With close to $10 billion adjusted net
income in the first half, TotalEnergies advances its balanced
transition strategy, with the support from its employees and
shareholders
Regulatory News:
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
2Q24
Change vs 1Q24
1H24
Change vs 1H23
Net income (TotalEnergies share) (B$)
3.8
-34%
9.5
-1%
Adjusted net income
(TotalEnergies share)(1)
- in billions of dollars (B$)
4.7
-9%
9.8
-15%
- in dollars per share
1.98
-8%
4.14
-10%
Adjusted EBITDA(1) (B$)
11.1
-4%
22.6
-11%
Cash flow from operations excluding working capital (CFFO)(1) (B$)
7.8
-5%
15.9
-12%
Cash flow from operating activities (B$)
9.0
x4.2
11.2
-26%
The Board of Directors of TotalEnergies SE, chaired by CEO
Patrick Pouyanné, met on July 24, 2024, to approve the second
quarter 2024 financial statements. On the occasion, Patrick
Pouyanné said:
“TotalEnergies generated robust financial results in the second
quarter, with adjusted net income of $4.7 billion and cash flow of
$7.8 billion resulting in first half adjusted net income and cash
flow of close to $10 billion and $16 billion, respectively.
During the first half of 2024, TotalEnergies has completed
important steps in advancing the balanced transition strategy
presented to shareholders at our Investor Day in September
2023:
- within the Oil & Gas pillar, TotalEnergies took final
investment decision on several Upstream projects that are the
stepping stones to achieve its objectives of growing upstream
production by 2-3%/year and growing underlying cash flow: Kaminho
in Angola, Sépia 2 and Atapu 2 in Brazil, Marsa LNG in Oman and the
Ubeta gas project in Nigeria that supplies Nigeria LNG;
- within the Integrated Power pillar, TotalEnergies has fortified
its Integrated Power portfolio with the acquisition of several
flexible assets that allow the Company to extract maximum value out
of its renewable assets in three key markets: CCGTs in Texas and
the UK, and a renewables aggregator and battery developer in
Germany.
During the second quarter, upstream production was 2.44 Mboe/d,
benefiting from high availability of production facilities.
Exploration & Production posted $2.7 billion of adjusted net
operating income and $4.4 billion of cash flow, in line with the
evolution of the oil and gas price environment. The Company further
highgraded its portfolio, notably through acquisitions in Malaysia
and deep offshore Congo, and divestments of mature assets in
Nigeria, Congo, the UK and in Brunei.
Integrated LNG posted adjusted net operating income and cash
flow of $1.2 billion this quarter, reflecting the average LNG
price. TotalEnergies actively continues to increase medium-term oil
exposure within its LNG portfolio by signing two new mid-term
Brent-indexed LNG sales contracts in Asia for 1.3 Mt/y.
Integrated Power reported adjusted net operating income of $0.5
billion and cash flow of $0.6 billion with a return on capital
employed above 10%. First half 2024 cash flow is $1.3 billion, in
line with the annual guidance of more than $2.5 billion.
Downstream posted adjusted net operating income of $1.0 billion
and cash flow of $1.8 billion, wherein the less favorable refining
margin environment was partially compensated by higher refinery
utilization and sequential results from marketing activities
benefitting from cheaper supply.
During the quarter, TotalEnergies successfully issued
conventional senior bonds on the US market totalling $4.25 billion,
with a 27-year average maturity. The Board of Directors decided to
retain flexibility on the format of its senior bonds issuances
while also prioritizing long maturity.
Comforted by robust results at mid-year, in line with 2024
objectives, the Board of Directors decided to maintain the second
interim dividend at 0.79 €/share for fiscal year 2024, an increase
close to 7% compared to 2023, and authorized the Company to buy
back shares for up to $2 billion in the third quarter of 2024.
The Board also highlighted the recent success of the Capital
increase reserved for employees, which brings TotalEnergies’
employee ownership to more than 8% of the Company’s share capital,
and the strong shareholder support for all the resolutions
submitted to vote at the Annual General Meeting.”
1. Highlights (2)
Social and environmental
responsibility
- Ambition of giving access to clean cooking to 100 million
people in Africa and India by 2030, announced at the Clean Cooking
Summit organized by the IEA in Paris,
- Partnership with SLB on digital innovation and solarization,
for a more sustainable energy
Upstream
- Production start-up of Eldfisk North and Kristin South in
Norway
- Launch of Kaminho, a 70,000 b/d oil project in the Kwanza
basin, in Angola
- Launch of Sépia 2 and Atapu 2, two 225,000 b/d oil projects in
Brazil
- Agreement on field development areas and securing of the FPSO
hull in Block 58 in Suriname, key milestones toward a Final
Investment Decision that is expected in the second half of
2024
- Agreements with OMV and Sapura Upstream Assets to acquire 100%
of SapuraOMV, an independent gas producer and operator, in
Malaysia
- Agreement with Trident Energy for the acquisition of an
additional 10% interest in the Moho field and disposal of Nkossa in
Congo
- Agreement with Chappal Energies for the divestment from the 10%
interest in the SPDC JV in Nigeria, while retaining gas economical
interest to ensure NLNG gas supply
- Agreement with Hibiscus Petroleum Berhad for the divestment of
the subsidiary in Brunei
- Agreement with The Prax Group for the divestment from the West
of Shetland gas assets in the United Kingdom
- Acquisition of an interest in an offshore exploration block, in
Sao Tome and Principe
Downstream
- Acquisition of Tecoil, a lubricant used oil regeneration
specialist based in Finland
Integrated LNG
- Launch of the 1 Mt/y Marsa LNG project, a fully electrified and
very low-emission (3 kg CO2/boe) LNG plant in Oman, supplied by a
300 MW solar farm
- Entry in Ruwais LNG, a low-emission LNG project in the United
Arab Emirates
- Launch of the Ubeta onshore gas development to supply Nigeria
LNG
- Acquisition of interests in the Dorado leases in the Eagle Ford
shale gas play in Texas
- Signature of two LNG contracts to Asia: 0.8 Mt/y over 10 years
to IOCL in India and 0.5 Mt/y over 5 years to Korea South East
Power in South Korea
Integrated Power
- Acquisition of a 1.3 GW gross capacity CCGT in the United
Kingdom
- Award of a maritime lease to develop a 1.5 GW offshore wind
farm in Germany
- Launch of a 100 MW battery storage project developed by Kyon
Energy in Germany
- Launch of a joint-venture with SSE to grow electric mobility in
the UK and Ireland
Decarbonization and low-carbon
molecules
- Agreement with Air Products for delivery of 70 kt/y of green
hydrogen over 15 years, in the large-scale tender launched by the
Company to decarbonize its European refineries
- Acquisition of 50% of a 795 MW offshore wind farm in the
Netherlands, to produce green hydrogen to decarbonize
TotalEnergies’ European refineries
2. Key figures from TotalEnergies’ consolidated financial
statements (1)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars, except effective tax rate,earnings per
share and number of shares
1H24
1H23
1H24 vs 1H23
11,073
11,493
11,105
-
Adjusted EBITDA (1)
22,566
25,272
-11%
5,339
5,600
5,582
-4%
Adjusted net operating income from business segments
10,939
12,575
-13%
2,667
2,550
2,349
+14%
Exploration & Production
5,217
5,002
+4%
1,152
1,222
1,330
-13%
Integrated LNG
2,374
3,402
-30%
502
611
450
+12%
Integrated Power
1,113
820
+36%
639
962
1,004
-36%
Refining & Chemicals
1,601
2,622
-39%
379
255
449
-16%
Marketing & Services
634
729
-13%
636
621
662
-4%
Contribution of equity affiliates to adjusted net income
1,257
1,741
-28%
40.4%
37.8%
37.3%
Effective tax rate (3)
39.0%
39.7%
4,672
5,112
4,956
-6%
Adjusted net income (TotalEnergies share) (1)
9,784
11,497
-15%
1.98
2.14
1.99
-1%
Adjusted fully-diluted earnings per share (dollars) (4)
4.14
4.61
-10%
1.85
1.97
1.84
+1%
Adjusted fully-diluted earnings per share (euros) (5)
3.82
4.27
-11%
2,328
2,352
2,448
-5%
Fully-diluted weighted-average shares (millions)
2,333
2,460
-5%
3,787
5,721
4,088
-7%
Net income (TotalEnergies share)
9,508
9,645
-1%
4,410
4,072
4,271
+3%
Organic investments (1)
8,482
7,704
+10%
220
(500)
320
-31%
Acquisitions net of assets sales (1)
(280)
3,307
ns
4,630
3,572
4,591
+1%
Net investments (1)
8,202
11,011
-26%
7,777
8,168
8,485
-8%
Cash flow from operations excluding working capital (CFFO) (1)
15,945
18,106
-12%
7,895
8,311
8,596
-8%
Debt Adjusted Cash Flow (DACF) (1)
16,207
18,371
-12%
9,007
2,169
9,900
-9%
Cash flow from operating activities
11,176
15,033
-26%
Gearing (1) of 10.2% at June 30, 2024 vs. 10.5% at March 31, 2024
and 11.1% at June 30, 2023
3. Key figures of environment, greenhouse gas emissions and
production
3.1 Environment – liquids and gas price realizations,
refining margins
2Q24
1Q24
2Q23
2Q24 vs 2Q23
1H24
1H23
1H24 vs 1H23
85.0
83.2
78.1
+9%
Brent ($/b)
84.1
79.7
+6%
2.3
2.1
2.3
-
Henry Hub ($/Mbtu)
2.2
2.5
-13%
9.7
8.7
10.5
-8%
NBP ($/Mbtu)
9.2
13.3
-31%
11.2
9.3
10.9
+3%
JKM ($/Mbtu)
10.3
13.7
-25%
81.0
78.9
72.0
+13%
Average price of liquids (6),(7) ($/b)Consolidated subsidiaries
79.9
72.7
+10%
5.05
5.11
5.98
-16%
Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries
5.08
7.48
-32%
9.32
9.58
9.84
-5%
Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and
equity affiliates
9.46
11.59
-18%
44.9
71.7
40.1
+12%
European Refining Margin Marker (ERM) (6),(10) ($/t)
58.3
65.5
-11%
3.2 Greenhouse gas emissions (11)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Scope 1+2 emissions (MtCO2e)
1H24
1H23
1H24 vs 1H23
7.7
8.2
9.1
-15%
Scope 1+2 from operated facilities (12)
15.9
18.2
-13%
7.0
7.1
8.0
-13%
of which Oil & Gas
14.1
15.6
-10%
0.7
1.1
1.1
-36%
of which CCGT
1.8
2.6
-31%
10.8
11.6
12.5
-14%
Scope 1+2 - equity share
22.5
25.3
-11%
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were down 6%
quarter-to-quarter, thanks to the continuous decline in flaring
emissions on Exploration & Production facilities and to the
lower gas-fired power plants utilization rate in Europe in a
context of lower demand.
