +11% |
| 709 | 661 | +7% | 803 | Asia-Pacific | 745 | 805 | -7% |
| 5,323 | 5,093 | +5% | 5,158 | Total production | 5,211 | 5,028 | +4% |
| 1,181 | 1,190 | -1% | 1,027 | includes equity affiliates | 1,135 | 1,004 | +13% |
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9.2 Downstream (Refining & Chemicals and Marketing & Services)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Petroleum product sales by region (kb/d) | 2024 | 2023 | 2024 vs 2023 |
| 1,820 | 1,932 | -6% | 1,789 | Europe | 1,842 | 1,734 | +6% |
| 614 | 585 | +5% | 610 | Africa | 587 | 624 | -6% |
| 970 | 1,091 | -11% | 1,055 | Americas | 1,021 | 942 | +8% |
| 975 | 747 | +31% | 697 | Rest of world | 768 | 652 | +18% |
| 4,380 | 4,355 | +1% | 4,151 | Total consolidated sales | 4,218 | 3,953 | +7% |
| 343 | 395 | -13% | 402 | Includes bulk sales | 384 | 405 | -5% |
| 2,725 | 2,578 | +6% | 2,408 | Includes trading | 2,492 | 2,173 | +15% |
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | Petrochemicals production* (kt) | 2024 | 2023 | 2024 vs 2023 |
| 875 | 954 | -8% | 845 | Europe | 3,719 | 3,936 | -6% |
| 701 | 765 | -8% | 528 | Americas | 2,867 | 2,366 | +21% |
| 737 | 762 | -3% | 725 | Middle East and Asia | 2,929 | 2,724 | +8% |
| * | Olefins, polymers. |
16
9.3 Integrated Power
9.3.1 Net power production
| Net power production (TWh) | 4Q24 | 3Q24 | ||||||||||||
| Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | Solar | Onshore Wind |
Offshore Wind |
Gas | Others | Total | |||
| France | 0.2 | 0.3 | - | 1.4 | 0.0 | 1.9 | 0.2 | 0.1 | - | 0.6 | 0.0 | 0.9 | ||
| Rest of Europe | 0.1 | 0.6 | 0.4 | 2.1 | 0.0 | 3.2 | 0.1 | 0.4 | 0.2 | 1.3 | 0.1 | 2.1 | ||
| Africa | 0.0 | 0.0 | - | - | - | 0.0 | 0.0 | 0.0 | - | - | - | 0.0 | ||
| Middle East | 0.2 | - | - | 0.2 | - | 0.4 | 0.2 | - | - | 0.3 | - | 0.5 | ||
| North America | 0.9 | 0.5 | - | 1.1 | - | 2.5 | 1.2 | 0.4 | - | 2.2 | - | 3.8 | ||
| South America | 0.1 | 0.9 | - | - | - | 1.1 | 0.1 | 1.1 | - | - | - | 1.2 | ||
| India | 1.6 | 0.2 | - | - | - | 1.9 | 1.6 | 0.4 | - | - | - | 2.0 | ||
| Pacific Asia | 0.3 | 0.0 | 0.2 | - | - | 0.4 | 0.4 | 0.0 | 0.0 | - | - | 0.4 | ||
| Total | 3.4 | 2.5 | 0.6 | 4.9 | 0.1 | 11.4 | 4.0 | 2.4 | 0.3 | 4.4 | 0.1 | 11.1 | ||
9.3.2 Installed power generation net capacity
| Installed
power generation generation net capacity (GW) (18) |
4Q24 | 3Q24 | ||||||||||||
| Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | Solar | Onshore Wind | Offshore Wind | Gas | Others | Total | |||
| France | 0.7 | 0.4 | - | 2.6 | 0.2 | 4.0 | 0.6 | 0.4 | - | 2.6 | 0.2 | 3.7 | ||
| Rest of Europe | 0.6 | 0.9 | 0.3 | 2.1 | 0.2 | 4.0 | 0.3 | 0.9 | 0.3 | 2.7 | 0.2 | 4.4 | ||
| Africa | 0.0 | - | - | - | - | 0.0 | 0.1 | 0.0 | - | - | 0.0 | 0.1 | ||
| Middle East | 0.4 | - | - | 0.3 | - | 0.8 | 0.4 | - | - | 0.3 | - | 0.8 | ||
| North America | 2.3 | 0.8 | - | 1.5 | 0.3 | 4.9 | 2.6 | 0.8 | - | 1.5 | 0.4 | 5.3 | ||
| South America | 0.4 | 0.9 | - | - | - | 1.3 | 0.4 | 0.9 | - | - | - | 1.2 | ||
| India | 4.8 | 0.6 | - | - | - | 5.3 | 4.3 | 0.5 | - | - | - | 4.9 | ||
| Pacific Asia | 1.1 | 0.0 | 0.2 | - | - | 1.3 | 1.1 | 0.0 | 0.1 | - | 0.0 | 1.2 | ||
| Total | 10.3 | 3.6 | 0.5 | 6.5 | 0.6 | 21.5 | 9.8 | 3.6 | 0.4 | 7.1 | 0.7 | 21.6 | ||
(18) End-of-period data.
17
9.3.3 Power generation gross capacity from renewables
| 4Q24 | 3Q24 | |||||||||||
| Installed
power generation gross capacity from renewables (GW) (19),(20) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | ||
| France | 1.2 | 0.7 | - | 0.2 | 2.1 | 1.1 | 0.7 | - | 0.2 | 2.1 | ||
| Rest of Europe | 0.6 | 1.1 | 1.1 | 0.3 | 3.1 | 0.3 | 1.1 | 1.1 | 0.2 | 2.8 | ||
| Africa | 0.1 | - | - | 0.0 | 0.1 | 0.1 | - | - | 0.0 | 0.1 | ||
| Middle East | 1.2 | - | - | - | 1.2 | 1.2 | - | - | - | 1.2 | ||
| North America | 5.4 | 2.2 | - | 0.7 | 8.2 | 4.9 | 2.2 | - | 0.7 | 7.7 | ||
| South America | 0.4 | 1.3 | - | - | 1.7 | 0.4 | 1.3 | - | - | 1.6 | ||
| India | 6.7 | 0.6 | - | - | 7.3 | 6.1 | 0.6 | - | - | 6.7 | ||
| Asia-Pacific | 1.6 | 0.0 | 0.6 | 0.0 | 2.2 | 1.6 | 0.0 | 0.4 | 0.0 | 2.0 | ||
| Total | 17.2 | 6.0 | 1.7 | 1.1 | 26.0 | 15.6 | 5.9 | 1.6 | 1.1 | 24.2 | ||
| 4Q24 | 3Q24 | |||||||||||
| Power
generation gross capacity from renewables in construction (GW) (19),(20) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | |
| France | 0.3 | 0.0 | 0.0 | 0.0 | 0.3 | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | ||
| Rest of Europe | 0.5 | 0.2 | 0.8 | 0.0 | 1.4 | 0.4 | 0.1 | 0.8 | 0.1 | 1.4 | ||
| Africa | 0.4 | 0.1 | - | 0.1 | 0.6 | 0.3 | - | - | 0.1 | 0.4 | ||
| Middle East | 0.1 | - | - | - | 0.1 | 0.1 | - | - | - | 0.1 | ||
| North America | 1.2 | 0.0 | - | 0.5 | 1.8 | 1.7 | 0.0 | - | 0.4 | 2.1 | ||
| South America | 0.4 | 0.6 | - | 0.2 | 1.2 | 0.3 | 0.6 | - | 0.2 | 1.1 | ||
| India | 3.2 | - | - | - | 3.2 | 3.9 | - | - | - | 3.9 | ||
| Asia-Pacific | 0.1 | - | 0.1 | - | 0.1 | 0.1 | - | 0.2 | - | 0.3 | ||
| Total | 6.2 | 1.0 | 0.8 | 0.9 | 8.9 | 6.9 | 0.8 | 1.0 | 0.7 | 9.5 | ||
| 4Q24 | 3Q24 | |||||||||||
| Power
generation gross capacity from renewables in development (GW) (19),(20) |
Solar | Onshore Wind |
Offshore Wind |
Other | Total | Solar | Onshore Wind |
Offshore Wind |
Other | Total | ||
| France | 0.9 | 0.5 | - | 0.1 | 1.5 | 1.1 | 0.4 | - | 0.1 | 1.6 | ||
| Rest of Europe | 4.9 | 0.7 | 13.3 | 2.7 | 21.6 | 4.6 | 0.8 | 8.9 | 2.6 | 16.9 | ||
| Africa | 0.6 | 0.2 | - | - | 0.8 | 0.7 | 0.3 | - | - | 1.0 | ||
| Middle East | 2.3 | 0.2 | - | - | 2.6 | 1.8 | - | - | - | 1.8 | ||
| North America | 10.3 | 3.1 | 4.1 | 4.4 | 21.9 | 8.8 | 3.3 | 4.1 | 4.9 | 21.0 | ||
| South America | 1.6 | 1.1 | - | 0.0 | 2.8 | 1.8 | 1.2 | - | 0.0 | 3.0 | ||
| India | 2.3 | 0.1 | - | - | 2.5 | 2.2 | 0.1 | - | - | 2.3 | ||
| Asia-Pacific | 3.4 | 1.1 | 3.0 | 1.2 | 8.6 | 3.6 | 1.1 | 2.6 | 1.1 | 8.4 | ||
| Total | 26.5 | 7.1 | 20.4 | 8.3 | 62.3 | 24.4 | 7.2 | 15.6 | 8.7 | 55.9 | ||
(19) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(20) End-of-period data.
