UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE
13a-16 OR 15d-16 OF
THE SECURITIES
EXCHANGE ACT OF 1934
March
3rd, 2025
Commission File
Number 001-10888
TotalEnergies SE
(Translation
of registrant’s name into English)
2, place Jean Millier
La
Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation
S-T Rule 101(b)(1) only permits the submission in paper
of a Form 6-K if submitted solely to provide an attached annual report
to security holders.
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation
S-T Rule 101(b)(7) only permits the submission in paper
of a Form 6-K if submitted to furnish a report or other document that
the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
domiciled or legally organized (the registrant’s “home
country”), or under the rules of
the home country exchange on which the registrant’s securities are
traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
TotalEnergies
SE is providing on this Form 6-K a description of certain
recent developments relating to its business.
EXHIBIT INDEX
Exhibit No. |
Description |
|
|
Exhibit 99.1 |
Disclosure of Transactions
in Own Shares (February 3, 2025). |
|
|
Exhibit 99.2 |
Fourth quarter and full-year
2024 results (February 5, 2025). |
|
|
Exhibit 99.3 |
TotalEnergies proposes a dividend
of 3.22 €/share for fiscal year 2024, a 7% increase (February 5, 2025). |
|
|
Exhibit 99.4 |
Disclosure of Transactions
in Own Shares (February 10, 2025). |
|
|
Exhibit 99.5 |
India:
TotalEnergies to Supply GSPC with 400,000 Tons of LNG per year from 2026 (February 12, 2025). |
|
|
Exhibit 99.6 |
The "UAE-France High-Level
Business Council" meeting was held with the participation of over 50 entities to Strengthen economic and investment cooperation
(February 17, 2025). |
|
|
Exhibit 99.7 |
TotalEnergies and ENI sign
an agreement with Cyprus and Egypt for the export of Cyprus Block 6 gas through Egypt (February 17, 2025). |
|
|
Exhibit 99.8 |
TotalEnergies, Masdar and
EPointZero Sign Framework for Action to Drive Clean Energy Access in Africa and Asia (February 17, 2025). |
|
|
Exhibit 99.9 |
TotalEnergies Joins Forces
with Air Liquide to Decarbonize its Refineries in Northern Europe with Green Hydrogen (February 18, 2025). |
|
|
Exhibit 99.10 |
Disclosure of Transactions
in Own Shares (February 18, 2025). |
|
|
Exhibit 99.11 |
Disclosure of Transactions
in Own Shares (February 25, 2025). |
|
|
Exhibit 99.12 |
Biogas in France: TotalEnergies
Starts Its 2nd Largest Unit in Normandy (February 26, 2025). |
|
|
Exhibit 99.13 |
Jeunes Agriculteurs and TotalEnergies
Strengthen Their Partnership for the Energy Transition of the Agricultural World (February 26, 2025). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
TotalEnergies SE |
|
|
|
|
|
|
Date: March 3rd,
2025 |
By: |
/s/ DENIS TOULOUSE |
|
|
Name: |
Denis Toulouse |
|
|
Title: |
Company Treasurer |
Exhibit 99.1
Disclosure of Transactions in Own Shares
Paris, February 3,
2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to
trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following
purchases of its own shares (FR0000120271) from January 27 to January 31, 2025:
Transaction Date |
Total daily volume (number of shares) |
Daily weighted average purchase price of shares (EUR/share) |
Amount
of transactions (EUR) |
Market (MIC Code) |
27/01/2025 |
393,826 |
55.914883 |
22,020,734.71 |
XPAR |
27/01/2025 |
110,000 |
55.916677 |
6,150,834.47 |
CEUX |
27/01/2025 |
30,000 |
55.916463 |
1,677,493.89 |
TQEX |
27/01/2025 |
20,000 |
55.916865 |
1,118,337.30 |
AQEU |
28/01/2025 |
399,054 |
55.971999 |
22,335,850.09 |
XPAR |
28/01/2025 |
110,000 |
55.971304 |
6,156,843.44 |
CEUX |
28/01/2025 |
30,000 |
55.971829 |
1,679,154.87 |
TQEX |
28/01/2025 |
20,000 |
55.971603 |
1,119,432.06 |
AQEU |
29/01/2025 |
408,724 |
55.644116 |
22,743,085.67 |
XPAR |
29/01/2025 |
110,000 |
55.635273 |
6,119,880.03 |
CEUX |
29/01/2025 |
30,000 |
55.649570 |
1,669,487.10 |
TQEX |
29/01/2025 |
15,000 |
55.608305 |
834,124.58 |
AQEU |
30/01/2025 |
404,814 |
55.991769 |
22,666,251.98 |
XPAR |
30/01/2025 |
110,000 |
55.994832 |
6,159,431.52 |
CEUX |
30/01/2025 |
30,000 |
55.994155 |
1,679,824.65 |
TQEX |
30/01/2025 |
15,000 |
55.997527 |
839,962.91 |
AQEU |
31/01/2025 |
400,777 |
56.454404 |
22,625,626.67 |
XPAR |
31/01/2025 |
110,000 |
56.451486 |
6,209,663.46 |
CEUX |
31/01/2025 |
30,000 |
56.451735 |
1,693,552.05 |
TQEX |
31/01/2025 |
15,000 |
56.452720 |
846,790.80 |
AQEU |
Total |
2,792,195 |
55.994070 |
156,346,362.24 |
|
About TotalEnergies
TotalEnergies is a global integrated energy
company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l
presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l
ir@totalenergies.com
@TotalEnergies
TotalEnergies
TotalEnergies
TotalEnergies
Disclaimer
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements
regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and
carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to
be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future
or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document.
These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove
to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price
of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment
and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such
as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable
value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies
SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder
to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives
or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this
document.
