EX-99.1 2 tm2426879d2_ex99-1.htm EXHIBIT 99.1

 

展示稿99.1

 

業務與財務回顧和展望

 

該展示中使用"TotalEnergies"、"TotalEnergies公司"和"公司"這些術語來指代TotalEnergies SE以及由TotalEnergies SE直接或間接控制的合併實體。

 

關於2024年第三季度和截至2024年9月30日的TotalEnergies相關的財務和非財務信息,本展覽第1-24頁的信息取自於TotalEnergies截至2024年9月30日的未經審計合併資產負債表、2024年第三季度和截至2024年9月30日的未經審計損益表、綜合損益表、現金流量表和業務部門信息,以及截至2024年9月30日的未經審計合併股東權益變動表,詳見本展覽第26頁及以後。

 

應結合閱讀上述基本報表以及包括在特立能源公司2023年度年度報告Form 20-F中文件在2024年3月29日提交給證券交易委員會(「SEC」)的信息,包括特立能源公司審計合併財務報表和相關附註。

 

A.關鍵數字

 

3Q24 2Q24

3Q24
對比

2Q24

3Q23 單位:百萬美元,除每股收益和股本數量外 9M24 9M23

9M24

9M23

52,021 53,743 -3% 59,017 銷售 162,042 177,891 -9%
2,294 3,787 -39% 6,676 淨利潤(TotalEnergies股份) 11,802 16,321 -28%
10,048 11,073 -9% 13,062 調整後EBITDA(1) 32,614 38,334 -15%
4,635 5,339 -13% 6,808 調整後淨營運收入 (2)來自業務部門 15,574 19,383 -20%
2,482 2,667 -7% 3,138 勘探與生產 7,699 8,140 -5%
1,063 1,152 -8% 1,342 綜合液化天然氣 3,437 4,744 -28%
485 502 -3% 506 綜合電力 1,598 1,326 +21%
241 639 -62% 1,399 煉油與化學品 1,842 4,021 -54%
364 379 -4% 423 營銷與服務 998 1,152 -13%
4,074 4,672 -13% 6,453 調整後淨利潤(1)(TotalEnergies 分享) 13,858 17,950 -23%
0.96 1.60 - 2.73 每股攤薄後收益(美元) 4.99 6.57 -
2,310 2,328 -1% 2,423 攤薄後加權平均股數(百萬) 2,327 2,448 -5%
5,562 4,558 +22% 4,987 投資活動中使用的現金流量 13,587 15,822 -14%
4,102 4,410 -7% 4,283 有機投資 (1) 12,584 11,987 +5%
1,662 220 x7.5 808 收購減資產銷售淨額(1) 1,382 4,115 -66%
5,764 4,630 +24% 5,091 淨投資 (1) 13,966 16,102 -13%
7,171 9,007 -20% 9,496 經營活動現金流量 18,347 24,529 -25%
6,821 7,777 -12% 9,340 經營活動產生的現金流量,不包括營運資本 (CFFO) (1) 22,766 27,446 -17%
7,009 7,895 -11% 9,551 債務調整後的現金流 (DACF) (1) 23,215 27,922 -17%
齒輪業務(1)2024年9月30日爲12.9%,2024年6月30日爲10.2%,2023年9月30日爲12.3%

(1)調整後的EBITDA、調整後的淨利潤、有機投資、收購淨額減去資產銷售、淨投資、經營現金流 不包括營運資本(CFFO)、債務調整現金流(DACF)和負債比率均爲非GAAP財務指標。對於非GAAP財務指標(替代績效指標)的定義和更多信息,請參考第25頁的術語表,以及第16頁 及後續的協調錶。
(2)業務部門信息中顯示的調整項目細節從第34頁開始。

 

 

 

 

環境、溫室氣體排放(GHG)和生產的關鍵數字

 

環境-液體和燃料幣價格實現, 煉油毛利

 

3Q24 2Q24

3Q24

2Q24

3Q23   9M24 9M23

9M24

9M23

80.3 85.0 -5% 86.7 布倫特(燃料幣/桶) 82.8 82.1 +1%
2.2 2.3 -4% 2.7 亨利亨伯(燃料幣/百萬英熱單位) 2.2 2.6 -14%
11.1 9.7 +14% 10.6 NBP(燃料幣/百萬英熱單位)(1) 9.8 12.4 -21%
13.0 11.2 +16% 12.5 JKm ($/Mbtu)(2) 11.2 13.3 -16%
77.0 81.0 -5% 78.9

液體的平均價格 (3), (4) ($/b)

合併附屬公司

78.9 74.9 +5%
5.78 5.05 +14% 5.47

燃料幣的平均價格 (3), (5) ($/Mbtu)

合併附屬公司

5.30 6.80 -22%
9.91 9.32 +6% 9.56

液化天然氣的平均價格 (3), (6)(美元/百萬英熱單位)

合併子公司和股權聯營公司

9.61 10.92 -12%
15.4 44.9 -66% 100.6 歐洲煉油利潤(ERM) (3), (7)(美元/噸) 44.0 77.2 -43%

(1)NBP(英國國家平衡點)是英國的虛擬天然氣交易點,用於轉讓關於物理天然氣的權利,廣泛用作歐洲天然氣市場的價格基準。NBP由英國國家電網公司運營,是英國輸電網絡的運營商-5g。
(2)JKm(日本-韓國市場)衡量亞洲現貨液化天然氣(LNG)交易價格。 它基於在亞洲交易日結束後新加坡時間16:30收集的現貨市場交易價格和/或報價。
(3)分別不包括石油、燃料幣和液化天然氣交易活動。
(4)合併關聯公司的銷售額/銷售成交量。
(5)合併關聯公司的銷售額/銷售成交量。
(6)合併和股權關聯公司的銷售額/銷售成交量。
(7)這是歐洲煉油業的市場指標,基於公開市場價格(每噸美元),使用一籃子原油、石油產品收益和代表歐洲煉油系統的變量成本,由TotalEnergies計算。

 

溫室氣體排放(GHG)(1)

 

3Q24 2Q24

3Q24

2Q24

3Q23 Scope 1+2排放量(MtCO2e) 9M24 9M23

9M24

9M23

8.8 7.7 +14% 8.5 經營設施的範圍1+2(2) 24.7 26.7 -7%
7.4 7.0 +6% 7.5 其中石油和燃料幣 21.5 23.1 -7%
1.4 0.7 +100% 1.0 其中的CCGT 3.2 3.6 -11%
11.7 10.8 +8% 12.1 範圍1+2 – 股權份額 34.2 37.4 -9%

預計季度排放量。

(1)《京都議定書》中規定的六種溫室氣體,即二氧化碳2,甲烷4, N2氧化物、氫氟碳化物、全球貨幣和SF6, 以及它們在2007年IPCC報告中描述的全球溫室潛能(GWP)。氫氟碳化物、全球貨幣和SF6 在公司的排放中幾乎 不存在,或被視爲非實質性因此不被計算。
(2)操作設施的範圍1+2溫室氣體排放定義爲直接排放的溫室氣體總和,來自包括在報告範圍內的站點或活動 (如公司2023年度Form 20-F年度報告中所定義的)和間接排放,歸因於引入的能源(電力、熱能、蒸汽),不包括購買的工業氣體(H2).

 

Scope 1+2 emissions from operated facilities were 8.8 Mt this quarter, notably due to the increase in the gas-fired power plants utilization rate in the US and in Europe.

 

Scope 1+2 emissions from operated installations were down 7% in the first nine months of 2024, mainly due to the continuous decline in flaring emissions at Exploration & Production facilities, the implementation of emissions reduction initiatives in Refining & Chemicals and lower utilization of gas-fired power plants in Europe.

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Methane emissions (ktCH4) 9M24 9M23

9M24

vs

9M23

7 7 - 7 Methane emissions from operated facilities 22 25 -12%
8 8 - 9 Methane emissions - equity share 25 30 -17%

Estimated quarterly emissions.

 

Scope 3 emissions (MtCO2e) 9M24 2023
Scope 3 from Oil, Biofuels and Gas Worldwide(1) Est. 260 355

(1)TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.

 

 

 

 

Production*

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Hydrocarbon production 9M24 9M23

9M24

vs

9M23

2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,324 1,318 - 1,399 Oil (including bitumen) (kb/d) 1,321 1,404 -6%
1,086 1,123 -3% 1,077 Gas (including condensates and associated NGL) (kboe/d) 1,116 1,086 +3%
2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,466 1,477 -1% 1,561 Liquids (kb/d) 1,475 1,565 -6%
5,093 5,180 -2% 4,921 Gas (Mcf/d) 5,174 4,985 +4%

*      Company production = Exploration & Production production + Integrated LNG production.

 

Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, down 1% quarter-to-quarter, benefiting from the ramp-up of the Mero 2 project in Brazil that partially offset unplanned shutdowns in Ichthys LNG and security-related disruptions in Libya.

 

Hydrocarbon production in the third quarter 2024 was up 1% year-on-year (excluding Canada) and was comprised of:

+2% due to project start-ups and ramp-ups, including Mero 2 in Brazil, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Block 10 in Oman,
+3% due to the higher availability of production facilities,
-1% due to security-related production disruptions in Libya,
-3% due to the natural field decline.

 

 

 

 

B. ANALYSIS OF BUSINESS SEGMENT RESULTS

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.

 

Management presents adjusted financial to indicators assist investors in better understanding, in conjunction with the Company’s financial results presented in accordance with IFRS, the economic performance of the Company. Adjustment items are of three types: inventory valuation effect, effect of changes in fair value, and special items.

 

The inventory valuation effect: in accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost method.

 

Effect of changes in fair value: the effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

 

Special items: due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.

 

TotalEnergies measures performance at the segment level on the basis of Adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from nonconsolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below.

 

The income and expenses not included in net operating income adjusted that are included in net income (TotalEnergies share) are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.

 

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

 

Sales prices for transactions between business segments approximate market prices.

 

The reporting structure for the business segments’ financial information is based on the following five business segments:

 

-An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;

 

-An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities;

 

-An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;

 

-A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

 

-A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products.

 

In addition, the Corporate segment includes holdings operating and financial activities.

 

 

 

 

 

B.1 Exploration & Production

 

1. Production

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Hydrocarbon production 9M24 9M23

9M24

vs

9M23

1,944 1,943 - 2,043 EP (kboe/d) 1,952 2,045 -5%
1,414 1,413 - 1,507 Liquids (kb/d) 1,415 1,506 -6%
2,830 2,829 - 2,865 Gas (Mcf/d) 2,865 2,885 -1%

 

 

2. Results

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars, except effective tax rate 9M24 9M23

9M24

vs

9M23

2,482 2,667 -7% 3,138 Adjusted net operating income (1) 7,699 8,140 -5%
183 207 -12% 125 including adjusted income from equity affiliates 535 409 +31%
45.1% 46.9% - 44.6% Effective tax rate (2) 46.9% 50.7% -
2,161 2,548 -15% 1,978 Cash flow used in investing activities 6,697 8,542 -22%
2,330 2,585 -10% 2,557 Organic investments 6,956 7,115 -2%
(42) 57 ns (514) Acquisitions net of assets sales 51 1,600 -97%
2,288 2,642 -13% 2,043 Net investments 7,007 8,715 -20%
4,763 4,535 +5% 4,240 Cash flow from operating activities 12,888 12,823 +1%
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital (CFFO) 13,104 14,436 -9%

(1)Detail of adjustment items shown in the business segment information starting on page 34.
(2)Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).

 

 

Exploration & Production adjusted net operating income was $2,482 million in the third quarter of 2024, down 7% quarter-to-quarter, driven by the decrease in liquid prices that was partially compensated by an increase in gas prices.

 

The segment's cash flow from operating activities was $4,763 million in the third quarter of 2024, up 5% quarter-to-quarter.

 

The segment’s cash flow from operations excluding working capital (CFFO) was $4,273 million in the third quarter of 2024, down 2% quarter-to-quarter.

 

 

 

 

 

B.2 Integrated LNG

 

1. Production

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Hydrocarbon production for LNG 9M24 9M23

9M24

vs

9M23

465 498 -7% 433 Integrated LNG (kboe/d) 485 445 +9%
52 64 -19% 54 Liquids (kb/d) 60 59 +2%
2,263 2,351 -4% 2,056 Gas (Mcf/d) 2,309 2,100 +10%

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Liquefied Natural Gas in Mt 9M24 9M23

9M24

vs

9M23

9.5 8.8 +8% 10.5 Overall LNG sales 29.0 32.5 -11%
3.8 3.6 +5% 3.7 Incl. Sales from equity production* 11.6 11.3 +3%
8.4 7.6 +11% 9.4 Incl. Sales by TotalEnergies from equity production and third party purchases 25.3 29.3 -14%

*     The Company’s equity production may be sold by TotalEnergies or by the joint ventures.

 

Hydrocarbon production for LNG in the third quarter of 2024 was down 7% quarter-to-quarter, notably linked to unplanned maintenance on Ichthys LNG.

LNG sales increased by 8% quarter-to-quarter, notably due to higher spot volumes, in a context of seasonal inventory replenishment.

 

2. Results

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars, except the average price of LNG 9M24 9M23

9M24

vs

9M23

9.91 9.32 +6% 9.56

Average price of LNG ($/Mbtu)(1)

Consolidated subsidiaries and equity affiliates

9.61 10.92 -12%
1,063 1,152 -8% 1,342 Adjusted net operating income(2) 3,437 4,744 -28%
538 421 +28% 385 including adjusted income from equity affiliates 1,453 1,603 -9%
500 815 -39% 566 Cash flow used in investing activities 1,830 2,293 -20%
451 624 -28% 495 Organic investments 1,615 1,273 +27%
65 198 -67% 84 Acquisitions net of assets sales 251 1,048 -76%
516 822 -37% 579 Net investments 1,866 2,321 -20%
830 431 +93% 872 Cash flow from operating activities 2,971 5,740 -48%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital (CFFO) 3,456 5,530 -38%

(1)Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.