18
10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
| 4Q24 | 3Q24 | 4Q23 | In millions of dollars | 2024 | 2023 |
| 3,956 | 2,294 | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 |
| (413) | (1,337) | 180 | Special items affecting net income (TotalEnergies share) | (1,219) | (1,105) |
| (25) | - | 1,844 | Gain (loss) on asset sales | 1,372 | 2,047 |
| (6) | (10) | (51) | Restructuring charges | (27) | (56) |
| (232) | (1,100) | (1,023) | Impairments | (1,976) | (2,166) |
| (150) | (227) | (590) | Other | (588) | (930) |
| 216 | (359) | (535) | After-tax inventory effect : FIFO vs. replacement cost | (339) | (699) |
| (253) | (84) | 192 | Effect of changes in fair value | (948) | 12 |
| (450) | (1,780) | (163) | Total adjustments affecting net income | (2,506) | (1,792) |
| 4,406 | 4,074 | 5,226 | Adjusted net income (TotalEnergies share) | 18,264 | 23,176 |
19
10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 3,956 | 2,294 | +72% | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 | -26% |
| 450 | 1,780 | -75% | 163 | Less: adjustment items to net income (TotalEnergies share) | 2,506 | 1,792 | +40% |
| 4,406 | 4,074 | +8% | 5,226 | Adjusted net income (TotalEnergies share) | 18,264 | 23,176 | -21% |
| Adjusted items | |||||||
| 65 | 90 | -28% | 57 | Add: non-controlling interests | 322 | 274 | +18% |
| 2,872 | 2,369 | +21% | 3,004 | Add: income taxes | 11,209 | 12,939 | -13% |
| 2,715 | 3,048 | -11% | 3,060 | Add: depreciation, depletion and impairment of tangible assets and mineral interests | 11,667 | 12,012 | -3% |
| 107 | 103 | +4% | 115 | Add: amortization and impairment of intangible assets | 389 | 394 | -1% |
| 786 | 797 | -1% | 660 | Add: financial interest on debt | 3,016 | 2,820 | +7% |
| (422) | (433) | ns | (426) | Less: financial income and expense from cash & cash equivalents | (1,724) | (1,585) | ns |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA | 43,143 | 50,030 | -14% |
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| Adjusted items | |||||||
| 47,115 | 47,429 | -1% | 54,765 | Revenues from sales | 195,610 | 218,945 | -11% |
| (30,305) | (30,856) | ns | (36,651) | Purchases, net of inventory variation | (126,000) | (142,247) | ns |
| (7,094) | (7,147) | ns | (6,956) | Other operating expenses | (29,485) | (29,808) | ns |
| (242) | (101) | ns | (174) | Exploration costs | (528) | (575) | ns |
| 280 | 59 | x4.7 | 169 | Other income | 725 | 504 | +44% |
| (34) | (121) | ns | (150) | Other expense, excluding amortization and impairment of intangible assets | (317) | (288) | ns |
| 296 | 293 | +1% | 276 | Other financial income | 1,304 | 1,221 | +7% |
| (193) | (214) | ns | (180) | Other financial expense | (835) | (722) | ns |
| 706 | 706 | - | 597 | Net income (loss) from equity affiliates | 2,669 | 3,000 | -11% |
| 10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA | 43,143 | 50,030 | -14% |
| Adjusted items | |||||||
| (2,715) | (3,048) | ns | (3,060) | Less: depreciation, depletion and impairment of tangible assets and mineral interests | (11,667) | (12,012) | ns |
| (107) | (103) | ns | (115) | Less: amortization of intangible assets | (389) | (394) | ns |
| (786) | (797) | ns | (660) | Less: financial interest on debt | (3,016) | (2,820) | ns |
| 422 | 433 | -3% | 426 | Add: financial income and expense from cash & cash equivalents | 1,724 | 1,585 | +9% |
| (2,872) | (2,369) | ns | (3,004) | Less: income taxes | (11,209) | (12,939) | ns |
| (65) | (90) | ns | (57) | Less: non-controlling interests | (322) | (274) | ns |
| (450) | (1,780) | ns | (163) | Add: adjustment (TotalEnergies share) | (2,506) | (1,792) | ns |
| 3,956 | 2,294 | +72% | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 | -26% |
20
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 3,745 | 5,562 | -33% | 632 | Cash flow used in investing activities ( a ) | 17,332 | 16,454 | +5% |
| - | - | ns | - | Other transactions with non-controlling interests ( b ) | - | - | ns |
| (2) | 57 | ns | 3 | Organic loan repayment from equity affiliates ( c ) | 29 | (2) | ns |
| (52) | - | ns | (3) | Change in debt from renewable projects financing ( d ) * | (52) | 78 | ns |
| 152 | 119 | 28% | 71 | Capex linked to capitalized leasing contracts ( e ) | 471 | 259 | +82% |
| 20 | 26 | -23% | 32 | Expenditures related to carbon credits ( f ) | 49 | 48 | +2% |
| 3,863 | 5,764 | -33% | 735 | Net investments ( a + b + c + d + e + f = g - i + h ) | 17,829 | 16,837 | +6% |
| 24 | 1,662 | -99% | (5,404) | of which acquisitions net of assets sales ( g-i ) | 1,406 | (1,289) | ns |
| 1,233 | 1,795 | -31% | 698 | Acquisitions ( g ) | 4,646 | 6,428 | -28% |
| 1,209 | 133 | x9.1 | 6,102 | Asset sales ( i ) | 3,240 | 7,717 | -58% |
| 26 | - | ns | - | Change in debt from renewable projects (partner share) | 26 | (81) | ns |
| 3,839 | 4,102 | -6% | 6,139 | of which organic investments ( h ) | 16,423 | 18,126 | -9% |
| 122 | 148 | -17% | 214 | Capitalized exploration | 516 | 1,094 | -53% |
| 625 | 458 | 36% | 683 | Increase in non-current loans | 2,210 | 1,845 | +20% |
| (619) | (140) | ns | (91) | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (1,083) | (524) | ns |
| (26) | - | ns | (3) | Change in debt from renewable projects (TotalEnergies share) | (26) | (3) | ns |
* Change in debt from renewable projects (TotalEnergies share and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow
| 4Q24 | 3Q24 | 4Q24 vs 3Q24 |
4Q23 | In millions of dollars | 2024 | 2023 | 2024 vs 2023 |
| 12,507 | 7,171 | +74% | 16,150 | Cash flow from operating activities ( a ) | 30,854 | 40,679 | -24% |
| 5,072 | 871 | x5.8 | 8,377 | (Increase) decrease in working capital ( b ) * | 1,491 | 5,526 | -73% |
| 282 | (464) | ns | (724) | Inventory effect ( c ) | (525) | (714) | ns |
| - | - | ns | (0) | Capital gain from renewable project sales ( d ) | - | 81 | -100% |
| (2) | 57 | ns | 3 | Organic loan repayments from equity affiliates ( e ) | 29 | (2) | ns |
| 7,151 | 6,821 | +5% | 8,500 | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 29,917 | 35,946 | -17% |
| (247) | (188) | ns | (29) | Financial charges | (697) | (505) | ns |
| 7,398 | 7,009 | +6% | 8,529 | Debt Adjusted Cash Flow (DACF) | 30,614 | 36,451 | -16% |
| 3,839 | 4,102 | -6% | 6,139 | Organic investments ( g ) | 16,423 | 18,126 | -9% |
| 3,312 | 2,719 | +22% | 2,361 | Free cash flow after organic investments ( f - g ) | 13,494 | 17,820 | -24% |
| 3,863 | 5,764 | -33% | 735 | Net investments ( h ) | 17,829 | 16,837 | +6% |
| 3,288 | 1,057 | x3.1 | 7,765 | Net cash flow ( f - h ) | 12,088 | 19,109 | -37% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
21
10.5 Gearing ratio
| In millions of dollars | 12/31/2024 | 09/30/2024 | 12/31/2023 |
| Current borrowings * | 7,929 | 11,805 | 7,869 |
| Other current financial liabilities | 664 | 488 | 446 |
| Current financial assets *,** | (6,536) | (5,780) | (6,256) |
| Net financial assets classified as held for sale * | 33 | 204 | 17 |
| Non-current financial debt * | 35,711 | 37,824 | 32,722 |
| Non-current financial assets * | (1,027) | (1,307) | (1,229) |
| Cash and cash equivalents | (25,844) | (25,672) | (27,263) |
| Net debt ( a ) | 10,930 | 17,562 | 6,306 |
| Shareholders’ equity (TotalEnergies share) | 117,858 | 116,059 | 116,753 |
| Non-controlling interests | 2,397 | 2,557 | 2,700 |
| Shareholders' equity (b) | 120,255 | 118,616 | 119,453 |
| Gearing = a / ( a+b ) | 8.3% | 12.9% | 5.0% |
| Leases (c) | 8,272 | 8,338 | 8,275 |
| Gearing including leases ( a+c ) / ( a+b+c ) | 13.8% | 17.9% | 10.9% |
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.
10.6 Return on average capital employed
| In millions of dollars | Exploration & Production |
Integrated LNG |
Integrated
Power |
Refining &
Chemicals |
Marketing & Services | Company | |
| Adjusted net operating income | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | 19,974 | |
| Capital employed at 12/31/2023 | 63,870 | 36,048 | 21,511 | 6,043 | 7,674 | 132,222 | |
| Capital employed at 12/31/2024 | 64,430 | 41,477 | 21,739 | 5,564 | 6,870 | 138,125 | |
| ROACE | 15.6% | 12.6% | 10.0% | 37.2% | 18.7% | 14.8% |
10.7 Payout
| In millions of dollars | 2024 | 9M24 | 2023 |
| Dividend paid (parent company shareholders) | 7,717 | 5,719 | 7,517 |
| Repayment of treasury shares | 7,995 | 6,018 | 9,167 |
| Payout ratio | 50% | 49% | 46% |
22
GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling
23
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.
24
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the fourth quarter of 2024 and the full year of 2024 from the consolidated financial statements of TotalEnergies SE as of December 31, 2024 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the website totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier).
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally, the developments of environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
25
TotalEnergies financial statements
Fourth quarter and full-year 2024 consolidated accounts, IFRS
26
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
| 4th quarter | 3rd quarter | 4th quarter | |
| (M$) (a) | 2024 | 2024 | 2023 |
| Sales | 52,508 | 52,021 | 59,237 |
| Excise taxes | (5,393) | (4,592) | (4,472) |
| Revenues from sales | 47,115 | 47,429 | 54,765 |
| Purchases, net of inventory variation | (30,342) | (31,425) | (37,150) |
| Other operating expenses | (7,219) | (7,269) | (7,166) |
| Exploration costs | (242) | (572) | (174) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,715) | (3,392) | (3,539) |
| Other income | 306 | 45 | 2,685 |
| Other expense | (341) | (374) | (802) |
| Financial interest on debt | (786) | (797) | (660) |
| Financial income and expense from cash & cash equivalents | 449 | 457 | 439 |
| Cost of net debt | (337) | (340) | (221) |
| Other financial income | 319 | 319 | 303 |
| Other financial expense | (193) | (214) | (189) |
| Net income (loss) from equity affiliates | 597 | 333 | (136) |
| Income taxes | (2,929) | (2,179) | (3,339) |
| Consolidated net income | 4,019 | 2,361 | 5,037 |
| TotalEnergies share | 3,956 | 2,294 | 5,063 |
| Non-controlling interests | 63 | 67 | (26) |
| Earnings per share ($) | 1.72 | 0.97 | 2.11 |
| Fully-diluted earnings per share ($) | 1.70 | 0.96 | 2.09 |
(a) Except for per share amounts.
27
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
| 4th quarter | 3rd quarter | 4th quarter | ||
| (M$) | 2024 | 2024 | 2023 | |
| Consolidated net income | 4,019 | 2,361 | 5,037 | |
| Other comprehensive income | ||||
| Actuarial gains and losses | (3) | 3 | (251) | |
| Change in fair value of investments in equity instruments | 142 | (141) | (17) | |
| Tax effect | 36 | 29 | 42 | |
| Currency translation adjustment generated by the parent company | (5,125) | 3,151 | 3,025 | |
| Items not potentially reclassifiable to profit and loss | (4,950) | 3,042 | 2,799 | |
| Currency translation adjustment | 3,594 | (2,457) | (3,182) | |
| Cash flow hedge | 1,732 | (13) | 701 | |
| Variation of foreign currency basis spread | (13) | (4) | (16) | |
| Share of other comprehensive income of equity affiliates, net amount | 76 | (208) | (144) | |
| Other | (1) | 2 | 3 | |
| Tax effect | (441) | (1) | (212) | |
| Items potentially reclassifiable to profit and loss | 4,947 | (2,681) | (2,850) | |
| Total other comprehensive income (net amount) | (3) | 361 | (51) | |
| Comprehensive income | 4,016 | 2,722 | 4,986 | |
| TotalEnergies share | 4,001 | 2,631 | 4,995 | |
| Non-controlling interests | 15 | 91 | (9) |
28
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
| Year
2024 (unaudited) |
Year
2023 | |
| (M$) (a) | ||
| Sales | 214,550 | 237,128 |
| Excise taxes | (18,940) | (18,183) |
| Revenues from sales | 195,610 | 218,945 |
| Purchases, net of inventory variation | (127,664) | (143,041) |
| Other operating expenses | (29,860) | (30,419) |
| Exploration costs | (999) | (573) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (12,025) | (12,762) |
| Other income | 2,112 | 3,677 |
| Other expense | (1,281) | (2,396) |
| Financial interest on debt | (3,016) | (2,820) |
| Financial income and expense from cash & cash equivalents | 1,786 | 1,801 |
| Cost of net debt | (1,230) | (1,019) |
| Other financial income | 1,403 | 1,285 |
| Other financial expense | (835) | (731) |
| Net income (loss) from equity affiliates | 1,575 | 1,845 |
| Income taxes | (10,775) | (13,301) |
| Consolidated net income | 16,031 | 21,510 |
| TotalEnergies share | 15,758 | 21,384 |
| Non-controlling interests | 273 | 126 |
| Earnings per share ($) | 6.74 | 8.72 |
| Fully-diluted earnings per share ($) | 6.69 | 8.67 |
(a) Except for per share amounts.