The information on risk factors that could have
a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation,
outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration
Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note
to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File
N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense
Cedex, France, or at the Company website totalenergies.com. You can also obtain
this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Exhibit 99.2
 |
PRESS
RELEASE |
Fourth quarter and full-year 2024 results
TotalEnergies generated $4.4B of adjusted net
income, up 8%,
for the fourth quarter thanks to strong performance
in Integrated LNG and Integrated Power
In 2024, in a softer environment than 2023, TotalEnergies
leveraged its
multi-energy integrated strategy, posting adjusted net income of more than
$18B and a 14.8% ROACE, the best among the majors
2024 dividend increase
of 7% - $8 billion buybacks in 2024
8.3% gearing at year-end 2024
|
4Q24 |
Change vs 3Q24 |
2024 |
Change vs 2023 |
Adjusted net income (TotalEnergies share)(1) |
|
|
|
|
- in billions of dollars (B$) |
4.4 |
+8% |
18.3 |
-21% |
- in dollars per share |
1.90 |
+9% |
7.77 |
-17% |
Net income (TotalEnergies share) (B$) |
4.0 |
+72% |
15.8 |
-26% |
Adjusted EBITDA(1) (B$) |
10.5 |
+5% |
43.1 |
-14% |
Cash flow from operations
excluding working capital (CFFO)(1) (B$) |
7.2 |
+5% |
29.9 |
-17% |
Cash flow from operating activities (B$) |
12.5 |
+74% |
30.9 |
-24% |
Paris, February 5,
2025 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 4, 2025,
to approve the 4th quarter and the full-year 2024 financial statements. On the occasion, Patrick Pouyanné said:
“During the fourth quarter, TotalEnergies
leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with
$4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO, up 5%.
In 2024, TotalEnergies reported adjusted net income
of $18.3 billion and cash flow of $29.9 billion in a softer environment mainly affected by a sharp decline in refining margins, after
two exceptional years. 2024 IFRS net income was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return on average
capital employed in 2024, the best among the majors for the third consecutive year. TotalEnergies continued to implement its balanced
growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one third was in new Oil & Gas projects
and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. With $8 billion in share buybacks*, payout
reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the Company’s strong financial health.
In the Oil & Gas business, fourth quarter
production was 2.43 Mboe/d, benefiting from the ramp up of projects commencing in 2024. With oil prices down $5/b compared to previous
quarter, partially offset by higher gas prices, Exploration & Production delivered a strong quarter, with adjusted net operating
income of $2.3 billion and cash flow of $3.9 billion. In 2024, TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3
in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%.
Exploration & Production generated adjusted net operating income of $10 billion and cash flow of $17 billion. During
(1) Refer to Glossary pages 23 &
24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following
for reconciliation tables.
* Including
coverage of employees share grant plans.
the year, the Company sanctioned major oil projects
in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than
12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low cost and low emission
O&G model, with operating costs below $5/boe and GHG emissions* and notably methane emissions down 3% and 15%, respectively,
over the year.
Integrated LNG results
meaningfully increased sequentially with adjusted net operating income and cash flow
of $1.4 billion, up 35% and 63%, respectively, compared to the third quarter, driven by 6% production
growth, average LNG prices above $10/Mbtu and LNG trading performance back to the level of the fourth quarter 2023, taking advantage
of higher market volatility. For full-year 2024, Integrated LNG generated adjusted net
operating income and cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the launch of Marsa LNG in Oman, Ubeta
in Nigeria, the Sapura OMV acquisition in Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in Texas. Moreover,
TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/ year) in Asia,
mostly Brent-indexed.
During the fourth quarter, Integrated Power
continued its track record of strong performance throughout the year with a higher adjusted net operating income of $575 million and
cash flow of $604 million. Full-year 2024 cash flow totaled $2.6 billion, up 19% year-on-year and in line with annual Company guidance,
and with a ROACE of 10%. Net electricity production increased 23% year-on-year to 41 TWh and contributed to reducing the average lifecycle
carbon intensity of all energy products sold by the Company to its clients (-17% vs. 2015). During 2024, TotalEnergies continued to deploy
its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB that strengthen
the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom that further enhance
the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies anticipates growing power production to more
than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production.
During the fourth
quarter, in a globally weak margin environment, Downstream adjusted net operating
income was $680 million, up 12%, and cash flow was $1.4 billion, up 15%, following a $10/t increase in European refining margins. Full-year
2024 adjusted net operating income was $3.5 billion, down from 2023 levels due to a sharp decline (-44%) in European refining margins
and downgraded operations in some units. Importantly, cash flow remained above $6 billion, demonstrating the resilience of the Company’s
integrated Downstream model.
In view of the free cash flow growth outlook and
share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to
be held on May 23, 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024
dividend to €3.22/share, compared to the 2023 dividend. Furthermore, the Board of Directors confirmed a shareholder return policy
for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing by 7.6% to €0.85/share and $2 billion of
share buybacks per quarter, a level which will be pursued under reasonable market conditions.”
* Scope 1+2 of Oil & Gas operated activities
1. Highlights
(2)
Upstream
| · | Closing
of the acquisition of the Upstream gas assets of SapuraOMV, in Malaysia |
| · | Production
start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil |
| · | Launch,
as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply
gas-fired power plants in Iraq |
Integrated LNG
| · | Signature
of an LNG sales contract for 2 Mt/year over 15 years with Sinopec delivered in China from
2028 |
Integrated Power
| · | Signature
of an acquisition agreement of VSB, a German renewable energy developer |
| · | Sale
of a 50% interest in a 2 GW solar and BESS portfolio in the United States |
| · | Sale
of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in the United Kingdom |
| · | Award
of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water Company, in Saudi
Arabia |
| · | Signature
of an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects,
in Oman |
| · | Signature
of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years |
Decarbonization and low-carbon molecules
| · | Decision
to deploy continuous, real-time methane emissions detection equipment on all TotalEnergies
operated upstream assets |
| · | Launch
by Northern Endurance Partnership of the first CCS project in the UK (TotalEnergies, 10%) |
| · | Launch
of a renewable hydrogen production project (bio H2)
with Air Liquide at La Mède platform |
(2) Some
of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions
precedent under the terms of the agreements.
