TotalEnergies SE UK Regulatory Announcement: TotalEnergies SE: Fourth Quarter and Full-Year 2024 Results
TotalEnergies generated $4.4B of adjusted net income, up 8%, for the fourth quarter thanks to strong performance in Integrated LNG and Integrated Power
In 2024, in a softer environment than 2023, TotalEnergies leveraged its multi-energy integrated strategy, posting adjusted net income of more than $18B and a 14.8% ROACE, the best among the majors
2024 dividend increase of 7% – $8 billion buybacks in 2024
8.3% gearing at year-end 2024
PARIS–(BUSINESS WIRE)–
TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):
4Q24 |
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| 2024 |
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Adjusted net income (TotalEnergies share)(1) | ||||||||
– in billions of dollars (B$) | 4.4 | +8% | 18.3 | -21% | ||||
– in dollars per share | 1.90 | +9% | 7.77 | -17% | ||||
Net income (TotalEnergies share) (B$) | 4.0 | +72% | 15.8 | -26% | ||||
Adjusted EBITDA(1) (B$) | 10.5 | +5% | 43.1 | -14% | ||||
Cash flow from operations excluding working capital (CFFO)(1) (B$) | 7.2 | +5% | 29.9 | -17% | ||||
Cash flow from operating activities (B$) | 12.5 | +74% | 30.9 | -24% |
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 4, 2025, to approve the 4th quarter and the full-year 2024 financial statements. On the occasion, Patrick Pouyanné said:
“During the fourth quarter, TotalEnergies leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with $4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO, up 5%.
In 2024, TotalEnergies reported adjusted net income of $18.3 billion and cash flow of $29.9 billion in a softer environment mainly affected by a sharp decline in refining margins, after two exceptional years. 2024 IFRS net income was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return on average capital employed in 2024, the best among the majors for the third consecutive year. TotalEnergies continued to implement its balanced growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one third was in new Oil & Gas projects and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. With $8 billion in share buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the Company’s strong financial health.
In the Oil & Gas business, fourth quarter production was 2.43 Mboe/d, benefiting from the ramp up of projects commencing in 2024. With oil prices down $5/b compared to previous quarter, partially offset by higher gas prices, Exploration & Production delivered a strong quarter, with adjusted net operating income of $2.3 billion and cash flow of $3.9 billion. In 2024, TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3 in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%. Exploration & Production generated adjusted net operating income of $10 billion and cash flow of $17 billion. During the year, the Company sanctioned major oil projects in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than 12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low cost and low emission O&G model, with operating costs below $5/boe and GHG emissions† and notably methane emissions down 3% and 15%, respectively, over the year.
Integrated LNG results meaningfully increased sequentially with adjusted net operating income and cash flow of $1.4 billion, up 35% and 63%, respectively, compared to the third quarter, driven by 6% production growth, average LNG prices above $10/Mbtu and LNG trading performance back to the level of the fourth quarter 2023, taking advantage of higher market volatility. For full-year 2024, Integrated LNG generated adjusted net operating income and cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the launch of Marsa LNG in Oman, Ubeta in Nigeria, the Sapura OMV acquisition in Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in Texas. Moreover, TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/ year) in Asia, mostly Brent-indexed.
During the fourth quarter, Integrated Power continued its track record of strong performance throughout the year with a higher adjusted net operating income of $575 million and cash flow of $604 million. Full-year 2024 cash flow totaled $2.6 billion, up 19% year-on-year and in line with annual Company guidance, and with a ROACE of 10%. Net electricity production increased 23% year-on-year to 41 TWh and contributed to reducing the average lifecycle carbon intensity of all energy products sold by the Company to its clients (-17% vs. 2015). During 2024, TotalEnergies continued to deploy its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB that strengthen the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom that further enhance the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies anticipates growing power production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production.