29
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
| Year
2024 (unaudited) |
Year
2023 | |
| (M$) | ||
| Consolidated net income | 16,031 | 21,510 |
| Other comprehensive income | ||
| Actuarial gains and losses | 20 | (114) |
| Change in fair value of investments in equity instruments | 144 | (11) |
| Tax effect | 46 | (11) |
| Currency translation adjustment generated by the parent company | (4,163) | 2,573 |
| Items not potentially reclassifiable to profit and loss | (3,953) | 2,437 |
| Currency translation adjustment | 2,759 | (3,277) |
| Cash flow hedge | 3,119 | 2,898 |
| Variation of foreign currency basis spread | (32) | (11) |
| Share of other comprehensive income of equity affiliates, net amount | (246) | (208) |
| Other | 1 | (2) |
| Tax effect | (814) | (730) |
| Items potentially reclassifiable to profit and loss | 4,787 | (1,330) |
| Total other comprehensive income (net amount) | 834 | 1,107 |
| Comprehensive income | 16,865 | 22,617 |
| TotalEnergies share | 16,636 | 22,534 |
| Non-controlling interests | 229 | 83 |
30
CONSOLIDATED BALANCE SHEET
TotalEnergies
| December 31, | September 30, | December 31, | ||
| 2024 | 2024 | 2023 | ||
| (M$) | (unaudited) | (unaudited) | ||
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets, net | 34,238 | 33,891 | 33,083 | |
| Property, plant and equipment, net | 109,095 | 110,125 | 108,916 | |
| Equity affiliates : investments and loans | 34,405 | 33,963 | 30,457 | |
| Other investments | 1,665 | 1,656 | 1,543 | |
| Non-current financial assets | 2,305 | 2,578 | 2,395 | |
| Deferred income taxes | 3,202 | 3,727 | 3,418 | |
| Other non-current assets | 4,006 | 4,170 | 4,313 | |
| Total non-current assets | 188,916 | 190,110 | 184,125 | |
| Current assets | ||||
| Inventories, net | 18,868 | 18,532 | 19,317 | |
| Accounts receivable, net | 19,281 | 18,777 | 23,442 | |
| Other current assets | 23,687 | 21,933 | 20,821 | |
| Current financial assets | 6,914 | 6,151 | 6,585 | |
| Cash and cash equivalents | 25,844 | 25,672 | 27,263 | |
| Assets classified as held for sale | 1,977 | 2,830 | 2,101 | |
| Total current assets | 96,571 | 93,895 | 99,529 | |
| Total assets | 285,487 | 284,005 | 283,654 | |
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||
| Shareholders' equity | ||||
| Common shares | 7,577 | 7,577 | 7,616 | |
| Paid-in surplus and retained earnings | 135,496 | 130,804 | 126,857 | |
| Currency translation adjustment | (15,259) | (13,793) | (13,701) | |
| Treasury shares | (9,956) | (8,529) | (4,019) | |
| Total shareholders' equity - TotalEnergies share | 117,858 | 116,059 | 116,753 | |
| Non-controlling interests | 2,397 | 2,557 | 2,700 | |
| Total shareholders' equity | 120,255 | 118,616 | 119,453 | |
| Non-current liabilities | ||||
| Deferred income taxes | 12,114 | 11,750 | 11,688 | |
| Employee benefits | 1,753 | 1,890 | 1,993 | |
| Provisions and other non-current liabilities | 19,872 | 20,290 | 21,257 | |
| Non-current financial debt | 43,533 | 45,750 | 40,478 | |
| Total non-current liabilities | 77,272 | 79,680 | 75,416 | |
| Current liabilities | ||||
| Accounts payable | 39,932 | 34,668 | 41,335 | |
| Other creditors and accrued liabilities | 35,961 | 34,716 | 36,727 | |
| Current borrowings | 10,024 | 13,853 | 9,590 | |
| Other current financial liabilities | 664 | 488 | 446 | |
| Liabilities directly associated with the assets classified as held for sale | 1,379 | 1,984 | 687 | |
| Total current liabilities | 87,960 | 85,709 | 88,785 | |
| Total liabilities & shareholders' equity | 285,487 | 284,005 | 283,654 | |
31
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
| (M$) | 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
|
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 4,019 | 2,361 | 5,037 | |
| Depreciation, depletion, amortization and impairment | 2,971 | 4,020 | 3,815 | |
| Non-current liabilities, valuation allowances and deferred taxes | 44 | (93) | (268) | |
| (Gains) losses on disposals of assets | (66) | (3) | (2,609) | |
| Undistributed affiliates' equity earnings | 99 | (13) | 940 | |
| (Increase) decrease in working capital | 5,201 | 836 | 8,308 | |
| Other changes, net | 239 | 63 | 927 | |
| Cash flow from operating activities | 12,507 | 7,171 | 16,150 | |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (3,680) | (4,110) | (5,076) | |
| Acquisitions of subsidiaries, net of cash acquired | (932) | (497) | (10) | |
| Investments in equity affiliates and other securities | (313) | (845) | (1,066) | |
| Increase in non-current loans | (658) | (458) | (683) | |
| Total expenditures | (5,583) | (5,910) | (6,835) | |
| Proceeds from disposals of intangible assets and property, plant and equipment | 314 | 32 | 2,776 | |
| Proceeds from disposals of subsidiaries, net of cash sold | 654 | 82 | 3,333 | |
| Proceeds from disposals of non-current investments | 220 | 37 | - | |
| Repayment of non-current loans | 650 | 197 | 94 | |
| Total divestments | 1,838 | 348 | 6,203 | |
| Cash flow used in investing activities | (3,745) | (5,562) | (632) | |
| CASH FLOW FROM FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | - | - | - | |
| - Treasury shares | (1,977) | (2,005) | (2,964) | |
| Dividends paid: | ||||
| - Parent company shareholders | (1,998) | (1,963) | (1,869) | |
| - Non-controlling interests | (18) | (171) | (17) | |
| Net issuance (repayment) of perpetual subordinated notes | 1,165 | - | - | |
| Payments on perpetual subordinated notes | (82) | (23) | (54) | |
| Other transactions with non-controlling interests | (17) | (14) | (16) | |
| Net issuance (repayment) of non-current debt | 91 | 3,080 | (21) | |
| Increase (decrease) in current borrowings | (4,136) | 911 | (8,458) | |
| Increase (decrease) in current financial assets and liabilities | (965) | 760 | 360 | |
| Cash flow from / (used in) financing activities | (7,937) | 575 | (13,039) | |
| Net increase (decrease) in cash and cash equivalents | 825 | 2,184 | 2,479 | |
| Effect of exchange rates | (653) | 277 | 53 | |
| Cash and cash equivalents at the beginning of the period | 25,672 | 23,211 | 24,731 | |
| Cash and cash equivalents at the end of the period | 25,844 | 25,672 | 27,263 |
32
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
| Year | Year | |
| 2024 | 2023 | |
| (unaudited) | ||
| (M$) | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Consolidated net income | 16,031 | 21,510 |
| Depreciation, depletion, amortization and impairment | 13,107 | 13,818 |
| Non-current liabilities, valuation allowances and deferred taxes | 190 | 813 |
| (Gains) losses on disposals of assets | (1,497) | (3,452) |
| Undistributed affiliates' equity earnings | 124 | 649 |
| (Increase) decrease in working capital | 2,364 | 6,091 |
| Other changes, net | 535 | 1,250 |
| Cash flow from operating activities | 30,854 | 40,679 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||
| Intangible assets and property, plant and equipment additions | (14,909) | (17,722) |
| Acquisitions of subsidiaries, net of cash acquired | (2,439) | (1,772) |
| Investments in equity affiliates and other securities | (2,127) | (3,477) |
| Increase in non-current loans | (2,275) | (1,889) |
| Total expenditures | (21,750) | (24,860) |
| Proceeds from disposals of intangible assets and property, plant and equipment | 727 | 3,789 |
| Proceeds from disposals of subsidiaries, net of cash sold | 2,167 | 3,561 |
| Proceeds from disposals of non-current investments | 347 | 490 |
| Repayment of non-current loans | 1,177 | 566 |
| Total divestments | 4,418 | 8,406 |
| Cash flow used in investing activities | (17,332) | (16,454) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Issuance (repayment) of shares: | ||
| - Parent company shareholders | 521 | 383 |
| - Treasury shares | (7,995) | (9,167) |
| Dividends paid: | ||
| - Parent company shareholders | (7,717) | (7,517) |
| - Non-controlling interests | (322) | (311) |
| Net issuance (repayment) of perpetual subordinated notes | (457) | (1,081) |
| Payments on perpetual subordinated notes | (314) | (314) |
| Other transactions with non-controlling interests | (67) | (126) |
| Net issuance (repayment) of non-current debt | 7,532 | 130 |
| Increase (decrease) in current borrowings | (5,142) | (14,289) |
| Increase (decrease) in current financial assets and liabilities | (464) | 2,562 |
| Cash flow from / (used in) financing activities | (14,425) | (29,730) |
| Net increase (decrease) in cash and cash equivalents | (903) | (5,505) |
| Effect of exchange rates | (516) | (258) |
| Cash and cash equivalents at the beginning of the period | 27,263 | 33,026 |
| Cash and cash equivalents at the end of the period | 25,844 | 27,263 |
33
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2024 )
___
| Common shares issued | Paid-in | Treasury shares | Shareholders' | ||||||
| (M$) | Number | Amount | surplus
and retained earnings |
Currency translation adjustment |
Number | Amount | equity
- TotalEnergies share |
Non- controlling interests |
Total
shareholders' equity |
| As of January 1, 2023 | 2,619,131,285 | 8,163 | 123,951 | (12,836) | (137,187,667) | (7,554) | 111,724 | 2,846 | 114,570 |
| Net income 2023 | - | - | 21,384 | - | - | - | 21,384 | 126 | 21,510 |
| Other comprehensive Income | - | - | 1,987 | (837) | - | - | 1,150 | (43) | 1,107 |
| Comprehensive Income | - | - | 23,371 | (837) | - | - | 22,534 | 83 | 22,617 |
| Dividend | - | - | (7,611) | - | - | - | (7,611) | (311) | (7,922) |
| Issuance of common shares | 8,002,155 | 22 | 361 | - | - | - | 383 | - | 383 |
| Purchase of treasury shares | - | - | - | - | (144,700,577) | (9,167) | (9,167) | - | (9,167) |
| Sale of treasury shares (1) | - | - | (396) | - | 6,463,426 | 396 | - | - | - |
| Share-based payments | - | - | 291 | - | - | - | 291 | - | 291 |
| Share cancellation | (214,881,605) | (569) | (11,737) | - | 214,881,605 | 12,306 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (1,107) | - | - | - | (1,107) | - | (1,107) |
| Payments on perpetual subordinated notes | - | - | (294) | - | - | - | (294) | - | (294) |
| Other operations with non-controlling interests | - | - | 30 | (28) | - | - | 2 | 85 | 87 |
| Other items | - | - | (2) | - | - | - | (2) | (3) | (5) |
| As of December 31, 2023 | 2,412,251,835 | 7,616 | 126,857 | (13,701) | (60,543,213) | (4,019) | 116,753 | 2,700 | 119,453 |
| Net income 2024 | - | - | 15,758 | - | - | - | 15,758 | 273 | 16,031 |
| Other comprehensive Income | - | - | 2,436 | (1,558) | - | - | 878 | (44) | 834 |
| Comprehensive Income | - | - | 18,194 | (1,558) | - | - | 16,636 | 229 | 16,865 |
| Dividend | - | - | (7,756) | - | - | - | (7,756) | (455) | (8,211) |
| Issuance of common shares | 10,833,187 | 29 | 492 | - | - | - | 521 | - | 521 |
| Purchase of treasury shares | - | - | - | - | (120,463,232) | (7,995) | (7,995) | - | (7,995) |
| Sale of treasury shares (1) | - | - | (395) | - | 6,071,266 | 395 | - | - | - |
| Share-based payments | - | - | 556 | - | - | - | 556 | - | 556 |
| Share cancellation | (25,405,361) | (68) | (1,595) | - | 25,405,361 | 1,663 | - | - | - |
| Net issuance (repayment) of perpetual subordinated notes | - | - | (576) | - | - | - | (576) | - | (576) |
| Payments on perpetual subordinated notes | - | - | (272) | - | - | - | (272) | - | (272) |
| Other operations with non-controlling interests | - | - | - | - | - | - | - | (67) | (67) |
| Other items | - | - | (9) | - | - | - | (9) | (10) | (19) |
| As of December 31, 2024 | 2,397,679,661 | 7,577 | 135,496 | (15,259) | (149,529,818) | (9,956) | 117,858 | 2,397 | 120,255 |
(1) Treasury shares related to the performance share grants.