(2)Detail of adjustment items shown in the business segment information starting on page 34.

 

Integrated LNG adjusted net operating income was $1,063 million in the third quarter of 2024, down 8% quarter-to-quarter, mainly due to lower hydrocarbon production for LNG. Moreover, gas trading did not fully benefit from markets characterized by low volatility.

 

The segment’s cash flow from operating activities was $830 million in the third quarter of 2024, up 93% quarter-to-quarter.

 

The segment’s cash flow from operations excluding working capital (CFFO) was $888 million in the third quarter of 2024, down 27% quarter-to-quarter, for the same reasons noted above and due to a timing effect in dividend payments from some equity affiliates of around $200 million.

 

 

 

  

B.3 Integrated Power

 

1. Productions, capacities, clients and sales

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Integrated Power 9M24 9M23

9M24

vs

9M23

11.1 9.1 +23% 8.9 Net power production (TWh) (1) 29.7 25.5 +17%
6.7 6.8 -1% 5.4 o/w power production from renewables 19.6 13.5 +45%
4.4 2.2 +96% 3.5 o/w power production from gas flexible capacities 10.2 12.0 -15%
21.6 19.6 +10% 15.9 Portfolio of power generation net installed capacity (GW) (2) 21.6 15.9 +36%
14.5 13.8 +5% 11.6 o/w renewables 14.5 11.6 +25%
7.1 5.8 +23% 4.3 o/w power gas flexible capacities 7.1 4.3 +67%
89.6 87.4 +2% 80.5 Portfolio of renewable power generation gross capacity (GW) (2), (3) 89.6 80.5 +11%
24.2 24.0 +1% 20.2 o/w installed capacity 24.2 20.2 +20%
6.0 6.0 - 6.0 Clients power – BtB and BtC (Million) (2) 6.0 6.0 +1%
2.8 2.8 +1% 2.8 Clients gas – BtB and BtC (Million) (2) 2.8 2.8 -
10.9 11.1 -1% 11.2 Sales power – BtB and BtC (TWh) 36.9 38.2 -3%
13.9 18.9 -27% 13.8 Sales gas – BtB and BtC (TWh) 68.4 70.2 -3%

(1)Solar, wind, hydroelectric and gas flexible capacities.

(2)End of period data.

(3)Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.

 

Net power production was 11.1 TWh in the third quarter of 2024, up 23% quarter-to-quarter mainly due to higher production from flexible gas assets in the United States and the acquisition of the West Burton gas-fired power plant in the United Kingdom.

 

Gross installed renewable power generation capacity reached 24.2 GW at the end of the third quarter of 2024, up 0.2 GW quarter-to-quarter.

 

Results

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

485 502 -3% 506 Adjusted net operating income(1) 1,598 1,326 +21%
29 35 -17% 37 including adjusted income from equity affiliates 25 116 -78%
2,221 508 x4.4 1,884 Cash flow used in investing activities 4,406 3,627 +21%
707 596 +19% 578 Organic investments 2,246 1,908 +18%
1,529 (88) ns 1,354 Acquisitions net of assets sales 2,176 1,831 +19%
2,236 508 x4.4 1,932 Net investments 4,422 3,739 +18%
373 1,647 -77% 1,936 Cash flow from operating activities 1,771 2,935 -40%
636 623 +2% 516 Cash flow from operations excluding working capital (CFFO) 1,951 1,447 +35%

(1)   Detail of adjustment items shown in the business segment information starting on page 34.

 

Integrated Power adjusted net operating income was stable in the third quarter of 2024 at $485 million. This demonstrates the value of the Company’s integrated business model along the power value chain, with all segments (renewables, flexible assets, marketing to customers) contributing positively to the results.

 

The segment's cash flow from operating activities was $373 million in the third quarter of 2024, down 77% quarter-to-quarter.

 

The segment’s cash flow from operations excluding working capital (CFFO) was stable in the third quarter of 2024 at $636 million, for the same reasons noted above.

 

The segment’s cash flow from operations excluding working capital (CFFO) was $1,951 million in the first nine months of 2024, up 35% year-on-year, in line with the growth of the business.

 

 

 

 

B.4 Downstream (Refining & Chemicals and Marketing & Services)

 

1. Results

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

605 1,018 -41% 1,822 Adjusted net operating income(1) 2,840 5,173 -45%
629 653 -4% 531 Cash flow used in investing activities 542 1,271 -57%
561 568 -1% 625 Organic investments 1,649 1,601 +3%
112 56 +100% (115) Acquisitions net of assets sales (1,090) (363) ns
673 624 +8% 510 Net investments 559 1,238 -55%
1,145 3,191 -64% 2,266 Cash flow from operating activities 2,099 3,330 -37%
1,177 1,776 -34% 2,205 Cash flow from operations excluding working capital (CFFO) 4,723 6,479 -27%

(1)Detail of adjustment items shown in the business segment information starting on page 34.

 

 

B.5 Refining & Chemicals

 

1. Refinery and petrochemicals throughput and utilization rates

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Refinery throughput and utilization rate* 9M24 9M23

9M24

vs

9M23

1,539 1,511 +2% 1,489 Total refinery throughput (kb/d) 1,468 1,456 +1%
451 430 +5% 489 France 406 404 +1%
625 636 -2% 589 Rest of Europe 627 596 +5%
463 446 +4% 410 Rest of world 435 456 -5%
86% 84%   84% Utilization rate based on crude only** 83% 81%  

*    Includes refineries in Africa reported in the Marketing & Services segment.

**   Based on distillation capacity at the beginning of the year.

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Petrochemicals production and utilization rate 9M24 9M23

9M24

vs

9M23

1,314 1,248 +5% 1,330 Monomers* (kt) 3,850 3,782 +2%
1,167 1,109 +5% 1,070 Polymers (kt) 3,352 3,145 +7%
85% 79%   75% Steam cracker utilization rate** 79% 72%  

*    Olefins.

**   Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.

  

Refining throughput was up 2% quarter-to-quarter in the third quarter of 2024, mainly due to the restart of the Donges refinery in France.

 

The utilization rate based on crude was 86% in the third quarter of 2024.

 

 

 

 

2. Results

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars, except ERM 9M24 9M23

9M24

vs

9M23

15.4 44.9 -66% 100.6 European Refining Margin Marker (ERM) ($/t)(1) 44.0 77.2 -43%
241 639 -62% 1,399 Adjusted net operating income(2) 1,842 4,021 -54%
319 316 +1% 310 Cash flow used in investing activities 1,032 964 +7%
329 382 -14% 386 Organic investments 1,130 1,038 +9%
34 (95) ns (97) Acquisitions net of assets sales (81) (107) ns
363 287 +26% 289 Net investments 1,049 931 +13%
564 1,541 -63% 2,060 Cash flow from operating activities (24) 3,132 ns
530 1,117 -53% 1,618 Cash flow from operations excluding working capital (CFFO) 2,938 4,680 -37%

(1)This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.

(2)Detail of adjustment items shown in the business segment information starting on page 34.

 

Refining & Chemicals adjusted net operating income was $241 million in the third quarter of 2024, down 62% quarter-to-quarter, due to much lower refining margins in Europe (-66% quarter-to-quarter) and in the Rest of the World.

 

The segment’s cash flow from operating activities was $564 million in the third quarter of 2024, down 63% quarter-to-quarter.

 

The segment’s cash flow from operations excluding working capital (CFFO) was $530 million in the third quarter of 2024, down 53% quarter-to-quarter, for the same reasons stated above.

 

 

 

 

B.6 Marketing & Services

 

1. Petroleum product sales

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Sales in kb/d* 9M24 9M23

9M24

vs

9M23

1,383 1,363 +1% 1,399 Total Marketing & Services sales 1,353 1,386 -2%
795 773 +3% 792 Europe 761 783 -3%
588 591 -1% 608 Rest of world 592 603 -2%

*   Excludes trading and bulk refining sales.

 

Sales of petroleum products in the third quarter of 2024 were stable compared to the second quarter of 2024.

  

2. Results

 

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

364 379 -4% 423 Adjusted net operating income (1) 998 1,152 -13%
310 337 -8% 221 Cash flow used in investing activities (490) 307 ns
232 186 +25% 239 Organic investments 519 563 -8%
78 151 -48% (18) Acquisitions net of assets sales (1,009) (256) ns
310 337 -8% 221 Net investments (490) 307 ns
581 1,650 -65% 206 Cash flow from operating activities 2,123 198 x10.7
647 659 -2% 587 Cash flow from operations excluding working capital (CFFO) 1,785 1,799 -1%

(1)    Detail of adjustment items shown in the business segment information starting on page 34.

 

Marketing & Services adjusted net operating income was stable in the third quarter of 2024 at $364 million.

 

The segment’s cash flow from operating activities was $581 million in the third quarter of 2024, down 65% quarter-to-quarter.

 

The segment’s cash flow from operations excluding working capital (CFFO) was stable in the third quarter of 2024 at $647 million.

 

 

 

 

 

C. TOTALENERGIES RESULTS

 

1. Net income (TotalEnergies share)

 

Net income (TotalEnergies share) was $2,294 million in the third quarter of 2024, down 39% quarter-to-quarter.

 

Adjusted net income (TotalEnergies share) was $4,074 million in the third quarter of 2024 compared to $4,672 million in the second quarter of 2024, mainly due to much lower refining margins and the decrease in oil prices.

 

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value.

 

Adjustments to net income were ($1,780) million in the third quarter of 2024, consisting mainly of:

 

($1.1) billion related to impairments, notably linked to the Chapter 11 bankruptcy filing of Sunpower and the exit of blocks 11B/12B and 5/6/7 in South Africa,

($0.4) billion in inventory effects,

($0.3) billion in other adjustments, notably related to the effect of changes in fair value and adjustments of deferred tax assets linked to changes in tax rates.

 

2.Fully-diluted shares and share buybacks

 

As of September 30, 2024, the number of diluted shares was 2,299 million.

 

TotalEnergies repurchased:

 

29.3 million shares in the third quarter of 2024 for $2 billion,

88.1 million shares in the first nine months of 2024 for $6 billion.

 

3. Acquisitions - asset sales

 

Acquisitions were:

 

$1,795 million in the third quarter of 2024, primarily related to the acquisition of the West Burton flexible gas capacity in the United Kingdom, acquisitions of stakes in offshore wind projects in Germany in 2023 and in the Netherlands in 2024 and investment in a new solar portfolio with Adani Green in India,

$3,413 million in the first nine months of 2024, related to the above elements as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in the United States, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, battery storage developer Kyon in Germany, and Talos Low Carbon Solutions in the carbon storage industry in the United States.

 

Divestments were:

 

$133 million in the third quarter of 2024, primarily related to earn-out payments from the sale of upstream Canadian oil assets,

$2,031 million in the first nine months of 2024, related to the above elements as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg, and the Netherlands, the sale of a 15% interest in Absheron, in Azerbaijan, the farmdown of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France.

 

4. Cash flow

 

TotalEnergies’ cash flow from operating activities was $7,171 million in the third quarter of 2024, compared to a cash flow from operations excluding working capital (CFFO) of $6,821 million, and was impacted by an improvement in working capital of $0.4 billion, mainly due to the stock effect at the end of the quarter that was partially compensated by the decrease of tax payables.

 

The change in working capital was a decrease of $836 million in the third quarter of 2024 in accordance with IFRS. The difference of $486 million between IFRS and replacement cost method corresponds to the following adjustments: (i) the pre-tax inventory valuation effect of $464 million, (ii) less the mark-to-market effect of Integrated LNG’s and Integrated Power’s contracts of $35 million, (iii) plus the capital gains from the renewables project sale of $0 million and (iv) plus the organic loan repayments from equity affiliates of $57 million.

 

The change in working capital, as determined using the replacement cost method excluding the mark-to-market effect of Integrated LNG and Integrated Power’s contracts, including capital gain from renewable project sales and including organic loan repayment from equity affiliates, was a decrease of $350 million in the third quarter of 2024, compared to a decrease of $1,230 million in the second quarter of 2024.

 

TotalEnergies’ net cash flow1 was:

 

$1,057 million in the third quarter of 2024 compared to $3,147 million in the second quarter 2024, reflecting the $956 million decrease in CFFO and the $1,134 million increase in net investments to $5,764 million in the third quarter 2024,

$8,800 million in the first nine months of 2024 compared to $11,344 million a year ago, reflecting the $4,680 million decrease in CFFO and the $2,136 million decrease in net investments to $13,966 million in the first nine months of 2024.

 

 

 

 

 

1 Net cash flow is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on non-GAAP measures (alternative performance measures) and to pages 16 and following for reconciliation tables.

 

 

 

 

D. PROFITABILITY

 

Return on equity was 16.6% for the twelve months ended September 30, 2024.

 

In millions of dollars

October 1, 2023

September 30, 2024

July 1, 2023

June 30, 2024

October 1, 2022

September 30, 2023

Adjusted net income 19,398 21,769 25,938
Average adjusted shareholders’ equity 116,572 116,286 116,529
Return on equity (ROE) 16.6% 18.7% 22.3%

 

Return on average capital employed (ROACE)2 was 14.6% for the twelve months ended September 30, 2024.

 

In millions of dollars

October 1, 2023

September 30, 2024

July 1, 2023

June 30, 2024

October 1, 2022

September 30, 2023

Adjusted net operating income 20,701 23,030 27,351
Average capital employed 142,195 138,776 135,757
ROACE 14.6% 16.6% 20.1%

 

E. Annual 2024 Sensitivities*

 

  Change

Estimated impact

on adjusted net

operating income

Estimated impact

on cash flow

from operations

Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10$/b +/- 2.3 B$ +/- 2.8 B$
European gas price – NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$

 

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. 