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Methane emissions (ktCH4)
1H24
1H23
1H24 vs 1H23
7
8
8
-13%
Methane emissions from operated facilities
15
18
-17%
8
9
10
-20%
Methane emissions - equity share
17
21
-19%
Estimated quarterly emissions.
Scope 3 emissions (MtCO2e)
1H24
2023
Scope 3 from Oil, Biofuels and Gas Worldwide (13)
est. 170
355
3.3 Production (14)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Hydrocarbon production
1H24
1H23
1H24 vs 1H23
2,441
2,461
2,471
-1%
Hydrocarbon production (kboe/d)
2,451
2,498
-2%
1,318
1,322
1,416
-7%
Oil (including bitumen) (kb/d)
1,320
1,407
-6%
1,123
1,139
1,055
+6%
Gas (including condensates and associated NGL) (kboe/d)
1,131
1,091
+4%
2,441
2,461
2,471
-1%
Hydrocarbon production (kboe/d)
2,451
2,498
-2%
1,477
1,482
1,571
-6%
Liquids (kb/d)
1,480
1,567
-6%
5,180
5,249
4,845
+7%
Gas (Mcf/d)
5,215
5,017
+4%
Hydrocarbon production was 2,441 thousand barrels of oil
equivalent per day in the second quarter 2024, down 1%
quarter-to-quarter, due to higher planned maintenance, notably in
the North Sea.
Hydrocarbon production in the second quarter 2024 was up 3%
year-on-year (excluding Canada) and was comprised of:
- +2% due to projects start-ups and ramp-ups, including Mero 2 in
Brazil, Block 10 in Oman, Tommeliten Alpha and Eldfisk North in
Norway, Akpo West in Nigeria and Absheron in Azerbaijan,
- +1% portfolio effect related to entry in the producing fields
of Ratawi in Iraq and Dorado in the United States, partially offset
by the divestment from Dunga in Kazakhstan,
- +3% due to the higher availability of production
facilities,
- -3% due to the natural field decline.
When taking into account the Canadian oil sands assets
disposals, production was down 1% year-on-year.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Hydrocarbon production
1H24
1H23
1H24 vs 1H23
1,943
1,969
2,033
-4%
EP (kboe/d)
1,956
2,047
-4%
1,413
1,419
1,512
-7%
Liquids (kb/d)
1,416
1,506
-6%
2,829
2,937
2,778
+2%
Gas (Mcf/d)
2,883
2,895
-
4.1.2 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars, except effective tax rate
1H24
1H23
1H24 vs 1H23
2,667
2,550
2,349
+14%
Adjusted net operating income
5,217
5,002
+4%
207
145
149
+39%
including adjusted income from equity affiliates
352
284
+24%
46.9%
48.5%
49.7%
-
Effective tax rate (15)
47.7%
53.9%
-
2,585
2,041
2,424
+7%
Organic investments (1)
4,626
4,558
+1%
57
36
176
-68%
Acquisitions net of assets sales (1)
93
2,114
-96%
2,642
2,077
2,600
+2%
Net investments (1)
4,719
6,672
-29%
4,353
4,478
4,364
-
Cash flow from operations excluding working capital (CFFO) (1)
8,831
9,271
-5%
4,535
3,590
4,047
+12%
Cash flow from operating activities
8,125
8,583
-5%
Exploration & Production adjusted net operating income was
$2,667 million in the second quarter 2024, up 5%
quarter-to-quarter, driven by higher oil prices that were partially
compensated by lower gas realizations and production.
Cash flow from operations excluding working capital (CFFO) was
$4,353 million in the second quarter 2024, down 3%
quarter-to-quarter. The difference in quarterly variation between
adjusted net operating income and CFFO is mainly linked to the tax
impact of an overlift position at the end of the quarter in
Norway.
4.2 Integrated LNG
4.2.1 Production
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Hydrocarbon production for LNG
1H24
1H23
1H24 vs 1H23
498
492
438
+14%
Integrated LNG (kboe/d)
495
451
+10%
64
63
59
+10%
Liquids (kb/d)
64
61
+5%
2,351
2,312
2,067
+14%
Gas (Mcf/d)
2,332
2,122
+10%
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Liquefied Natural Gas in Mt
1H24
1H23
1H24 vs 1H23
8.8
10.7
11.0
-20%
Overall LNG sales
19.5
22.0
-12%
3.6
4.2
3.6
-
incl. Sales from equity production*
7.8
7.6
+3%
7.6
9.3
10.0
-24%
incl. Sales by TotalEnergies from equity production and third party
purchases
16.9
19.9
-15%
* The Company’s equity production may be
sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG in the second quarter 2024 was up
1% quarter-to-quarter, notably linked to the entry into the Dorado
gas field (Eagle Ford basin) in the United States early in the
second quarter 2024.
LNG sales decreased by 18% quarter-to-quarter, notably due to
lower spot purchases, in a context of lower LNG demand in
Europe.
4.2.2 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars, except the average price of LNG
1H24
1H23
1H24 vs 1H23
9.32
9.58
9.84
-5%
Average price of LNG ($/Mbtu) *Consolidated subsidiaries and equity
affiliates
9.46
11.59
-18%
1,152
1,222
1,330
-13%
Adjusted net operating income
2,374
3,402
-30%
421
494
432
-3%
including adjusted income from equity affiliates
915
1,218
-25%
624
540
382
+63%
Organic investments (1)
1,164
779
+49%
198
(12)
205
-3%
Acquisitions net of assets sales (1)
186
964
-81%
822
528
587
+40%
Net investments (1)
1,350
1,743
-23%
1,220
1,348
1,801
-32%
Cash flow from operations excluding working capital (CFFO) (1)
2,568
3,882
-34%
431
1,710
1,332
-68%
Cash flow from operating activities
2,141
4,868
-56%
* Sales in $ / Sales in volume for
consolidated and equity affiliates. Does not include LNG trading
activities.
Integrated LNG adjusted net operating income was $1,152 million
in the second quarter 2024, down 6% quarter-to-quarter, linked to
lower LNG prices and sales. Moreover, gas trading did not fully
benefit in markets characterized by lower volatility than during
first half of 2023.
Cash flow from operations excluding working capital (CFFO) was
$1,220 million in the second quarter 2024, down 9%
quarter-to-quarter, for the same reasons.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Integrated Power
1H24
1H23
1H24 vs 1H23
9.1
9.6
8.2
+10%
Net power production (TWh) *
18.6
16.6
+12%
6.8
6.0
4.2
+61%
o/w production from renewables
12.8
8.1
+59%
2.2
3.6
4.0
-44%
o/w production from gas flexible capacities
5.8
8.5
-32%
19.6
19.5
13.2
+48%
Portfolio of power generation net installed capacity (GW) **
19.6
13.2
+48%
13.8
13.7
8.9
+54%
o/w renewables
13.8
8.9
+54%
5.8
5.8
4.3
+35%
o/w gas flexible capacities
5.8
4.3
+35%
87.4
84.1
74.7
+17%
Portfolio of renewable power generation gross capacity (GW) **,***
87.4
74.7
+17%
24.0
23.5
19.0
+26%
o/w installed capacity
24.0
19.0
+26%
6.0
6.0
6.0
-
Clients power - BtB and BtC (Million) **
6.0
6.0
-
2.8
2.8
2.8
-
Clients gas - BtB and BtC (Million) **
2.8
2.8
-
11.1
14.9
11.5
-4%
Sales power - BtB and BtC (TWh)
26.0
27.0
-4%
18.9
35.7
19.2
-1%
Sales gas - BtB and BtC (TWh)
54.6
56.4
-3%
* Solar, wind, hydroelectric and gas
flexible capacities.
** End of period data.
*** Includes 20% of Adani Green Energy
Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity
and 49% of Casa dos Ventos’ gross capacity.
Net power production was 9.1 TWh in the second quarter 2024,
down 5% quarter-to-quarter and linked to lower production from
flexible gas assets due to lower demand in Europe, partially
compensated by production from renewable sources, which was up
13%.
Gross installed renewable power generation capacity reached 24.0
GW at the end of the second quarter 2024, up 0.5 GW
quarter-to-quarter and including 0.2 GW installed in the United
States and 0.2 GW in India.
4.3.2 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
502
611
450
+12%
Adjusted net operating income
1,113
820
+36%
35
(39)
23
+52%
including adjusted income from equity affiliates
(4)
79
ns
596
943
753
-21%
Organic investments (1)
1,539
1,330
+16%
(88)
735
(42)
ns
Acquisitions net of assets sales (1)
647
477
+36%
508
1,678
711
-29%
Net investments (1)
2,186
1,807
+21%
623
692
491
+27%
Cash flow from operations excluding working capital (CFFO) (1)
1,315
931
+41%
1,647
(249)
2,284
-28%
Cash flow from operating activities
1,398
999
+40%
Integrated Power adjusted net operating income was $502 million
in the second quarter 2024, up 12% year-on-year, reflecting
activity growth. The decrease in adjusted net operating income
quarter-to-quarter reflects in particular the seasonality of
electricity demand in Europe.
Cash flow from operations excluding working capital (CFFO) was
$623 million, up 27% year-on-year and down 10% quarter-to-quarter,
for the same reasons.
Integrated Power adjusted net operating income was $1,113
million in the first half 2024, up 36% year-on-year reflecting
activity growth.
Cash flow from operations excluding working capital (CFFO) was
$1,315 million, up 41% year-on-year, for the same reason.
4.4 Downstream (Refining & Chemicals and Marketing &
Services)
4.4.1 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
1,018
1,217
1,453
-30%
Adjusted net operating income
2,235
3,351
-33%
568
520
686
-17%
Organic investments (1)
1,088
976
+11%
56
(1,258)
(19)
ns
Acquisitions net of assets sales (1)
(1,202)
(248)
ns
624
(738)
667
-6%
Net investments (1)
(114)
728
ns
1,776
1,770
2,085
-15%
Cash flow from operations excluding working capital (CFFO) (1)
3,546
4,274
-17%
3,191
(2,237)
2,588
+23%
Cash flow from operating activities
954
1,064
-10%
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization
rates
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Refinery throughput and utilization rate*
1H24
1H23
1H24 vs 1H23
1,511
1,424
1,472
+3%
Total refinery throughput (kb/d)
1,468
1,437
+2%
430
382
364
+18%
France
406
360
+13%
636
618
601
+6%
Rest of Europe
627
598
+5%
446
424
507
-12%
Rest of world
435
479
-9%
84%
79%
82%
Utilization rate based on crude only**
82%
80%
* Includes refineries in Africa reported
in the Marketing & Services segment.