34
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| 4th
quarter 2024 (M$) |
Exploration & Production |
Integrated
LNG |
Integrated Power |
Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total |
| External sales | 1,496 | 2,890 | 6,137 | 21,540 | 20,440 | 5 | - | 52,508 |
| Intersegment sales | 9,382 | 2,968 | 765 | 7,207 | 168 | 70 | (20,560) | - |
| Excise taxes | - | - | - | (193) | (5,200) | - | - | (5,393) |
| Revenues from sales | 10,878 | 5,858 | 6,902 | 28,554 | 15,408 | 75 | (20,560) | 47,115 |
| Operating expenses | (4,754) | (4,431) | (6,536) | (27,616) | (14,772) | (254) | 20,560 | (37,803) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,853) | (326) | (28) | (250) | (227) | (31) | - | (2,715) |
| Net income (loss) from equity affiliates and other items | 40 | 548 | 26 | (90) | 90 | 74 | - | 688 |
| Tax on net operating income | (2,163) | (288) | (70) | (139) | (215) | (60) | - | (2,935) |
| Adjustments (a) | (157) | (71) | (281) | 141 | (78) | (23) | - | (469) |
| Adjusted Net operating income | 2,305 | 1,432 | 575 | 318 | 362 | (173) | - | 4,819 |
| Adjustments (a) | (469) | |||||||
| Net cost of net debt | (331) | |||||||
| Non-controlling interests | (63) | |||||||
| Net income - TotalEnergies share | 3,956 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| 4th
quarter 2024 (M$) |
Exploration & Production |
Integrated
LNG |
Integrated
Power |
Refining & Chemicals |
Marketing & |
Corporate | Intercompany | Total |
| Total expenditures | 1,983 | 1,904 | 529 | 630 | 458 | 79 | - | 5,583 |
| Total divestments | 295 | 247 | 1,038 | 132 | 106 | 20 | - | 1,838 |
| Cash flow from operating activities | 4,500 | 2,214 | 1,201 | 3,832 | 778 | (18) | - | 12,507 |
35
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| 3rd
quarter 2024 (M$) |
Exploration & Production |
Integrated
LNG |
Integrated Power |
Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total |
| External sales | 1,425 | 2,350 | 4,444 | 22,926 | 20,872 | 4 | - | 52,021 |
| Intersegment sales | 9,633 | 2,017 | 424 | 7,927 | 218 | 58 | (20,277) | - |
| Excise taxes | - | - | - | (213) | (4,379) | - | - | (4,592) |
| Revenues from sales | 11,058 | 4,367 | 4,868 | 30,640 | 16,711 | 62 | (20,277) | 47,429 |
| Operating expenses | (5,257) | (3,393) | (4,329) | (30,273) | (16,082) | (209) | 20,277 | (39,266) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,324) | (294) | (114) | (400) | (229) | (31) | - | (3,392) |
| Net income (loss) from equity affiliates and other items | 47 | 482 | (274) | (79) | (29) | (38) | - | 109 |
| Tax on net operating income | (1,879) | (250) | (66) | 40 | (102) | 117 | - | (2,140) |
| Adjustments (a) | (837) | (151) | (400) | (313) | (95) | (23) | - | (1,819) |
| Adjusted Net operating income | 2,482 | 1,063 | 485 | 241 | 364 | (76) | - | 4,559 |
| Adjustments (a) | (1,819) | |||||||
| Net cost of net debt | (379) | |||||||
| Non-controlling interests | (67) | |||||||
| Net income - TotalEnergies share | 2,294 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| 3rd
quarter 2024 (M$) |
Exploration & Production |
Integrated LNG |
Integrated Power |
Refining & Chemicals |
Marketing &
|
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 |
36
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| 4th
quarter 2023 (M$) |
Exploration & Production |
Integrated
LNG |
Integrated
Power |
Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total |
| External sales | 1,622 | 3,050 | 7,350 | 24,372 | 22,826 | 17 | - | 59,237 |
| Intersegment sales | 10,630 | 3,651 | 1,276 | 8,796 | 157 | 26 | (24,536) | - |
| Excise taxes | - | - | - | (216) | (4,256) | - | - | (4,472) |
| Revenues from sales | 12,252 | 6,701 | 8,626 | 32,952 | 18,727 | 43 | (24,536) | 54,765 |
| Operating expenses | (5,084) | (5,289) | (7,787) | (32,367) | (18,289) | (210) | 24,536 | (44,490) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,334) | (440) | (97) | (394) | (236) | (38) | - | (3,539) |
| Net income (loss) from equity affiliates and other items | (370) | 560 | (17) | (158) | 1,917 | (71) | - | 1,861 |
| Tax on net operating income | (2,371) | (217) | (156) | 76 | (718) | 91 | - | (3,295) |
| Adjustments (a) | (709) | (141) | 42 | (524) | 1,095 | (7) | - | (244) |
| Adjusted Net operating income | 2,802 | 1,456 | 527 | 633 | 306 | (178) | - | 5,546 |
| Adjustments (a) | (244) | |||||||
| Net cost of net debt | (265) | |||||||
| Non-controlling interests | 26 | |||||||
| Net income - TotalEnergies share | 5,063 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| 4th
quarter 2023 (M$) |
Exploration & Production |
Integrated LNG | Integrated Power | Refining & Chemicals |
Marketing & |
Corporate | Intercompany | Total |
| Total expenditures | 3,080 | 855 | 1,241 | 1,011 | 588 | 60 | - | 6,835 |
| Total divestments | 4,362 | 28 | 32 | 22 | 1,754 | 5 | - | 6,203 |
| Cash flow from operating activities | 5,708 | 2,702 | 638 | 4,825 | 1,759 | 518 | - | 16,150 |
37
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
| Year
2024 (M$) |
Exploration & Production |
Integrated LNG | Integrated Power | Refining & Chemicals |
Marketing & |
Corporate | Intercompany | Total |
| External sales | 5,655 | 9,885 | 22,127 | 93,515 | 83,341 | 27 | - | 214,550 |
| Intersegment sales | 38,546 | 10,591 | 2,348 | 31,480 | 819 | 268 | (84,052) | - |
| Excise taxes | - | - | - | (784) | (18,156) | - | - | (18,940) |
| Revenues from sales | 44,201 | 20,476 | 24,475 | 124,211 | 66,004 | 295 | (84,052) | 195,610 |
| Operating expenses | (19,124) | (15,530) | (22,936) | (120,424) | (63,551) | (1,010) | 84,052 | (158,523) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,001) | (1,251) | (344) | (1,442) | (870) | (117) | - | (12,025) |
| Net income (loss) from equity affiliates and other items | 325 | 2,051 | (837) | (114) | 1,457 | 92 | - | 2,974 |
| Tax on net operating income | (8,466) | (1,073) | (255) | (414) | (526) | 89 | - | (10,645) |
| Adjustments (a) | (1,069) | (196) | (2,070) | (343) | 1,154 | (59) | - | (2,583) |
| Adjusted Net operating income | 10,004 | 4,869 | 2,173 | 2,160 | 1,360 | (592) | - | 19,974 |
| Adjustments (a) | (2,583) | |||||||
| Net cost of net debt | (1,360) | |||||||
| Non-controlling interests | (273) | |||||||
| Net income - TotalEnergies share | 15,758 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| Year
2024 (M$) |
Exploration & Production |
Integrated LNG | Integrated Power | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total |
| Total expenditures | 9,225 | 3,912 | 5,328 | 1,896 | 1,190 | 199 | - | 21,750 |
| Total divestments | 840 | 425 | 1,431 | 366 | 1,328 | 28 | - | 4,418 |
| Cash flow from operating activities | 17,388 | 5,185 | 2,972 | 3,808 | 2,901 | (1,400) | - | 30,854 |
38
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
| Year
2023 (M$) |
Exploration & Production |
Integrated LNG | Integrated Power | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total |
| External sales | 6,561 | 12,086 | 27,337 | 101,203 | 89,909 | 32 | - | 237,128 |
| Intersegment sales | 42,595 | 14,789 | 4,126 | 36,581 | 631 | 206 | (98,928) | - |
| Excise taxes | - | - | - | (841) | (17,342) | - | - | (18,183) |
| Revenues from sales | 49,156 | 26,875 | 31,463 | 136,943 | 73,198 | 238 | (98,928) | 218,945 |
| Operating expenses | (20,355) | (21,569) | (28,763) | (130,899) | (70,497) | (878) | 98,928 | (174,033) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,493) | (1,288) | (281) | (1,685) | (905) | (110) | - | (12,762) |
| Net income (loss) from equity affiliates and other items | (307) | 2,194 | (345) | (42) | 2,208 | (28) | - | 3,680 |
| Tax on net operating income | (10,095) | (810) | (394) | (938) | (1,246) | 271 | - | (13,212) |
| Adjustments (a) | (1,036) | (798) | (173) | (1,275) | 1,300 | (84) | - | (2,066) |
| Adjusted Net operating income | 10,942 | 6,200 | 1,853 | 4,654 | 1,458 | (423) | - | 24,684 |
| Adjustments (a) | (2,066) | |||||||
| Net cost of net debt | (1,108) | |||||||
| Non-controlling interests | (126) | |||||||
| Net income - TotalEnergies share | 21,384 |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment.
Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.
| Year
2023 (M$) |
Exploration & Production |
Integrated LNG | Integrated Power | Refining & Chemicals |
Marketing & |
Corporate | Intercompany | Total |
| Total expenditures | 12,378 | 3,410 | 5,497 | 2,149 | 1,273 | 153 | - | 24,860 |
| Total divestments | 5,118 | 290 | 661 | 196 | 2,132 | 9 | - | 8,406 |
| Cash flow from operating activities | 18,531 | 8,442 | 3,573 | 7,957 | 1,957 | 219 | - | 40,679 |
39
Non GAAP Financial Measures
40
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
| 1. | Reconciliation of cash flow used in investing activities to Net investments |
| 1.1 | Exploration & Production |
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 1,688 | 2,161 | (1,282) | ns | Cash flow used in investing activities ( a ) | 8,385 | 7,260 | 15% |
| - | - | - | ns | Other transactions with non-controlling interests ( b ) | - | - | ns |
| - | 1 | - | ns | Organic loan repayment from equity affiliates ( c ) | 1 | - | ns |
| - | - | - | ns | Change in debt from renewable projects financing ( d ) * | - | - | ns |
| 138 | 100 | 61 | x2.3 | Capex linked to capitalized leasing contracts ( e ) | 418 | 218 | 92% |
| 20 | 26 | 32 | -38% | Expenditures related to carbon credits ( f ) | 49 | 48 | 2% |
| 1,846 | 2,288 | (1,189) | ns | Net investments ( a + b + c + d + e + f = g - i + h ) | 8,853 | 7,526 | 18% |
| (258) | (42) | (4,306) | ns | of which net acquisitions ( g - i ) | (207) | (2,706) | ns |
| 11 | 36 | 39 | -72% | Acquisitions ( g ) | 534 | 2,320 | -77% |
| 269 | 78 | 4,345 | -94% | Assets sales ( i ) | 741 | 5,026 | -85% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 2,104 | 2,330 | 3,117 | -32% | of which organic investments ( h ) | 9,060 | 10,232 | -11% |
| 119 | 140 | 208 | -43% | Capitalized exploration | 483 | 1,081 | -55% |
| 41 | 46 | 61 | -33% | Increase in non-current loans | 196 | 154 | 27% |
| (26) | (11) | (17) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (98) | (92) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.2 Integrated LNG
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 1,657 | 500 | 827 | x2 | Cash flow used in investing activities ( a ) | 3,487 | 3,120 | 12% |
| - | - | - | ns | Other transactions with non-controlling interests ( b ) | - | - | ns |
| - | 2 | - | ns | Organic loan repayment from equity affiliates ( c ) | 3 | 2 | 50% |
| - | - | - | ns | Change in debt from renewable projects financing ( d ) * | - | - | ns |
| 13 | 14 | 11 | 18% | Capex linked to capitalized leasing contracts ( e ) | 46 | 37 | 24% |
| - | - | - | ns | Expenditures related to carbon credits ( f ) | - | - | ns |
| 1,670 | 516 | 838 | 99% | Net investments ( a + b + c + d + e + f = g - i + h ) | 3,536 | 3,159 | 12% |
| 1,116 | 65 | 48 | x23.3 | of which net acquisitions ( g - i ) | 1,367 | 1,096 | 25% |
| 1,149 | 69 | 56 | x20.5 | Acquisitions ( g ) | 1,417 | 1,253 | 13% |
| 33 | 4 | 8 | x4.1 | Assets sales ( i ) | 50 | 157 | -68% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 554 | 451 | 790 | -30% | of which organic investments ( h ) | 2,169 | 2,063 | 5% |
| 3 | 8 | 6 | -50% | Capitalized exploration | 33 | 13 | x2.5 |
| 269 | 214 | 179 | 50% | Increase in non-current loans | 809 | 570 | 42% |
| (214) | (79) | (20) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (372) | (131) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
41
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| (509) | 2,221 | 1,209 | ns | Cash flow used in investing activities ( a ) | 3,897 | 4,836 | -19% |
| - | - | - | ns | Other transactions with non-controlling interests ( b ) | - | - | ns |
| 7 | 10 | 1 | x7 | Organic loan repayment from equity affiliates ( c ) | 17 | 27 | -37% |
| (52) | - | (3) | ns | Change in debt from renewable projects financing ( d ) * | (52) | 78 | ns |
| 1 | 5 | (1) | ns | Capex linked to capitalized leasing contracts ( e ) | 7 | 4 | 75% |
| - | - | - | ns | Expenditures related to carbon credits ( f ) | - | - | ns |