2. Key
figures from TotalEnergies’ consolidated financial statements (1)
4Q24 |
3Q24 |
4Q24 vs
3Q24 |
4Q23 |
In millions of dollars, except effective tax rate, earnings per share and number of shares |
2024 |
2023 |
2024 vs
2023 |
10,529 |
10,048 |
+5% |
11,696 |
Adjusted EBITDA (1) |
43,143 |
50,030 |
-14% |
4,992 |
4,635 |
+8% |
5,724 |
Adjusted net operating income from business segments |
20,566 |
25,107 |
-18% |
2,305 |
2,482 |
-7% |
2,802 |
Exploration & Production |
10,004 |
10,942 |
-9% |
1,432 |
1,063 |
+35% |
1,456 |
Integrated LNG |
4,869 |
6,200 |
-21% |
575 |
485 |
+19% |
527 |
Integrated Power |
2,173 |
1,853 |
+17% |
318 |
241 |
+32% |
633 |
Refining & Chemicals |
2,160 |
4,654 |
-54% |
362 |
364 |
-1% |
306 |
Marketing & Services |
1,360 |
1,458 |
-7% |
706 |
706 |
- |
597 |
Contribution of equity affiliates to adjusted net income |
2,669 |
3,000 |
-11% |
41.3% |
38.0% |
|
37.7% |
Effective tax rate (3) |
39.4% |
37.5% |
|
4,406 |
4,074 |
+8% |
5,226 |
Adjusted
net income (TotalEnergies share) (1) |
18,264 |
23,176 |
-21% |
1.90 |
1.74 |
+9% |
2.16 |
Adjusted
fully-diluted earnings per share (dollars) (4) |
7.77 |
9.40 |
-17% |
1.78 |
1.58 |
+13% |
2.02 |
Adjusted
fully-diluted earnings per share (euros) (5) |
7.18 |
8.70 |
-17% |
2,282 |
2,310 |
-1% |
2,387 |
Fully-diluted weighted-average shares (millions) |
2,315 |
2,434 |
-5% |
|
|
|
|
|
|
|
|
3,956 |
2,294 |
+72% |
5,063 |
Net
income (TotalEnergies share) |
15,758 |
21,384 |
-26% |
|
|
|
|
|
3,839 |
4,102 |
-6% |
6,139 |
Organic investments (1) |
16,423 |
18,126 |
-9% |
24 |
1,662 |
-99% |
(5,404) |
Acquisitions
net of assets sales (1) |
1,406 |
(1,289) |
ns |
3,863 |
5,764 |
-33% |
735 |
Net
investments (1) |
17,829 |
16,837 |
+6% |
|
|
|
|
|
|
|
|
7,151 |
6,821 |
+5% |
8,500 |
Cash
flow from operations excluding working capital (CFFO) (1) |
29,917 |
35,946 |
-17% |
7,398 |
7,009 |
+6% |
8,529 |
Debt
Adjusted Cash Flow (DACF) (1) |
30,614 |
36,451 |
-16% |
12,507 |
7,171 |
+74% |
16,150 |
Cash
flow from operating activities |
30,854 |
40,679 |
-24% |
Gearing
(1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023 |
| (3) | Effective tax rate = (tax on adjusted net
operating income) / (adjusted net operating income – income from equity affiliates
– dividends received from investments – impairment of goodwill + tax on adjusted
net operating income). |
| (4) | In accordance with IFRS rules, adjusted fully-diluted
earnings per share is calculated from the adjusted net income less the interest on the perpetual
subordinated bonds. |
| (5) | Average €-$ exchange rate: 1.0681 in
the 4th quarter 2024, 1.0983 in the 3rd quarter 2024, 1.0751 in the
4th quarter 2023, 1.0824 in 2024, and 1.0813 in 2023. |
3. | Key
figures of environment, greenhouse gas emissions and production |
3.1 | Environment – liquids
and gas price realizations, refining margins |
4Q24 |
3Q24 |
4Q24 vs
3Q24 |
4Q23 |
|
2024 |
2023 |
2024 vs
2023 |
74.7 |
80.3 |
-7% |
84.3 |
Brent ($/b) |
80.8 |
82.6 |
-2% |
3.0 |
2.2 |
+34% |
2.9 |
Henry Hub ($/Mbtu) |
2.4 |
2.7 |
-9% |
13.6 |
11.5 |
+18% |
13.6 |
TTF ($/Mbtu) |
11.0 |
13.1 |
-16% |
14.0 |
13.0 |
+7% |
15.2 |
JKM ($/Mbtu) |
11.9 |
13.8 |
-14% |
71.8 |
77.0 |
-7% |
80.2 |
Average price of liquids (6),(7) ($/b) Consolidated subsidiaries |
77.1 |
76.2 |
+1% |
6.26 |
5.78 |
+8% |
6.17 |
Average price of gas (6),(8) ($/Mbtu) Consolidated subsidiaries |
5.54 |
6.64 |
-16% |
10.37 |
9.91 |
+5% |
10.28 |
Average price of LNG (6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates |
9.80 |
10.76 |
-9% |
25.9 |
15.4 |
+68% |
52.6 |
European Refining Margin Marker (ERM) (6),(10) ($/t) |
39.5 |
71.0 |
-44% |
3.2 Greenhouse gas emissions (11)
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Scope
1+2 emissions (MtCO2e) |
2024 |
2023 |
2024
vs
2023 |
9.6
|
8.8 |
+9% |
7.9 |
Scope 1+2 from operated facilities (12) |
34.3
|
34.6 |
-1% |
7.9 |
7.4 |
+7% |
7.2 |
of which Oil & Gas |
29.4 |
30.3 |
3% |
1.7 |
1.4 |
+21% |
0.7 |
of which CCGT |
4.9 |
4.3 |
+14% |
12.2 |
11.7 |
+4% |
11.5 |
Scope
1+2 - equity share |
46.4 |
48.9 |
-5% |
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Methane
emissions (ktCH4) |
2024 |
2023 |
2024
vs
2023 |
7 |
7 |
- |
9 |
Methane emissions from
operated facilities |
29 |
34 |
-15% |
9 |
8 |
+13% |
11 |
Methane
emissions - equity share |
33 |
40 |
-18% |
Estimated quarterly emissions.
In 2024, Scope 1+2 emissions from operated installations amounted to 34.3
million tons CO2e.
2024 methane emissions from operated facilities were
down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production,
which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore
reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020.