** Based on distillation capacity at the
beginning of the year.
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Petrochemicals production and utilization rate
1H24
1H23
1H24 vs 1H23
1,248
1,287
1,157
+8%
Monomers* (kt)
2,535
2,452
+3%
1,109
1,076
963
+15%
Polymers (kt)
2,185
2,074
+5%
79%
73%
67%
Steam cracker utilization rate**
76%
71%
* Olefins.
** Based on olefins production from steam
crackers and their treatment capacity at the start of the year,
excluding Lavera (divested) from 2nd quarter 2024.
Refining throughput was up 6% quarter-to-quarter in the second
quarter, mainly due to lower planned maintenance. Utilization rate
was 84.5% in the second quarter 2024.
4.5.2 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars, except ERM
1H24
1H23
1H24 vs 1H23
44.9
71.7
40.1
+12%
European Refining Margin Marker (ERM) ($/t) *
58.3
65.5
-11%
639
962
1,004
-36%
Adjusted net operating income
1,601
2,622
-39%
382
419
454
-16%
Organic investments (1)
801
652
+23%
(95)
(20)
(15)
ns
Acquisitions net of assets sales (1)
(115)
(10)
ns
287
399
439
-35%
Net investments (1)
686
642
+7%
1,117
1,291
1,329
-16%
Cash flow from operations excluding working capital (CFFO) (1)
2,408
3,062
-21%
1,541
(2,129)
1,923
-20%
Cash flow from operating activities
(588)
1,072
ns
* This market indicator for European
refining, calculated based on public market prices ($/t), uses a
basket of crudes, petroleum product yields and variable costs
representative of the European refining system of TotalEnergies.
Does not include oil trading activities.
Refining & Chemicals adjusted net operating income was $639
million in the second quarter 2024, down 34% quarter-to-quarter,
due to lower refining margins mainly in Europe (ERM was down 37%
quarter-to-quarter) and the Middle East that were partially
compensated by the increase in the refineries’ utilization
rate.
Cash flow from operations excluding working capital (CFFO) was
$1,117 million, down 13% quarter-to-quarter, for the same
reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Sales in kb/d*
1H24
1H23
1H24 vs 1H23
1,363
1,312
1,397
-2%
Total Marketing & Services sales
1,338
1,379
-3%
773
715
799
-3%
Europe
744
778
-4%
591
597
598
-1%
Rest of world
594
600
-1%
* Excludes trading and bulk refining
sales.
Sales of petroleum products in the second quarter 2024 were down
year-on-year by 2%, mainly due to lower diesel demand in Europe
that was partially compensated by higher activity in the aviation
business.
4.6.2 Results
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
379
255
449
-16%
Adjusted net operating income
634
729
-13%
186
101
232
-20%
Organic investments (1)
287
324
-11%
151
(1,238)
(4)
ns
Acquisitions net of assets sales (1)
(1,087)
(238)
ns
337
(1,137)
228
+48%
Net investments (1)
(800)
86
ns
659
479
756
-13%
Cash flow from operations excluding working capital (CFFO) (1)
1,138
1,212
-6%
1,650
(108)
665
x2.5
Cash flow from operating activities
1,542
(8)
ns
Marketing & Services adjusted net operating income was $379
million for the second quarter 2024, up 49% quarter-to-quarter,
benefiting from higher margins due to lower refining margins.
Cash flow from operations excluding working capital (CFFO) was
$659 million in the second quarter 2024, up 38% quarter-to-quarter
for the same reason.
5. TotalEnergies results
5.1 Adjusted net operating income from business
segments
Adjusted net operating income from business segments was:
- $5,339 million in the second quarter 2024 versus $5,600 million
in the first quarter 2024, mainly due to lower refining
margins,
- $10,939 million in the first half 2024 versus $12,575 million
in the first half 2023, linked to lower refining margins, and lower
gas and LNG prices.
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,672 million in the
second quarter 2024 versus $5,112 million in the first quarter
2024, mainly due to lower refining margins.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value.
Adjustments to net income were ($885) million in the second
quarter 2024 consisting mainly of ($0.3) billion in inventory
effects and ($0.3) billion in effects of changes in fair value.
TotalEnergies’ average tax rate was:
- 40.4% in the second quarter 2024 versus 37.8% in the first
quarter 2024, notably due to the increase in the relative weight of
Upstream in the Company’s results,
- 39.0% in the first half 2024 versus 39.7% a year ago, notably
due to a lower Exploration & Production tax rate that is linked
to lower European gas prices.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
- $1.98 in the second quarter 2024, based on 2,328 million
weighted average diluted shares, compared to $2.14 in the first
quarter 2024,
- $4.14 in the first half 2024, based on 2,333 million weighted
average diluted shares, compared to $4.61 a year ago,
As of June 30, 2024, the number of diluted shares was 2,328
million.
TotalEnergies repurchased:
- 28.1 million shares in the second quarter 2024 for $2
billion,
- 58.7 million shares in the first half 2024 for $4 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
- $544 million in the second quarter 2024, primarily related to
the acquisitions of a 20% interest in the Dorado gas field in the
United States and of the German renewable energy aggregator Quadra
Energy,
- $1,618 million in the first half 2024, related to the above
elements as well as the acquisition of 1.5 GW of flexible gas
capacity in Texas, battery storage developer Kyon in Germany, and
Talos Low Carbon Solutions, in the carbon storage industry in the
United States.
Divestments were
- $324 million in the second quarter 2024, primarily related to
the farmdown of the Seagreen offshore wind farm in the United
Kingdom and the sale of petrochemical assets in Lavera,
France,
- $1,898 million in the first half 2024, related to the above
elements as well as the closing of the retail network transaction
with Alimentation Couche-Tard in Belgium, Luxemburg, and the
Netherlands, and the sale of a 15% interest in Absheron, in
Azerbaijan.
5.5 Net cash flow (1)
TotalEnergies' net cash flow was:
- $3,147 million in the second quarter 2024 compared to $4,596
million in the first quarter 2024, reflecting the $391 million
decrease in CFFO and the $1,058 million increase in net investments
to $4,630 million in the second quarter 2024,
- $7,743 million in the first half 2024 compared to $7,095
million a year ago, reflecting the $2,161 million decrease in CFFO
and the $2,809 million decrease in net investments to $8,202
million in the first half 2024,
2024 second quarter cash flow from operating activities was
$9,007 million versus CFFO of $7,777 million, and was impacted by a
decrease in working capital of $1.2 billion, mainly due to:
- $0.5 billion stock effect at the end of the quarter,
- ($1.7) billion decrease in working capital, of which ($0.6)
billion linked to the seasonality of the gas and power retail
business.
5.6 Profitability
Return on equity was 18.7% for the twelve months ended June 30,
2024.
In millions of dollars July 1, 2023
April 1, 2023 July 1, 2022
June 30, 2024 March 31, 2024 June
30, 2023 Adjusted net income (1)
21,769
22,047
29,351
Average adjusted shareholders' equity
116,286
115,835
116,329
Return on equity (ROE)
18.7%
19.0%
25.2%
Return on average capital employed (1) was 16.6% for the twelve
months ended June 30, 2024.
In millions of dollars July 1, 2023
April 1, 2023 July 1, 2022 June 30,
2024 March 31, 2024 June 30, 2023
Adjusted net operating income (1)
23,030
23,278
30,776
Average capital employed (1)
138,776
140,662
137,204
ROACE (1)
16.6%
16.5%
22.4%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted
to:
- €4,555 million in the second quarter 2024, compared to €4,851
million in the second quarter 2023,
- €7,965 million in the first half 2024, compared to €7,040
million in the first half 2023,
7. Annual 2024 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 - NBP / TTF +/-
2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$ European Refining Margin Marker
(ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
8. Outlook
Brent prices remain above $80/b at the start of the third
quarter, with the OPEC+ countries having declared in early June
2024 the intention to continue their policy to sustain a stable oil
market.
Global refining margins, which have sharply decreased since the
end of the first quarter 2024, remain impacted by low diesel demand
in Europe, as well as by the market normalization following the
disruption in Russian supply.
Given the lower seasonal demand in Europe, European gas prices
are expected to be between $8 and $10/Mbtu in the third quarter
2024. However, in a context of supply tensions, Asian LNG prices
are above $12/Mbtu, supported by higher demand, notably in China
and India. Given the evolution of oil and gas prices in recent
months and the lag effect on price formulas, TotalEnergies
anticipates that its average LNG selling price should be around
$10/Mbtu in the third quarter 2024.
Third quarter 2024 hydrocarbon production is expected to be
between 2.4 and 2.45 Mboe/d. Start-up of Anchor, in the US Gulf of
Mexico, is expected in the third quarter.
The third quarter 2024 refining utilization rate is anticipated
to be above 85%, benefiting from the restart of the Donges refinery
in France.
The Company confirms net investments guidance of $17-$18 billion
in 2024, of which $5 billion are dedicated to Integrated Power.
* * * *
To listen to the conference call with Chairman & CEO Patrick
Pouyanné and CFO Jean-Pierre Sbraire today at 2:30pm (Paris time),
please log on to totalenergies.com or dial +33 (0) 1 70 91
87 04, +44 (0) 12 1281 8004 or +1 718 705 8796. The conference
replay will be available on the Company's website
totalenergies.com after the event.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production +
Integrated LNG)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Combined liquids and gasproduction by region (kboe/d)
1H24
1H23
1H24 vs 1H23
561
570
537
+5%
Europe
566
559
+1%
449
463
481
-7%
Africa
456
488
-6%
825
815
767
+7%
Middle East and North Africa
820
743
+10%
358
352
443
-19%
Americas
355
442
-20%
248
261
243
+2%
Asia-Pacific
254
266
-4%
2,441
2,461
2,471
-1%
Total production
2,451
2,498
-2%
359
346
338
+6%
includes equity affiliates
352
341
+3%
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Liquids production by region (kb/d)
1H24
1H23
1H24 vs 1H23
225
224
227
-1%
Europe
225
231
-3%
325
331
359
-9%
Africa
328
365
-10%
660
652
615
+7%
Middle East and North Africa
656
596
+10%
167
171
268
-38%
Americas
168
266
-37%
100
104
102
-1%
Asia-Pacific
103
109
-6%
1,477
1,482
1,571
-6%
Total production
1,480
1,567
-6%
150
154
153
-2%
includes equity affiliates
152
152
-
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Gas production by region (Mcf/d)
1H24
1H23
1H24 vs 1H23
1,814
1,869
1,671
+9%
Europe
1,841
1,774
+4%
620
648
610
+2%
Africa
634
612
+4%
904
896
834
+8%
Middle East and North Africa
900
803
+12%
1,061
1,003
976
+9%
Americas
1,032
985
+5%
781
833
754
+4%
Asia-Pacific
808
843
-4%
5,180
5,249
4,845
+7%
Total production
5,215
5,017
+4%
1,127
1,043
1,004
+12%
includes equity affiliates
1,085
1,029
+5%
9.2 Downstream (Refining & Chemicals and Marketing &
Services)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Petroleum product sales by region (kb/d)
1H24
1H23
1H24 vs 1H23
1,840
1,774
1,709
+8%
Europe
1,807
1,655
+9%
558
591
599
-7%
Africa
575
633
-9%
989
1,033
918
+8%
Americas
1,011
883
+14%
639
711
665
-4%
Rest of world
675
644
+5%
4,026
4,109
3,892
+3%
Total consolidated sales
4,068
3,815
+7%
397
401
424
-7%
Includes bulk sales
399
405
-2%
2,266
2,397
2,070
+9%
Includes trading
2,331
2,031
+15%
2Q24
1Q24
2Q23
2Q24 vs 2Q23
Petrochemicals production* (kt)
1H24
1H23
1H24 vs 1H23
900
990
1,026
-12%
Europe
1,890
2,073
-9%
756
645
619
+22%
Americas
1,401
1,226
+14%
702
727
475
+48%
Middle East and Asia
1,430
1,228
+16%
* Olefins, polymers.