| (553) | 2,236 | 1,206 | ns | Net investments ( a + b + c + d + e + f = g - i + h ) | 3,869 | 4,945 | -22% |
| (662) | 1,529 | 532 | ns | of which net acquisitions ( g - i ) | 1,514 | 2,363 | -36% |
| 72 | 1,565 | 535 | -87% | Acquisitions ( g ) | 2,515 | 2,739 | -8% |
| 734 | 36 | 3 | x253.6 | Assets sales ( i ) | 1,001 | 376 | x2.7 |
| 26 | - | - | ns | Change in debt from renewable projects (partner share) | 26 | (81) | ns |
| 109 | 707 | 674 | -84% | of which organic investments ( h ) | 2,355 | 2,582 | -9% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 300 | 135 | 318 | -6% | Increase in non-current loans | 979 | 870 | 13% |
| (323) | (24) | (28) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (439) | (177) | ns |
| (26) | - | (3) | ns | Change in debt from renewable projects (TotalEnergies share) | (26) | (3) | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.4 Refining & Chemicals
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 498 | 319 | 989 | -50% | Cash flow used in investing activities ( a ) | 1,530 | 1,953 | -22% |
| - | - | - | ns | Other transactions with non-controlling interests ( b ) | - | - | ns |
| (9) | 44 | 2 | ns | Organic loan repayment from equity affiliates ( c ) | 8 | (31) | ns |
| - | - | - | ns | Change in debt from renewable projects financing ( d ) * | - | - | ns |
| - | - | - | ns | Capex linked to capitalized leasing contracts ( e ) | - | - | ns |
| - | - | - | ns | Expenditures related to carbon credits ( f ) | - | - | ns |
| 489 | 363 | 991 | -51% | Net investments ( a + b + c + d + e + f = g - i + h ) | 1,538 | 1,922 | -20% |
| (92) | 34 | (11) | ns | of which net acquisitions ( g - i ) | (173) | (118) | ns |
| - | 42 | 1 | -100% | Acquisitions ( g ) | 77 | 32 | x2.4 |
| 92 | 8 | 12 | x7.7 | Assets sales ( i ) | 250 | 150 | 67% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 581 | 329 | 1,002 | -42% | of which organic investments ( h ) | 1,711 | 2,040 | -16% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 1 | 33 | 28 | -96% | Increase in non-current loans | 99 | 79 | 25% |
| (16) | (17) | (8) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (43) | (33) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
42
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 352 | 310 | (1,166) | ns | Cash flow used in investing activities ( a ) | (138) | (859) | ns |
| - | - | - | ns | Other transactions with non-controlling interests ( b ) | - | - | ns |
| - | - | - | ns | Organic loan repayment from equity affiliates ( c ) | - | - | ns |
| - | - | - | ns | Change in debt from renewable projects financing ( d ) * | - | - | ns |
| - | - | - | ns | Capex linked to capitalized leasing contracts ( e ) | - | - | ns |
| - | - | - | ns | Expenditures related to carbon credits ( f ) | - | - | ns |
| 352 | 310 | (1,166) | ns | Net investments ( a + b + c + d + e + f = g - i + h ) | (138) | (859) | ns |
| (80) | 78 | (1,668) | ns | of which net acquisitions ( g - i ) | (1,089) | (1,924) | ns |
| 1 | 83 | 67 | -99% | Acquisitions ( g ) | 103 | 84 | 23% |
| 81 | 5 | 1,735 | -95% | Assets sales ( i ) | 1,192 | 2,008 | -41% |
| - | - | - | ns | Change in debt from renewable projects (partner share) | - | - | ns |
| 432 | 232 | 502 | -14% | of which organic investments ( h ) | 951 | 1,065 | -11% |
| - | - | - | ns | Capitalized exploration | - | - | ns |
| 19 | 16 | 99 | -81% | Increase in non-current loans | 103 | 152 | -32% |
| (20) | (10) | (12) | ns | Repayment of non-current loans, excluding organic loan repayment from equity affiliates | (109) | (82) | ns |
| - | - | - | ns | Change in debt from renewable projects (TotalEnergies share) | - | - | ns |
*Change in debt from renewable projects (TotalEnergies share and partner share)
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 4,500 | 4,763 | 5,708 | -21% | Cash flow from operating activities ( a ) | 17,388 | 18,531 | -6% |
| 555 | 491 | 1,018 | -45% | (Increase) decrease in working capital ( b ) | 340 | (595) | ns |
| - | - | - | ns | Inventory effect ( c ) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales ( d ) | - | - | ns |
| - | 1 | - | ns | Organic loan repayments from equity affiliates ( e ) | 1 | - | ns |
| 3,945 | 4,273 | 4,690 | -16% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 17,049 | 19,126 | -11% |
43
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 2,214 | 830 | 2,702 | -18% | Cash flow from operating activities ( a ) | 5,185 | 8,442 | -39% |
| 767 | (56) | 939 | -18% | (Increase) decrease in working capital ( b ) * | 285 | 1,151 | -75% |
| - | - | - | ns | Inventory effect ( c ) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales ( d ) | - | - | ns |
| - | 2 | - | ns | Organic loan repayments from equity affiliates ( e ) | 3 | 2 | 50% |
| 1,447 | 888 | 1,763 | -18% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 4,903 | 7,293 | -33% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 1,201 | 373 | 638 | 88% | Cash flow from operating activities ( a ) | 2,972 | 3,573 | -17% |
| 604 | (253) | (66) | ns | (Increase) decrease in working capital ( b ) * | 434 | 1,529 | -72% |
| - | - | - | ns | Inventory effect ( c ) | - | - | ns |
| - | - | - | ns | Capital gain from renewable project sales ( d ) | - | 81 | -100% |
| 7 | 10 | 1 | x7 | Organic loan repayments from equity affiliates ( e ) | 17 | 27 | -37% |
| 604 | 636 | 705 | -14% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 2,555 | 2,152 | 19% |
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
44
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 3,832 | 564 | 4,825 | -21% | Cash flow from operating activities ( a ) | 3,808 | 7,957 | -52% |
| 2,758 | 413 | 4,161 | -34% | (Increase) decrease in working capital ( b ) | 433 | 2,641 | -84% |
| 243 | (335) | (507) | ns | Inventory effect ( c ) | (377) | (568) | ns |
| - | - | - | ns | Capital gain from renewable project sales ( d ) | - | - | ns |
| (9) | 44 | 2 | ns | Organic loan repayments from equity affiliates ( e ) | 8 | (31) | ns |
| 822 | 530 | 1,173 | -30% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 3,760 | 5,853 | -36% |
2.5 Marketing & Services
| 4th
quarter 2024 |
3rd
quarter 2024 |
4th
quarter 2023 |
4th
quarter 2024 vs 4th quarter 2023 |
(in millions of dollars) | 2024 | 2023 | 2024 vs 2023 |
| 778 | 581 | 1,759 | -56% | Cash flow from operating activities ( a ) | 2,901 | 1,957 | 48% |
| 205 | 63 | 1,457 | -86% | (Increase) decrease in working capital ( b ) | 730 | (215) | ns |
| 39 | (129) | (217) | ns | Inventory effect ( c ) | (148) | (146) | ns |
| - | - | - | ns | Capital gain from renewable project sales ( d ) | - | - | ns |
| - | - | - | ns | Organic loan repayments from equity affiliates ( e ) | - | - | ns |
| 534 | 647 | 519 | 3% | Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) | 2,319 | 2,318 | 0% |
45
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
| (In millions of dollars) | Exploration & |
Integrated |
Integrated Power |
Refining & Chemicals |
Marketing & Services |
Corporate |
InterCompany |
Company |
| Adjusted net operating income 4 th quarter 2024 | 2,305 | 1,432 | 575 | 318 | 362 | (173) | - | 4,819 |
| Adjusted net operating income 3 rd quarter 2024 | 2,482 | 1,063 | 485 | 241 | 364 | (76) | - | 4,559 |
| Adjusted net operating income 2 nd quarter 2024 | 2,667 | 1,152 | 502 | 639 | 379 | (253) | - | 5,086 |
| Adjusted net operating income 1 st quarter 2024 | 2,550 | 1,222 | 611 | 962 | 255 | (90) | - | 5,510 |
| Adjusted net operating income ( a ) | 10,004 | 4,869 | 2,173 | 2,160 | 1360 | (592) | - | 19,974 |
| Balance sheet as of December, 31 2024 | ||||||||
| Property plant and equipment intangible assets net | 83,397 | 27,654 | 13,034 | 11,956 | 6,632 | 660 | - | 143,333 |
| Investments & loans in equity affiliates | 3,910 | 15,986 | 9,537 | 3,984 | 988 | - | - | 34,405 |
| Other non-current assets | 3,732 | 1,952 | 1,316 | 646 | 1,116 | 111 | - | 8,873 |
| Inventories, net | 1,456 | 1,475 | 547 | 12,063 | 3,327 | - | - | 18,868 |
| Accounts receivable, net | 5,845 | 8,412 | 7,466 | 16,362 | 7,167 | 581 | (26,552) | 19,281 |
| Other current assets | 6,663 | 10,198 | 4,086 | 2,208 | 2,870 | 2,342 | (4,680) | 23,687 |
| Accounts payable | (6,632) | (8,888) | (9,222) | (32,204) | (8,642) | (805) | 26,461 | (39,932) |
| Other creditors and accrued liabilities | (10,241) | (11,060) | (3,363) | (4,992) | (5,329) | (5,747) | 4,771 | (35,961) |
| Working capital | (2,909) | 137 | (486) | (6,563) | (607) | (3,629) | - | (14,057) |
| Provisions and other non-current liabilities | (24,271) | (4,252) | (1,663) | (3,343) | (1,113) | 903 | - | (33,739) |
| Assets and liabilities classified as held for sale - Capital employed | 571 | - | 1 | - | 70 | - | - | 642 |
| Capital Employed (Balance sheet) | 64,430 | 41,477 | 21,739 | 6,680 | 7,086 | (1,955) | - | 139,457 |
| Less inventory valuation effect | (1,116) | (216) | (1,332) | |||||
| Capital Employed at replacement cost ( b ) | 64,430 | 41,477 | 21,739 | 5,564 | 6,870 | (1,955) | - | 138,125 |
| Balance sheet as of December 31, 2023 | ||||||||
| Property plant and equipment intangible assets net | 84,876 | 24,936 | 12,526 | 12,287 | 6,696 | 678 | - | 141,999 |
| Investments & loans in equity affiliates | 2,630 | 13,905 | 9,202 | 4,167 | 553 | - | - | 30,457 |
| Other non-current assets | 3,451 | 2,720 | 1,027 | 677 | 1,258 | 141 | - | 9,274 |
| Inventories, net | 1,463 | 1,784 | 689 | 11,582 | 3,798 | 1 | - | 19,317 |
| Accounts receivable, net | 6,849 | 10,183 | 7,601 | 20,010 | 9,024 | 683 | (30,908) | 23,442 |
| Other current assets | 6,218 | 9,782 | 6,963 | 2,383 | 3,465 | 1,817 | (9,807) | 20,821 |
| Accounts payable | (6,904) | (11,732) | (8,114) | (33,864) | (10,693) | (798) | 30,770 | (41,335) |
| Other creditors and accrued liabilities | (9,875) | (11,653) | (6,985) | (6,152) | (5,707) | (6,300) | 9,945 | (36,727) |
| Working capital | (2,249) | (1,636) | 154 | (6,041) | (113) | (4,597) | - | (14,482) |
| Provisions and other non-current liabilities | (25,152) | (3,877) | (1,790) | (3,706) | (1,267) | 854 | - | (34,938) |
| Assets and liabilities classified as held for sale - Capital employed | 314 | - | 392 | 137 | 881 | - | - | 1,724 |
| Capital Employed (Balance sheet) | 63,870 | 36,048 | 21,511 | 7,521 | 8,008 | (2,924) | - | 134,034 |
| Less inventory valuation effect | (1,478) | (334) | (1,812) | |||||
| Capital Employed ( c ) | 63,870 | 36,048 | 21,511 | 6,043 | 7,674 | (2,924) | - | 132,222 |
| ROACE as a percentage ( a / average ( b + c )) | 15.6% | 12.6% | 10.0% | 37.2% | 18.7% | 14.8% |
46
Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
| 4th quarter | 3rd quarter | 4th quarter | 2024 | 2023 | |
| 2024 | 2024 | 2023 | (in millions of dollars) | ||
| 4,019 | 2,361 | 5,037 | Consolidated net income ( a ) | 16,031 | 21,510 |
| (331) | (379) | (265) | Net cost of net debt ( b ) | (1,360) | (1,108) |
| (425) | (1,360) | 113 | Special items affecting net operating income | (1,249) | (1,384) |
| (25) | - | 1,844 | Gain (loss) on asset sales | 1,372 | 2,047 |
| (6) | (10) | (51) | Restructuring charges | (27) | (56) |
| (227) | (1,107) | (1,070) | Impairments | (1,978) | (2,297) |
| (167) | (243) | (610) | Other | (616) | (1,078) |
| 209 | (375) | (549) | After-tax inventory effect : FIFO vs. replacement cost | (386) | (694) |
| (253) | (84) | 192 | Effect of changes in fair value | (948) | 12 |
| (469) | (1,819) | (244) | Total adjustments affecting net operating income ( c ) | (2,583) | (2,066) |
| 4,819 | 4,559 | 5,546 | Adjusted net operating income ( a - b - c ) | 19,974 | 24,684 |
47
Exhibit 99.3
 |
PRESS RELEASE |
TotalEnergies proposes a dividend of 3.22 €/share for fiscal year 2024, a 7% increase
Paris, 5th February 2025 - The Board of Directors met on February 4, 2025, and decided to propose at the Shareholders’ Meeting on May 23, 2025, the distribution of a dividend of 3.22 €/share for fiscal year 2024, a 7% increase compared to the dividend for fiscal year 2023 of 3.01 €/share. This increase is comparable to the 7.1% increase for fiscal year 2023 versus 2022.