During the fourth quarter, in a globally weak margin environment, Downstream adjusted net operating income was $680 million, up 12%, and cash flow was $1.4 billion, up 15%, following a $10/t increase in European refining margins. Full-year 2024 adjusted net operating income was $3.5 billion, down from 2023 levels due to a sharp decline (-44%) in European refining margins and downgraded operations in some units. Importantly, cash flow remained above $6 billion, demonstrating the resilience of the Company’s integrated Downstream model.
In view of the free cash flow growth outlook and share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to be held on May 23, 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared to the 2023 dividend. Furthermore, the Board of Directors confirmed a shareholder return policy for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions.”
1. Highlights (2)
Upstream
- Closing of the acquisition of the Upstream gas assets of SapuraOMV, in Malaysia
- Production start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil
- Launch, as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply gas-fired power plants in Iraq
Integrated LNG
- Signature of an LNG sales contract for 2 Mt/year over 15 years with Sinopec delivered in China from 2028
Integrated Power
- Signature of an acquisition agreement of VSB, a German renewable energy developer
- Sale of a 50% interest in a 2 GW solar and BESS portfolio in the United States
- Sale of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in the United Kingdom
- Award of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water Company, in Saudi Arabia
- Signature of an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects, in Oman
- Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years
Decarbonization and low-carbon molecules
- Decision to deploy continuous, real-time methane emissions detection equipment on all TotalEnergies operated upstream assets
- Launch by Northern Endurance Partnership of the first CCS project in the UK (TotalEnergies, 10%)
- Launch of a renewable hydrogen production project (bio H2) with Air Liquide at La Mède platform
2. Key figures from TotalEnergies’ consolidated financial statements (1)
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except effective tax rate, | 2024 | 2023 | 2024 | |||||||
10,529 | 10,048 | +5% | 11,696 | Adjusted EBITDA (1) | 43,143 | 50,030 | -14% | |||||||
4,992 | 4,635 | +8% | 5,724 | Adjusted net operating income from business segments | 20,566 | 25,107 | -18% | |||||||
2,305 | 2,482 | -7% | 2,802 | Exploration & Production | 10,004 | 10,942 | -9% | |||||||
1,432 | 1,063 | +35% | 1,456 | Integrated LNG | 4,869 | 6,200 | -21% | |||||||
575 | 485 | +19% | 527 | Integrated Power | 2,173 | 1,853 | +17% | |||||||
318 | 241 | +32% | 633 | Refining & Chemicals | 2,160 | 4,654 | -54% | |||||||
362 | 364 | -1% | 306 | Marketing & Services | 1,360 | 1,458 | -7% | |||||||
706 | 706 | – | 597 | Contribution of equity affiliates to adjusted net income | 2,669 | 3,000 | -11% | |||||||
41.3% | 38.0% | – | 37.7% | Effective tax rate (3) | 39.4% | 37.5% | – | |||||||
4,406 | 4,074 | +8% | 5,226 | Adjusted net income (TotalEnergies share) (1) | 18,264 | 23,176 | -21% | |||||||
1.90 | 1.74 | +9% | 2.16 | Adjusted fully-diluted earnings per share (dollars) (4) | 7.77 | 9.40 | -17% | |||||||
1.78 | 1.58 | +13% | 2.02 | Adjusted fully-diluted earnings per share (euros) (5) | 7.18 | 8.70 | -17% | |||||||
2,282 | 2,310 | -1% | 2,387 | Fully-diluted weighted-average shares (millions) | 2,315 | 2,434 | -5% | |||||||
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3,956 | 2,294 | +72% | 5,063 | Net income (TotalEnergies share) | 15,758 | 21,384 | -26% | |||||||