9.3 Integrated Power
9.3.1 Net power production
2Q24
1Q24
Net power production (TWh) Solar Onshore Wind
Offshore Wind Gas Others
Total
Solar Onshore Wind Offshore Wind Gas
Others
Total France
0.2
0.2
-
0.4
0.0
0.8
0.1
0.2
-
1.8
0.0
2.2
Rest of Europe
0.1
0.4
0.4
0.4
0.1
1.4
0.1
0.6
0.6
0.7
0.1
2.0
Africa
0.0
0.0
-
-
-
0.0
0.0
0.0
-
-
-
0.0
Middle East
0.3
-
-
0.2
-
0.5
0.2
-
-
0.3
-
0.5
North America
0.9
0.6
-
1.2
-
2.8
0.5
0.5
-
0.7
-
1.8
South America
0.1
0.8
-
-
-
0.9
0.2
0.7
-
-
-
0.8
India
1.9
0.4
-
-
-
2.2
1.6
0.2
-
-
-
1.8
Pacific Asia
0.4
0.0
0.0
-
-
0.5
0.3
0.0
0.1
-
-
0.4
Total
3.9
2.3
0.5
2.2
0.1
9.1
2.9
2.3
0.7
3.6
0.1
9.6
9.3.2 Installed power generation net capacity
2Q24
1Q24
Installed power generation net capacity (GW) (18)
Solar Onshore Wind Offshore Wind Gas
Others
Total Solar Onshore Wind
Offshore Wind Gas Others
Total France
0.6
0.4
-
2.6
0.1
3.7
0.6
0.4
-
2.6
0.1
3.7
Rest of Europe
0.3
0.9
0.3
1.4
0.1
2.9
0.3
0.9
0.6
1.4
0.1
3.2
Africa
0.1
0.0
-
-
0.0
0.1
0.1
0.0
-
-
0.0
0.1
Middle East
0.4
-
-
0.3
-
0.8
0.4
-
-
0.3
-
0.7
North America
2.3
0.8
-
1.5
0.4
5.0
2.2
0.8
-
1.5
0.3
4.9
South America
0.4
0.9
-
-
-
1.2
0.4
0.9
-
-
-
1.2
India
4.2
0.5
-
-
-
4.7
4.0
0.5
-
-
-
4.5
Pacific Asia
1.1
0.0
0.1
-
0.0
1.2
1.0
0.0
0.1
-
0.0
1.1
Total
9.3
3.5
0.4
5.8
0.7
19.6
9.0
3.5
0.7
5.8
0.6
19.5
9.3.3 Power generation gross capacity from renewables
2Q24
1Q24
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
1.1
0.7
-
0.2
2.0
0.9
0.7
-
0.1
1.7
Rest of Europe
0.3
1.1
1.1
0.2
2.7
0.3
1.1
1.1
0.2
2.7
Africa
0.1
-
-
0.0
0.1
0.1
0.0
-
0.0
0.2
Middle East
1.2
-
-
-
1.2
1.2
-
-
-
1.2
North America
5.2
2.2
-
0.7
8.1
5.2
2.2
-
0.6
8.0
South America
0.4
1.3
-
-
1.6
0.4
1.2
-
-
1.6
India
5.9
0.5
-
-
6.5
5.8
0.5
-
-
6.3
Asia-Pacific
1.5
-
0.3
-
1.8
1.5
0.0
0.3
0.0
1.8
Total
15.7
5.8
1.4
1.1
24.0
15.4
5.7
1.4
1.0
23.5
2Q24
1Q24
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
0.1
0.0
0.0
0.0
0.2
0.1
-
0.0
0.0
0.2
Rest of Europe
0.4
0.2
-
0.1
0.6
0.4
0.0
-
0.1
0.5
Africa
0.3
-
-
0.1
0.4
0.3
-
-
0.1
0.4
Middle East
0.1
-
-
-
0.1
0.1
-
-
-
0.1
North America
1.7
0.0
-
0.3
2.0
1.6
0.0
-
0.2
1.8
South America
0.0
0.6
-
-
0.7
0.0
0.7
-
0.0
0.7
India
0.5
0.1
-
-
0.5
0.6
0.1
-
-
0.6
Asia-Pacific
0.0
0.0
0.4
-
0.4
0.1
0.0
0.4
-
0.4
Total
3.2
0.9
0.4
0.4
5.0
3.1
0.8
0.4
0.4
4.8
2Q24
1Q24
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
1.4
0.4
-
0.1
1.9
1.2
0.4
-
0.0
1.6
Rest of Europe
4.4
0.8
8.9
2.2
16.4
4.4
0.5
7.4
1.8
14.2
Africa
0.7
0.3
-
-
1.0
1.4
0.3
-
0.0
1.7
Middle East
1.8
-
-
-
1.8
1.7
-
-
-
1.7
North America
9.7
2.9
4.1
4.4
21.1
10.3
3.1
4.1
4.8
22.3
South America
2.1
1.2
-
0.2
3.4
1.5
1.2
-
0.1
2.8
India
4.5
0.2
-
-
4.7
4.5
0.2
-
-
4.7
Asia-Pacific
3.4
1.1
2.6
1.1
8.2
3.2
0.1
2.6
1.0
6.9
Total
28.0
6.8
15.6
8.0
58.5
28.2
5.8
14.1
7.7
55.9
10. Alternative Performance Measures (Non-GAAP
measures)
10.1 Adjustment items to net income (TotalEnergies
share)
2Q24
1Q24
2Q23
In millions of dollars
1H24
1H23
3,787
5,721
4,088
Net income (TotalEnergies share)
9,508
9,645
(274)
805
(377)
Special items affecting net income (TotalEnergies share)
531
(536)
(110)
1,507
-
Gain (loss) on asset sales
1,397
203
(11)
-
(5)
Restructuring charges
(11)
(5)
-
(644)
(469)
Impairments
(644)
(529)
(153)
(58)
97
Other
(211)
(205)
(320)
124
(380)
After-tax inventory effect : FIFO vs. replacement cost
(196)
(771)
(291)
(320)
(111)
Effect of changes in fair value
(611)
(545)
(885)
609
(868)
Total adjustments affecting net income
(276)
(1,852)
4,672
5,112
4,956
Adjusted net income (TotalEnergies share)
9,784
11,497
10.2 Reconciliation of adjusted EBITDA with consolidated
financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to
adjusted EBITDA
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
3,787
5,721
4,088
-7%
Net income (TotalEnergies share)
9,508
9,645
-1%
885
(609)
868
+2%
Less: adjustment items to net income (TotalEnergies share)
276
1,852
-85%
4,672
5,112
4,956
-6%
Adjusted net income (TotalEnergies share)
9,784
11,497
-15%
-
-
-
-
Adjusted items
-
-
-
67
100
61
+10%
Add: non-controlling interests
167
135
+24%
2,977
2,991
2,715
+10%
Add: income taxes
5,968
6,805
-12%
2,962
2,942
2,959
-
Add: depreciation, depletion and impairment of tangible assets and
mineral interests
5,904
5,985
-1%
87
92
92
-5%
Add: amortization and impairment of intangible assets
179
191
-6%
725
708
724
-
Add: financial interest on debt
1,433
1,434
-
(417)
(452)
(402)
ns
Less: financial income and expense from cash & cash equivalents
(869)
(775)
ns
11,073
11,493
11,105
-
Adjusted EBITDA
22,566
25,272
-11%
10.2.2 Reconciliation of revenues from sales to adjusted
EBITDA and net income (TotalEnergies share)
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
Adjusted items
49,183
51,883
51,458
-4%
Revenues from sales
101,066
109,767
-8%
(31,314)
(33,525)
(33,379)
ns
Purchases, net of inventory variation
(64,839)
(70,858)
ns
(7,664)
(7,580)
(7,754)
ns
Other operating expenses
(15,244)
(15,506)
ns
(97)
(88)
(62)
ns
Exploration costs
(185)
(156)
ns
146
240
116
+26%
Other income
386
193
+100%
(37)
(125)
(164)
ns
Other expense, excluding amortization and impairment of intangible
assets
(162)
(202)
ns
433
282
401
+8%
Other financial income
715
649
+10%
(213)
(215)
(173)
ns
Other financial expense
(428)
(356)
ns
636
621
662
-4%
Net income (loss) from equity affiliates
1,257
1,741
-28%
11,073
11,493
11,105
-
Adjusted EBITDA
22,566
25,272
-11%
Adjusted items
(2,962)
(2,942)
(2,959)
ns
Less: depreciation, depletion and impairment of tangible assets and
mineral interests
(5,904)
(5,985)
ns
(87)
(92)
(92)
ns
Less: amortization of intangible assets
(179)
(191)
ns
(725)
(708)
(724)
ns
Less: financial interest on debt
(1,433)
(1,434)
ns
417
452
402
+4%
Add: financial income and expense from cash & cash equivalents
869
775
+12%
(2,977)
(2,991)
(2,715)
ns
Less: income taxes
(5,968)
(6,805)
ns
(67)
(100)
(61)
ns
Less: non-controlling interests
(167)
(135)
ns
(885)
609
(868)
ns
Add: adjustment (TotalEnergies share)
(276)
(1,852)
ns
3,787
5,721
4,088
-7%
Net income (TotalEnergies share)
9,508
9,645
-1%
10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net
investments
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
4,558
3,467
4,473
+2%
Cash flow used in investing activities ( a )
8,025
10,835
-26%
-
-
-
ns
Other transactions with non-controlling interests ( b )
-
-
ns
(29)
3
18
ns
Organic loan repayment from equity affiliates ( c )
(26)
12
ns
-
-
35
-100%
Change in debt from renewable projects financing ( d ) *
-
38
-100%
97
103
64
+52%
Capex linked to capitalized leasing contracts ( e )
200
124
+61%
4
(1)
1
x4
Expenditures related to carbon credits ( f )
3
2
+50%
4,630
3,572
4,591
+1%
Net investments ( a + b + c + d + e + f = g - i + h )
8,202
11,011
-26%
220
(500)
320
-31%
of which acquisitions net of assets sales ( g-i )
(280)
3,307
ns
544
1,074
482
+13%
Acquisitions ( g )
1,618
3,738
-57%
324
1,574
162
+99%
Asset sales ( i )
1,898
431
x4.4
-
-
(35)
-100%
Change in debt from renewable projects (partner share)
-
(38)
-100%
4,410
4,072
4,271
+3%
of which organic investments ( h )
8,482
7,704
+10%
101
145
328
-69%
Capitalized exploration
247
533
-54%
589
538
366
+61%
Increase in non-current loans
1,127
740
+52%
(178)
(146)
(84)
ns
Repayment of non-current loans, excluding organic loan repayment
from equity affiliates
(324)
(313)
ns
-
-
-
ns
Change in debt from renewable projects (TotalEnergies share)
-
-
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
2Q24
1Q24
2Q23
2Q24 vs 2Q23
In millions of dollars
1H24
1H23
1H24 vs 1H23
9,007
2,169
9,900
-9%
Cash flow from operating activities ( a )
11,176
15,033
-26%
1,669
(6,121)
1,720
-3%
(Increase) decrease in working capital ( b ) *
(4,452)
(2,269)
ns
(468)
125
(252)
ns
Inventory effect ( c )
(343)
(754)
ns
-
-
35
-100%
Capital gain from renewable project sales ( d )
-
38
-100%
(29)
3
18
ns
Organic loan repayments from equity affiliates ( e )
(26)
12
ns
7,777
8,168
8,485
-8%
Cash flow from operations excluding working capital (CFFO) ( f =
a - b - c + d + e )
15,945
18,106
-12%
(118)
(143)
(112)
ns
Financial charges
(262)
(265)
ns
7,895
8,311
8,596
-8%
Debt Adjusted Cash Flow (DACF)
16,207
18,371
-12%
4,410
4,072
4,271
+3%
Organic investments ( g )
8,482
7,704
+10%
3,367
4,096
4,213
-20%
Free cash flow after organic investments ( f - g )
7,463
10,402
-28%
4,630
3,572
4,591
+1%
Net investments ( h )
8,202
11,011
-26%
3,147
4,596
3,894
-19%
Net cash flow ( f - h )
7,743
7,095
+9%
* Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power segments’ contracts.