Consequently, taking into account the three interim dividends of 0.79 €/share previously decided by the Board of Directors, the final dividend for fiscal year 2024 will be 0.85 €/share, an increase of 7.6% compared to the final dividend of 2023 and the 3 interim dividends of 2024.
The Board of Directors highlights the growth of the dividend paid during years 2023, 2024 and 2025, which have increased or will increase by 7.1%, 7.0% and 7.2% respectively, the Board is considering a first interim dividend for 2025 (paid in the 4th quarter of 2025) at the level of the final dividend for fiscal year 2024.
Subject to approval at the Shareholders’ Meeting, the final dividend will be detached and paid in cash, according to the following timetable:
| Shareholders | ADS holders | ||
| Ex-dividend date | June 19, 2025 | June 18, 2025 | |
| Payment date | July 1, 2025 | July 11, 2025 |
_ _ _ _
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
 |
@TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking
statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives, or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – 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 99.4
Disclosure of Transactions in Own Shares
Paris, February 10, 2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 3 to February 7, 2025:
| Transaction Date | Total
daily volume (number of shares) |
Daily
weighted average purchase price of shares (EUR/share) |
Amount
of (EUR) |
Market (MIC Code) |
| 03/02/2025 | 412,852 | 55.891882 | 23,075,075.27 | XPAR |
| 03/02/2025 | 110,000 | 55.895637 | 6,148,520.07 | CEUX |
| 03/02/2025 | 30,000 | 55.897876 | 1,676,936.28 | TQEX |
| 03/02/2025 | 15,000 | 55.898691 | 838,480.37 | AQEU |
| 04/02/2025 | 407,638 | 56.085021 | 22,862,385.79 | XPAR |
| 04/02/2025 | 110,000 | 56.059864 | 6,166,585.04 | CEUX |
| 04/02/2025 | 30,000 | 56.060027 | 1,681,800.81 | TQEX |
| 04/02/2025 | 15,000 | 56.060295 | 840,904.43 | AQEU |
| 05/02/2025 | 389,991 | 57.833874 | 22,554,690.36 | XPAR |
| 05/02/2025 | 106,000 | 57.839919 | 6,131,031.41 | CEUX |
| 05/02/2025 | 30,000 | 57.851482 | 1,735,544.46 | TQEX |
| 05/02/2025 | 15,000 | 57.844319 | 867,664.79 | AQEU |
| 06/02/2025 | 395,167 | 58.697992 | 23,195,509.40 | XPAR |
| 06/02/2025 | 110,000 | 58.696612 | 6,456,627.32 | CEUX |
| 06/02/2025 | 30,000 | 58.694653 | 1,760,839.59 | TQEX |
| 06/02/2025 | 10,000 | 58.701480 | 587,014.80 | AQEU |
| 07/02/2025 | 393,521 | 58.873613 | 23,168,003.06 | XPAR |
| 07/02/2025 | 110,000 | 58.880557 | 6,476,861.27 | CEUX |
| 07/02/2025 | 30,000 | 58.877975 | 1,766,339.25 | TQEX |
| 07/02/2025 | 10,000 | 58.876374 | 588,763.74 | AQEU |
| Total | 2,760,169 | 57.452851 | 158,579,577.50 |
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – 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 99.5
|
 |
PRESS RELEASE
India: TotalEnergies to Supply GSPC with 400,000 Tons of LNG per year from 2026
Paris/New Delhi, February 12th, 2025 – During a ceremony held in New Delhi on the sidelines of the India Energy Week, TotalEnergies and the Gujarat State Petroleum Corporation Limited (GSPC), a state-owned oil and gas company, announced the signing of a long-term Sale and Purchase Agreement (SPA) for a term of ten years starting in 2026. Under this agreement, TotalEnergies will supply GSPC with 400,000 tons of liquefied natural gas (LNG), amounting to six cargoes per year.
The LNG, sourced from TotalEnergies' global portfolio and delivered to terminals on India's west coast, will primarily serve GSPC's industrial customers. It will also supply Indian households for domestic use, businesses, and service stations for vehicles running on Compressed Natural Gas (CNG), such as auto-rickshaws.
“We are delighted to have been chosen by GSPC to supply them with LNG in India. This new deal underscores TotalEnergies' leadership in the LNG domain and commitment to India’s energy transition and security of supply”, said Gregory Joffroy, Senior Vice President LNG at TotalEnergies.
“This agreement marks a major step towards reinforcing GSPC’s strategy to secure competitive LNG on a long-term basis, helping to bridge the growing natural gas demand-supply deficit in Gujarat and across India. Partnering with TotalEnergies, one of the largest LNG players in the world, aligns with GSPC’s strategy to build up its long-term portfolio and become a leading Indian player in gas trading”, said Milind Torawane, Managing Director at GSPC. “This deal will further strengthen GSPC’s portfolio and its operations in the gas value chain, leveraging GSPC Group’s transmission and distribution infrastructure.”
In India, natural gas will play a pivotal role in the energy transition. As a cleaner alternative for industrial activities, cooking and transportation, it enhances air quality by reducing greenhouse gas emissions and pollution.
***
About Gujarat State Petroleum Corporation Limited
Gujarat State Petroleum Corporation Limited, a Government of Gujarat company, is one of India’s leading oil and gas companies. GSPCL is also one of the largest gas trading companies in India and is a part of GSPC Group which has significant presence across the gas value chain in the LNG terminal, gas transmission, gas distribution and power generation businesses. In Gujarat, GSPC, along with its other group companies, supplies one-third of the natural gas demand in the State of Gujarat, catering to 2.3 million households and 20,000 industrial and commercial clients, and operates over 800 CNG stations.
For further information, please visit: www.gspcgroup.com
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies, the world’s third largest LNG player
TotalEnergies is the world’s third largest LNG player with a global portfolio of 40 Mt/y in 2024 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.
GSPC Contacts
Media & Investor Relations: +91 98250 05139 | devendra@gspc.in
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.6
 |
Press release |
The "UAE-France High-Level Business Council" meeting was held with the participation of over 50 entities to Strengthen economic and investment cooperation.
| · | The 3rd meeting of the UAE-France High-Level Business Council was co-chaired by H.E. Dr. Sultan Al Jaber and Patrick Pouyanné on February 16, with the presence of H.E. Eric Lombard, French Minister of Economics and Finance, and H.E. Laurent Saint-Martin, French Minister of Foreign Trade. |
| · | Several partnerships were signed to explore collaboration across key sectors, including energy, renewable energy, infrastructure and artificial intelligence. |
Paris, France - February 17, 2025 - The UAE-France High-Level Business Council held its third plenary meeting in Paris, co-chaired by H.E Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and Patrick Pouyanné, Chairman and CEO of TotalEnergies. The meeting was attended by H.E Eric Lombard, French Minister of Economics and Finance and H.E Laurent Saint-Martin, French Minister of Foreign Trade, along with the participation of over 50 Emirati and French entities representing government, semi-government, and private sectors.
In his opening remarks, H.E Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership, reaffirming the UAE’s long-standing bilateral relations with France spanning over 50 years and emphasized the commitment to continue strengthening the bilateral relations within the framework of a strategic partnership to achieve the shared aspirations of both nations for sustainable economic and social growth.
H.E Dr. Al Jaber emphasized that the meeting comes at a pivotal moment for both the UAE and France following the signing of the landmark ‘UAE-France Framework for Cooperation in Artificial Intelligence’ Agreement, witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and His Excellency, President Emmanuel Macron. This framework aims to enhance digital infrastructure and support the development of Artificial Intelligence (AI) technologies by establishing a 1-gigawatt AI complex, with investments ranging between €30 billion and €50 billion.
He emphasized also the important role of the Council in advancing bilateral economic ties and elevating them to new heights, stressing the importance of joint work to increase cooperation and achieve tangible results in strategic and priority sectors.
H.E Dr. Al Jaber shared the UAE experience in promoting investments that promoting sustainable economic development, citing examples of global specialized institutions and companies, such as MGX, the UAE’s world-leading AI investor, and XRG, the UAE’s newly established international energy investment company, intends to drive value through strategic investments across gas, chemicals, low-carbon fuels, clean technologies and energy infrastructure.
Mr. Eric Lombard praised the dynamism of the bilateral economic relationship between France and the United Arab Emirates which has led to ambitious joint projects, particularly in artificial intelligence and ecological transition, two strategic objectives shared by our countries. France's Minister of the Economy, Finance and Industrial Sovereignty welcomed the UAE's contribution of up to €50Bn for the development in France of Europe's largest AI campus, announced on the margins of the AI Summit, which demonstrates that the two countries are aware of the stakes involved in the AI revolution.
Mr. Pouyanné said he was delighted that the High Council, which he welcomed to Paris for its third plenary meeting, was continuing to foster economic cooperation between the two countries. This structure has gradually established itself as a key player in facilitating the concrete implementation of commercial partnerships between French and Emirati companies in key areas such as energy, transport, investment and artificial intelligence. At once a forum for reflection, dialogue and action, the High Council has proved to be highly useful for the development of Franco-Emirati economic relations, which we should see continue to strengthen.
The Council reviewed the achievements made through the working groups over the past year, including the activation of the AI and Advanced Technology Working Group and holding the first regional business development meeting, in Masdar City, Abu Dhabi, which aims to enhance cooperation in priority sectors and create joint initiatives among the Council's members and working groups. The meeting engaged over 30 companies from both countries to explore new projects and economically viable opportunities.
The Council also commended the diverse partnerships that exist between Emirati and French companies across various sector, including, energy, climate, transportation, logistics, investments, and AI. It called for doubling efforts to expand and create new cooperation and to strengthen partnerships across various sectors to enhance industrial integration and create a more resilient economic environment.
During the meeting, several joint strategic projects were showcased, including the inauguration of the CMA Terminals container terminal at Khalifa Port on December 12, 2024. This joint venture between Abu Dhabi Ports Group (30%) and France’s CMA CGM (70%) represents an investment worth of AED 3.1 billion. As part of this project, Abu Dhabi Ports Group also launched its first inland dry port facility in Al Fayah, designed as an extension of the CMA Terminals station. It is strategically located between Abu Dhabi and Dubai, connected by land to Khalifa Port and serves as an inland container warehouse, enhancing supply chain efficiencies and reducing transportation costs.
The Business Council also showcased the “TAQANA Energy Solutions” facility at the Industrial City of Abu Dhabi (ICAD), a partnership between the Arab Development Establishment and Schneider Electric.
The partnership is focused on developing advanced energy solutions to support industrial growth in the UAE.