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3,839 | 4,102 | -6% | 6,139 | Organic investments (1) | 16,423 | 18,126 | -9% | |||||||
24 | 1,662 | -99% | (5,404) | Acquisitions net of assets sales (1) | 1,406 | (1,289) | ns | |||||||
3,863 | 5,764 | -33% | 735 | Net investments (1) | 17,829 | 16,837 | +6% | |||||||
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7,151 | 6,821 | +5% | 8,500 | Cash flow from operations excluding working capital (CFFO) (1) | 29,917 | 35,946 | -17% | |||||||
7,398 | 7,009 | +6% | 8,529 | Debt Adjusted Cash Flow (DACF) (1) | 30,614 | 36,451 | -16% | |||||||
12,507 | 7,171 | +74% | 16,150 | Cash flow from operating activities | 30,854 | 40,679 | -24% | |||||||
Gearing (1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023 |
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
4Q24 | 3Q24 | 4Q24 | 4Q23 | 2024 | 2023 | 2024 | ||||||||
74.7 | 80.3 | -7% | 84.3 | Brent ($/b) | 80.8 | 82.6 | -2% | |||||||
3.0 | 2.2 | +34% | 2.9 | Henry Hub ($/Mbtu) | 2.4 | 2.7 | -9% | |||||||
13.6 | 11.5 | +18% | 13.6 | TTF ($/Mbtu) | 11.0 | 13.1 | -16% | |||||||
14.0 | 13.0 | +7% | 15.2 | JKM ($/Mbtu) | 11.9 | 13.8 | -14% | |||||||
71.8 | 77.0 | -7% | 80.2 | Average price of liquids (6),(7) ($/b) Consolidated subsidiaries | 77.1 | 76.2 | +1% | |||||||
6.26 | 5.78 | +8% | 6.17 | Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries | 5.54 | 6.64 | -16% | |||||||
10.37 | 9.91 | +5% | 10.28 | Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates | 9.80 | 10.76 | -9% | |||||||
25.9 | 15.4 | +68% | 52.6 | European Refining Margin Marker (ERM) (6),(10) ($/t) | 39.5 | 71.0 | -44% |
3.2 Greenhouse gas emissions (11)
4Q24 | 3Q24 | 4Q24 | 4Q23 | Scope 1+2 emissions (MtCO2e) | 2024 | 2023 | 2024 | |||||||
9.6 | 8.8 | +9% | 7.9 | Scope 1+2 from operated facilities (12) | 34.3 | 34.6 | -1% | |||||||
7.9 | 7.4 | +7% | 7.2 | of which Oil & Gas | 29.4 | 30.3 | -3% | |||||||
1.7 | 1.4 | +21% | 0.7 | of which CCGT | 4.9 | 4.3 | +14% | |||||||
12.2 | 11.7 | +4% | 11.5 | Scope 1+2 – equity share | 46.4 | 48.9 | -5% | |||||||
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4Q24 | 3Q24 | 4Q24 | 4Q23 | Methane emissions (ktCH4) | 2024 | 2023 | 2024 | |||||||
7 | 7 | – | 9 | Methane emissions from operated facilities | 29 | 34 | -15% | |||||||
9 | 8 | +13% | 11 | Methane emissions – equity share | 33 | 40 | -18% | |||||||
Estimated quarterly emissions. |
In 2024, Scope 1+2 emissions from operated installations amounted to 34.3 million tons CO2e.
2024 methane emissions from operated facilities were down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production, which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020.
2024 Scope 3 (13) Category 11 emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e in 2023.
3.3 Production (14)
4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production | 2024 | 2023 | 2024 | |||||||
2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% | |||||||
1,292 | 1,324 | -2% | 1,341 | Oil (including bitumen) (kb/d) | 1,314 | 1,388 | -5% | |||||||
1,135 | 1,086 | +5% | 1,121 | Gas (including condensates and associated NGL) (kboe/d) | 1,120 | 1,095 | +2% | |||||||
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2,427 | 2,409 | +1% | 2,462 | Hydrocarbon production (kboe/d) | 2,434 | 2,483 | -2% | |||||||
1,445 | 1,466 | -1% | 1,506 | Liquids (kb/d) | 1,468 | 1,550 | -5% | |||||||
5,323 | 5,093 | +5% | 5,158 | Gas (Mcf/d) | 5,211 | 5,028 | +4% |
Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of:
- +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and Anchor in the United States,
- +1% due to higher availability of production facilities,
- +1% portfolio effect related to entry into the producing fields of SARB Umm Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale gas plays in Texas,
- -3% due to the natural field declines.