10.5 Gearing ratio
In millions of dollars
06/30/2024
03/31/2024
06/30/2023
Current borrowings *
9,358
16,068
13,980
Other current financial liabilities
461
481
443
Current financial assets * , **
(6,425)
(5,969)
(6,397)
Net financial assets classified as held for sale *
(61)
(11)
(41)
Non-current financial debt *
34,726
30,452
33,387
Non-current financial assets *
(1,166)
(1,165)
(1,264)
Cash and cash equivalents
(23,211)
(25,640)
(25,572)
Net debt ( a )
13,682
14,216
14,536
Shareholders’ equity (TotalEnergies share)
117,379
118,409
113,682
Non-controlling interests
2,648
2,734
2,770
Shareholders' equity (b)
120,027
121,143
116,452
Gearing = a / ( a+b )
10.2%
10.5%
11.1%
Leases (c)
8,012
8,013
8,090
Gearing including leases ( a+c ) / ( a+b+c )
15.3%
15.5%
16.3%
* 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
Twelve months ended June 30, 2024 In millions of
dollars Exploration & Production Integrated
LNG Integrated Power Refining & Chemicals
Marketing & Services Company Adjusted net
operating income
11,157
5,172
2,146
3,633
1,363
23,030
Capital employed at 06/30/2023
68,530
34,598
17,804
9,698
8,796
137,372
Capital employed at 06/30/2024
65,809
38,708
21,861
8,728
6,954
140,180
ROACE
16.6%
14.1%
10.8%
39.4%
17.3%
16.6%
10.7 Payout
In millions of dollars
1H24
1H23
2023
Dividend paid (parent company shareholders)
3,756
3,686
7,517
Repayment of treasury shares
4,013
4,105
9,167
Payout ratio
45%
42%
46%
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 is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow from operating
activities. Net cash flow refers to Cash Flow From Operations
excluding working capital minus Net Investments. Net cash flow can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow generated by the operations
of the Company post allocation of cash for Organic Investments and
Acquisitions net of assets sales (acquisitions - assets sales -
other operations with non-controlling interests). This performance
indicator corresponds to the cash flow available to repay debt and
allocate cash to shareholder distribution or share buybacks.
Net investments is a non-GAAP financial measure and its
most directly comparable IFRS measure is Cash flow used in
investing activities. Net Investments refer to Cash flow used in
investing activities including other transactions with
non-controlling interests, including change in debt from renewable
projects financing, including expenditures related to carbon
credits, including capex linked to capitalized leasing contracts
and excluding organic loan repayment from equity affiliates. This
indicator can be a valuable tool for decision makers, analysts and
shareholders alike to illustrate the cash directed to growth
opportunities, both internal and external, thereby showing, when
combined with the Company’s cash flow statement prepared under
IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments
and Acquisitions net of assets sales each of which is described in
the Glossary.
Organic investments is a non-GAAP financial measure and
its most directly comparable IFRS measure is Cash flow used in
investing activities. Organic investments refers to Net
Investments, excluding acquisitions, asset sales and other
operations with non-controlling interests. Organic Investments can
be a valuable tool for decision makers, analysts and shareholders
alike because it illustrates cash flow used by the Company to grow
its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined
as the ratio of the dividends and share buybacks 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.
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 does not constitute the half-year financial
report, which will be separately published in accordance with
article L. 451-1-2-III of the French Code monétaire et financier
and applicable UK law, and available on the website
totalenergies.com. This press release presents the results for the
second quarter of 2024 and half-year 2024 from the consolidated
financial statements of TotalEnergies SE as of June 30, 2024
(unaudited). The limited review procedures by the Statutory
Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website
totalenergies.com.
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.
(1)
Refer to Glossary pages 22 & 23 for
the definitions and further information on alternative performance
measures (Non-GAAP measures) and to page 19 and following for
reconciliation tables.
(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.
(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: 1.0767 in the
2nd quarter 2024, 1.0858 in the 1st quarter 2024, 1.0887 in the 2nd
quarter 2023, 1.0813 in the 1st half 2024 and 1.0807 in the 1st
half 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 2007
IPCC report. HFCs, PFCs and SF6 are virtually absent from the
Company’s emissions or are considered as non-material and are
therefore not counted.
(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. The highest point for each value chain
for 2024 will be evaluated considering realizations over the full
year, TotalEnergies gradually providing quarterly estimates.
(14)
Company production = E&P production +
Integrated LNG production.
(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).
(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 2024. Actual results could vary
significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net
operating income is essentially attributable to Refining &
Chemicals.
(17)
In a 80 $/b Brent environment.
(18)
End-of-period data.
(19)
Includes 20% of the gross capacities of
Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of
Casa dos Ventos.
(20)
End-of-period data.