During the meeting, several partnerships were signed between private sector companies from both countries, including:
| 1. | A partnership framework between Masdar, TotalEnergies, and 2PointZero to support clean energy in emerging markets and developing economies in Africa and Asia. |
| 2. | A memorandum of cooperation between ADNOC and Veolia on optimizing water consumption, in areas such as water recycling, reducing water use, minimizing the carbon footprint, and developing action plans for water loss reduction in the short, medium, and long term. |
| 3. | A partnership between Abu Dhabi Ports and the French company Pascal to develop AI-driven solutions, including integrating AI models, quantitative analysis, and advanced algorithm development. |
The meeting concluded with participants affirming their commitment to accelerating the implementation of programs and initiatives and expanding cooperation in priority sectors for both countries. The council also adopted its roadmap for the next year, focusing on implementing agreed-upon projects, exploring more cooperation opportunities between the private sectors of both countries, and holding the second regional business development meeting on the sidelines of the 4th edition of the “Make it in the Emirates” forum from May 19-22, 2025, in Abu Dhabi.
Bilateral Trade between the UAE and France
It is worth noting that trade relations between the two countries have witnessed significant increase, with non-oil trade increasing by 21.3% in 2024, reaching approximately AED 44 billion, compared to AED 36.7 billion in 2023.
Additionally, the UAE hosts the largest number of French companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. The UAE is France's second-largest investor in the GCC.
About The UAE-France High Level Business Council
The UAE-France High Level Business Council was launched in Paris on the Occasion of H.H. Sheikh Mohamed bin Zayed AL NAHYAN, President of the United Arab Emirates, state visit to France in July 2022, where President Sheikh Mohamed bin Zayed AL NAHYAN and French President Emmanuel MACRON witnessed and praised the launch of the UAE-France Business Council with a view to increasing further bilateral business opportunities for the benefit of both nations. The Council held its first meeting on 30th January 2023 in Abu Dhabi, which resulted in discussions on methane emissions reduction between TotalEnergies and ADNOC and the launch of a bilateral partnership to accelerate clean energy, focusing on the decarbonization of Hard-to-Abate (HTA) Industries.
Exhibit 99.7
|
PRESS RELEASE |
TotalEnergies and ENI sign an agreement with Cyprus and Egypt for the export of Cyprus Block 6 gas through Egypt
Paris/Cairo, February 17, 2025 – In the presence of President of Egypt Abdel Fattah El-Sisi and President of Cyprus Níkos Christodoulídis, TotalEnergies and ENI, partners in Cyprus offshore Block 6 (TotalEnergies 50%, ENI 50% operator), have signed today a Host Government Agreement (HGA) with the Arab Republic of Egypt and the Republic of Cyprus related to the development of Block 6 gas resources.
Signed during the Egypt Energy Show (EGYPES) with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi, and the Minister of Energy, Commerce and Industry of the Republic of Cyprus, George Papanastasiou, this agreement is a key milestone towards the development of the Cronos gas field. Located in Cyprus Block 6, Cronos field was discovered in 2022 and successfully appraised in February 2024.
The agreement provides a framework allowing the Cronos gas to be processed in the existing Zohr facilities offshore Egypt and then liquefied in the Damietta LNG plant in Egypt, for export to European markets.
Following the signature of this agreement, the Block 6 partners will now proceed with the Cronos Development and Production Plan, in close collaboration with Cyprus authorities.
“TotalEnergies is very pleased to be part of the opening of an export route through Egypt for Cyprus gas. This Host Government Agreement represents a major step in valorizing the Cyprus gas through available LNG capacities in Egypt, contributing to Europe energy security by bringing additional LNG volumes.” said Julien Pouget, Senior Vice President Middle East & North Africa, Exploration & Production at TotalEnergies.
In Cyprus, TotalEnergies also has interests in Block 11 (50%, operator), Block 7 (50%, operator), and Block 8 (40%).
***
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.8
 |
 PRESS RELEASE |
TotalEnergies, Masdar and EPointZero Sign Framework
for
Action to Drive Clean Energy Access in Africa and Asia
| · | Strategic partnership is a result of closer ties between UAE and France forged in the UAE-France High-Level Business Council, and follows the landmark signing of the UAE-France Framework for Cooperation in Artificial Intelligence. | |
| · | Masdar and TotalEnergies will strengthen their cooperation to provide reliable and sustainable electricity to support Africa’s energy systems transformation and to develop clean energy opportunities in Southeast Asia. | |
| · | EPointZero and TotalEnergies to concentrate on partnership opportunities supporting India’s clean energy ambitions in solar, wind and energy storage. |
Paris, February 17, 2025 – Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, TotalEnergies and EPointZero, the decarbonization arm of 2PointZero, a transformational global investment platform, have signed a Framework for Action (FFA) agreement to drive access to clean energy in emerging markets and developing economies in Africa and Asia.
The agreement follows the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit to France and meeting with French President His Excellency Emmanuel Macron, where they reaffirmed the strong strategic partnership between the two countries and discussed developing collaboration in key sectors such as climate action, energy, artificial intelligence and advanced technology.
Under the agreement, Masdar and TotalEnergies will strengthen their cooperation to provide reliable and sustainable electricity to local communities in Africa and support its long-term energy systems transformation, and to jointly develop some new clean energy opportunities in Southeast Asia. TotalEnergies and EPointZero will explore partnership opportunities to support India’s clean energy ambitions, including through solar, wind and energy storage, to contribute to the country’s decarbonization efforts.
The FFA signing was witnessed by H.E. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, Patrick Pouyanné, Chairman and CEO of TotalEnergies, and H.E Mariam Almheiri, Group CEO of 2PointZero. The agreement was signed at the third plenary meeting of the UAE-France High Level Business Council in Paris on February 16 by Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, Stéphane Michel, TotalEnergies President for Gas Renewable and Power, and Peter Abraam, Chief Strategy and Growth Officer of IHC.
The FFA brings together these major companies under the Council’s umbrella to work together to expand their capabilities and increase access to clean energy in emerging markets and developing economies in Africa and Asia.
Commenting on the agreement, Mohamed Jameel Al Ramahi, CEO, Masdar, said: “Enabled by the strength of the UAE-France bilateral relationship, Masdar is proud to be working with TotalEnergies to help deliver clean energy access across Southeast Asia and Africa. This
agreement reflects our shared commitment to empowering local communities, driving socio-economic growth and sustainable progress, and advancing the global energy transformation. It is heartening to see the UAE-France Framework for Cooperation in Artificial Intelligence signed last week, and we look forward to continuing to utilize cutting-edge clean energy technologies to drive access and sustainable growth.”
Stéphane Michel, President for Gas Renewable and Power of TotalEnergies, said: “By supporting the development of the country Oil and Gas reserves, TotalEnergies has been a key partner of Abu Dhabi for more than 80 Years. We are now delighted to extend our partnership with Abu Dhabi to the development of renewable energies in emerging markets in Asia and Africa. Combining the strengths, expertise and reach of Masdar, EPointZero and TotalEnergies will certainly enable each partner to accelerate their growth and improve the quality of their investment in those fast-developing markets where renewable energies are key to those countries Energy Transition.”
H.E. Mariam Almheiri Group CEO of 2PointZero said: “This partnership deepens UAE-France ties and advances our shared commitment to advancing the global energy transition. By combining the expertise of Masdar, TotalEnergies, and EPointZero, we are expanding clean energy access in emerging markets, accelerating decarbonization, and driving economic growth. Our collaboration across India, Africa, and Asia will scale up renewables and energy storage, ensuring reliable, sustainable power for millions. Together, we are building a cleaner, more resilient world."
The UAE-France High Level Business Council was launched in July 2022 in the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Emmanuel Macron, President of the French Republic, with the aim of promoting economic exchanges and conveying the voice of UAE and French businesses to the highest public authorities, as well as to identify and implement private cross-investment projects.
The Council held its first plenary meeting in January 2023 and serves as an important catalyst for innovation and collaboration, reinforcing the UAE and France’s joint commitment to a sustainable, low-carbon future. The two nations have maintained a Comprehensive Strategic Energy Partnership since 2022 and launched the UAE-France Bilateral Climate Investment Platform last year.
***
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy leader, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of 51 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Masdar contacts
For media inquiries, please contact: press@masdar.ae
For more information, please visit: https://www.masdar.ae and connect: facebook.com/Masdar.ae and twitter.com/Masdar
About 2PointZero
2PointZero, a subsidiary of IHC (International Holding Company), was founded in 2023 as a transformational investment platform focused on making strategic investments in emerging technologies and future-sustaining businesses to create a globally diversified and resilient portfolio.
2PointZero brings together a suite of innovative and established UAE subsidiaries, including Chimera Investments, Lunate Capital, Beltone, Sagasse, EPointZero and International Resources Holding (IRH) under one transformational umbrella, placing 2PointZero at the forefront of key sectors including financial services, consumer goods, mining resources, technology and energy. Our Dynamic Value Network is sector agnostic, allowing it to connect capabilities across our portfolio to unlock new pathways for growth and create measurable value for investors while empowering communities, fostering sustainable ecosystems, and driving groundbreaking technological advancements.
2PointZero Contacts
For media inquiries, please contact: press@2pointzero.com
For more information, please visit: http://www.2PointZero.com
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
 |
@TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |  |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.9
|
PRESS RELEASE |
TotalEnergies Joins Forces with Air Liquide to Decarbonize its Refineries in Northern Europe with Green Hydrogen
| § | 45,000 tons per year of green H2 produced by the OranjeWind offshore wind farm developed by TotalEnergies (50%). |
| § | 450,000 tons per year reduction of CO2 emissions from TotalEnergies’ Anvers and Zeeland refineries. |
| § | An electrolyzer jointly developed in the Netherlands with Air Liquide to supply the Zeeland refinery. |
| § | A tolling agreement on a second electrolyzer built and operated in partnership with Air Liquide to supply Antwerp platform. |
Paris, February 18, 2025 – In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands, for the production and delivery of some 45,000 tons a year of green hydrogen produced using renewable power, generated mostly by the OranjeWind offshore wind farm, developed by TotalEnergies (50%) and RWE (50%). These projects will cut CO2 emissions from TotalEnergies’ refineries in Belgium and the Netherlands by up to 450,000 tons a year and contribute to the European renewable energy targets in transport.
Green hydrogen production by TotalEnergies and Air Liquide
The two companies have signed an agreement to set up a joint venture, equally held by TotalEnergies (50%) and Air Liquide (50%), which will build and operate a 250 MW electrolyzer near the Zeeland refinery. This project will enable the production of up to 30,000 tons of green hydrogen a year, most of which will be delivered to Zeeland’s platform. The electrolyzer will be commissioned in 2029 and will cut the site’s CO2 emissions by up to 300,000 tons a year. This project represents a global investment of around €600 million for both partners and has made requests for support under European and national subsidy programs. Project funding will also be sought by the partners.
Supplying TotalEnergies’ Antwerp platform with green hydrogen
In addition, as part of Air Liquide's 200 MW ELYgator electrolyzer project located in Maasvlakte (Netherlands), TotalEnergies has signed a tolling agreement for 130 MW to be dedicated to the production of 15,000 tons per year of green hydrogen for the TotalEnergies platform in Antwerp. Under this agreement, TotalEnergies will supply the renewable electrons produced by the OranjeWind project to Air Liquide to be transformed into green hydrogen. The project is expected to be operational by the end of 2027 and will reduce CO2 emissions at the Antwerp site by up to 150,000 tons per year.
“Following the first partnership agreement with Air Liquide to supply the Normandy refinery with green hydrogen, and the agreements to supply the Grandpuits and La Mède biorefineries with renewable hydrogen, the partnership with Air Liquide takes on a new dimension and marks a new step in TotalEnergies' ambition to decarbonize the hydrogen consumed by its refineries in Europe by 2030”, said Vincent Stoquart, President, Refining & Chemicals at
TotalEnergies. “By supplying these two electrolyzers with renewable electricity from our offshore wind project in the Netherlands, TotalEnergies is leveraging its positioning as an integrated electricity company.”
“Flagship projects such as the ones we are announcing today, will play a key role in reducing emissions, particularly in hard-to-abate sectors such as industry and heavy mobility. We are proud to lead the way on European renewable and low-carbon hydrogen production, and to accompany TotalEnergies in their journey to decarbonizing their industrial assets. These two projects will complete the five Air Liquide low carbon units already in operation or construction in Europe. This illustrates our capacity to offer concrete solutions to our customers, to reach our carbon neutrality ambition by 2050, and to support Europe’s leadership ambition towards decarbonized growth. It also demonstrates the ability of Air Liquide to develop solid business models in the energy field of low carbon hydrogen.” said Emilie Mouren-Renouard, member of the Air Liquide Executive Committee, in charge of Europe operations.