4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production | 2024 | 2023 | 2024 | |||||||
1,933 | 1,944 | -1% | 1,998 | EP (kboe/d) | 1,947 | 2,034 | -4% | |||||||
1,385 | 1,414 | -2% | 1,448 | Liquids (kb/d) | 1,408 | 1,492 | -6% | |||||||
2,924 | 2,830 | +3% | 2,946 | Gas (Mcf/d) | 2,880 | 2,900 | -1% |
4.1.2 Results
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except effective tax rate | 2024 | 2023 | 2024 | |||||||
2,305 | 2,482 | -7% | 2,802 | Adjusted net operating income | 10,004 | 10,942 | -9% | |||||||
207 | 183 | +13% | 130 | including adjusted income from equity affiliates | 742 | 539 | +38% | |||||||
50.5% | 45.1% | – | 47.7% | Effective tax rate (15) | 47.8% | 50.0% | – | |||||||
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2,104 | 2,330 | -10% | 3,117 | Organic investments (1) | 9,060 | 10,232 | -11% | |||||||
(258) | (42) | ns | (4,306) | Acquisitions net of assets sales (1) | (207) | (2,706) | ns | |||||||
1,846 | 2,288 | -19% | (1,189) | Net investments (1) | 8,853 | 7,526 | +18% | |||||||
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3,945 | 4,273 | -8% | 4,690 | Cash flow from operations excluding working capital (CFFO) (1) | 17,049 | 19,126 | -11% | |||||||
4,500 | 4,763 | -6% | 5,708 | Cash flow from operating activities | 17,388 | 18,531 | -6% |
In the fourth quarter 2024, for Exploration & Production:
- adjusted net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil prices that were partially compensated by increased production and higher gas realizations,
- cash flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter for the same reasons.
In 2024, adjusted net operating income was $10,004 million, down 9% year-on-year, and cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year, mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets.
4.2 Integrated LNG
4.2.1 Production
4Q24 | 3Q24 | 4Q24 | 4Q23 | Hydrocarbon production for LNG | 2024 | 2023 | 2024 | |||||||
494 | 465 | +6% | 464 | Integrated LNG (kboe/d) | 487 | 449 | +8% | |||||||
60 | 52 | +14% | 58 | Liquids (kb/d) | 60 | 58 | +3% | |||||||
2,399 | 2,263 | +6% | 2,212 | Gas (Mcf/d) | 2,331 | 2,128 | +10% | |||||||
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4Q24 | 3Q24 | 4Q24 | 4Q23 | Liquefied Natural Gas in Mt | 2024 | 2023 | 2024 | |||||||
10.8 | 9.5 | +14% | 11.8 | Overall LNG sales | 39.8 | 44.3 | -10% | |||||||
3.8 | 3.8 | +1% | 4.0 | incl. Sales from equity production* | 15.5 | 15.2 | +1% | |||||||
9.4 | 8.4 | +11% | 10.8 | incl. Sales by TotalEnergies from equity production and third party purchases | 34.7 | 40.1 | -14% | |||||||
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG in the fourth quarter was up 6% quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter.
LNG sales, although down year-on-year reflecting lower LNG demand in Europe, were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment.