2024 Scope 3 (13) Category 11
emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e
in 2023.
| (6) | Does not include oil, gas and LNG trading activities, respectively. |
| (7) | Sales in $ / Sales in volume for consolidated affiliates. |
| (8) | Sales in $ / Sales in volume for consolidated affiliates. |
| (9) | Sales in $ / Sales in volume for consolidated and equity affiliates. |
| (10) | This market indicator for European refining,
calculated based on public market prices ($/t), uses a basket of crudes, petroleum product
yields and variable costs representative of the European refining system of TotalEnergies. |
| (11) | The six greenhouse gases in the Kyoto protocol,
namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential)
as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s
emissions or are considered as non-material and are therefore not counted. |
| (12) | Scope 1+2 GHG emissions of operated facilities
are defined as the sum of direct emissions of greenhouse gases from sites or activities that
are included in the scope of reporting (as defined in the Company’s 2023 Universal
Registration Document) and indirect emissions attributable to brought-in energy (electricity,
heat, steam), excluding purchased industrial gases (H2). |
| (13) | TotalEnergies reports Scope 3 GHG emissions,
category 11, which correspond to indirect GHG emissions related to the end use of energy
products sold to the Company’s customers, i.e., from their combustion, i.e., combustion
of the products to obtain energy. The Company follows the oil & gas industry reporting
guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order
to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels
and gas value chains, i.e., the higher of the two production volumes or sales. For TotalEnergies
in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers
product sales (higher than production) and for the gas value chain, marketable gas production
(higher than gas sales either as LNG or as part of direct sales to B2B/B2C). |
3.3 Production (14)
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Hydrocarbon
production |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
2,427 |
2,409 |
+1% |
2,462 |
Hydrocarbon
production (kboe/d) |
2,434 |
2,483 |
-2% |
1,292 |
1,324 |
-2% |
1,341 |
Oil (including bitumen)
(kb/d) |
1,314 |
1,388 |
-5% |
1,135 |
1,086 |
+5% |
1,121 |
Gas
(including condensates and associated NGL) (kboe/d) |
1,120 |
1,095 |
+2% |
|
|
|
|
|
2,427 |
2,409 |
+1% |
2,462 |
Hydrocarbon production
(kboe/d) |
2,434 |
2,483 |
-2% |
1,445 |
1,466 |
-1% |
1,506 |
Liquids (kb/d) |
1,468 |
1,550 |
-5% |
5,323 |
5,093 |
+5% |
5,158 |
Gas
(Mcf/d) |
5,211 |
5,028 |
+4% |
Hydrocarbon production was 2,434 thousand barrels
of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of:
| · | +3%
due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan,
Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and
Anchor in the United States, |
| · | +1%
due to higher availability of production facilities, |
| · | +1%
portfolio effect related to entry into the producing fields of SARB Umm Lulu in the United
Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale
gas plays in Texas, |
| · | -3%
due to the natural field declines. |
(14) Company
production = E&P production + Integrated LNG production.
4. Analysis
of business segments
4.1 Exploration &
Production
4.1.1 Production
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Hydrocarbon
production |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
1,933 |
1,944 |
-1% |
1,998 |
EP
(kboe/d) |
1,947 |
2,034 |
-4% |
1,385 |
1,414 |
-2% |
1,448 |
Liquids (kb/d) |
1,408 |
1,492 |
-6% |
2,924 |
2,830 |
+3% |
2,946 |
Gas
(Mcf/d) |
2,880 |
2,900 |
-1% |
4.1.2 Results
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
In
millions of dollars, except effective tax rate |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
2,305 |
2,482 |
-7% |
2,802 |
Adjusted net operating
income |
10,004 |
10,942 |
-9% |
207 |
183 |
+13% |
130 |
including
adjusted income from equity affiliates |
742 |
539 |
+38% |
50.5% |
45.1% |
|
47.7% |
Effective
tax rate (15) |
47.8% |
50.0% |
|
|
|
|
|
|
|
|
|
2,104 |
2,330 |
-10% |
3,117 |
Organic
investments (1) |
9,060 |
10,232 |
-11% |
(258) |
(42) |
ns |
(4,306) |
Acquisitions
net of assets sales (1) |
(207) |
(2,706) |
ns |
1,846 |
2,288 |
-19% |
(1,189) |
Net
investments (1) |
8,853 |
7,526 |
+18% |
|
|
|
|
|
|
|
|
3,945 |
4,273 |
-8% |
4,690 |
Cash
flow from operations excluding working capital (CFFO) (1) |
17,049 |
19,126 |
-11% |
4,500 |
4,763 |
-6% |
5,708 |
Cash
flow from operating activities |
17,388 |
18,531 |
-6% |
In the fourth quarter 2024, for Exploration & Production:
| · | adjusted
net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil
prices that were partially compensated by increased production and higher gas realizations, |
| · | cash
flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter
for the same reasons. |
In 2024, adjusted net operating income was $10,004
million, down 9% year-on-year, and cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year,
mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets.
(15) | Effective tax rate = (tax on adjusted
net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments
– impairment of goodwill + tax on adjusted net operating income). |
4.2
Integrated LNG
4.2.1 Production
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Hydrocarbon
production for LNG |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
494 |
465 |
+6% |
464 |
Integrated
LNG (kboe/d) |
487 |
449 |
+8% |
60 |
52 |
+14% |
58 |
Liquids (kb/d) |
60 |
58 |
+3% |
2,399 |
2,263 |
+6% |
2,212 |
Gas
(Mcf/d) |
2,331 |
2,128 |
+10% |
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Liquefied
Natural Gas in Mt |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
10.8 |
9.5 |
+14% |
11.8 |
Overall
LNG sales |
39.8 |
44.3 |
-10% |
3.8 |
3.8 |
+1% |
4.0 |
incl. Sales from equity production* |
15.5 |
15.2 |
+1% |
9.4 |
8.4 |
+11% |
10.8 |
incl.
Sales by TotalEnergies from equity production and third party purchases |
34.7 |
40.1 |
-14% |
| * | The
Company’s equity production may be sold by TotalEnergies or by the joint ventures. |
Hydrocarbon production for LNG in the fourth quarter was up 6% quarter-to-quarter,
notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter.
LNG sales, although down year-on-year reflecting lower LNG demand in Europe,
were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment.