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)(a)
2024
2024
2023
Sales
53,743
56,278
56,271
Excise taxes
(4,560)
(4,395)
(4,737)
Revenues from sales
49,183
51,883
51,534
Purchases, net of inventory variation
(32,117)
(33,780)
(33,864)
Other operating expenses
(7,729)
(7,643)
(7,906)
Exploration costs
(97)
(88)
(62)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,976)
(2,942)
(3,106)
Other income
3
1,758
116
Other expense
(251)
(315)
(366)
Financial interest on debt
(725)
(708)
(724)
Financial income and expense from cash
& cash equivalents
408
472
510
Cost of net debt
(317)
(236)
(214)
Other financial income
459
306
413
Other financial expense
(213)
(215)
(173)
Net income (loss) from equity
affiliates
627
18
267
Income taxes
(2,725)
(2,942)
(2,487)
Consolidated net income
3,847
5,804
4,152
TotalEnergies share
3,787
5,721
4,088
Non-controlling interests
60
83
64
Earnings per share ($)
1.61
2.42
1.65
Fully-diluted earnings per share ($)
1.60
2.40
1.64
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2024
2024
2023
Consolidated net income
3,847
5,804
4,152
Other comprehensive income
Actuarial gains and losses
22
(2)
135
Change in fair value of investments in
equity instruments
103
40
(1)
Tax effect
(11)
(8)
(43)
Currency translation adjustment generated
by the parent company
(683)
(1,506)
(57)
Items not potentially reclassifiable to
profit and loss
(569)
(1,476)
34
Currency translation adjustment
523
1,099
(49)
Cash flow hedge
593
807
689
Variation of foreign currency basis
spread
-
(15)
11
share of other comprehensive income of
equity affiliates, net amount
(38)
(76)
3
Other
(2)
2
(4)
Tax effect
(153)
(219)
(136)
Items potentially reclassifiable to
profit and loss
923
1,598
514
Total other comprehensive income (net
amount)
354
122
548
Comprehensive income
4,201
5,926
4,700
TotalEnergies share
4,134
5,870
4,676
Non-controlling interests
67
56
24
CONSOLIDATED STATEMENT OF
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)(a)
2024
2023
Sales
110,021
118,874
Excise taxes
(8,955)
(9,107)
Revenues from sales
101,066
109,767
Purchases, net of inventory variation
(65,897)
(72,215)
Other operating expenses
(15,372)
(15,691)
Exploration costs
(185)
(154)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(5,918)
(6,168)
Other income
1,761
457
Other expense
(566)
(666)
Financial interest on debt
(1,433)
(1,434)
Financial income and expense from cash
& cash equivalents
880
903
Cost of net debt
(553)
(531)
Other financial income
765
671
Other financial expense
(428)
(356)
Net income (loss) from equity
affiliates
645
1,227
Income taxes
(5,667)
(6,558)
Consolidated net income
9,651
9,783
TotalEnergies share
9,508
9,645
Non-controlling interests
143
138
Earnings per share ($)
4.04
3.88
Fully-diluted earnings per share ($)
4.02
3.86
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2024
2023
Consolidated net income
9,651
9,783
Other comprehensive income
Actuarial gains and losses
20
138
Change in fair value of investments in
equity instruments
143
3
Tax effect
(19)
(51)
Currency translation adjustment generated
by the parent company
(2,189)
1,409
Items not potentially reclassifiable to
profit and loss
(2,045)
1,499
Currency translation adjustment
1,622
(1,299)
Cash flow hedge
1,400
1,891
Variation of foreign currency basis
spread
(15)
8
share of other comprehensive income of
equity affiliates, net amount
(114)
(95)
Other
-
(1)
Tax effect
(372)
(472)
Items potentially reclassifiable to
profit and loss
2,521
32
Total other comprehensive income (net
amount)
476
1,531
Comprehensive income
10,127
11,314
TotalEnergies share
10,004
11,226
Non-controlling interests
123
88
CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30, 2024
March 31, 2024
December 31, 2023
June 30, 2023
(M$)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Non-current assets
Intangible assets, net
33,477
33,193
33,083
31,717
Property, plant and equipment, net
109,403
109,462
108,916
104,174
Equity affiliates : investments and
loans
32,800
31,256
30,457
30,425
Other investments
1,740
1,895
1,543
1,190
Non-current financial assets
2,469
2,308
2,395
2,494
Deferred income taxes
3,568
3,165
3,418
3,649
Other non-current assets
4,235
4,328
4,313
2,573
Total non-current assets
187,692
185,607
184,125
176,222
Current assets
Inventories, net
20,189
20,229
19,317
18,785
Accounts receivable, net
20,647
24,198
23,442
22,163
Other current assets
20,014
20,615
20,821
23,111
Current financial assets
6,823
6,319
6,585
6,725
Cash and cash equivalents
23,211
25,640
27,263
25,572
Assets classified as held for sale
912
525
2,101
8,441
Total current assets
91,796
97,526
99,529
104,797
Total assets
279,488
283,133
283,654
281,019
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' equity
Common shares
7,577
7,548
7,616
7,850
Paid-in surplus and retained earnings
130,688
129,937
126,857
123,511
Currency translation adjustment
(14,415)
(14,167)
(13,701)
(12,859)
Treasury shares
(6,471)
(4,909)
(4,019)
(4,820)
Total shareholders' equity -
TotalEnergies share
117,379
118,409
116,753
113,682
Non-controlling interests
2,648
2,734
2,700
2,770
Total shareholders' equity
120,027
121,143
119,453
116,452
Non-current liabilities
Deferred income taxes
12,461
11,878
11,688
11,237
Employee benefits
1,819
1,941
1,993
1,872
Provisions and other non-current
liabilities
20,295
20,961
21,257
21,295
Non-current financial debt
42,526
38,053
40,478
40,427
Total non-current liabilities
77,101
72,833
75,416
74,831
Current liabilities
Accounts payable
36,449
37,647
41,335
32,853
Other creditors and accrued
liabilities
33,442
32,949
36,727
38,609
Current borrowings
11,271
17,973
9,590
15,542
Other current financial liabilities
461
481
446
443
Liabilities directly associated with the
assets classified as held for sale
737
107
687
2,289
Total current liabilities
82,360
89,157
88,785
89,736
Total liabilities & shareholders'
equity
279,488
283,133
283,654
281,019
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
2nd quarter
1st quarter
2nd quarter
(M$)
2024
2024
2023
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
3,847
5,804
4,152
Depreciation, depletion, amortization and
impairment
3,080
3,036
3,195
Non-current liabilities, valuation
allowances and deferred taxes
(53)
292
81
(Gains) losses on disposals of assets
182
(1,610)
(70)
Undistributed affiliates' equity
earnings
(250)
288
383
(Increase) decrease in working capital
2,013
(5,686)
2,125
Other changes, net
188
45
34
Cash flow from operating
activities
9,007
2,169
9,900
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(3,699)
(3,420)
(3,870)
Acquisitions of subsidiaries, net of cash
acquired
(251)
(759)
(19)
Investments in equity affiliates and other
securities
(481)
(488)
(522)
Increase in non-current loans
(621)
(538)
(366)
Total expenditures
(5,052)
(5,205)
(4,777)
Proceeds from disposals of intangible
assets and property, plant and equipment
44
337
31
Proceeds from disposals of subsidiaries,
net of cash sold
213
1,218
38
Proceeds from disposals of non-current
investments
56
34
133
Repayment of non-current loans
181
149
102
Total divestments
494
1,738
304
Cash flow used in investing
activities
(4,558)
(3,467)
(4,473)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
521
-
383
- Treasury shares
(2,007)
(2,006)
(2,002)
Dividends paid:
- Parent company shareholders
(1,853)
(1,903)
(1,842)
- Non-controlling interests
(127)
(6)
(105)
Net issuance (repayment) of perpetual
subordinated notes
(1,622)
-
(1,081)
Payments on perpetual subordinated
notes
(50)
(159)
(80)
Other transactions with non-controlling
interests
(19)
(17)
(13)
Net issuance (repayment) of non-current
debt
4,319
42
(14)
Increase (decrease) in current
borrowings
(5,453)
3,536
(4,111)
Increase (decrease) in current financial
assets and liabilities
(530)
271
990
Cash flow from (used in) financing
activities
(6,821)
(242)
(7,875)
Net increase (decrease) in cash and
cash equivalents
(2,372)
(1,540)
(2,448)
Effect of exchange rates
(57)
(83)
35
Cash and cash equivalents at the beginning
of the period
25,640
27,263
27,985
Cash and cash equivalents at the end of
the period
23,211
25,640
25,572
CONSOLIDATED STATEMENT OF CASH
FLOW
TotalEnergies
(unaudited)
1st half
1st half
(M$)
2024
2023
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income
9,651
9,783
Depreciation, depletion, amortization and
impairment
6,116
6,382
Non-current liabilities, valuation
allowances and deferred taxes
239
395
(Gains) losses on disposals of assets
(1,428)
(322)
Undistributed affiliates' equity
earnings
38
34
(Increase) decrease in working capital
(3,673)
(1,294)
Other changes, net
233
55
Cash flow from operating
activities
11,176
15,033
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, plant and
equipment additions
(7,119)
(8,838)
Acquisitions of subsidiaries, net of cash
acquired
(1,010)
(155)
Investments in equity affiliates and other
securities
(969)
(1,929)
Increase in non-current loans
(1,159)
(755)
Total expenditures
(10,257)
(11,677)
Proceeds from disposals of intangible
assets and property, plant and equipment
381
99
Proceeds from disposals of subsidiaries,
net of cash sold
1,431
221
Proceeds from disposals of non-current
investments
90
182
Repayment of non-current loans
330
340
Total divestments
2,232
842
Cash flow used in investing
activities
(8,025)
(10,835)
CASH FLOW USED IN FINANCING
ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders
521
383
- Treasury shares
(4,013)
(4,105)
Dividends paid:
- Parent company shareholders
(3,756)
(3,686)
- Non-controlling interests
(133)
(126)
Net issuance (repayment) of perpetual
subordinated notes
(1,622)
(1,081)
Payments on perpetual subordinated
notes
(209)
(238)
Other transactions with non-controlling