** In a 80 $/b Brent environment.

 

F. SUMMARY AND OUTLOOK

 

In a context of modest global macroeconomic growth and geopolitical tensions in the Middle East, oil prices are volatile. At the end of October, the European Refining Marker (ERM) is close to 25 $/t, compared to an average of 15$/t in the third quarter of 2024.

 

European gas prices remain at sustained levels and are expected to be between $12 and $13/Mbtu in the fourth quarter 2024, supported by the anticipation of winter gas consumption. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu in the fourth quarter 2024.

 

Fourth quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d, benefiting from the end of security-related disruptions in Libya and the start-up of the Mero-3 project in Brazil, which are compensated by several planned shutdowns during the fourth quarter of 2024.

 

The fourth quarter 2024 refining utilization rate is anticipated to remain above 85%, with a turnaround planned at Leuna refinery in October.

 

The Company confirms net investments guidance of $17-$18 billion in 2024.

 

 

 

 

 

 

 

 

 

 

 

2 ROACE is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).

 

 

 

 

FORWARD-LOOKING STATEMENTS

 

This document may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.

 

These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as COVID-19. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

 

Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document.

 

For additional factors, you should read the information set forth under “Item 3. -3.1 Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TotalEnergies’ Form 20-F for the year ended December 31, 2023.

 

Additionally, the developments of environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of the Company’s will. Moreover, the Company’s disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.

 

 

 

 

OPERATING INFORMATION BY SEGMENT

 

Company’s production (Exploration & Production + Integrated LNG)

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Combined liquids and gas
production by region (kboe/d)
9M24 9M23

9M24

vs

9M23

556 561 -1% 550 Europe 563 556 +1%
452 449 +1% 459 Africa 454 478 -5%
799 825 -3% 781 Middle East and North Africa 813 756 +8%
388 358 +8% 445 Americas 366 443 -17%
214 248 -14% 241 Asia-Pacific 241 257 -6%
2,409 2,441 -1% 2,476 Total production 2,437 2,490 -2%
371 359 +3% 327 includes equity affiliates 359 336 +7%
               
3Q24 2Q24

3Q24

vs

2Q24

3Q23 Liquids production by region (kb/d) 9M24 9M23

9M24

vs

9M23

221 225 -2% 229 Europe 224 230 -3%
329 325 +1% 335 Africa 328 354 -7%
637 660 -4% 627 Middle East and North Africa 649 607 +7%
189 167 +14% 268 Americas 176 267 -34%
90 100 -10% 102 Asia-Pacific 98 107 -8%
1,466 1,477 -1% 1,561 Total production 1,475 1,565 -6%
154 150 +3% 156 includes equity affiliates 153 153 -
               
3Q24 2Q24

3Q24

vs

2Q24

3Q23 Gas production by region (Mcf/d) 9M24 9M23

9M24

vs

9M23

1,812 1,814 - 1,733 Europe 1,832 1,760 +4%
632 620 +2% 619 Africa 633 615 +3%
888 904 -2% 844 Middle East and North Africa 896 817 +10%
1,100 1,061 +4% 989 Americas 1,055 986 +7%
661 781 -15% 736 Asia-Pacific 758 807 -6%
5,093 5,180 -2% 4,921 Total production 5,174 4,985 +4%
1,190 1,127 +6% 933 includes equity affiliates 1,120 996 +12%

 

Downstream (Refining & Chemicals and Marketing & Services)

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Petroleum product sales by region (kb/d) 9M24 9M23

9M24

vs

9M23

1,932 1,840 +5% 1,838 Europe 1,849 1,716 +8%
585 558 +5% 621 Africa 578 629 -8%
1,091 989 +10% 946 Americas 1,038 904 +15%
747 639 +17% 624 Rest of world 699 637 +10%
4,355 4,026 +8% 4,029 Total consolidated sales 4,164 3,886 +7%
395 397 -1% 407 Includes bulk sales 397 406 -2%
2,578 2,266 +14% 2,222 Includes trading 2,414 2,095 +15%

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 Petrochemicals production* (kt) 9M24 9M23

9M24

vs

9M23

954 900 +6% 1,018 Europe 2,844 3,091 -8%
765 756 +1% 611 Americas 2,166 1,837 +18%
762 702 +9% 771 Middle East and Asia 2,192 1,999 +10%

*Olefins, polymers.

 

 

 

 

INTEGRATED POWER 

Net power production

 

    3Q24   2Q24
Net power production (TWh)   Solar Onshore
Wind
Offshore
Wind
Gas Others Total   Solar Onshore
Wind
Offshore
Wind
Gas Others Total
France   0.2 0.1 - 0.6 0.0 0.9   0.2 0.2 - 0.4 0.0 0.8
Rest of Europe   0.1 0.4 0.2 1.3 0.1 2.1   0.1 0.4 0.4 0.4 0.1 1.4
Africa   0.0 0.0 - - - 0.0   0.0 0.0 - - - 0.0
Middle East   0.2 - - 0.3 - 0.5   0.3 - - 0.2 - 0.5
North America   1.2 0.4 - 2.2 - 3.8   0.9 0.6 - 1.2 - 2.8
South America   0.1 1.1 - - - 1.2   0.1 0.8 - - - 0.9
India   1.6 0.4 - - - 2.0   1.9 0.4 - - - 2.2
Asia-Pacific   0.4 0.0 0.0 - - 0.4   0.4 0.0 0.0 - - 0.5
Total   4.0 2.4 0.3 4.4 0.1 11.1   3.9 2.3 0.5 2.2 0.1 9.1

 

Installed power generation net capacity

 

    3Q24 2Q24
Installed power generation net capacity (GW) (1)   Solar Onshore
Wind
Offshore
Wind
Gas Others Total   Solar Onshore
Wind
Offshore
Wind
Gas Others Total
France   0.6 0.4 - 2.6 0.2 3.7   0.6 0.4 - 2.6 0.1 3.7
Rest of Europe   0.3 0.9 0.3 2.7 0.2 4.4   0.3 0.9 0.3 1.4 0.1 2.9
Africa   0.1 0.0 - - 0.0 0.1   0.1 0.0 - - 0.0 0.1
Middle East   0.4 - - 0.3 - 0.8   0.4 - - 0.3 - 0.8
North America   2.6 0.8 - 1.5 0.4 5.3   2.3 0.8 - 1.5 0.4 5.0
South America   0.4 0.9 - - - 1.2   0.4 0.9 - - - 1.2
India   4.3 0.5 - - - 4.9   4.2 0.5 - - - 4.7
Asia-Pacific   1.1 0.0 0.1 - 0.0 1.2   1.1 0.0 0.1 - 0.0 1.2
Total   9.8 3.6 0.4 7.1 0.7 21.6   9.3 3.5 0.4 5.8 0.7 19.6
                                   

 

Power generation gross capacity from renewables

 

    3Q24   2Q24
Installed power generation gross capacity
from renewables (GW) (1), (2)
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   1.1 0.7 - 0.2 2.1   1.1 0.7 - 0.2 2.0
Rest of Europe   0.3 1.1 1.1 0.2 2.8   0.3 1.1 1.1 0.2 2.7
Africa   0.1 - - 0.0 0.1   0.1 - - 0.0 0.1
Middle East   1.2 - - - 1.2   1.2 - - - 1.2
North America   4.9 2.2 - 0.7 7.7   5.2 2.2 - 0.7 8.1
South America   0.4 1.3 - - 1.6   0.4 1.3 - - 1.6
India   6.1 0.6 - - 6.7   5.9 0.5 - - 6.5
Asia-Pacific   1.6 0.0 0.4 0.0 2.0   1.5 - 0.3 - 1.8
Total   15.6 5.9 1.6 1.1 24.2   15.7 5.8 1.4 1.1 24.0
                         
    3Q24   2Q24
Power generation gross capacity from
renewables in construction (GW) (1), (2)
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   0.2 0.0 0.0 0.0 0.2   0.1 0.0 0.0 0.0 0.2
Rest of Europe   0.4 0.1 0.8 0.1 1.4   0.4 0.2 - 0.1 0.6
Africa   0.3 - - 0.1 0.4   0.3 - - 0.1 0.4
Middle East   0.1 - - - 0.1   0.1 - - - 0.1
North America   1.7 0.0 - 0.4 2.1   1.7 0.0 - 0.3 2.0
South America   0.3 0.6 - 0.2 1.1   0.0 0.6 - - 0.7
India   3.9 - - - 3.9   0.5 0.1 - - 0.5
Asia-Pacific   0.1 - 0.2 - 0.3   0.0 0.0 0.4 - 0.4
Total   6.9 0.8 1.0 0.7 9.5   3.2 0.9 0.4 0.4 5.0
                         
    3Q24   2Q24
Power generation gross capacity from
renewables in development (GW) (1), (2)
  Solar Onshore
Wind
Offshore
Wind
Other Total   Solar Onshore
Wind
Offshore
Wind
Other Total
France   1.1 0.4 - 0.1 1.6   1.4 0.4 - 0.1 1.9
Rest of Europe   4.6 0.8 8.9 2.6 16.9   4.4 0.8 8.9 2.2 16.4
Africa   0.7 0.3 - - 1.0   0.7 0.3 - - 1.0
Middle East   1.8 - - - 1.8   1.8 - - - 1.8
North America   8.8 3.3 4.1 4.9 21.0   9.7 2.9 4.1 4.4 21.1
South America   1.8 1.2 - 0.0 3.0   2.1 1.2 - 0.2 3.4
India   2.2 0.1 - - 2.3   4.5 0.2 - - 4.7
Asia-Pacific   3.6 1.1 2.6 1.1 8.4   3.4 1.1 2.6 1.1 8.2
Total   24.4 7.2 15.6 8.7 55.9   28.0 6.8 15.6 8.0 58.5

 

(1)End-of-period data.

(2)Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.

 

 

 

 

 

ADJUSTMENT ITEMS TO NET INCOME (TOTALENERGIES SHARE)

 

3Q24 2Q24 3Q23 In millions of dollars 9M24 9M23
2,294 3,787 6,676 Net income (TotalEnergies share) 11,802 16,321
(1,337) (274) (749) Special items affecting net income (TotalEnergies share) (806) (1,285)
- (110) - Gain (loss) on asset sales 1,397 203
(10) (11) - Restructuring charges (21) (5)
(1,100) - (614) Impairments (1,744) (1,143)
(227) (153) (135) Other (438) (340)
(359) (320) 607 After-tax inventory effect : FIFO vs. replacement cost (555) (164)
(84) (291) 365 Effect of changes in fair value (695) (180)
(1,780) (885) 223 Total adjustments affecting net income (2,056) (1,629)
4,074 4,672 6,453 Adjusted net income (TotalEnergies share) 13,858 17,950

 

 

RECONCILIATION OF NET INCOME (TOTALENERGIES SHARE) TO ADJUSTED EBITDA

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

2,294 3,787 -39% 6,676 Net income - TotalEnergies share 11,802 16,321 -28%
1,780 885 x2 (223) Less: adjustment items to net income (TotalEnergies share) 2,056 1,629 +26%
4,074 4,672 -13% 6,453 Adjusted net income - TotalEnergies share 13,858 17,950 -23%
        Adjusted items      
90 67 +34% 82 Add: non-controlling interests 257 217 +18%
2,369 2,977 -20% 3,130 Add: income taxes 8,337 9,935 -16%
3,048 2,962 +3% 2,967 Add: depreciation, depletion and impairment of tangible assets and mineral interests 8,952 8,952 -
103 87 +18% 88 Add: amortization and impairment of intangible assets 282 279 +1%
797 725 +10% 726 Add: financial interest on debt 2,230 2,160 +3%
(433) (417) ns (384) Less: financial income and expense from cash & cash equivalents (1,302) (1,159) ns
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%

 

 

 

 

RECONCILIATION OF REVENUES FROM SALES TO ADJUSTED EBITDA AND NET INCOME (TOTALENERGIES SHARE)

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

        Adjusted items      
47,429 49,183 -4% 54,413 Revenues from sales 148,495 164,180 -10%
(30,856) (31,314) ns (34,738) Purchases, net of inventory variation (95,695) (105,596) ns
(7,147) (7,664) ns (7,346) Other operating expenses (22,391) (22,852) ns
(101) (97) ns (245) Exploration costs (286) (401) ns
59 146 -60% 142 Other income 445 335 +33%
(121) (37) ns 64 Other expense, excluding amortization and impairment of intangible assets (283) (138) ns
293 433 -32% 296 Other financial income 1,008 945 +7%
(214) (213) ns (186) Other financial expense (642) (542) ns
706 636 +11% 662 Net income (loss) from equity affiliates 1,963 2,403 -18%
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%
        Adjusted items      
(3,048) (2,962) ns (2,967) Less: depreciation, depletion and impairment of tangible assets and mineral interests (8,952) (8,952) ns
(103) (87) ns (88) Less: amortization of intangible assets (282) (279) ns
(797) (725) ns (726) Less: financial interest on debt (2,230) (2,160) ns
433 417 +4% 384 Add: financial income and expense from cash & cash equivalents 1,302 1,159 +12%
(2,369) (2,977) ns (3,130) Less: income taxes (8,337) (9,935) ns
(90) (67) ns (82) Less: non-controlling interests (257) (217) ns
(1,780) (885) ns 223 Add: adjustment - TotalEnergies share (2,056) (1,629) ns
2,294 3,787 -39% 6,676 Net income - TotalEnergies share 11,802 16,321 -28%

 

 

 

 

INVESTMENTS – DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: (TOTALENERGIES SHARE)