4.2.2 Results
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
In
millions of dollars, except the average price of LNG |
2024 |
2023 |
2024
vs
2023 |
10.37 |
9.91 |
+5% |
10.28 |
Average
price of LNG ($/Mbtu) *
Consolidated subsidiaries and equity affiliates |
9.80 |
10.76 |
-9% |
|
|
|
|
|
|
|
|
1,432 |
1,063 |
+35% |
1,456 |
Adjusted net operating income |
4,869 |
6,200 |
-21% |
525 |
538 |
-2% |
500 |
including adjusted
income from equity affiliates |
1,978 |
2,103 |
-6% |
|
|
|
|
|
|
|
|
554 |
451 |
+23% |
790 |
Organic
investments (1) |
2,169 |
2,063 |
+5% |
1,116 |
65 |
x17.2 |
48 |
Acquisitions net of assets
sales (1) |
1,367 |
1,096 |
+25% |
1,670 |
516 |
x3.2 |
838 |
Net
investments (1) |
3,536 |
3,159 |
+12% |
|
|
|
|
|
|
|
|
1,447 |
888 |
+63% |
1,763 |
Cash
flow from operations excluding working capital (CFFO) (1) |
4,903 |
7,293 |
-33% |
2,214 |
830 |
x2.7 |
2,702 |
Cash
flow from operating activities |
5,185 |
8,442 |
-39% |
* | Sales in $ / Sales in volume for
consolidated and equity affiliates. Does not include LNG trading activities. |
In the fourth quarter 2024, for Integrated LNG:
| · | adjusted
net operating income was $1,432 million, up 35% on the quarter, driven by higher hydrocarbon
production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting
from higher market volatility, |
| · | cash
flow from operations excluding working capital (CFFO) was $1,447 million, up 63% on the quarter
for the same reasons and due to a positive timing effect in dividend payments from some equity
affiliates of around $150 million. |
In 2024, for Integrated LNG:
| · | adjusted
net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average
LNG selling prices and low market volatility during the first three quarters that impacted
gas trading results, |
| · | cash
flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year
for the same reasons. |
4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Integrated
Power |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
11.4 |
11.1 |
+2% |
8.0 |
Net power production (TWh)
* |
41.1 |
33.4 |
+23% |
6.5 |
6.7 |
-4% |
5.5 |
o/w production from renewables |
26.0 |
18.9 |
+38% |
4.9 |
4.4 |
+12% |
2.5 |
o/w
production from gas flexible capacities |
15.1 |
14.5 |
+4% |
21.5 |
21.6 |
-1% |
17.3 |
Portfolio of power generation
net installed capacity (GW) ** |
21.5 |
17.3 |
+24% |
15.1 |
14.5 |
+4% |
13.0 |
o/w renewables |
15.1 |
13.0 |
+16% |
6.5 |
7.1 |
-9% |
4.3 |
o/w
gas flexible capacities |
6.5 |
4.3 |
+50% |
97.2 |
89.6 |
+9% |
80.1 |
Portfolio of renewable
power generation gross capacity (GW) **,*** |
97.2 |
80.1 |
+21% |
26.0 |
24.2 |
+8% |
22.4 |
o/w
installed capacity |
26.0 |
22.4 |
+16% |
6.1 |
6.0 |
+1% |
5.9 |
Clients power - BtB and
BtC (Million) ** |
6.1 |
5.9 |
+2% |
2.8 |
2.8 |
- |
2.8 |
Clients
gas - BtB and BtC (Million) ** |
2.8 |
2.8 |
- |
13.8 |
10.9 |
+26% |
13.9 |
Sales power - BtB and
BtC (TWh) |
50.7 |
52.1 |
-3% |
30.1 |
13.9 |
x2.2 |
30.7 |
Sales
gas - BtB and BtC (TWh) |
98.6 |
100.9 |
-2% |
* | Solar, wind, hydroelectric and gas
flexible capacities. |
*** | Includes 20% of Adani Green Energy
Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. |
Net power production was 11.4 TWh in the fourth quarter 2024, up 2% on
the quarter due to the seasonal increase in power production from flexible capacities in Europe.
Over the year, net power production was up 23%, at 41 TWh. Notably, production
from renewables increased 38% and accounted for more than 60% of the electricity generated.
Gross installed renewable power generation capacity reached 26 GW at the
end of the fourth quarter 2024, up 1.8 GW quarter-to-quarter.
4.3.2 Results
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
In
millions of dollars |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
575 |
485 |
+19% |
527 |
Adjusted net operating
income |
2,173 |
1,853 |
+17% |
(25) |
29 |
ns |
21 |
including
adjusted income from equity affiliates |
- |
137 |
-100% |
|
|
|
|
|
|
|
|
109 |
707 |
-85% |
674 |
Organic
investments (1) |
2,355 |
2,582 |
-9% |
(662) |
1,529 |
ns |
532 |
Acquisitions
net of assets sales (1) |
1,514 |
2,363 |
-36% |
(553) |
2,236 |
ns |
1,206 |
Net
investments (1) |
3,869 |
4,945 |
-22% |
|
|
|
|
|
|
|
|
604 |
636 |
-5% |
705 |
Cash
flow from operations excluding working capital (CFFO) (1) |
2,555 |
2,152 |
+19% |
1,201 |
373 |
x3.2 |
638 |
Cash
flow from operating activities |
2,972 |
3,573 |
-17% |
In the fourth quarter 2024, Integrated Power
adjusted net operating income was $575 million, up 19% quarter-to-quarter.
In 2024, Integrated Power adjusted net operating
income and cash flow from operations excluding working capital (CFFO) were $2,173 million and $2,555 million, respectively, up nearly
20% year-on-year and in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments
of the value chain contributing to achieving annual guidance (> $2.5 billion CFFO).
4.4 Downstream
(Refining & Chemicals and Marketing & Services)
4.4.1 Results
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
In
millions of dollars |
2024 |
2023 |
2024
vs
2023 |
680 |
605 |
+12% |
939 |
Adjusted
net operating income |
3,520 |
6,112 |
-42% |
|
|
|
|
|
|
|
|
1,013 |
561 |
+81% |
1,504 |
Organic
investments (1) |
2,662 |
3,105 |
-14% |
(172) |
112 |
ns |
(1,679) |
Acquisitions
net of assets sales (1) |
(1,262) |
(2,042) |
ns |
841 |
673 |
+25% |
(175) |
Net
investments (1) |
1,400 |
1,063 |
+32% |
|
|
|
|
|
|
|
|
1,356 |
1,177 |
+15% |
1,692 |
Cash
flow from operations excluding working capital (CFFO) (1) |
6,079 |
8,171 |
-26% |
4,610 |
1,145 |
x4 |
6,584 |
Cash
flow from operating activities |
6,709 |
9,914 |
-32% |
4.5 Refining & Chemicals
4.5.1 Refinery
and petrochemicals throughput and utilization rates
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Refinery
throughput and utilization rate |
2024 |
2023 |
2024
vs
2023 |
1,432 |
1,539 |
-7% |
1,381 |
Total
refinery throughput (kb/d) |
1,472 |
1,436 |
+2% |
424 |
451 |
-6% |
444 |
France |
422 |
414 |
+2% |
541 |
625 |
-13% |
582 |
Rest of Europe |
605 |
592 |
+2% |
467 |
463 |
+1% |
355 |
Rest
of world |
446 |
431 |
+3% |
82% |
86% |
|
79% |
Utilization
rate based on crude only* |
83% |
81% |
|
| * | Based
on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024
and the African refinery Natref (divested) during the 4th quarter 2024. |
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Petrochemicals
production and utilization rate |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
1,233 |
1,314 |
-6% |
1,114 |
Monomers* (kt) |
5,082 |
4,896 |
+4% |
1,080 |
1,167 |
-7% |
985 |
Polymers (kt) |
4,433 |
4,130 |
+7% |
79% |
85% |
|
60% |
Steam
cracker utilization rate** |
79% |
69% |
|
** | Based on olefins production from
steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. |
Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround
at the Leuna refinery in Germany.