interests
(36)
(99)
Net issuance (repayment) of non-current
debt
4,361
104
Increase (decrease) in current
borrowings
(1,917)
(5,385)
Increase (decrease) in current financial
assets and liabilities
(259)
2,384
Cash flow from (used in) financing
activities
(7,063)
(11,849)
Net increase (decrease) in cash and
cash equivalents
(3,912)
(7,651)
Effect of exchange rates
(140)
197
Cash and cash equivalents at the beginning
of the period
27,263
33,026
Cash and cash equivalents at the end of
the period
23,211
25,572
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued
Paid-in surplus and retained
earnings
Currency translation
adjustment
Treasury shares
Shareholders' equity -
TotalEnergies
Share
Non-controlling
interests
Total shareholders'
equity
(M$)
Number
Amount
Number
Amount
As of January 1, 2023
2,619,131,285
8,163
123,951
(12,836)
(137,187,667)
(7,554)
111,724
2,846
114,570
Net income of the first half 2023
-
-
9,645
-
-
-
9,645
138
9,783
Other comprehensive income
-
-
1,576
5
-
-
1,581
(50)
1,531
Comprehensive Income
-
-
11,221
5
-
-
11,226
88
11,314
Dividend
-
-
(3,868)
-
-
-
(3,868)
(126)
(3,994)
Issuance of common shares
8,002,155
22
361
-
-
-
383
-
383
Purchase of treasury shares
-
-
-
-
(66,647,852)
(4,705)
(4,705)
-
(4,705)
Sale of treasury shares(a)
-
-
(396)
-
6,461,256
396
-
-
-
Share-based payments
-
-
172
-
-
-
172
-
172
Share cancellation
(128,869,261)
(335)
(6,708)
-
128,869,261
7,043
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(1,107)
-
-
-
(1,107)
-
(1,107)
Payments on perpetual subordinated
notes
-
-
(151)
-
-
-
(151)
-
(151)
Other operations with
non-controlling interests
-
-
39
(28)
-
-
11
(38)
(27)
Other items
-
-
(3)
-
-
-
(3)
-
(3)
As of June 30, 2023
2,498,264,179
7,850
123,511
(12,859)
(68,505,002)
(4,820)
113,682
2,770
116,452
Net income of the second half 2023
-
-
11,739
-
-
-
11,739
(12)
11,727
Other comprehensive income
-
-
411
(842)
-
-
(431)
7
(424)
Comprehensive Income
-
-
12,150
(842)
-
-
11,308
(5)
11,303
Dividend
-
-
(3,743)
-
-
-
(3,743)
(185)
(3,928)
Issuance of common shares
-
-
-
-
-
-
-
-
-
Purchase of treasury shares
-
-
-
-
(78,052,725)
(4,462)
(4,462)
-
(4,462)
Sale of treasury shares(a)
-
-
-
-
2,170
-
-
-
-
Share-based payments
-
-
119
-
-
-
119
-
119
Share cancellation
(86,012,344)
(234)
(5,029)
-
86,012,344
5,263
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
-
-
-
-
-
-
-
Payments on perpetual subordinated
notes
-
-
(143)
-
-
-
(143)
-
(143)
Other operations with
non-controlling interests
-
-
(9)
-
-
-
(9)
123
114
Other items
-
-
1
-
-
-
1
(3)
(2)
As of December 31, 2023
2,412,251,835
7,616
126,857
(13,701)
(60,543,213)
(4,019)
116,753
2,700
119,453
Net income of the first half 2024
-
-
9,508
-
-
-
9,508
143
9,651
Other comprehensive income
-
-
1,210
(714)
-
-
496
(20)
476
Comprehensive Income
-
-
10,718
(714)
-
-
10,004
123
10,127
Dividend
-
-
(3,929)
-
-
-
(3,929)
(133)
(4,062)
Issuance of common shares
10,833,187
29
492
-
-
-
521
-
521
Purchase of treasury shares
-
-
-
-
(58,719,028)
(4,513)
(4,513)
-
(4,513)
Sale of treasury shares(a)
-
-
(397)
-
6,065,491
397
-
-
-
Share-based payments
-
-
356
-
-
-
356
-
356
Share cancellation
(25,405,361)
(68)
(1,596)
-
25,405,361
1,664
-
-
-
Net issuance (repayment) of perpetual
subordinated notes
-
-
(1,679)
-
-
-
(1,679)
-
(1,679)
Payments on perpetual subordinated
notes
-
-
(135)
-
-
-
(135)
-
(135)
Other operations with
non-controlling interests
-
-
-
-
-
-
-
(36)
(36)
Other items
-
-
1
-
-
-
1
(6)
(5)
As of June 30, 2024
2,397,679,661
7,577
130,688
(14,415)
(87,791,389)
(6,471)
117,379
2,648
120,027
(a)Treasury shares related to the
performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2nd quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,416
1,986
4,464
24,516
21,358
3
-
53,743
Intersegment sales
9,796
2,111
369
8,203
164
77
(20,720)
-
Excise taxes
-
-
-
(208)
(4,352)
-
-
(4,560)
Revenues from sales
11,212
4,097
4,833
32,511
17,170
80
(20,720)
49,183
Operating expenses
(4,669)
(2,922)
(4,506)
(31,647)
(16,601)
(318)
20,720
(39,943)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,907)
(310)
(105)
(416)
(208)
(30)
-
(2,976)
Net income (loss) from equity affiliates
and other items
141
526
26
(13)
(84)
29
-
625
Tax on net operating income
(2,163)
(251)
(79)
(60)
(101)
(23)
-
(2,677)
Adjustments (a)
(53)
(12)
(333)
(264)
(203)
(9)
-
(874)
Adjusted net operating income
2,667
1,152
502
639
379
(253)
-
5,086
Adjustments (a)
(874)
Net cost of net debt
(365)
Non-controlling interests
(60)
Net income - TotalEnergies
share
3,787
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
2nd quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,697
844
769
443
259
40
-
5,052
Total divestments
149
29
261
127
(78)
6
-
494
Cash flow from operating activities
4,535
431
1,647
1,541
1,650
(797)
-
9,007
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1st quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,318
2,659
7,082
24,533
20,671
15
-
56,278
Intersegment sales
9,735
3,495
790
8,143
269
63
(22,495)
-
Excise taxes
-
-
-
(170)
(4,225)
-
-
(4,395)
Revenues from sales
11,053
6,154
7,872
32,506
16,715
78
(22,495)
51,883
Operating expenses
(4,444)
(4,784)
(7,565)
(30,888)
(16,096)
(229)
22,495
(41,511)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(1,917)
(321)
(97)
(376)
(206)
(25)
-
(2,942)
Net income (loss) from equity affiliates
and other items
97
495
(615)
68
1,480
27
-
1,552
Tax on net operating income
(2,261)
(284)
(40)
(255)
(108)
55
-
(2,893)
Adjustments (a)
(22)
38
(1,056)
93
1,530
(4)
-
579
Adjusted net operating income
2,550
1,222
611
962
255
(90)
-
5,510
Adjustments (a)
579
Net cost of net debt
(285)
Non-controlling interests
(83)
Net income - TotalEnergies
share
5,721
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
1st quarter 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,294
565
1,739
435
144
28
-
5,205
Total divestments
306
50
62
38
1,281
1
-
1,738
Cash flow from operating activities
3,590
1,710
(249)
(2,129)
(108)
(645)
-
2,169
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
1,434
2,020
6,249
24,849
21,712
7
-
56,271
Intersegment sales
10,108
2,778
670
8,630
201
64
(22,451)
-
Excise taxes
-
-
-
(231)
(4,506)
-
-
(4,737)
Revenues from sales
11,542
4,798
6,919
33,248
17,407
71
(22,451)
51,534
Operating expenses
(5,162)
(3,797)
(6,334)
(32,042)
(16,672)
(276)
22,451
(41,832)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(2,117)
(277)
(51)
(394)
(241)
(26)
-
(3,106)
Net income (loss) from equity affiliates
and other items
(15)
472
(250)
3
64
(17)
-
257
Tax on net operating income
(1,889)
(137)
(41)
(187)
(162)
(40)
-
(2,456)
Adjustments (a)
10
(271)
(207)
(376)
(53)
(40)
-
(937)
Adjusted net operating income
2,349
1,330
450
1,004
449
(248)
-
5,334
Adjustments (a)
(937)
Net cost of net debt
(245)
Non-controlling interests
(64)
Net income - TotalEnergies
share
4,088
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
2nd quarter 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
2,569
626
807
489
256
30
-
4,777
Total divestments
26
45
149
52
28
4
-
304
Cash flow from operating activities
4,047
1,332
2,284
1,923
665
(351)
-
9,900
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1st half 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
2,734
4,645
11,546
49,049
42,029
18
-
110,021
Intersegment sales
19,531
5,606
1,159
16,346
433
140
(43,215)
-
Excise taxes
-
-
-
(378)
(8,577)
-
-
(8,955)
Revenues from sales
22,265
10,251
12,705
65,017
33,885
158
(43,215)
101,066
Operating expenses
(9,113)
(7,706)
(12,071)
(62,535)
(32,697)
(547)
43,215
(81,454)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(3,824)
(631)
(202)
(792)
(414)
(55)
-
(5,918)
Net income (loss) from equity affiliates
and other items
238
1,021
(589)
55
1,396
56
-
2,177
Tax on net operating income
(4,424)
(535)
(119)
(315)
(209)
32
-
(5,570)
Adjustments (a)
(75)
26
(1,389)
(171)
1,327
(13)
-
(295)
Adjusted net operating income
5,217
2,374
1,113
1,601
634
(343)
-
10,596
Adjustments (a)
(295)
Net cost of net debt
(650)
Non-controlling interests
(143)
Net income - TotalEnergies
share
9,508
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
1st half 2024
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
4,991
1,409
2,508
878
403
68
-
10,257
Total divestments
455
79
323
165
1,203
7
-
2,232
Cash flow from operating activities
8,125
2,141
1,398
(588)
1,542
(1,442)
-
11,176
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1st half 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
External sales
3,388
6,892
14,804
49,704
44,071
15
-
118,874
Intersegment sales
20,836
8,777
2,355
17,691
321
121
(50,101)
-
Excise taxes
-
-
-
(415)
(8,692)
-
-
(9,107)
Revenues from sales
24,224
15,669
17,159
66,980
35,700
136
(50,101)
109,767
Operating expenses
(9,924)
(13,242)
(16,165)
(63,934)
(34,459)
(437)
50,101
(88,060)
Depreciation, depletion and impairment of
tangible assets and mineral interests
(4,183)
(565)
(98)
(808)
(465)
(49)
-
(6,168)
Net income (loss) from equity affiliates
and other items
53
1,276
(320)
55
307
(38)
-
1,333
Tax on net operating income
(5,287)
(342)
(152)
(512)
(281)
23
-
(6,551)
Adjustments (a)
(119)
(606)
(396)
(841)
73
(40)
-
(1,929)
Adjusted operating income
5,002
3,402
820
2,622
729
(325)
-
12,250
Adjustments (a)
(1,929)
Net cost of net debt
(538)
Non-controlling interests
(138)
Net income - TotalEnergies
share
9,645
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for
LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of
gas and LNG positions are allocated to the operating income of
Integrated LNG segment.
Effects of changes in the fair value of
power positions are allocated to the operating income of Integrated
Power segment.