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

5,562 4,558 +22% 4,987 Cash flow used in investing activities (a) 13,587 15,822 -14%
- - ns - Other transactions with non-controlling interests (b) - - ns
57 (29) ns (17) Organic loan repayment from equity affiliates (c) 31 (5) ns
- - ns 43 Change in debt from renewable projects financing (d) * - 81 -100%
119 97 +23% 64 Capex linked to capitalized leasing contracts (e) 319 188 +70%
26 4 x6.5 14 Expenditures related to carbon credits (f) 29 16 +81%
5,764 4,630 +24% 5,091 Net investments (a + b + c + d + e + f = g - i + h) 13,966 16,102 -13%
1,662 220 x7.5 808 of which acquisitions net of assets sales (g-i) 1,382 4,115 -66%
1,795 544 x3.3 1,992 Acquisitions (g) 3,413 5,730 -40%
133 324 -59% 1,184 Asset sales (i) 2,031 1,615 +26%
- - ns (43) Change in debt from renewable projects (partner share)   - (81) -100%
4,102 4,410 -7% 4,283 of which organic investments (h) 12,584 11,987 +5%
148 101 +46% 346 Capitalized exploration 394 879 -55%
458 589 -22% 422 Increase in non-current loans 1,585 1,162 +36%
(140) (178) ns (120) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (464) (433) ns
- - ns - Change in debt from renewable projects (TotalEnergies share) - - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

INVESTMENTS & DIVESTMENTS  AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: EXPLORATION & PRODUCTION

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

2,161 2,548 -15% 1,978 Cash flow used in investing activities (a) 6,697 8,542 -22%
- - ns - Other transactions with non-controlling interests (b)     ns
1 - ns - Organic loan repayment from equity affiliates (c) 1   ns
- - ns - Change in debt from renewable projects financing (d) *     ns
100 90 +11% 51 Capex linked to capitalized leasing contracts (e) 280 157 +78%
26 4 x6.5 14 Expenditures related to carbon credits (f) 29 16 +81%
2,288 2,642 -13% 2,043 Net investments (a + b + c + d + e + f = g - i + h) 7,007 8,715 -20%
(42) 57 ns (514) of which acquisitions net of assets sales (g-i) 51 1,600 -97%
36 160 -78% 156 Acquisitions (g) 523 2,281 -77%
78 103 -24% 670 Asset sales (i) 472 681 -31%
- - ns - Change in debt from renewable projects (partner share)       ns
2,330 2,585 -10% 2,557 of which organic investments (h) 6,956 7,115 -2%
140 88 +58% 343 Capitalized exploration 364 872 -58%
46 67 -31% 32 Increase in non-current loans 155 93 +67%
(11) (46) ns (29) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (72) (75) ns
- - - ns Change in debt from renewable projects (TotalEnergies share)  -  - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

 

 

 

INVESTMENTS & DIVESTMENTS  AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED LNG

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

500 815 -39% 566 Cash flow used in investing activities (a) 1,830 2,293 -20%
- - ns - Other transactions with non-controlling interests (b) - - ns
2 - ns 1 Organic loan repayment from equity affiliates (c) 3 2 +50%
- - ns - Change in debt from renewable projects financing (d) * - - ns
14 7 +100% 12 Capex linked to capitalized leasing contracts (e) 33 26 +27%
- - ns - Expenditures related to carbon credits (f) - - ns
516 822 -37% 579 Net investments (a + b + c + d + e + f = g - i + h) 1,866 2,321 -20%
65 198 -67% 84 of which acquisitions net of assets sales (g-i) 251 1,048 -76%
69 199 -65% 204 Acquisitions (g) 268 1,197 -78%
4 1 x4 120 Asset sales (i) 17 149 -89%
-  - ns - Change in debt from renewable projects (partner share)   - - ns
451 624 -28% 495 of which organic investments (h) 1,615 1,273 +27%
8 13 -38% 3 Capitalized exploration 30 7 x4.3
214 153 +40% 153 Increase in non-current loans 540 391 +38%
(79) (42) ns (47) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (158) (111) ns
-  - ns - Change in debt from renewable projects (TotalEnergies share) - - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: INTEGRATED POWER

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

2,221 508 x4.4 1,884 Cash flow used in investing activities (a) 4,406 3,627 +21%
- - ns - Other transactions with non-controlling interests (b) - - ns
10 - ns 4 Organic loan repayment from equity affiliates (c) 10 26 -62%
- - ns 43 Change in debt from renewable projects financing (d) * - 81 -100%
5 - ns 1 Capex linked to capitalized leasing contracts (e) 6 5 +20%
- - ns - Expenditures related to carbon credits (f) - - ns
2,236 508 x4.4 1,932 Net investments (a + b + c + d + e + f = g - i + h) 4,422 3,739 +18%
1,529 (88) ns 1,354 of which acquisitions net of assets sales (g-i) 2,176 1,831 +19%
1,565 142 x11 1,622 Acquisitions (g) 2,443 2,204 +11%
36 230 -84% 268 Asset sales (i) 267 373 -28%
-  - ns (43) Change in debt from renewable projects (partner share)   - (81) -100%
707 596 +19% 578 of which organic investments (h) 2,246 1,908 +18%
- - ns - Capitalized exploration - - ns
135 239 -44% 207 Increase in non-current loans 679 552 +23%
(24) (31) ns (17) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (116) (149) ns
-  - ns - Change in debt from renewable projects (TotalEnergies share) - - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

 

 

 

INVESTMENTS & DIVESTMENTS AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: REFINING & CHEMICALS

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

319 316 +1% 310 Cash flow used in investing activities (a) 1,032 964 +7%
- - ns - Other transactions with non-controlling interests (b) - - ns
44 (29) ns (21) Organic loan repayment from equity affiliates (c) 17 (33) ns
- - ns - Change in debt from renewable projects financing (d) * - - ns
- - ns - Capex linked to capitalized leasing contracts (e) - - ns
- - ns - Expenditures related to carbon credits (f) - - ns
363 287 +26% 289 Net investments (a + b + c + d + e + f = g - i + h) 1,049 931 +13%
34 (95) ns (97) of which acquisitions net of assets sales (g-i) (81) (107) ns
42 26 +62% - Acquisitions (g) 77 31 x2.5
8 121 -93% 97 Asset sales (i) 158 138 +14%
- - ns - Change in debt from renewable projects (partner share)   - - ns
329 382 -14% 386 of which organic investments (h) 1,130 1,038 +9%
- - ns - Capitalized exploration - - ns
33 58 -43% 13 Increase in non-current loans 98 51 +92%
(17) (3) ns (9) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (27) (25) ns
- - ns - Change in debt from renewable projects (TotalEnergies share) - - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

INVESTMENTS & DIVESTMENTS  AND RECONCILIATION OF CASH FLOW USED IN INVESTING ACTIVITIES TO NET INVESTMENTS, TO ACQUISITIONS NET OF ASSETS SALES AND TO ORGANIC INVESTMENTS: MARKETING & SERVICES

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

310 337 -8% 221 Cash flow used in investing activities (a) (490) 307 ns
- - ns - Other transactions with non-controlling interests (b) - - ns
- - ns - Organic loan repayment from equity affiliates (c) - - ns
- - ns - Change in debt from renewable projects financing (d) * - - ns
- - ns - Capex linked to capitalized leasing contracts (e) - - ns
- - ns - Expenditures related to carbon credits (f) - - ns
310 337 -8% 221 Net investments (a + b + c + d + e + f = g - i + h) (490) 307 ns
78 151 -48% (18) of which acquisitions net of assets sales (g-i) (1,009) (256) ns
83 17 x4.9 10 Acquisitions (g) 102 17 x6
5 (134) ns 28 Asset sales (i) 1,111 273 x4.1
- - ns - Change in debt from renewable projects (partner share)   - - ns
232 186 +25% 239 of which organic investments (h) 519 563 -8%
- - ns - Capitalized exploration - - ns
16 57 -72% 16 Increase in non-current loans 84 53 +58%
(10) (53) ns (19) Repayment of non-current loans, excluding organic loan repayment from equity affiliates (89) (70) ns
- - ns - Change in debt from renewable projects (TotalEnergies share) - - ns

 

* Change in debt from renewable projects (TotalEnergies share and partner share).

 

 

 

 

 

CASH FLOW (TOTALENERGIES SHARE)

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

7,171 9,007 -20% 9,496 Cash flow from operating activities (a) 18,347 24,529 -25%
871 1,669 -48% (582) (Increase) decrease in working capital (b) * (3,581) (2,851) ns
(464) (468) ns 764 Inventory effect (c) (807) 10 ns
- - ns 43 Capital gain from renewable project sales (d) - 81 -100%
57 (29) ns (17) Organic loan repayments from equity affiliates (e) 31 (5) ns
6,821 7,777 -12% 9,340 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 22,766 27,446 -17%
(188) (118) ns (211) Financial charges (449) (476) ns
7,009 7,895 -11% 9,551 Debt Adjusted Cash Flow (DACF) 23,215 27,922 -17%
               
4,102 4,410 -7% 4,283 Organic investments (g) 12,584 11,987 +5%
2,719 3,367 -19% 5,058 Free cash flow after organic investments (f - g) 10,182 15,459 -34%
               
5,764 4,630 +24% 5,091 Net investments (h) 13,966 16,102 -13%
1,057 3,147 -66% 4,249 Net cash flow (f - h) 8,800 11,344 -22%

 *      Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.

 

CASH FLOW BY SEGMENT

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Exploration & Production

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

4,763 4,535 +5% 4,240 Cash flow from operating activities (a) 12,888 12,823 +1%
491 182 x2.7 (925) (Increase) decrease in working capital (b) (215) (1,613) ns
- - ns - Inventory effect (c) - - ns
- - ns - Capital gain from renewable project sales (d) - - ns
1 - ns - Organic loan repayments from equity affiliates (e) 1 - ns
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 13,104 14,436 -9%

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated LNG

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

830 431 +93% 872 Cash flow from operating activities (a) 2,971 5,740 -48%
(56) (789) ns (775) (Increase) decrease in working capital (b) * (482) 212 ns
- - ns - Inventory effect (c) - - ns
- - ns - Capital gain from renewable project sales (d) - - ns
2 - ns 1 Organic loan repayments from equity affiliates (e) 3 2 +50%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 3,456 5,530 -38%

*       Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG sectors’ contracts.

 

 

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Integrated Power

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

373 1,647 -77% 1,936 Cash flow from operating activities (a) 1,771 2,935 -40%
(253) 1,024 ns 1,466 (Increase) decrease in working capital (b) * (170) 1,595 ns
- - ns - Inventory effect (c) - - ns
- - ns 43 Capital gain from renewable project sales (d) - 81 -100%
10 - ns 4 Organic loan repayments from equity affiliates (e) 10 26 -62%
636 623 +2% 516 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 1,951 1,447 +35%

*          Changes in working capital are presented excluding the mark-to-market effect of Integrated Power sectors’ contracts.

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Refining & Chemicals

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

564 1,541 -63% 2,060 Cash flow from operating activities (a) (24) 3,132 ns
413 788 -48% (125) (Increase) decrease in working capital (b) (2,325) (1,520) ns
(335) (393) ns 546 Inventory effect (c) (620) (61) ns
- - ns - Capital gain from renewable project sales (d) - - ns
44 (29) ns (21) Organic loan repayments from equity affiliates (e) 17 (33) ns
530 1,117 -53% 1,618 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 2,938 4,680 -37%

 

Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO): Marketing & Services

 

3Q24 2Q24

3Q24

vs

2Q24

3Q23 In millions of dollars 9M24 9M23

9M24

vs

9M23

581 1,650 -65% 206 Cash flow from operating activities (a) 2,123 198 x10.7
63 1,066 -94% (599) (Increase) decrease in working capital (b) 525 (1,672) ns
(129) (75) ns 218 Inventory effect (c) (187) 71 ns
- - ns - Capital gain from renewable project sales (d) - - ns
- - ns - Organic loan repayments from equity affiliates (e) - - ns
647 659 -2% 587 Cash flow from operations excluding working capital (CFFO) (f = a - b - c + d + e) 1,785 1,799 -1%

 

 

 

GEARING RATIO

 

In millions of dollars 09/30/2024 06/30/2024 09/30/2023
Current borrowings * 11,805 9,358 15,193
Other current financial liabilities 488 461 415
Current financial assets *, ** (5,780) (6,425) (6,585)
Net financial assets classified as held for sale * 204 (61) (44)
Non-current financial debt * 37,824 34,726 33,947
Non-current financial assets * (1,307) (1,166) (1,519)
Cash and cash equivalents (25,672) (23,211) (24,731)
Net debt (a) 17,562 13,682 16,676
       
Shareholders’ equity - TotalEnergies share 116,059 117,379 115,767
Non-controlling interests 2,557 2,648 2,657
Shareholders' equity (b) 118,616 120,027 118,424
       
Gearing = a / (a+b) 12.9% 10.2% 12.3%
       
Leases (c) 8,338 8,012 8,277
Gearing including leases (a+c) / (a+b+c) 17.9% 15.3% 17.4%

*         Excludes leases receivables and leases debts.

**        Including initial margins held as part of the Company's activities on organized markets.

 

RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE)

 

    Twelve months ended September 30, 2024

 

In millions of dollars Exploration &
Production
Integrated
LNG
Integrated
Power
Refining &
Chemicals
Marketing &
Services
Company
             
Adjusted net operating income 10,501 4,893 2,125 2,475 1,304 20,701
Capital employed at 09/30/2023 69,392 36,033 20,043 9,002 9,025 141,093
Capital employed at 09/30/2024 64,859 39,460 24,589 9,050 7,325 143,297
ROACE 15.6% 13.0% 9.5% 27.4% 16.0% 14.6%

 

 

PAYOUT1

 

In millions of dollars 9M24 9M23 2023
Dividend paid (parent company shareholders) 5,719 5,648 7,517
Repayment of treasury shares 6,018 6,203 9,167
       
Payout ratio 49% 43% 46%

 

 

 

 

 

 

 

1 Payout is a non-GAAP financial measure. Refer to the Glossary on page 25 for the definitions and further information on Non-GAAP measures (alternative performance measures).