4.2.2 Results
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except the average price of LNG | 2024 | 2023 | 2024 | |||||||
10.37 | 9.91 | +5% | 10.28 | Average price of LNG ($/Mbtu) * Consolidated subsidiaries and equity affiliates | 9.80 | 10.76 | -9% | |||||||
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1,432 | 1,063 | +35% | 1,456 | Adjusted net operating income | 4,869 | 6,200 | -21% | |||||||
525 | 538 | -2% | 500 | including adjusted income from equity affiliates | 1,978 | 2,103 | -6% | |||||||
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554 | 451 | +23% | 790 | Organic investments (1) | 2,169 | 2,063 | +5% | |||||||
1,116 | 65 | x17.2 | 48 | Acquisitions net of assets sales (1) | 1,367 | 1,096 | +25% | |||||||
1,670 | 516 | x3.2 | 838 | Net investments (1) | 3,536 | 3,159 | +12% | |||||||
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1,447 | 888 | +63% | 1,763 | Cash flow from operations excluding working capital (CFFO) (1) | 4,903 | 7,293 | -33% | |||||||
2,214 | 830 | x2.7 | 2,702 | Cash flow from operating activities | 5,185 | 8,442 | -39% | |||||||
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. |
In the fourth quarter 2024, for Integrated LNG:
- adjusted net operating income was $1,432 million, up 35% on the quarter, driven by higher hydrocarbon production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting from higher market volatility,
- cash flow from operations excluding working capital (CFFO) was $1,447 million, up 63% on the quarter for the same reasons and due to a positive timing effect in dividend payments from some equity affiliates of around $150 million.
In 2024, for Integrated LNG:
- adjusted net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average LNG selling prices and low market volatility during the first three quarters that impacted gas trading results,
- cash flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year for the same reasons.
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
4Q24 | 3Q24 | 4Q24 | 4Q23 | Integrated Power | 2024 | 2023 | 2024 | |||||||
11.4 | 11.1 | +2% | 8.0 | Net power production (TWh) * | 41.1 | 33.4 | +23% | |||||||
6.5 | 6.7 | -4% | 5.5 | o/w production from renewables | 26.0 | 18.9 | +38% | |||||||
4.9 | 4.4 | +12% | 2.5 | o/w production from gas flexible capacities | 15.1 | 14.5 | +4% | |||||||
21.5 | 21.6 | -1% | 17.3 | Portfolio of power generation net installed capacity (GW) ** | 21.5 | 17.3 | +24% | |||||||
15.1 | 14.5 | +4% | 13.0 | o/w renewables | 15.1 | 13.0 | +16% | |||||||
6.5 | 7.1 | -9% | 4.3 | o/w gas flexible capacities | 6.5 | 4.3 | +50% | |||||||
97.2 | 89.6 | +9% | 80.1 | Portfolio of renewable power generation gross capacity (GW) **,*** | 97.2 | 80.1 | +21% | |||||||
26.0 | 24.2 | +8% | 22.4 | o/w installed capacity | 26.0 | 22.4 | +16% | |||||||
6.1 | 6.0 | +1% | 5.9 | Clients power – BtB and BtC (Million) ** | 6.1 | 5.9 | +2% | |||||||
2.8 | 2.8 | – | 2.8 | Clients gas – BtB and BtC (Million) ** | 2.8 | 2.8 | – | |||||||
13.8 | 10.9 | +26% | 13.9 | Sales power – BtB and BtC (TWh) | 50.7 | 52.1 | -3% | |||||||
30.1 | 13.9 | x2.2 | 30.7 | Sales gas – BtB and BtC (TWh) | 98.6 | 100.9 | -2% | |||||||
* Solar, wind, hydroelectric and gas flexible capacities. | ||||||||||||||
** End of period data. | ||||||||||||||
*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net power production was 11.4 TWh in the fourth quarter 2024, up 2% on the quarter due to the seasonal increase in power production from flexible capacities in Europe.
Over the year, net power production was up 23%, at 41 TWh. Notably, production from renewables increased 38% and accounted for more than 60% of the electricity generated.
Gross installed renewable power generation capacity reached 26 GW at the end of the fourth quarter 2024, up 1.8 GW quarter-to-quarter.
4.3.2 Results
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 | |||||||
575 | 485 | +19% | 527 | Adjusted net operating income | 2,173 | 1,853 | +17% | |||||||
(25) | 29 | ns | 21 | including adjusted income from equity affiliates | – | 137 | -100% | |||||||
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109 | 707 | -85% | 674 | Organic investments (1) | 2,355 | 2,582 | -9% | |||||||
(662) | 1,529 | ns | 532 | Acquisitions net of assets sales (1) | 1,514 | 2,363 | -36% | |||||||
(553) | 2,236 | ns | 1,206 | Net investments (1) | 3,869 | 4,945 | -22% | |||||||
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604 | 636 | -5% | 705 | Cash flow from operations excluding working capital (CFFO) (1) | 2,555 | 2,152 | +19% | |||||||
1,201 | 373 | x3.2 | 638 | Cash flow from operating activities | 2,972 | 3,573 | -17% |
In the fourth quarter 2024, Integrated Power adjusted net operating income was $575 million, up 19% quarter-to-quarter.