1st half 2023
Exploration
&
Production
Integrated LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Total
(M$)
Total expenditures
6,621
1,821
2,041
714
415
65
-
11,677
Total divestments
57
94
298
60
329
4
-
842
Cash flow from operating activities
8,583
4,868
999
1,072
(8)
(481)
-
15,033
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities
to Net investments
1.1 Exploration & Production
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
2,548
1,988
2,543
ns
Cash flow used in investing activities
( a )
4,536
6,564
-31%
-
-
-
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
90
90
56
61%
Capex linked to capitalized leasing
contracts ( e )
180
106
70%
4
(1)
1
x4
Expenditures related to carbon credits ( f
)
3
2
50%
2,642
2,077
2,600
2%
Net investments ( a + b + c + d + e + f
= g - i + h )
4,719
6,672
-29%
57
36
176
-68%
of which net acquisitions of assets sales
( g - i )
93
2,114
-96%
160
327
179
-11%
Acquisitions ( g )
487
2,125
-77%
103
291
3
x34.3
Assets sales ( i )
394
11
x35.8
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
2,585
2,041
2,424
7%
of which organic investments ( h
)
4,626
4,558
1%
88
136
325
-73%
Capitalized exploration
225
529
-58%
67
42
17
x3.9
Increase in non-current loans
109
61
79%
(46)
(15)
(23)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(61)
(46)
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
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
815
515
581
40%
Cash flow used in investing activities
( a )
1,330
1,727
-23%
ns
Other transactions with non-controlling
interests ( b )
ns
1
ns
Organic loan repayment from equity
affiliates ( c )
1
2
-50%
ns
Change in debt from renewable projects
financing ( d ) *
ns
7
12
6
17%
Capex linked to capitalized leasing
contracts ( e )
19
14
36%
ns
Expenditures related to carbon credits ( f
)
ns
822
528
587
40%
Net investments ( a + b + c + d + e + f
= g - i + h )
1,350
1,743
-23%
198
(12)
205
-3%
of which net acquisitions of assets sales
( g - i )
186
964
-81%
199
224
-11%
Acquisitions ( g )
199
993
-80%
1
12
19
-95%
Assets sales ( i )
13
29
-55%
ns
Change in debt from renewable projects
(partner share)
ns
624
540
382
63%
of which organic investments ( h
)
1,164
779
49%
13
9
3
x4.3
Capitalized exploration
22
4
x5.5
153
173
95
61%
Increase in non-current loans
326
238
37%
(42)
(37)
(26)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(79)
(64)
ns
ns
Change in debt from renewable projects
(TotalEnergies share)
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
1.3 Integrated Power
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
508
1,677
658
-23%
Cash flow used in investing activities
( a )
2,185
1,743
25%
-
-
-
ns
Other transactions with non-controlling
interests ( b )
-
-
ns
-
-
16
ns
Organic loan repayment from equity
affiliates ( c )
-
22
ns
-
-
35
ns
Change in debt from renewable projects
financing ( d ) *
-
38
ns
-
1
2
ns
Capex linked to capitalized leasing
contracts ( e )
1
4
-75%
-
-
-
ns
Expenditures related to carbon credits ( f
)
-
-
ns
508
1,678
711
-29%
Net investments ( a + b + c + d + e + f
= g - i + h )
2,186
1,807
21%
(88)
735
(42)
ns
of which net acquisitions of assets sales
( g - i )
647
477
36%
142
736
45
x3.2
Acquisitions ( g )
878
582
51%
230
1
87
x2.6
Assets sales ( i )
231
105
x2.2
(35)
ns
Change in debt from renewable projects
(partner share)
(38)
ns
596
943
753
-21%
of which organic investments ( h
)
1,539
1,330
16%
-
-
-
ns
Capitalized exploration
-
-
ns
239
305
182
31%
Increase in non-current loans
544
345
58%
(31)
(61)
(11)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(92)
(132)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
1.4 Refining & Chemicals
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
316
397
437
-28%
Cash flow used in investing activities
( a )
713
654
9%
-
-
-
ns
Other transactions with non-controlling
interests ( b )
-
-
ns
(29)
2
2
ns
Organic loan repayment from equity
affiliates ( c )
(27)
(12)
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
287
399
439
-35%
Net investments ( a + b + c + d + e + f
= g - i + h )
686
642
7%
(95)
(20)
(15)
ns
of which net acquisitions of assets sales
( g - i )
(115)
(10)
ns
26
9
27
-4%
Acquisitions ( g )
35
31
13%
121
29
42
x2.9
Assets sales ( i )
150
41
x3.7
-
-
-
ns
Change in debt from renewable projects
(partner share)
-
-
ns
382
419
454
-16%
of which organic investments ( h
)
801
652
23%
-
-
-
ns
Capitalized exploration
-
-
ns
58
7
27
x2.1
Increase in non-current loans
65
38
71%
(3)
(7)
(8)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(10)
(16)
ns
-
-
-
ns
Change in debt from renewable projects
(TotalEnergies share)
-
-
ns
*Change in debt from renewable projects
(TotalEnergies share and partner share)
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
1.5 Marketing & Services
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
337
(1,137)
228
48%
Cash flow used in investing activities
( a )
(800)
86
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
337
(1,137)
228
48%
Net investments ( a + b + c + d + e + f
= g - i + h )
(800)
86
ns
151
(1,238)
(4)
ns
of which net acquisitions of assets sales
( g - i )
(1,087)
(238)
ns
17
2
7
x2.4
Acquisitions ( g )
19
7
x2.7
(134)
1,240
11
ns
Assets sales ( i )
1,106
245
x4.5
ns
Change in debt from renewable projects
(partner share)
ns
186
101
232
-20%
of which organic investments ( h
)
287
324
-11%
-
-
-
ns
Capitalized exploration
-
-
ns
57
11
26
x2.2
Increase in non-current loans
68
37
84%
(53)
(26)
(12)
ns
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates
(79)
(51)
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
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
4,535
3,590
4,047
12%
Cash flow from operating activities ( a
)
8,125
8,583
-5%
182
(888)
(317)
ns
(Increase) decrease in working capital ( b
)
(706)
(688)
ns
-
-
-
ns
Inventory effect ( c )
-
-
ns
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
ns
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
-
-
ns
4,353
4,478
4,364
ns
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
8,831
9,271
-5%
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
2.2 Integrated LNG
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
431
1,710
1,332
-68%
Cash flow from operating activities ( a
)
2,141
4,868
-56%
(789)
363
(469)
ns
(Increase) decrease in working capital ( b
) *
(426)
987
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
2
-50%
1,220
1,348
1,801
-32%
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
2,568
3,882
-34%
*Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power sectors’ contracts.
2.3 Integrated Power
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
1,647
(249)
2,284
-28%
Cash flow from operating activities ( a
)
1,398
999
40%
1,024
(941)
1,844
-44%
(Increase) decrease in working capital ( b
) *
83
129
-36%
-
-
ns
Inventory effect ( c )
-
-
ns
-
-
35
ns
Capital gain from renewable project sales
( d )
-
38
ns
-
-
16
ns
Organic loan repayments from equity
affiliates ( e )
-
22
ns
623
692
491
27%
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
1,315
931
41%
* Changes in working capital are presented
excluding the mark-to-market effect of Integrated LNG and
Integrated Power sectors’ contracts.
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
2.4 Refining & Chemicals
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
1,541
(2,129)
1,923
-20%
Cash flow from operating activities ( a
)
(588)
1,072
ns
788
(3,526)
788
ns
(Increase) decrease in working capital ( b
)
(2,738)
(1,395)
ns
(393)
108
(192)
ns
Inventory effect ( c )
(285)
(607)
ns
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
ns
(29)
2
2
ns
Organic loan repayments from equity
affiliates ( e )
(27)
(12)
ns
1,117
1,291
1,329
-16%
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
2,408
3,062
-21%
2.5 Marketing & Services
2nd quarter
1st quarter
2nd quarter
2nd quarter 2024 vs
(in millions of dollars)
6 months
6 months
6 months 2024 vs
2024
2024
2023
2nd quarter 2023
2024
2023
6 months 2023
1,650
(108)
665
x2.5
Cash flow from operating activities ( a
)
1,542
(8)
ns
1,066
(604)
(31)
ns
(Increase) decrease in working capital ( b
)
462
(1,073)
ns
(75)
17
(60)
ns
Inventory effect ( c )
(58)
(147)
ns
-
-
-
ns
Capital gain from renewable project sales
( d )
-
-
ns
-
-
-
ns
Organic loan repayments from equity
affiliates ( e )
-
-
ns
659
479
756
-13%
Cash flow from operations excluding
working capital (CFFO) ( f = a - b - c + d + e )
1,138
1,212
-6%
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and
calculation of ROACE
(In millions of dollars)
Exploration
&
Production
Integrated
LNG
Integrated Power
Refining
&
Chemicals
Marketing
&
Services
Corporate
Intercompany
Company
Adjusted net operating income 2nd quarter
2024
2,667
1,152
502
639
379
(253)
-
5,086
Adjusted net operating income 1st quarter
2024
2,550
1,222
611
962
255
(90)
-
5,510
Adjusted net operating income 4th quarter
2023
2,802
1,456
527
633
306
(178)
-
5,546
Adjusted net operating income 3rd quarter
2023
3,138
1,342
506
1,399
423
80
-
6,888
Adjusted net operating income ( a
)
11,157
5,172
2,146
3,633
1,363
(441)
-
23,030
Balance sheet as of June 30,
2024
Property plant and equipment intangible
assets net
84,754
24,936
14,078
11,987
6,476
649
-
142,880
Investments & loans in equity
affiliates
3,463
15,294
8,921
4,122
1,000
-
-
32,800
Other non-current assets
3,803
2,424
1,147
731
1,224
214
-
9,543
Inventories, net
1,486
1,495
577
12,822
3,809
-
-
20,189
Accounts receivable, net
6,432
5,526
4,766
20,755
8,940
1,073
(26,845)
20,647
Other current assets
6,497
7,876
4,797
2,146
3,141
7,313
(11,756)
20,014
Accounts payable
(6,984)
(6,429)
(5,653)
(33,025)
(10,387)
(775)
26,804
(36,449)
Other creditors and accrued
liabilities
(8,785)
(8,614)
(4,989)
(6,082)
(5,762)
(11,007)
11,797
(33,442)
Working capital
(1,354)
(146)
(502)
(3,384)
(259)
(3,396)
-
(9,041)
Provisions and other non-current
liabilities
(24,947)
(3,800)
(1,807)
(3,467)
(1,207)
653
-
(34,575)
Assets and liabilities classified as held
for sale - Capital employed
90
-
24
-
-
-
-
114
Capital Employed (Balance
sheet)
65,809
38,708
21,861
9,989
7,234
(1,880)
-
141,721
Less inventory valuation effect
(1,261)
(280)
(1,541)
Capital Employed at replacement cost (
b )
65,809
38,708
21,861
8,728
6,954
(1,880)
-
140,180
Balance sheet as of June 30,
2023
Property plant and equipment intangible
assets net
85,184
24,341
7,587
11,637
6,518
624
-
135,891
Investments & loans in equity
affiliates
2,589
13,441
9,599
4,237
559
-
-
30,425
Other non-current assets
2,051
2,978
433
702
1,109
140
-
7,413
Inventories, net
1,550
1,202
678
11,483
3,872
-
-
18,785
Accounts receivable, net
6,291
8,030
5,838
18,170
8,717
1,741
(26,624)
22,163
Other current assets
5,685
11,503
8,197
2,310
3,130
5,344
(13,058)
23,111
Accounts payable
(6,242)
(9,086)
(5,149)
(27,385)
(10,090)
(1,372)
26,471
(32,853)
Other creditors and accrued
liabilities
(9,381)
(13,998)
(8,224)
(6,440)
(4,743)
(9,033)
13,211
(38,608)
Working capital
(2,097)
(2,349)
1,340
(1,862)
886
(3,320)
-
(7,402)
Provisions and other non-current
liabilities
(24,793)
(3,917)
(1,282)
(3,723)
(1,191)
502
-
(34,404)
Assets and liabilities classified as held
for sale - Capital employed
5,596
104
127
87
1,243
-
-
7,157
Capital Employed (Balance
sheet)
68,530
34,598
17,804
11,078
9,124
(2,054)
-
139,080
Less inventory valuation effect
(1,380)
(328)
(1,708)
Capital Employed at replacement cost (
c )
68,530
34,598
17,804
9,698
8,796
(2,054)
-
137,372
ROACE as a percentage ( a / average ( b
+ c ))
16.6%
14.1%
10.8%
39.4%
17.3%
16.6%
Alternative Performance Measures (Non-GAAP) TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net
operating income
(in millions of dollars)
2nd quarter
1st quarter
2nd quarter
6 months
6 months
2024
2024
2023
2024
2023
Consolidated net income ( a )
3,847
5,804
4,152
9,651
9,783
Net cost of net debt ( b )
(365)
(285)
(245)
(650)
(538)
Special items affecting net operating
income
(256)
792
(449)
536
(616)
Gain (loss) on asset sales
(110)
1,507
-
1,397
203
Restructuring charges
(11)
-
(5)
(11)
(5)
Impairments
-
(644)
(469)
(644)
(529)
Other
(135)
(71)
25
(206)
(285)
After-tax inventory effect : FIFO vs.
replacement cost
(327)
107
(377)
(220)
(768)
Effect of changes in fair value
(291)
(320)
(111)
(611)
(545)
Total adjustments affecting net
operating income ( c )
(874)
579
(937)
(295)
(1,929)
Adjusted net operating income ( a - b -
c )
5,086
5,510
5,334
10,596
12,250
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