 

 

 

RECONCILIATION OF CAPITAL EMPLOYED (BALANCE SHEET) AND CALCULATION OF ROACE

 

 
In millions of dollars Exploration
&
Production

Integrated

LNG

Integrated
Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Inter-
Company
Company
Adjusted net operating income 3rd quarter 2024 2,482 1,063 485 241 364 (76)   4,559
Adjusted net operating income 2nd quarter 2024  2,667 1,152 502 639 379 (253)   5,086
Adjusted net operating income 1st quarter 2024  2,550 1,222 611 962 255 (90)   5,510
Adjusted net operating income 4th quarter 2023 2,802 1,456 527 633 306 (178)   5,546
Adjusted net operating income ( a ) 10,501 4,893 2,125 2,475 1,304 (597)   20,701
                 
Balance sheet as of September 30, 2024                 
Property plant and equipment intangible assets net 83,224 25,426 15,517 12,365 6,808 676   144,016
Investments & loans in equity affiliates 3,850 15,609 9,341 4,117 1,046     33,963
Other non-current assets 3,896 2,096 1,286 741 1,210 324   9,553
Inventories, net 1,444 1,595 617 11,277 3,599     18,532
Accounts receivable, net 5,801 6,146 4,270 16,506 8,770 1,067 (23,783) 18,777
Other current assets 7,363 7,814 4,788 2,415 3,154 2,357 (5,958) 21,933
Accounts payable (7,035) (6,771) (5,459) (28,346) (9,809) (994) 23,746 (34,668)
Other creditors and accrued liabilities (9,658) (8,693) (4,542) (5,596) (6,015) (6,207) 5,995 (34,716)
Working capital (2,085) 91 (326) (3,744) (301) (3,777)   (10,142)
Provisions and other non-current liabilities (24,510) (3,762) (1,801) (3,415) (1,233) 791   (33,930)
Assets and liabilities classified as held for sale 484   572         1,056
Capital Employed (Balance sheet)  64,859 39,460 24,589 10,064 7,530 (1,986) - 144,516
Less inventory valuation effect        (1,014) (205)     (1,219)
Capital Employed at replacement cost (b)  64,859 39,460 24,589 9,050 7,325 (1,986) - 143,297
                 
Balance sheet as of September 30, 2023                
Property plant and equipment intangible assets net 84,906 24,683 11,635 11,350 6,449 609   139,632
Investments & loans in equity affiliates 2,823 13,624 8,840 4,293 573     30,153
Other non-current assets 3,473 2,874 711 722 1,124 (35)   8,869
Inventories, net 1,542 1,768 657 14,337 4,208     22,512
Accounts receivable, net 7,152 8,436 5,415 23,483 9,416 1,734 (32,038) 23,598
Other current assets 5,623 10,327 8,081 2,452 3,531 2,815 (10,577) 22,252
Accounts payable (5,860) (9,514) (5,659) (35,396) (10,972) (1,787) 31,920 (37,268)
Other creditors and accrued liabilities (9,532) (12,307) (8,178) (6,803) (4,919) (6,361) 10,695 (37,405)
Working capital (1,075) (1,290) 316 (1,927) 1,264 (3,598)   (6,310)
Provisions and other non-current liabilities (26,342) (3,858) (1,586) (3,757) (1,207) 623   (36,127)
Assets and liabilities classified as held for sale 5,607   127 130 1,298     7,162
Capital Employed (Balance sheet)  69,392 36,033 20,043 10,811 9,501 (2,402)   143,378
Less inventory valuation effect        (1,809) (476)     (2,285)
Capital Employed at replacement cost (c)  69,392 36,033 20,043 9,002 9,025 (2,402)   141,093
ROACE as a percentage (a/average(b+c))  15.6% 13.0% 9.5% 27.4% 16.0%     14.6%

 

 

 

GLOSSARY

 

Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities.

 

Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector).

 

Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items.

 

Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).

 

Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.

 

Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.

 

Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments.

 

Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.

 

Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks.

 

Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary.

 

Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth.

 

Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.

 

Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME

 

TotalEnergies

 

(unaudited)

 

  3rd quarter   2nd quarter   3rd quarter
(M$)(a) 2024   2024   2023
           
           
Sales 52,021    53,743    59,017  
Excise taxes (4,592)   (4,560)   (4,604)
Revenues from sales 47,429    49,183    54,413  
           
           
Purchases, net of inventory variation (31,425)   (32,117)   (33,676)
Other operating expenses (7,269)   (7,729)   (7,562)
Exploration costs (572)   (97)   (245)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,392)   (2,976)   (3,055)
Other income 45    3    535  
Other expense (374)   (251)   (928)
           
           
Financial interest on debt (797)   (725)   (726)
Financial income and expense from cash & cash equivalents 457    408    459  
Cost of net debt (340)   (317)   (267)
           
           
Other financial income 319    459    311  
Other financial expense (214)   (213)   (186)
           
Net income (loss) from equity affiliates 333    627    754  
           
           
Income taxes (2,179)   (2,725)   (3,404)
Consolidated net income 2,361    3,847    6,690  
TotalEnergies share 2,294    3,787    6,676  
Non-controlling interests 67    60    14  
Earnings per share ($) 0.97    1.61    2.74  
Fully-diluted earnings per share ($) 0.96    1.60    2.73  

 

(a) Except for per share amounts.

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TotalEnergies

 

(unaudited)

 

  3rd quarter   2nd quarter   3rd quarter
(M$) 2024   2024   2023
           
           
Consolidated net income 2,361   3,847   6,690
           
           
Other comprehensive income          
           
           
Actuarial gains and losses 3   22   (1)
Change in fair value of investments in equity instruments (141)   103   3
Tax effect 29   (11)   (2)
Currency translation adjustment generated by the parent company 3,151   (683)   (1,861)
Items not potentially reclassifiable to profit and loss 3,042   (569)   (1,861)
Currency translation adjustment (2,457)   523   1,204
Cash flow hedge (13)   593   306
Variation of foreign currency basis spread (4)   -   (3)
Share of other comprehensive income of equity affiliates, net amount (208)   (38)   31
Other 2   (2)   (4)
Tax effect (1)   (153)   (46)
Items potentially reclassifiable to profit and loss (2,681)   923   1,488
Total other comprehensive income (net amount) 361   354   (373)
           
Comprehensive income 2,722   4,201   6,317
TotalEnergies share 2,631   4,134   6,313
Non-controlling interests 91   67   4

 

 

 

 

CONSOLIDATED STATEMENT OF INCOME

 

TotalEnergies

 

(unaudited)

 

  9 months   9 months
(M$)(a) 2024   2023 
       
       
Sales 162,042   177,891 
Excise taxes (13,547)   (13,711)
Revenues from sales 148,495   164,180 
       
       
Purchases, net of inventory variation (97,322)   (105,891)
Other operating expenses (22,641)   (23,253)
Exploration costs (757)   (399)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,310)   (9,223)
Other income 1,806   992 
Other expense (940)   (1,594)
       
       
Financial interest on debt (2,230)   (2,160)
Financial income and expense from cash & cash equivalents 1,337   1,362 
Cost of net debt (893)   (798)
       
       
Other financial income 1,084   982 
Other financial expense (642)   (542)
       
       
Net income (loss) from equity affiliates 978   1,981 
       
       
Income taxes (7,846)   (9,962)
Consolidated net income 12,012   16,473 
TotalEnergies share 11,802   16,321 
Non-controlling interests 210   152 
Earnings per share ($) 5.02   6.61 
Fully-diluted earnings per share ($) 4.99   6.57 

 

(a) Except for per share amounts.

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TotalEnergies

 

(unaudited)

 

  9 months   9 months
(M$) 2024   2023
       
       
Consolidated net income 12,012   16,473 
       
       
Other comprehensive income      
       
       
Actuarial gains and losses 23   137 
Change in fair value of investments in equity instruments 2  
Tax effect 10   (53)
Currency translation adjustment generated by the parent company 962   (452)
Items not potentially reclassifiable to profit and loss 997    (362)
Currency translation adjustment (835)   (95)
Cash flow hedge 1,387    2,197
Variation of foreign currency basis spread (19)    5
share of other comprehensive income of equity affiliates, net amount (322)    (64)
Other 2    (5)
Tax effect (373)   (518)
Items potentially reclassifiable to profit and loss (160)   1,520 
Total other comprehensive income (net amount) 837   1,158 
       
Comprehensive income 12,849   17,631 
TotalEnergies share 12,635   17,539 
Non-controlling interests 214   92 

 

 

 

 

CONSOLIDATED BALANCE SHEET

 

TotalEnergies

 

 

  September 30, June 30,   December 31,   September
  2024 2024 2023 30,  2023
         
(M$) (unaudited)   (unaudited)       (unaudited)
               
               
ASSETS              
               
Non-current assets              
Intangible assets, net 33,891   33,477   33,083   32,911
Property, plant and equipment, net 110,125   109,403   108,916   106,721
Equity affiliates : investments and loans 33,963   32,800   30,457   30,153
Other investments 1,656   1,740   1,543   1,342
Non-current financial assets 2,578   2,469   2,395   2,710
Deferred income taxes 3,727   3,568   3,418   3,535
Other non-current assets 4,170   4,235   4,313   3,991
Total non-current assets 190,110   187,692   184,125   181,363
               
               
Current assets              
Inventories, net 18,532   20,189   19,317   22,512
Accounts receivable, net 18,777   20,647   23,442   23,598
Other current assets 21,933   20,014   20,821   22,252
Current financial assets 6,151   6,823   6,585   6,892
Cash and cash equivalents 25,672   23,211   27,263   24,731
Assets classified as held for sale 2,830   912   2,101   8,656
Total current assets 93,895   91,796   99,529   108,641
Total assets 284,005   279,488   283,654   290,004
               
               
LIABILITIES & SHAREHOLDERS' EQUITY              
               
Shareholders' equity              
Common shares 7,577   7,577   7,616   7,616
Paid-in surplus and retained earnings 130,804   130,688   126,857   123,506
Currency translation adjustment (13,793) (14,415)   (13,701)   (13,461)
Treasury shares (8,529) (6,471)   (4,019)   (1,894)
Total shareholders' equity - TotalEnergies share 116,059   117,379   116,753   115,767
Non-controlling interests 2,557   2,648   2,700   2,657
Total shareholders' equity 118,616   120,027   119,453   118,424
               
               
Non-current liabilities              
Deferred income taxes 11,750   12,461   11,688   11,633
Employee benefits 1,890   1,819   1,993   1,837
Provisions and other non-current liabilities 20,290   20,295   21,257   22,657
Non-current financial debt 45,750   42,526   40,478   41,022
Total non-current liabilities 79,680   77,101   75,416   77,149
               
               
Current liabilities              
Accounts payable 34,668   36,449   41,335   37,268
Other creditors and accrued liabilities 34,716   33,442   36,727   37,405
Current borrowings 13,853   11,271   9,590   16,876
Other current financial liabilities 488   461   446   415
Liabilities directly associated with the assets classified as held for sale 1,984   737   687   2,467
Total current liabilities 85,709   82,360   88,785   94,431
Total liabilities & shareholders' equity 284,005   279,488   283,654   290,004

 

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TotalEnergies

 

 

(unaudited)          
  3rd quarter   2nd quarter   3rd quarter
(M$) 2024   2024   2023
           
CASH FLOW FROM OPERATING ACTIVITIES          
           
Consolidated net income 2,361   3,847   6,690
Depreciation, depletion, amortization and impairment 4,020   3,080   3,621
Non-current liabilities, valuation allowances and deferred taxes (93)   (53)   686
(Gains) losses on disposals of assets (3)   182   (521)
Undistributed affiliates' equity earnings (13)   (250)   (325)
(Increase) decrease in working capital 836   2,013   (923)
Other changes, net 63   188   268
Cash flow from operating activities 7,171   9,007   9,496
           
CASH FLOW USED IN INVESTING ACTIVITIES          
           
Intangible assets and property, plant and equipment additions (4,110)   (3,699)   (3,808)
Acquisitions of subsidiaries, net of cash acquired (497)   (251)   (1,607)
Investments in equity affiliates and other securities (845)   (481)   (482)
Increase in non-current loans (458)   (621)   (451)
Total expenditures (5,910)   (5,052)   (6,348)
Proceeds from disposals of intangible assets and property, plant and equipment 32   44   914
Proceeds from disposals of subsidiaries, net of cash sold 82   213   7
Proceeds from disposals of non-current investments 37   56   308
Repayment of non-current loans 197   181   132
Total divestments 348   494   1,361
Cash flow used in investing activities (5,562)   (4,558)   (4,987)
           
CASH FLOW FROM FINANCING ACTIVITIES          
           
Issuance (repayment) of shares:          
- Parent company shareholders -   521   -
- Treasury shares (2,005)   (2,007)   (2,098)
Dividends paid:          
- Parent company shareholders (1,963)   (1,853)   (1,962)
- Non-controlling interests (171)   (127)   (168)
Net issuance (repayment) of perpetual subordinated notes -   (1,622)   -
Payments on perpetual subordinated notes (23)   (50)   (22)
Other transactions with non-controlling interests (14)   (19)   (11)
Net issuance (repayment) of non-current debt 3,080   4,319   47
Increase (decrease) in current borrowings 911   (5,453)   (446)
Increase (decrease) in current financial assets and liabilities 760   (530)   (182)
Cash flow from / (used in) financing activities 575   (6,821)   (4,842)
Net increase (decrease) in cash and cash equivalents 2,184   (2,372)   (333)
Effect of exchange rates 277   (57)   (508)
Cash and cash equivalents at the beginning of the period 23,211   25,640   25,572
Cash and cash equivalents at the end of the period 25,672   23,211   24,731