Over 2024, the utilization rate based on crude was 83%, below the annual
objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery
in the United States.
4.5.2
Results
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
In
millions of dollars, except ERM |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
25.9 |
15.4 |
+68% |
52.6 |
European
Refining Margin Marker (ERM) ($/t) * |
39.5 |
71.0 |
-44% |
|
|
|
|
|
318 |
241 |
+32% |
633 |
Adjusted net operating income |
2,160 |
4,654 |
-54% |
581 |
329 |
+77% |
1,002 |
Organic
investments (1) |
1,711 |
2,040 |
-16% |
(92) |
34 |
ns |
(11) |
Acquisitions
net of assets sales (1) |
(173) |
(118) |
ns |
489 |
363 |
+35% |
991 |
Net
investments (1) |
1,538 |
1,922 |
-20% |
|
|
|
|
|
|
|
|
822 |
530 |
+55% |
1,173 |
Cash
flow from operations excluding working capital (CFFO) (1) |
3,760 |
5,853 |
-36% |
3,832 |
564 |
x6.8 |
4,825 |
Cash
flow from operating activities |
3,808 |
7,957 |
-52% |
| * | This market indicator for European refining, calculated based on public
market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs
representative of the European refining system of TotalEnergies. Does not include oil trading
activities. |
In the fourth quarter 2024, for Refining & Chemicals:
| · | adjusted
net operating income was $318 million, up 32% quarter-to-quarter, thanks to a $10/t increase
in European refining margins, |
| · | cash
flow from operations excluding working capital (CFFO) was $822 million, up 55% quarter-to-quarter,
for the same reasons and thanks to dividends received from equity affiliates during the quarter. |
In 2024, for Refining & Chemicals, adjusted net operating income
and cash flow from operations excluding working capital (CFFO) were both down, amounting to $2,160 million and $3,760 million, respectively,
reflecting lower refining margins in Europe and the Rest of the World.
4.6 Marketing &
Services
4.6.1 Petroleum
product sales
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
Sales
in kb/d* |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
1,312 |
1,383 |
-5% |
1,341 |
Total Marketing &
Services sales |
1,342 |
1,375 |
-2% |
724 |
795 |
-9% |
755 |
Europe |
752 |
776 |
-3% |
587 |
588 |
- |
587 |
Rest
of world |
591 |
599 |
-1% |
* | Excludes
trading and bulk refining sales. |
Sales of petroleum products in the fourth quarter
2024 were down 5% quarter-to-quarter, mainly due to seasonality of European fuel demand.
4.6.2
Results
|
|
4Q24 |
|
|
|
|
2024 |
4Q24 |
3Q24 |
vs |
4Q23 |
In
millions of dollars |
2024 |
2023 |
vs |
|
|
3Q24 |
|
|
|
|
2023 |
362 |
364 |
-1% |
306 |
Adjusted
net operating income |
1,360 |
1,458 |
-7% |
|
|
|
|
|
|
|
|
432 |
232 |
+86% |
502 |
Organic investments (1) |
951 |
1,065 |
-11% |
(80) |
78 |
ns |
(1,668) |
Acquisitions
net of assets sales (1) |
(1,089) |
(1,924) |
ns |
352 |
310 |
+14% |
(1,166) |
Net
investments (1) |
(138) |
(859) |
ns |
|
|
|
|
|
|
|
|
534 |
647 |
-17% |
519 |
Cash
flow from operations excluding working capital (CFFO) (1) |
2,319 |
2,318 |
- |
778 |
581 |
+34% |
1,759 |
Cash
flow from operating activities |
2,901 |
1,957 |
+48% |
Marketing & Services adjusted net operating
income was stable quarter-to-quarter at $362 million and cash flow from operations excluding working capital (CFFO) was $534 million.
5. TotalEnergies
results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
| · | $4,992
million in the fourth quarter 2024 versus $4,635 million in the third quarter 2024, mainly
due to increases in hydrocarbon production, gas prices and refining margins that were partially
offset by lower oil prices, |
| · | $20,566
million in 2024 versus $25,107 million in 2023, linked to lower oil & gas prices
and refining margins and to low market volatility impacting gas & LNG trading. |
5.2
Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,406 million
in the fourth quarter 2024 versus $4,074 million in the third quarter 2024, for the same reasons.
Adjusted net income excludes the after-tax inventory
effect, special items and the impact of changes in fair value.
Adjustments to net income were ($ 0.5) billion in the fourth quarter 2024,
consisting mainly of:
| · | ($0.4)
billion related to impairments, |
| · | $0.2
billion in inventory effects, |
| · | ($0.3)
billion related to the effect of changes in fair value. |
TotalEnergies’ average tax rate was:
| · | 41.3%
in the fourth quarter 2024 versus 38.0% in the third quarter 2024, notably due to the higher
relative weight of highly taxed North Sea assets in Exploration & Production, |
| · | 39.4%
in 2024 versus 37.5% a year ago, notably due to a higher weight of Exploration &
Production in the Company’s results. |
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
| · | $1.90
in the fourth quarter 2024, based on 2,282 million weighted average diluted shares, compared
to $1.74 in the third quarter 2024, |
| · | $7.77
in 2024, based on 2,315 million weighted average diluted shares, compared to $9.40 in 2023. |
As of December 31, 2024, the number of diluted shares was 2,270 million.