In 2024, Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $2,173 million and $2,555 million, respectively, up nearly 20% year-on-year and in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments of the value chain contributing to achieving annual guidance (> $2.5 billion CFFO).
4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars | 2024 | 2023 | 2024 | |||||||
680 | 605 | +12% | 939 | Adjusted net operating income | 3,520 | 6,112 | -42% | |||||||
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1,013 | 561 | +81% | 1,504 | Organic investments (1) | 2,662 | 3,105 | -14% | |||||||
(172) | 112 | ns | (1,679) | Acquisitions net of assets sales (1) | (1,262) | (2,042) | ns | |||||||
841 | 673 | +25% | (175) | Net investments (1) | 1,400 | 1,063 | +32% | |||||||
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1,356 | 1,177 | +15% | 1,692 | Cash flow from operations excluding working capital (CFFO) (1) | 6,079 | 8,171 | -26% | |||||||
4,610 | 1,145 | x4 | 6,584 | Cash flow from operating activities | 6,709 | 9,914 | -32% |
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
4Q24 | 3Q24 | 4Q24 | 4Q23 | Refinery throughput and utilization rate | 2024 | 2023 | 2024 | |||||||
1,432 | 1,539 | -7% | 1,381 | Total refinery throughput (kb/d) | 1,472 | 1,436 | +2% | |||||||
424 | 451 | -6% | 444 | France | 422 | 414 | +2% | |||||||
541 | 625 | -13% | 582 | Rest of Europe | 605 | 592 | +2% | |||||||
467 | 463 | +1% | 355 | Rest of world | 446 | 431 | +3% | |||||||
82% | 86% |
| 79% | Utilization rate based on crude only* | 83% | 81% |
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* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024. |
4Q24 | 3Q24 | 4Q24 | 4Q23 | Petrochemicals production and utilization rate | 2024 | 2023 | 2024 |
1,233 | 1,314 | -6% | 1,114 | Monomers* (kt) | 5,082 | 4,896 | +4% |
1,080 | 1,167 | -7% | 985 | Polymers (kt) | 4,433 | 4,130 | +7% |
79% | 85% |
| 60% | Steam cracker utilization rate** | 79% | 69% | |
* Olefins. | |||||||
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. |
Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround at the Leuna refinery in Germany.
Over 2024, the utilization rate based on crude was 83%, below the annual objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery in the United States.
4.5.2 Results
4Q24 | 3Q24 | 4Q24 | 4Q23 | In millions of dollars, except ERM | 2024 | 2023 | 2024 | |||||||
25.9 | 15.4 | +68% | 52.6 | European Refining Margin Marker (ERM) ($/t) * | 39.5 | 71.0 | -44% | |||||||
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318 | 241 | +32% | 633 | Adjusted net operating income | 2,160 | 4,654 | -54% | |||||||
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581 | 329 | +77% | 1,002 | Organic investments (1) | 1,711 | 2,040 | -16% | |||||||
(92) | 34 | ns | (11) | Acquisitions net of assets sales (1) | (173) | (118) | ns | |||||||
489 | 363 | +35% | 991 | Net investments (1) | 1,538 | 1,922 | -20% | |||||||
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822 | 530 | +55% | 1,173 | Cash flow from operations excluding working capital (CFFO) (1) | 3,760 | 5,853 | -36% | |||||||
3,832 | 564 | x6.8 | 4,825 | Cash flow from operating activities | 3,808 | 7,957 | -52% | |||||||
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. |
Contacts
TotalEnergies