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TotalEnergies

 

 

(unaudited)

 

  9 months   9 months
(M$) 2024   2023
       
CASH FLOW FROM OPERATING ACTIVITIES      
       
Consolidated net income 12,012   16,473
Depreciation, depletion, amortization and impairment 10,136   10,003
Non-current liabilities, valuation allowances and deferred taxes 146   1,081
(Gains) losses on disposals of assets (1,431)   (843)
Undistributed affiliates' equity earnings 25   (291)
(Increase) decrease in working capital (2,837)   (2,217)
Other changes, net 296   323
Cash flow from operating activities 18,347   24,529
       
CASH FLOW USED IN INVESTING ACTIVITIES      
       
Intangible assets and property, plant and equipment additions (11,229)   (12,646)
Acquisitions of subsidiaries, net of cash acquired (1,507)   (1,762)
Investments in equity affiliates and other securities (1,814)   (2,411)
Increase in non-current loans (1,617)   (1,206)
Total expenditures (16,167)   (18,025)
Proceeds from disposals of intangible assets and property, plant and equipment 413   1,013
Proceeds from disposals of subsidiaries, net of cash sold 1,513   228
Proceeds from disposals of non-current investments 127   490
Repayment of non-current loans 527   472
Total divestments 2,580   2,203
Cash flow used in investing activities (13,587)   (15,822)
       
CASH FLOW FROM FINANCING ACTIVITIES      
       
Issuance (repayment) of shares:      
- Parent company shareholders 521   383
- Treasury shares (6,018)   (6,203)
Dividends paid:      
- Parent company shareholders (5,719)   (5,648)
- Non-controlling interests (304)   (294)
Net issuance (repayment) of perpetual subordinated notes (1,622)   (1,081)
Payments on perpetual subordinated notes (232)   (260)
Other transactions with non-controlling interests (50)   (110)
Net issuance (repayment) of non-current debt 7,441   151
Increase (decrease) in current borrowings (1,006)   (5,831)
Increase (decrease) in current financial assets and liabilities 501   2,202
Cash flow from / (used in) financing activities (6,488)   (16,691)
Net increase (decrease) in cash and cash equivalents (1,728)   (7,984)
Effect of exchange rates 137   (311)
Cash and cash equivalents at the beginning of the period 27,263   33,026
Cash and cash equivalents at the end of the period 25,672   24,731

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TotalEnergies

 

(unaudited)

 

  Common shares issued Paid-in Currency Treasury shares Shareholders' Non- Total
      surplus and translation     equity - controlling shareholders'
      retained adjustment     TotalEnergies interests equity
(M$) Number Amount earnings   Number Amount Share    
As of January 1, 2023 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570
Net income of the first nine months 2023 - - 16,321 - - - 16,321 152 16,473
Other comprehensive income - - 1,815 (597) - - 1,218 (60) 1,158
Comprehensive Income - - 18,136 (597) - - 17,539 92 17,631
Dividend - - (5,765) - - - (5,765) (294) (6,059)
Issuance of common shares 8,002,155 22 361 - - - 383 - 383
Purchase of treasury shares - - - - (100,511,783) (7,024) (7,024) - (7,024)
Sale of treasury shares(a) - - (396) - 6,463,426 396 - - -
Share-based payments - - 232 - - - 232 - 232
Share cancellation (214,881,605) (569) (11,720) - 214,881,605 12,289 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
Payments on perpetual subordinated notes - - (223) - - - (223) - (223)
Other operations with non-controlling interests - - 39 (28) - - 11 12 23
Other items - - (2) - - (1) (3) 1 (2)
As of September 30, 2023 2,412,251,835 7,616 123,506 (13,461) (16,354,419) (1,894) 115,767 2,657 118,424
Net income of the fourth quarter 2023 - - 5,063 - - - 5,063 (26) 5,037
Other comprehensive income - - 172 (240) - - (68) 17 (51)
Comprehensive Income - - 5,235 (240) - - 4,995 (9) 4,986
Dividend - - (1,846) - - - (1,846) (17) (1,863)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (44,188,794) (2,143) (2,143) - (2,143)
Sale of treasury shares(a) - - - - - - - - -
Share-based payments - - 59 - - - 59 - 59
Share cancellation - - (17) - - 17 - - -
Net issuance (repayment) of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (71) - - - (71) - (71)
Other operations with non-controlling interests - - (9) - - - (9) 73 64
Other items - - - - - 1 1 (4) (3)
As of December 31, 2023 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first nine months 2024 - - 11,802 - - - 11,802 210 12,012
Other comprehensive income - - 924 (91) - - 833 4 837
Comprehensive Income - - 12,726 (91) - - 12,635 214 12,849
Dividend - - (5,863) - - - (5,863) (304) (6,167)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (88,066,669) (6,568) (6,568) - (6,568)
Sale of treasury shares(a) - - (395) - 6,067,493 395 - - -
Share-based payments - - 458 - - - 458 - 458
Share cancellation (25,405,361) (68) (1,595) - 25,405,361 1,663 - - -
Net issuance (repayment) of perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual subordinated notes - - (200) - - - (200) - (200)
Other operations with non-controlling interests - - - - - - - (50) (50)
Other items - - 3 (1) - - 2 (3) (1)
As of September 30, 2024 2,397,679,661 7,577 130,804 (13,793) (117,137,028) (8,529) 116,059 2,557 118,616

(a)Treasury shares related to the performance share grants.

 

 

 

 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 

3rd quarter 2024

 

(M$)

Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
External sales 1,425 2,350 4,444 22,926 20,872 4 - 52,021
Intersegment sales 9,633 2,017 424 7,927 218 58 (20,277) -
Excise taxes - - - (213) (4,379) - - (4,592)
Revenues from sales 11,058 4,367 4,868 30,640 16,711 62 (20,277) 47,429
Operating expenses (5,257) (3,393) (4,329) (30,273) (16,082) (209) 20,277 (39,266)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,324) (294) (114) (400) (229) (31) - (3,392)
Net income (loss) from equity affiliates and other items 47 482 (274) (79) (29) (38) - 109
Tax on net operating income (1,879) (250) (66) 40 (102) 117 - (2,140)
Adjustments (a) (837) (151) (400) (313) (95) (23) - (1,819)
Adjusted net operating income 2,482 1,063 485 241 364 (76) - 4,559
Adjustments (a)               (1,819)
Net cost of net debt               (379)
Non-controlling interests               (67)
Net income - TotalEnergies share               2,294

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

 

3rd quarter 2024

(M$)

Exploration
&
Production

Integrated
LNG

Integrated
Power

Refining
&
Chemicals

Marketing
&
Services

Corporate Intercompany Total
Total expenditures 2,251 599 2,291 388 329 52 - 5,910
Total divestments 90 99 70 69 19 1 - 348
Cash flow from operating activities 4,763 830 373 564 581 60 - 7,171

 

 

 

 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 

2nd quarter 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total

 

External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743  
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) -  
Excise taxes - - - (208) (4,352) - - (4,560)  
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183  
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)  

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,907) (310) (105) (416) (208) (30) - (2,976)

 

Net income (loss) from equity affiliates and other items

141 526 26 (13) (84) 29 - 625

 

Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677)  
Adjustments (a) (53) (12) (333) (264) (203) (9) - (874)  
 Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086  
Adjustments (a)               (874)  
Net cost of net debt               (365)  
Non-controlling interests               (60)  
Net income - TotalEnergies share               3,787  

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

2nd quarter 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 

Total expenditures 2,697 844 769 443 259 40 - 5,052  
Total divestments 149 29 261 127 (78) 6 - 494  
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007  

 

 

 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 

3rd quarter 2023

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate Intercompany Total

 

External sales 1,551 2,144 5,183 27,127 23,012 - - 59,017  
Intersegment sales 11,129 2,361 495 10,094 153 59 (24,291) -  
Excise taxes - - - (210) (4,394) - - (4,604)  
Revenues from sales 12,680 4,505 5,678 37,011 18,771 59 (24,291) 54,413  
Operating expenses (5,347) (3,038) (4,811) (34,598) (17,749) (231) 24,291 (41,483)  

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,976) (283) (86) (483) (204) (23) - (3,055)

 

Net income (loss) from equity affiliates and other items

10 358 (8) 61 (16) 81 - 486

 

Tax on net operating income (2,437) (251) (86) (502) (247) 157 - (3,366)  
Adjustments (a) (208) (51) 181 90 132 (37) - 107  
 Adjusted net operating income 3,138 1,342 506 1,399 423 80 - 6,888  
Adjustments (a)               107  
Net cost of net debt               (305)  
Non-controlling interests               (14)  
Net income - TotalEnergies share               6,676  

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

3rd quarter 2023

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

Total expenditures 2,677 734 2,215 424 270 28 - 6,348  
Total divestments 699 168 331 114 49 - - 1,361  
Cash flow from operating activities 4,240 872 1,936 2,060 206 182 - 9,496  

 

 

 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 

9 months 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 

External sales 4,159 6,995 15,990 71,975 62,901 22 - 162,042  
Intersegment sales 29,164 7,623 1,583 24,273 651 198 (63,492) -  
Excise taxes - - - (591) (12,956) - - (13,547)  
Revenues from sales 33,323 14,618 17,573 95,657 50,596 220 (63,492) 148,495  
Operating expenses (14,370) (11,099) (16,400) (92,808) (48,779) (756) 63,492 (120,720)  

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,148)

(925)

(316)

(1,192)

(643)

(86)

-

(9,310)

 

Net income (loss) from equity affiliates and other items

285

1,503

(863)

(24)

1,367

18

-

2,286

 

Tax on net operating income (6,303) (785) (185) (275) (311) 149 - (7,710)  
Adjustments (a) (912) (125) (1,789) (484) 1,232 (36) - (2,114)  
 Adjusted net operating income 7,699 3,437 1,598 1,842 998 (419) - 15,155  
Adjustments (a)               (2,114)  
Net cost of net debt               (1,029)  
Non-controlling interests               (210)  
Net income - TotalEnergies share               11,802  

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

9 months 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 

Total expenditures 7,242 2,008 4,799 1,266 732 120 - 16,167  
Total divestments 545 178 393 234 1,222 8 - 2,580  
Cash flow from operating activities 12,888 2,971 1,771 (24) 2,123 (1,382) - 18,347  

 

 

 

INFORMATION BY BUSINESS SEGMENT

 

TotalEnergies

 

(unaudited)

 

9 months 2023

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

External sales 4,939 9,036 19,987 76,831 67,083 15 - 177,891  
Intersegment sales 31,965 11,138 2,850 27,785 474 180 (74,392) -  
Excise taxes - - - (625) (13,086) - - (13,711)  
Revenues from sales 36,904 20,174 22,837 103,991 54,471 195 (74,392) 164,180  
Operating expenses (15,271) (16,280) (20,976) (98,532) (52,208) (668) 74,392 (129,543)  

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,159)

(848)

(184)

(1,291)

(669)

(72)

-

(9,223)

 

Net income (loss) from equity affiliates and

other items

63

1,634

(328)

116

291

43

-

1,819

Tax on net operating income (7,724) (593) (238) (1,014) (528) 180 - (9,917)  
Adjustments (a) (327) (657) (215) (751) 205 (77) - (1,822)  
Adjusted net operating income 8,140 4,744 1,326 4,021 1,152 (245) - 19,138  
Adjustments (a)               (1,822)  
Net cost of net debt               (843)  
Non-controlling interests               (152)  
Net income - TotalEnergies share               16,321  

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

9 months 2023

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

Total expenditures 9,298 2,555 4,256 1,138 685 93 - 18,025  
Total divestments 756 262 629 174 378 4 - 2,203  
Cash flow from operating activities 12,823 5,740 2,935 3,132 198 (299) - 24,529  

 

 

 

TotalEnergies

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FIRST NINE MONTHS 2024

 

 

(unaudited)

 

 

1) Basis of preparation of the consolidated financial statements

 

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS as published by the International Accounting Standards Board (IASB).

 

The interim consolidated financial statements of TotalEnergies SE and its subsidiaries (the Company) as of September 30, 2024, are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”.

 

The accounting principles applied for the consolidated financial statements at September 30, 2024, are consistent with those used for the financial statements at December 31, 2023.

 

The preparation of financial statements in accordance with IFRS for the closing as of September 30, 2024 requires the General Management to make estimates, assumptions and judgments that affect the information reported in the Consolidated Financial Statements and the Notes thereto.

 

These estimates, assumptions and judgments are based on historical experience and other factors believed to be reasonable at the date of preparation of the financial statements. They are reviewed on an on-going basis by General Management and therefore could be revised as circumstances change or as a result of new information.

 

The main estimates, judgments and assumptions relate to the estimation of hydrocarbon reserves in application of the successful efforts method for the oil and gas activities, asset impairments, employee benefits, asset retirement obligations and income taxes. These estimates and assumptions are described in the Notes to the Consolidated Financial Statements as of December 31, 2023.

 

Different estimates, assumptions and judgments could significantly affect the information reported, and actual results may differ from the amounts included in the Consolidated Financial Statements and the Notes thereto.

 

Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the General Management of the Company applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.

 

 

2) Changes in the Company structure

 

2.1) Main acquisitions and divestments

 

ØExploration & Production

 

In February 2024, TotalEnergies and its partner SOCAR (State Oil Company of the Republic of Azerbaijan) have completed the sale of 15% interest each in the Absheron gas field to ADNOC (Abu Dhabi National Oil Company). Following the completion of this transaction, TotalEnergies holds a 35% stake in the Absheron gas field alongside SOCAR (35%) and ADNOC (30%).