TotalEnergies and the decarbonization of its European refineries
TotalEnergies is committed to reducing the carbon footprint of producing, converting and supplying energy to its customers. One of the pathways identified by the Company is using low-carbon hydrogen to decarbonize its European refineries, a move that should help reduce its annual CO2 emissions by around three million tons by 2030. In order to fully decarbonize the hydrogen used in its European refineries, TotalEnergies has already contracted over 170,000 tons of green hydrogen annually at: La Mède, Grandpuits and Normandy in France, Leuna in Germany and its refineries in Belgium and the Netherlands.
See map on next page
***
About TotalEnergies
TotalEnergies est une compagnie multi-énergies mondiale de production et de fourniture d’énergies : pétrole et biocarburants, gaz naturel et gaz verts, renouvelables et électricité. Our more than 100,000 employees are committed to supplying affordable, reliable, clean energy to as many people as possible. TotalEnergies intends to put sustainability, in all its dimensions, at the center of its strategy, projects and operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Relations Investisseurs: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.10
Disclosure of Transactions in Own Shares
Paris, February 18, 2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 10 to February 14, 2025:
| Transaction Date | Total
daily volume (number of shares) |
Daily
weighted average purchase price of shares (EUR/share) |
Amount
of (EUR) |
Market (MIC Code) |
| 10/02/2025 | 393,558 | 58.869444 | 23,168,540.64 | XPAR |
| 10/02/2025 | 110,000 | 58.877021 | 6,476,472.31 | CEUX |
| 10/02/2025 | 30,000 | 58.872915 | 1,766,187.45 | TQEX |
| 10/02/2025 | 10,000 | 58.878529 | 588,785.29 | AQEU |
| 11/02/2025 | 393,489 | 58.879168 | 23,168,304.94 | XPAR |
| 11/02/2025 | 110,000 | 58.877390 | 6,476,512.90 | CEUX |
| 11/02/2025 | 30,000 | 58.879260 | 1,766,377.80 | TQEX |
| 11/02/2025 | 10,000 | 58.877317 | 588,773.17 | AQEU |
| 12/02/2025 | 394,845 | 58.735217 | 23,191,306.76 | XPAR |
| 12/02/2025 | 110,000 | 58.724847 | 6,459,733.17 | CEUX |
| 12/02/2025 | 30,000 | 58.723469 | 1,761,704.07 | TQEX |
| 12/02/2025 | 10,000 | 58.720483 | 587,204.83 | AQEU |
| 13/02/2025 | 396,366 | 58.566546 | 23,213,787.57 | XPAR |
| 13/02/2025 | 110,000 | 58.574280 | 6,443,170.80 | CEUX |
| 13/02/2025 | 30,000 | 58.575526 | 1,757,265.78 | TQEX |
| 13/02/2025 | 10,000 | 58.573741 | 585,737.41 | AQEU |
| 14/02/2025 | 403,141 | 58.914109 | 23,750,692.82 | XPAR |
| 14/02/2025 | 100,000 | 58.920205 | 5,892,020.50 | CEUX |
| 14/02/2025 | 30,000 | 58.932021 | 1,767,960.63 | TQEX |
| 14/02/2025 | 10,000 | 58.929252 | 589,292.52 | AQEU |
| Total | 2,721,399 | 58.793228 | 159,999,831.35 |
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – 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 99.11
Disclosure of Transactions in Own Shares
Paris, February 25, 2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from February 17 to February 21, 2025:
| Transaction Date | Total
daily volume (number of shares) |
Daily
weighted average purchase price of shares (EUR/share) |
Amount
of (EUR) |
Market (MIC Code) |
| 17/02/2025 | 375,897 | 58.947433 | 22,158,163.22 | XPAR |
| 17/02/2025 | 110,000 | 58.945369 | 6,483,990.59 | CEUX |
| 17/02/2025 | 30,000 | 58.944916 | 1,768,347.48 | TQEX |
| 17/02/2025 | 10,000 | 58.946170 | 589,461.70 | AQEU |
| 18/02/2025 | 375,312 | 59.013175 | 22,148,352.74 | XPAR |
| 18/02/2025 | 110,000 | 59.010062 | 6,491,106.82 | CEUX |
| 18/02/2025 | 30,000 | 59.012128 | 1,770,363.84 | TQEX |
| 18/02/2025 | 10,000 | 59.013076 | 590,130.76 | AQEU |
| 19/02/2025 | 374,245 | 59.129098 | 22,128,769.28 | XPAR |
| 19/02/2025 | 110,000 | 59.141619 | 6,505,578.09 | CEUX |
| 19/02/2025 | 30,000 | 59.141670 | 1,774,250.10 | TQEX |
| 19/02/2025 | 10,000 | 59.136736 | 591,367.36 | AQEU |
| 20/02/2025 | 378,010 | 58.710925 | 22,193,316.76 | XPAR |
| 20/02/2025 | 110,000 | 58.710280 | 6,458,130.80 | CEUX |
| 20/02/2025 | 30,000 | 58.714653 | 1,761,439.59 | TQEX |
| 20/02/2025 | 10,000 | 58.707128 | 587,071.28 | AQEU |
| 21/02/2025 | 382,498 | 58.215605 | 22,267,352.48 | XPAR |
| 21/02/2025 | 110,000 | 58.217289 | 6,403,901.79 | CEUX |
| 21/02/2025 | 30,000 | 58.216538 | 1,746,496.14 | TQEX |
| 21/02/2025 | 10,000 | 58.219890 | 582,198.90 | AQEU |
| Total | 2,635,962 | 58.801982 | 154,999,789.72 |
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.
The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – 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 99.12
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PRESS RELEASE |
Biogas in France: TotalEnergies Starts Its 2nd Largest Unit in
Normandy
| · | BioNorrois will produce 153 GWh of biomethane, enough to supply 30,000 inhabitants. | |
| · | The sugar producer Cristal Union will provide up to 80% of the agricultural materials. | |
| · | BioNorrois will also produce 150,000 tons of natural fertilizer per year. | |
| · | BioNorrois will help avoid the emission of 30,000 tons of CO2 per year. |
Paris, February 26, 2025 – TotalEnergies announces the commissioning of BioNorrois, its 8th biomethane production unit1 in France, located in Fontaine-le-Dun (Normandy). It will inject 153 GWh of biomethane per year into the natural gas transport network operated by GRTgaz, equivalent to the average annual gas consumption of more than 30,000 inhabitants.
The French sugar group Cristal Union, partner in the project and 10% shareholder, will provide beet pulp, residues from its adjacent production site, to the biomethane plant, which will represent up to 80% of the 185,000 tons of organic materials used.
The 150,000 tons of digestate2 produced annually by the unit will be fully utilized by Cristal Union and the Norman cooperative NatUp with partner farms, to support them in their transition to the use of sustainable and locally produced fertilizers. This new territorial installation will save more than 5,500 tons of chemical fertilizers each year and avoid emitting 30,000 tons of CO2.
The development of BioNorrois is the result of consultation with all local stakeholders, including more than 130 farmers and agri-food industries as well as local administrations and officials, allowing the project to adapt to the needs of the territory.
“We are delighted with the commissioning of this new anaerobic digestion unit in Normandy, comparable in size to BioBéarn, our largest production site in France. With this new plant, which brings our biogas production capacity in the country to more than 800 GWh, TotalEnergies confirms its position as a major player in the market. With Cristal Union, we are partnering long-term with a robust, internationally recognized partner committed to sustainable growth of its activities. With this new biogas project, TotalEnergies continues to contribute to the promotion of a circular economy with multiple local benefits, the production of renewable energies, and the decarbonization of the French energy mix,” said Karine Boissy-Rousseau, VP Green Gases at TotalEnergies.
“We are pleased with the commissioning of this biomethane production unit located close to our sugar factory in Fontaine-le-Dun. Cristal Union has been committed to decarbonizing its activities for over 20 years. Unlike many industries, we have an asset: the ability to valorize the residues of our production, beet pulp, and industrial effluents, and reuse them to produce energy through anaerobic digestion or combustion. This partnership with TotalEnergies is a full-scale project for the treatment of pulp. Beyond the production of biogas from our production residues, it will allow us to provide our partner farmers with digestate to spread on their fields. A true circular economy project!” said Xavier Astolfi, General Manager of Cristal Union.
1 In France, TotalEnergies operates 8 biomethane production units, which inject renewable gas into the gas network, and 8 biogas production units providing electricity and heat through cogeneration.
2 Natural fertilizer, co-product of anaerobic digestion.
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About Cristal Union
The Cristal Union Group is among the leading European producers of sugar and alcohol. It is primarily based in France but achieves a significant portion of its sales abroad. The Group brings together more than 2,000 employees and 9,000 cooperative members. Its governance, organization, and operations are based on the cooperative model. https://www.cristal-union.fr
Cristal Union Contacts
Eve-Marie Laporte – +33 (0)6 28 59 21 04 – emlaporte@cristal-union.fr
TotalEnergies and Biogas
A major player in the sector in France with now more than 800 GWh of biogas production capacity, TotalEnergies aims to continue its growth in Europe and the United States by partnering with leading companies, including Vanguard Renewables and Clean Energy in the United States. The Company is present across the entire value chain, from project development to the commercialization of this renewable gas and its by-products (biofertilizers, bioCO2). It aims for a gross capacity of 10 TWh equivalent biomethane per year by 2030 – equivalent to the average annual consumption of 1.6 million inhabitants and a reduction of CO2 emissions by 1.6 million tons.
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.13
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 |
PRESS RELEASE
Jeunes Agriculteurs and TotalEnergies
Strengthen Their
Partnership for the Energy Transition of the Agricultural World
| · | TotalEnergies and Jeunes Agricuteurs have been partners for 40 years. | |
| · | A strengthened partnership to jointly leverage the energy transition. |
Paris, February 26, 2025 – TotalEnergies and Jeunes Agriculteurs (JA) announce the signing of a cooperation protocol aimed at supporting young farmers in the energy transition, thus contributing to the sustainability of their farming activities and attracting younger generations to agriculture.
Since 1986, TotalEnergies has partnered with Jeunes Agriculteurs through its involvement as a founding member of the "Terres Innovantes" endowment fund and as a premium partner of "Terres de JIM," an annual event that promotes and enhances the farming profession. The new cooperation framework signed today between TotalEnergies and Jeunes Agriculteurs covers the following areas:
| · | The development of sustainable energy solutions adapted to farms and agricultural sectors (biogas, agrivoltaics). | |
| · | Supporting young farmers in implementing more energy-efficient practices. | |
| · | Technological innovation through the implementation of pilot agri-energy projects and their experimental monitoring. | |
| · | Financing energy transition projects that comply with the plans and future contracts developed by Jeunes Agriculteurs. |
TotalEnergies and Jeunes Agriculteurs share a common desire to provide solutions and tools adapted to the challenges and needs of farmers. This will be reflected in collaboration between their teams through working groups, meetings, and experience sharing.
"I am delighted to celebrate nearly 40 years of TotalEnergies' commitment to the French agricultural sector and to deepen our partnership with Jeunes Agriculteurs today. Facing the challenge of the energy transition, but also the opportunities it offers, our goal is to support young farmers in developing concrete solutions such as agrivoltaics, which protect crops while providing additional income for farmers. By combining agriculture and energy production on farms, our two sectors are concretely contributing to the French energy transition," said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
"Jeunes Agriculteurs is a union of work and solutions fully committed to helping new generations face climatic, economic, demographic, and energy challenges. Alone we are a spur. Accompanied, we are in a position to build a more sustainable future, respectful of the nourishing vocation of farms and securing their economic sustainability. Through the strength of our network, while remaining faithful to our values and historical partners, such as TotalEnergies, we want to accelerate this movement alongside the continent's key institutions and companies," said Pierrick Horel, President of Jeunes Agriculteurs.
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About Jeunes Agriculteurs
Founded in 1957, Jeunes Agriculteurs is the only professional union composed exclusively of young people under the age of 38. Apolitical and independent, the union represents 50,000 farmers from all types of production. Distributed across 14 regional structures and 95 departmental structures, Young Farmers aims to defend the interests of young farmers and promote access to the farming profession to ensure generational renewal in agriculture.
Jeunes Agriculteurs Contacts
Etienne Leray – Conseiller relations presse et communication digitale : eleray@jeunes-agriculteurs.fr Thomas Debrix D’Aietti – Responsable du service communication et affaires publiques : tdebrix@jeunes-agriculteurs.fr
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).