As part of its shareholder return policy, TotalEnergies repurchased:
| · | 32.9
million shares for cancellation in the fourth quarter 2024 for $2 billion, |
| · | 121
million shares for cancellation in 2024 for $8 billion. |
5.4 Acquisitions – asset sales
Acquisitions were :
| · | $1,233
million in the fourth quarter 2024, primarily related to Sapura OMV in Malaysia and interests
in dry gas fields operated by Lewis Energy in the Eagle Ford in Texas, |
| · | $4,646
million in 2024, related to the above acquisitions as well as the acquisitions of a 20% interest
from Lewis Energy Group in the Dorado (Eagle Ford) gas field in Texas, the German renewable
energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible
gas capacity in the United Kingdom and interest in offshore wind in Germany in 2023 and in
The Netherlands in 2024. |
Divestments were :
| · | $1,209
million in the fourth quarter 2024, primarily related to the farm down of renewable and flexible
assets in the United States, the sale of a 50% interest in the West Burton plant in the United
Kingdom as well as the sales of TotalEnergies EP Brunei, TotalEnergies’ interest in
Total PARCO in Pakistan and a minority interest in the Natref refinery in South Africa. |
| · | $3,240
million in 2024, related to the above divestments as well as to the closing of the retail
network transaction with Alimentation Couche-Tard in Belgium, Luxemburg and the Netherlands,
the sale of a 15% interest in Absheron in Azerbaijan, the farm down of the Seagreen offshore
wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France. |
5.5 Net cash flow (1)
TotalEnergies’ net cash flow was:
| · | $3,288
million in the fourth quarter 2024 versus $1,057 million in the third quarter, reflecting
the $330 million increase in CFFO and the $1,901 million decrease in net investments to $3,863
million in the fourth quarter 2024. |
| · | $12,088
million in 2024 versus $19,109 million in 2023, reflecting the $6,029 million decrease in
CFFO and the $992 million increase in net investments to $17,829 million in 2024. |
2024 cash flow from operating activities was $12,507 million in the fourth
quarter 2024 versus CFFO of $7,151 million, which reflects positive variation from a $5.4 billion working capital release, including
around $1.5 billion related to exceptional items.
5.6
Profitability
Return on equity was 15.8% for the twelve months ended December 31,
2024.
In
millions of dollars |
January1,
2024
December 31, 2024 |
October1,
2023
September 30, 2024 |
January1,
2023
December 31, 2023 |
Adjusted
net income (1) |
18,586 |
19,398 |
23,450 |
Average
adjusted shareholders' equity |
117,835 |
116,572 |
115,006 |
Return
on equity (ROE) |
15.8% |
16.6% |
20.4% |
Return on average capital employed (1) was 14.8% for the
twelve months ended December 31, 2024.
In
millions of dollars |
January1,
2024
December 31, 2024 |
October1,
2023
September 30, 2024 |
January1,
2023
December 31, 2023 |
Adjusted
net operating income (1) |
19,974 |
20,701 |
24,684 |
Average
capital employed (1) |
135,174 |
142,195 |
130,517 |
ROACE
(1) |
14.8% |
14.6% |
18.9% |
6.
TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company,
amounted to €15,275 million in 2024, compared to €11,232 million in 2023.
7.
Annual 2025 Sensitivities (16)
|
Change |
Estimated impact on
adjusted
net operating income |
Estimated
impact on cash flow from operations |
Dollar |
+/- 0.1 $ per € |
-/+ 0.1 B$ |
~0 B$ |
Average liquids price (17) |
+/- 10 $/b |
+/- 2.3 B$ |
+/- 2.8 B$ |
European gas price - TTF |
+/- 2 $/Mbtu |
+/- 0.4 B$ |
+/- 0.4 B$ |
European
Refining Margin Marker (ERM) |
+/-
10 $/t |
+/-
0.4 B$ |
+/-
0.5 B$ |
| (16) | Sensitivities are revised once per year upon
publication of the previous year’s fourth quarter results. Sensitivities are estimates
based on assumptions about TotalEnergies’ portfolio in 2025. Actual results could vary
significantly from estimates based on the application of these sensitivities. The impact
of the $-€ sensitivity on adjusted net operating income is essentially attributable
to Refining & Chemicals. |
| (17) | In a 70-80 $/b Brent environment. |
8.
Outlook
At the beginning of 2025, Brent prices remain volatile
between $70 and $80/b, supported by the willingness of OPEC+ countries to balance oil markets that are facing strong supply growth from
non-OPEC countries (US, Guyana, Brazil). According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in 2025, up from
a 0.8 Mb/d increase in 2024.
European gas prices increased at the end of 2024 and
forward markets currently expect prices to be above $13/Mbtu in the first quarter of 2025, supported by high winter consumption and rapid
inventory declines in Europe in the context of the interruption of Russian imports via Ukraine. Gas markets should remain in tension
in 2025 due to very limited expected capacity additions related to delays of some projects. TotalEnergies expects more than 40 Mt of
LNG sales in 2025. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies
anticipates its average LNG selling price will be above $10/Mbtu in the first quarter 2025.
In 2025, TotalEnergies anticipates its hydrocarbon
production will grow more than 3%, benefiting from the ramp-up of 2024 start-ups and production start-ups, notably Ballymore in the Gulf
of Mexico and Mero-4 in Brazil.
First quarter 2025 hydrocarbon production is expected
to be between 2.5 and 2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the acquisitions of SapuraOMV in Malaysia
and of interests in the Eagle Ford shale gas play in Texas that occurred during the fourth quarter 2024.
The Integrated Power segment is expected to expand
in 2025 supported by electricity production growth greater than 20% to reach an annual net electricity generation of more than 50 TWh.
Cash flow before working capital (CFFO) is expected to be between $2.5 and $3 billion in 2025.
By combining hydrocarbon and electricity production
growth, the Company expects to increase energy production by 5% in 2025. Integrated Power production will represent 10% of hydrocarbon
production.
For 2025, TotalEnergies expects net investments of
$17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly Integrated Power. Organic investments should
amount to approximately $17 billion, focused on core growth projects to achieve 2030 production targets, down from the $18 billion guidance
presented during the Strategy & Outlook in October 2024.
* * * *
To listen to the conference call with Chairman &
CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 3:00pm (Paris time), please log on to totalenergies.com
or dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501. The conference replay will be available on the Company's website
totalenergies.com after the event.