 

ØIntegrated Power

 

In February 2024, TotalEnergies has finalized the acquisition of three gas-fired power plants with a total capacity of 1.5 GW in Texas from TexGen, a U.S.-based company for a net investment of $635 million.

 

September 30, 2024 - Notes to the consolidated financial statements - 1/15

 

 

ØMarketing & Services

 

In January 2024, TotalEnergies has finalized the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands to Alimentation Couche-Tard for 1.4 billion dollars.

 

2.2) Major business combinations

 

ØIntegrated Power

 

Acquisition of 1.5 GW Power Generation Capacity in Texas

 

In accordance with IFRS 3 “Business combinations”, TotalEnergies is assessing the fair value of identifiable acquired assets, liabilities and contingent liabilities on the basis of available information. A preliminary purchase price allocation has been done in the first quarter after the closing and will be finalized within 12 months following the acquisition date.

 

2.3) Major divestment projects

 

ØExploration & Production

 

On April 24, 2024, TotalEnergies announces that its 85%-owned affiliate, TotalEnergies EP Congo, has signed an agreement with Trident Energy combining the acquisition of an additional 10% interest in the Moho license from Trident Energy and the sale to Trident Energy of its 53.5% interest in the Nkossa and Nsoko II licenses.

 

As of September 30, 2024, the assets and liabilities related to Nkossa and Nsoko II licenses have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $362 million and “liabilities classified as held for sale” for an amount of $216 million. These assets mainly include tangible assets.

 

On July 17, 2024, TotalEnergies announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.

 

As of September 30, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $1,199 million and “liabilities classified as held for sale” for an amount of $866 million. These assets mainly include tangible assets.

 

 

ØIntegrated Power

 

In August 2024, TotalEnergies reached an agreement to sell 50% of its stake in West Burton Energy, which the Company had fully acquired in the third quarter. West Burton Energy owns and operates the West Burton B gas-fired power plant in Nottinghamshire, in England. West Burton B comprises three combined-cycle gas turbines (CCGT) with total output of 1.3 GW.

 

As of September 30, 2024, the assets and liabilities have been respectively classified in the consolidated balance sheet as “assets classified as held for sale” for an amount of $828 million and “liabilities classified as held for sale” for an amount of $462 million. These assets mainly include tangible assets.

 

September 30, 2024 - Notes to the consolidated financial statements - 2/15

 

 

3) Business segment information

 

Description of the business segments

 

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies and which is reviewed by the main operational decision-making body of TotalEnergies, namely the Executive Committee.

 

The operational profit and assets are broken down by business segment prior to the consolidation and inter-segment adjustments.

 

Sales prices for transactions between business segments approximate market prices.

 

The reporting structure for the business segments’ financial information is based on the following five business segments:

 

-An Exploration & Production segment that encompasses the activities of exploration and production of oil and natural gas, conducted in about 50 countries;

 

-An Integrated LNG segment covering the integrated gas chain (including upstream and midstream LNG activities) as well as biogas, hydrogen and gas trading activities;

 

-An Integrated Power segment covering generation, storage, electricity trading and B2B-B2C distribution of gas and electricity;

 

-A Refining & Chemicals segment constituting a major industrial hub comprising the activities of refining, petrochemicals and specialty chemicals. This segment also includes the activities of oil Supply, Trading and marine Shipping;

 

-A Marketing & Services segment including the global activities of supply and marketing in the field of petroleum products;

 

In addition the Corporate segment includes holdings operating and financial activities.

 

 

Definition of the indicators

 

Adjusted Net Operating Income

 

TotalEnergies measures performance at the segment level on the basis of adjusted net operating income. Adjusted net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than mineral interest, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above, excluding the effect of the adjustments describe below. 

The income and expenses not included in net operating income adjusted that are included in net income TotalEnergies share are interest expenses related to net financial debt, after applicable income taxes (net cost of net debt), non-controlling interests, and the adjusted items.

 

Adjustment items include:

 

a) Special items

 

Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years.

 

 

 

 

 

 

 

September 30, 2024 - Notes to the consolidated financial statements - 3/15

 

 

b) The inventory valuation effect

 

In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-in, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.

 

In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost method.

 

c) Effect of changes in fair value

 

The effect of changes in fair value presented as an adjustment item reflects for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.

 

IFRS requires that trading inventories be recorded at their fair value using period end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

 

TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect.

 

Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence.

 

 

 

 

 

 

 

September 30, 2024 - Notes to the consolidated financial statements - 4/15

 

 

3.1) Information by business segment

 

 

9 months 2024

 

(M$)

Exploration

&

Production

 

Integrated

LNG

 

Integrated

Power

 

Refining

&

Chemicals

 

Marketing

&

Services

 

Corporate

 

Intercompany

 

Total

 
External sales 4,159  6,995  15,990  71,975  62,901  22  -  162,042 
Intersegment sales 29,164  7,623  1,583  24,273  651  198  (63,492) - 
Excise taxes -  -  -  (591) (12,956) -  -  (13,547)
Revenues from sales 33,323  14,618  17,573  95,657  50,596  220  (63,492) 148,495 
Operating expenses (14,370) (11,099) (16,400) (92,808) (48,779) (756) 63,492  (120,720)
Depreciation, depletion and impairment of tangible assets and mineral interests (6,148) (925) (316) (1,192) (643) (86) -  (9,310)
Net income (loss) from equity affiliates and other items 285  1,503  (863) (24) 1,367  18  -  2,286 
Tax on net operating income (6,303) (785) (185) (275) (311) 149  -  (7,710)
Adjustments (a) (912) (125) (1,789) (484) 1,232  (36) -  (2,114)
Adjusted net operating income 7,699  3,437  1,598  1,842  998  (419) -  15,155 
Adjustments (a)                      (2,114)
Net cost of net debt                      (1,029)
Non-controlling interests                      (210)
Net income - TotalEnergies share                      11,802 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

9 months 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 
Total expenditures 7,242 2,008 4,799 1,266 732 120 - 16,167 
Total divestments 545 178 393 234 1,222 8 - 2,580 
Cash flow from operating activities 12,888 2,971 1,771 (24) 2,123 (1,382) - 18,347 

 

 

 

 

 

 

 

September 30, 2024 - Notes to the consolidated financial statements - 5/15

 

 

9 months 2023

 

(M$)

Exploration

&

Production

 

Integrated

LNG

 

Integrated

Power

 

Refining

&

Chemicals

 

Marketing

&

Services

 

Corporate

 

Intercompany

 

Total

 
External sales 4,939  9,036  19,987  76,831  67,083  15  -  177,891 
Intersegment sales 31,965  11,138  2,850  27,785  474  180  (74,392) - 
Excise taxes -  -  -  (625) (13,086) -  -  (13,711)
Revenues from sales 36,904  20,174  22,837  103,991  54,471  195  (74,392) 164,180 
Operating expenses (15,271) (16,280) (20,976) (98,532) (52,208) (668) 74,392  (129,543)
Depreciation, depletion and impairment of tangible assets and mineral interests (6,159) (848) (184) (1,291) (669) (72) -  (9,223)
Net income (loss) from equity affiliates and other items 63  1,634  (328) 116  291  43  -  1,819 
Tax on net operating income (7,724) (593) (238) (1,014) (528) 180  -  (9,917)
Adjustments (a) (327) (657) (215) (751) 205  (77) -  (1,822)
Adjusted operating income 8,140  4,744  1,326  4,021  1,152  (245) -  19,138 
Adjustments (a)                      (1,822)
Net cost of net debt                      (843)
Non-controlling interests                      (152)
Net income - TotalEnergies share                      16,321 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

9 months 2023

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 
Total expenditures 9,298 2,555 4,256 1,138 685 93 - 18,025 
Total divestments 756 262 629 174 378 4 - 2,203 
Cash flow from operating activities 12,823 5,740 2,935 3,132 198 (299) - 24,529 

 

 

 

 

 

 

 

September 30, 2024 - Notes to the consolidated financial statements - 6/15

 

 

3rd quarter 2024

 

(M$)

Exploration

&

Production

 

Integrated

LNG

 

Integrated

Power

 

Refining

&

Chemicals

 

Marketing

&

Services

 

Corporate

 

Intercompany

 

Total

 
External sales 1,425  2,350  4,444  22,926  20,872  4  -  52,021 
Intersegment sales 9,633  2,017  424  7,927  218  58  (20,277) - 
Excise taxes -  -  -  (213) (4,379) -  -  (4,592)
Revenues from sales 11,058  4,367  4,868  30,640  16,711  62  (20,277) 47,429 
Operating expenses (5,257) (3,393) (4,329) (30,273) (16,082) (209) 20,277  (39,266)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,324) (294) (114) (400) (229) (31) -  (3,392)
Net income (loss) from equity affiliates and other items 47  482  (274) (79) (29) (38) -  109 
Tax on net operating income (1,879) (250) (66) 40  (102) 117  -  (2,140)
Adjustments (a) (837) (151) (400) (313) (95) (23) -  (1,819)
Adjusted net operating income 2,482  1,063  485  241  364  (76) -  4,559 
Adjustments (a)                      (1,819)
Net cost of net debt                      (379)
Non-controlling interests                      (67)
Net income - TotalEnergies share                      2,294 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

 

3rd quarter 2024

 

(M$)

Exploration

&

Production

Integrated

LNG

Integrated

Power

Refining

&

Chemicals

Marketing

&

Services

Corporate

Intercompany

Total

 
Total expenditures 2,251 599 2,291 388 329 52 - 5,910 
Total divestments 90 99 70 69 19 1 - 348 
Cash flow from operating activities 4,763 830 373 564 581 60 - 7,171 

 

 

 

 

 

 

 

September 30, 2024 - Notes to the consolidated financial statements - 7/15

 

 

3rd quarter 2023 Exploration Integrated Integrated Refining Marketing        
  & LNG Power & & Corporate Intercompany Total  
(M$) Production     Chemicals  Services        
                   
External sales 1,551 2,144 5,183 27,127 23,012 - - 59,017  
Intersegment sales 11,129 2,361 495 10,094 153 59 (24,291) -  
Excise taxes - - - (210) (4,394) - - (4,604)  
Revenues from sales 12,680 4,505 5,678 37,011 18,771 59 (24,291) 54,413  
Operating expenses (5,347) (3,038) (4,811) (34,598) (17,749) (231) 24,291 (41,483)  
Depreciation, depletion and impairment of tangible assets and mineral interests (1,976) (283) (86) (483) (204) (23) - (3,055)  
Net income (loss) from equity affiliates and other items 10 358 (8) 61 (16) 81 - 486  
Tax on net operating income (2,437) (251) (86) (502) (247) 157 - (3,366)  
Adjustments (a) (208) (51) 181 90 132 (37) - 107  
Adjusted net operating income 3,138 1,342 506 1,399 423 80 - 6,888  
Adjustments (a)               107  
Net cost of net debt               (305)  
Non-controlling interests               (14)  
Net income - TotalEnergies share               6,676  

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the Integrated LNG segment.

Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.

Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.

 

3rd quarter 2023 Exploration Integrated Integrated Refining Marketing      
  & LNG Power & & Corporate Intercompany Total
(M$) Production     Chemicals Services      
                 
Total expenditures 2,677 734 2,215 424 270 28 - 6,348
Total divestments 699 168 331 114 49 - - 1,361
Cash flow from operating activities 4,240 872 1,936 2,060 206 182 - 9,496

 

September 30, 2024 - Notes to the consolidated financial statements - 8/15

 

 

3.2) Adjustment items

 

 

The main adjustement items for the first nine months 2024 are the following:

 

1)An “Inventory valuation effect” amounting to $(595) million in net operating income for the Refining & Chemicals and Marketing & Services segments;

 

2)An “Effect of changes in fair value” amounting to $(695) million in net operating income for the Integrated LNG and Integrated Power segments;

 

3)“Asset impairment and provisions charges” of $(1,751) million in net operating income mainly consisting of impairments related to the Company’s minority stake in Sunpower and Maxeon for the Integrated Power segment and those related to the exit from blocks 11B/12B and 5/6/7 in South Africa for the Exploration & Production segment;

 

4)“Gains on disposals of assets” for an amount of $1,397 million in net operating income generated in particular on the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands for the Marketing & Services segment. This amount includes the revaluation of shares held and consolidated under the equity method in Belgium and Luxembourg;

 

5)“Other items” amounted to $(449) million in net operating income mainly consisting of the impacts of the contribution on inframarginal annuity in France and deferred tax adjustments related to rate changes.

 

September 30, 2024 - Notes to the consolidated financial statements - 9/15

 

 

The detail of the adjustment items is presented in the table below.

 

ADJUSTMENTS TO NET OPERATING INCOME   Exploration Integrated Integrated Refining Marketing Corporate Total
      &   LNG Power & &    
(M$)     Production     Chemicals Services    
3rd quarter 2024 Inventory valuation effect   -   - - (290) (85) - (375)
  Effect of changes in fair value   -   (49) (35) - - - (84)
  Restructuring charges   -   - - - (10) - (10)
  Asset impairment and provisions charges   (811)   - (281) (15) - - (1,107)
  Gains (losses) on disposals of assets   -   - - - - - -
  Other items   (26)   (102) (84) (8) - (23) (243)
Total     (837)   (151) (400) (313) (95) (23) (1,819)
3rd quarter 2023 Inventory valuation effect   -   - - 466 157 - 623
  Effect of changes in fair value   -   44 321 - - - 365
  Restructuring charges   -   - - - - - -
  Asset impairment and provisions charges   -   - (427) (271) - - (698)
  Gains (losses) on disposals of assets   -   - - - - - -
  Other items   (208)   (95) 287 (105) (25) (37) (183)
Total     (208)   (51) 181 90 132 (37) 107
9 months 2024 Inventory valuation effect   -   - - (460) (135) - (595)
  Effect of changes in fair value   -   (23) (672) - - - (695)
  Restructuring charges   -   - (11) - (10) - (21)
  Asset impairment and provisions charges   (811)   - (925) (15) - - (1,751)
  Gains (losses) on disposals of assets   (9)   - 29 - 1,377 - 1,397
  Other items   (92)   (102) (210) (9) - (36) (449)
Total     (912)   (125) (1,789) (484) 1,232 (36) (2,114)
9 months 2023 Inventory valuation effect   -   - - (193) 48 - (145)
  Effect of changes in fair value   -   (573) 393 - - - (180)
  Restructuring charges   -   - (5) - - - (5)
  Asset impairment and provisions charges   (123)   - (773) (331) - - (1,227)
  Gains (losses) on disposals of assets   -   - - - 203 - 203
  Other items   (204)   (84) 170 (227) (46) (77) (468)
Total     (327)   (657) (215) (751) 205 (77) (1,822)

 

September 30, 2024 - Notes to the consolidated financial statements - 10/15

 

 

4) Shareholders’ equity

 

 

Treasury shares (TotalEnergies shares held directly by TotalEnergies SE)

 

  December 31, 2023 September 30, 2024
Number of treasury shares 60,543,213 117,137,028
Percentage of share capital 2.51% 4.89%

 

At its meeting on February 6, 2024, the Board of Directors decided, following the authorization of the Extraordinary Shareholder’s Meeting held on May 25, 2022, to cancel 25 405 361 treasury shares bought back between August 25, 2023 and October 26, 2023.

 

 

Dividend

 

The Board of Directors, at its meeting on April 25, 2024, set the first interim dividend for the fiscal year 2024 at €0.79 per share. The ex-dividend date of this interim dividend was September 25, 2024 and it was paid in cash on October 1st, 2024.

 

Moreover, the Board of Directors, at its meeting on July 24, 2024, set the second interim dividend for the fiscal year 2024 at €0.79 per share, i.e. an amount equal to the aforementioned first interim dividend. The ex-dividend date of this second interim dividend will be January 2, 2025 and it will be paid in cash on January 6, 2025.

 

Furthermore, the Board of Directors, at its meeting on October 30, 2024, set the third interim dividend for the fiscal year 2024 at €0.79 per share, i.e. an amount equal to the first and second interim dividends for the same fiscal year. The ex-dividende date of this third interim dividend will be March 26, 2025 and it will be paid in cash on April 1st, 2025.

 

 

Dividend 2024 First interim Second interim Third interim
       
Amount €0.79 €0.79 €0.79
       
Set date April 25, 2024 July 24, 2024 October 30, 2024
       
Ex-dividend date September 25, 2024 January 2, 2025 March 26, 2025
       
Payment date October 1, 2024 January 6, 2025 April 1, 2025

 

Earnings per share in Euro

 

Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to €0.88 per share for the 3rd quarter 2024 (€1.51 per share for the 2nd quarter 2024 and €2.51 per share for the 3rd quarter 2023). Diluted earnings per share calculated using the same method amounted to €0.87 per share for the 3rd quarter 2024 (€1.51 per share for the 2nd quarter 2024 and €2.49 per share for the 3rd quarter 2023).

 

Earnings per share are calculated after remuneration of perpetual subordinated notes.

 

Perpetual subordinated notes

 

TotalEnergies SE has not issued any perpetual subordinated notes during the first nine months of 2024.

 

In April 2024, TotalEnergies SE has fully reimbursed the nominal amount of €1,500 million of perpetual subordinated notes carrying a coupon of 1.750%, issued in April 2019, on their first call date.

 

September 30, 2024 - Notes to the consolidated financial statements - 11/15

 

 

Other comprehensive income

 

Detail of other comprehensive income is presented in the table below:

 

 

 

(M$)  9 months 2024    9 months 2023    
Actuarial gains and losses  23    137    
Change in fair value of investments in equity instruments  2    6    
Tax effect  10    (53 )  
Currency translation adjustment generated by the parent company  962    (452 )  
Sub-total items not potentially reclassifiable to profit and loss  997    (362 )  
             
Currency translation adjustment  (835   (95 )  
- unrealized gain/(loss) of the period  (700)   (182 )  
- less gain/(loss) included in net income  135    (87 )  
             
             
Cash flow hedge  1,387    2,197    
- unrealized gain/(loss) of the period  1,259    2,139    
- less gain/(loss) included in net income  (128   (58 )  
             
             
Variation of foreign currency basis spread  (19   5    
- unrealized gain/(loss) of the period  (33   (16 )  
- less gain/(loss) included in net income  (14   (21 )  
             
             
Share of other comprehensive income of equity affiliates, net amount  (322   (64 )  
- unrealized gain/(loss) of the period  (318   (47 )  
- less gain/(loss) included in net income  4    17    
             
Other  2    (5 )  
             
Tax effect  (373   (518 )  
Sub-total items potentially reclassifiable to profit and loss  (160   1,520    
Total other comprehensive income (net amount)  837    1,158    

 

September 30, 2024 - Notes to the consolidated financial statements - 12/15

 

 

 

Tax effects relating to each component of other comprehensive income are as follows:

 

 

    9 months 2024     9 months 2023  
  Pre-tax     Pre-tax    
(M$) amount Tax effect Net amount amount Tax effect Net amount
Actuarial gains and losses 23 10 33 137 (52) 85
Change in fair value of investments in equity instruments 2 - 2 6 (1) 5
Currency translation adjustment generated by the parent company 962 - 962 (452) - (452)
Sub-total items not potentially reclassifiable to profit and loss 987 10 997 (309) (53) (362)
Currency translation adjustment (835) - (835) (95) - (95)
Cash flow hedge 1,387 (378) 1,009 2,197 (517) 1,680
Variation of foreign currency basis spread (19) 5 (14) 5 (1) 4
Share of other comprehensive income of equity affiliates, net amount (322) - (322) (64) - (64)
Other 2 - 2 (5) - (5)
Sub-total items potentially reclassifiable to profit and loss 213 (373) (160) 2,038 (518) 1,520
Total other comprehensive income 1,200 (363) 837 1,729 (571) 1,158

 

 

5) Financial debt

 

 

The Company has issued one senior bond across three tranches in the U.S. markets in April 2024:

 

-Tranche 1 at 5.150% issued by TotalEnergies Capital and maturing in April 2034 ($1,250 million);

 

-Tranche 2 at 5.488% issued by TotalEnergies Capital and maturing in April 2054 ($1,750 million);

 

-Tranche 3 at 5.638% issued by TotalEnergies Capital and maturing in April 2064 ($1,250 million).

 

 

The Company has issued one senior bond across three tranches in the U.S. markets in September 2024:

 

-Tranche 1 at 4.724% issued by TotalEnergies Capital and maturing in September 2034 ($750 million);

 

-Tranche 2 at 5.275% issued by TotalEnergies Capital and maturing in September 2054 ($1,000 million);

 

-Tranche 3 at 5.425% issued by TotalEnergies Capital and maturing in September 2064 ($1,250 million).

 

 

The Company has redeemed four senior bonds during the first nine months of 2024:

 

-5.125% bond issued by TotalEnergies Capital in 2009 and maturing in March 2024 (€950 million);

 

-3.700% bond issued by TotalEnergies Capital International in 2013 and maturing in January 2024 ($1,000 million);

 

-3.750% bond issued by TotalEnergies Capital International in 2014 and maturing in April 2024 ($1,250 million);

 

-1.000% bond issued by TotalEnergies Capital International in 2014 and maturing in August 2024 (CHF800 million).

 

September 30, 2024 - Notes to the consolidated financial statements - 13/15

 

 

6) Related parties

 

The related parties are mainly equity affiliates and non-consolidated investments.

 

There were no major changes concerning transactions with related parties during the first nine months of 2024.

 

 

 

7) Other risks and contingent liabilities

 

TotalEnergies is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the TotalEnergies company, other than those mentioned below.

 

Yemen

 

In Yemen, the deterioration of security conditions in the vicinity of the Balhaf site caused the company Yemen LNG, in which the TotalEnergies company holds a stake of 39.62%, to stop its commercial production and export of LNG and to declare force majeure to its various stakeholders in 2015. The plant has been put in preservation mode.

 

 

Mozambique

 

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the TotalEnergies company has confirmed on April 26, 2021, the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation led the Company, as operator of Mozambique LNG project, to declare force majeure.

 

 

Legal and arbitration proceedings

 

-     FERC

 

The Office of Enforcement of the US Federal Energy Regulatory Commission (FERC) began in 2015 an investigation in connection with the natural gas trading activities in the United States of TotalEnergies Gas & Power North America, Inc. (TGPNA), a US subsidiary of TotalEnergies. The investigation covered transactions made by TGPNA between June 2009 and June 2012 on the natural gas market. TGPNA received a Notice of Alleged Violations from FERC on September 21, 2015. On April 28, 2016, FERC issued an order to show cause to TGPNA and two of its former employees, and to the Corporation and TotalEnergies Gas & Power Ltd., regarding the same facts. The case was remanded on July 15, 2021 to the FERC Administrative Judge for hearing and consideration on the merits. TGPNA brought a claim to the U.S. District Court for the District of Texas in December 2022 disputing the constitutionality of FERC's administrative procedure; the U.S. District Court for the District of Texas ordered a stay of the case in the course of 2023, pending decisions by the U.S. Supreme Court in other cases involving similar constitutional issues. On June 27, 2024, the U.S. Supreme Court confirmed that the constitution guarantees respondents with the right to a jury trial in this type of administrative procedure and the competence of the U.S. District Court. FERC terminated in September 2024 its administrative procedure (Hearing Order) started in 2021 and mentioned that no penalties would be imposed on the Company’s entities on the basis of the 2016 question (Order to show cause) although it is not terminating the whole case. TGPNA contests the claims brought against it.

 

-     Disputes relating to Climate

 

In France, the Corporation was summoned in January 2020 before Nanterre’s Civil Court of Justice by certain associations and local communities in order to oblige the Company to complete its Vigilance Plan, by identifying in detail risks relating to a global warming above 1.5 °C, as well as indicating the expected amount of future greenhouse gas emissions related to the Company's activities and its product utilization by third parties and in order to obtain an injunction ordering the Corporation to cease exploration and exploitation of new oil or gas fields, to reduce its oil and gas production by 2030 and 2050, and to reduce its net direct and indirect CO2 emissions by 40% in 2040 compared with 2019. This action was declared inadmissible on July 6, 2023, by the Paris Civil Court of Justice to which the case was transferred following a new procedural law. All the claimants appealed this decision before the Paris Court of Appeal, which struck out 17 out of the 22 plaintiffs on June 18, 2024, and declined to awards any provisional measures. The other demands are judged as admissible and will now be transferred before the Paris Civil Court of Justice for trial on the merits. TotalEnergies SE considers that it has fulfilled its obligations

 

September 30, 2024 - Notes to the consolidated financial statements - 14/15

 

 

under the French law on the vigilance duty. A new action against the Corporation, with similar requests for injunction, has started in March 2024 before the commercial court of Tournai in Belgium.

 

Several associations in France brought civil and criminal actions against TotalEnergies SE, with the purpose of proving that since May 2021 – after the change of name of TotalEnergies – the Corporation’s corporate communication and its publicity campaign contain environmental claims that are either false or misleading for the consumer. TotalEnergies considers that these accusations are unfounded.

 

In France, on July 4, 2023, nine shareholders (two companies and 7 individuals holding a small number of the Corporation's shares) brought an action against the Corporation before the Nanterre Commercial Court, seeking the annulment of resolution no. 3 passed by the Corporation's Annual Shareholders’ Meeting on May 26, 2023, recording the results for fiscal year 2022 and setting the amount of the dividend to be distributed for fiscal year 2022. The plaintiffs essentially allege an insufficient provision for impairment of TotalEnergies's assets in the financial statements for the fiscal year 2022, due to the insufficient consideration of future risks and costs related to the consequences of greenhouse gas emissions emitted by its customers (scope 3) and carbon cost assumptions presented as too low. The Corporation considers this action to be unfounded.

 

In the United States, several US subsidiaries of TotalEnergies were summoned, amongst many companies and professional associations, in several "climate litigation" cases, seeking to establish legal liability for past greenhouse gas emissions, and to compensate plaintiff public authorities, in particular for resulting adaptation costs. The Corporation was summoned in some of these claims along with these subsidiaries and considers that the courts lack jurisdiction, that it has many arguments to put forward, and considers also that the past and present behavior of the Company does not constitute a fault susceptible to give rise to liability.

 

 

-     Mozambique

 

In France, victims and heirs of deceased persons filed a complaint against TotalEnergies SEin October 2023 with the Nanterre Prosecutor, following the events perpetrated by terrorists in the city of Palma in March 2021. This complaint would allege that the Corporation is liable for “unvoluntary manslaughter” and, “failure to assist people in danger”. The Corporation considers these accusations as unfounded in both law and fact1.

 

-     Kazakhstan

 

On April 1st, 2024, the Republic of Kazakhstan filed a Statement of Claims in the context of an arbitration involving TotalEnergies EP Kazakhstan and its partners under the production sharing contract related to the North Caspian Sea. TotalEnergies EP Kazakhstan and its partners consider this action to be unfounded. Therefore, it is not possible at this date to reliably assess the potential consequences of this claim, particularly financial ones, nor the date of their implementation.

 

 

8) Subsequent events

 

There are no post-balance sheet events that could have a material impact on the Company’s financial statements.

 

 

 

 

1 Refer to the press release published by the Company on October 11, 2023 contesting the accusations.

 

September 30, 2024 - Notes to the consolidated financial statements - 15/15