* * * *
TotalEnergies
contacts |
|
|
|
|
|
Media Relations: |
+33 |
(0)1 |
47 |
44 |
46 99 l presse@totalenergies.com
l @TotalEnergiesPR |
Investor Relations: |
+33 |
(0)1 |
47 |
44 |
46 46 l ir@totalenergies.com |
9. Operating information
by segment
9.1 Company’s production (Exploration &
Production + Integrated LNG)
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Combined
liquids and gas production by region (kboe/d) |
2024 |
2023 |
2024
vs
2023 |
589 |
556 |
+6% |
592 |
Europe |
569 |
565 |
+1% |
437 |
452 |
-3% |
451 |
Africa |
450 |
471 |
-4% |
790 |
799 |
-1% |
788 |
Middle
East and North Africa |
807 |
764 |
+6% |
401 |
388 |
+3% |
376 |
Americas |
375 |
426 |
-12% |
210 |
214 |
-2% |
256 |
Asia-Pacific |
233 |
257 |
-9% |
2,427 |
2,409 |
+1% |
2,462 |
Total production |
2,434 |
2,483 |
-2% |
369 |
371 |
-1% |
331 |
includes
equity affiliates |
361 |
335 |
+8% |
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Liquids
production by region (kb/d) |
2024 |
2023 |
2024
vs
2023 |
228 |
221 |
+3% |
236 |
Europe |
225 |
232 |
-3% |
318 |
329 |
-3% |
328 |
Africa |
325 |
348 |
-6% |
627 |
637 |
-1% |
629 |
Middle
East and North Africa |
644 |
612 |
+5% |
193 |
189 |
+2% |
207 |
Americas |
180 |
251 |
-28% |
79 |
90 |
-13% |
106 |
Asia-Pacific |
94 |
107 |
-12% |
1,445 |
1,466 |
-1% |
1,506 |
Total production |
1,468 |
1,550 |
-5% |
151 |
154 |
-2% |
141 |
includes
equity affiliates |
152 |
150 |
+2% |
4Q24 |
3Q24 |
4Q24
vs 3Q24 |
4Q23 |
Gas
production by region (Mcf/d) |
2024 |
2023 |
2024
vs 2023 |
1,951 |
1,812 |
+8% |
1,921 |
Europe |
1,862 |
1,801 |
+3% |
620 |
632 |
-2% |
612 |
Africa |
630 |
614 |
+3% |
889 |
888 |
- |
881 |
Middle
East and North Africa |
894 |
833 |
+7% |
1,154 |
1,100 |
+5% |
941 |
Americas |
1,080 |
975 |
+11% |
709 |
661 |
+7% |
803 |
Asia-Pacific |
745 |
805 |
-7% |
5,323 |
5,093 |
+5% |
5,158 |
Total
production |
5,211 |
5,028 |
+4% |
1,181 |
1,190 |
-1% |
1,027 |
includes
equity affiliates |
1,135 |
1,004 |
+13% |
9.2 Downstream (Refining & Chemicals and Marketing & Services)
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Petroleum
product sales by region (kb/d) |
2024 |
2023 |
2024
vs
2023 |
1,820 |
1,932 |
-6% |
1,789 |
Europe |
1,842 |
1,734 |
+6% |
614 |
585 |
+5% |
610 |
Africa |
587 |
624 |
-6% |
970 |
1,091 |
-11% |
1,055 |
Americas |
1,021 |
942 |
+8% |
975 |
747 |
+31% |
697 |
Rest
of world |
768 |
652 |
+18% |
4,380 |
4,355 |
+1% |
4,151 |
Total
consolidated sales |
4,218 |
3,953 |
+7% |
343 |
395 |
-13% |
402 |
Includes
bulk sales |
384 |
405 |
-5% |
2,725 |
2,578 |
+6% |
2,408 |
Includes
trading |
2,492 |
2,173 |
+15% |
4Q24 |
3Q24 |
4Q24
vs
3Q24 |
4Q23 |
Petrochemicals
production* (kt) |
2024 |
2023 |
2024
vs
2023 |
875 |
954 |
-8% |
845 |
Europe |
3,719 |
3,936 |
-6% |
701 |
765 |
-8% |
528 |
Americas |
2,867 |
2,366 |
+21% |
737 |
762 |
-3% |
725 |
Middle
East and Asia |
2,929 |
2,724 |
+8% |
9.3 Integrated Power
9.3.1 Net power production
Net
power production (TWh) |
|
4Q24 |
|
3Q24 |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Gas |
Others |
Total |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Gas |
Others |
Total |
France |
|
0.2 |
0.3 |
- |
1.4 |
0.0 |
1.9 |
|
0.2 |
0.1 |
- |
0.6 |
0.0 |
0.9 |
Rest
of Europe |
|
0.1 |
0.6 |
0.4 |
2.1 |
0.0 |
3.2 |
|
0.1 |
0.4 |
0.2 |
1.3 |
0.1 |
2.1 |
Africa |
|
0.0 |
0.0 |
- |
- |
- |
0.0 |
|
0.0 |
0.0 |
- |
- |
- |
0.0 |
Middle
East |
|
0.2 |
- |
- |
0.2 |
- |
0.4 |
|
0.2 |
- |
- |
0.3 |
- |
0.5 |
North
America |
|
0.9 |
0.5 |
- |
1.1 |
- |
2.5 |
|
1.2 |
0.4 |
- |
2.2 |
- |
3.8 |
South
America |
|
0.1 |
0.9 |
- |
- |
- |
1.1 |
|
0.1 |
1.1 |
- |
- |
- |
1.2 |
India |
|
1.6 |
0.2 |
- |
- |
- |
1.9 |
|
1.6 |
0.4 |
- |
- |
- |
2.0 |
Pacific
Asia |
|
0.3 |
0.0 |
0.2 |
- |
- |
0.4 |
|
0.4 |
0.0 |
0.0 |
- |
- |
0.4 |
Total |
|
3.4 |
2.5 |
0.6 |
4.9 |
0.1 |
11.4 |
|
4.0 |
2.4 |
0.3 |
4.4 |
0.1 |
11.1 |
9.3.2
Installed power generation net capacity
Installed
power generation generation net
capacity (GW) (18) |
|
4Q24 |
|
3Q24 |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Gas |
Others |
Total |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Gas |
Others |
Total |
France |
|
0.7 |
0.4 |
- |
2.6 |
0.2 |
4.0 |
|
0.6 |
0.4 |
- |
2.6 |
0.2 |
3.7 |
Rest of Europe |
|
0.6 |
0.9 |
0.3 |
2.1 |
0.2 |
4.0 |
|
0.3 |
0.9 |
0.3 |
2.7 |
0.2 |
4.4 |
Africa |
|
0.0 |
- |
- |
- |
- |
0.0 |
|
0.1 |
0.0 |
- |
- |
0.0 |
0.1 |
Middle East |
|
0.4 |
- |
- |
0.3 |
- |
0.8 |
|
0.4 |
- |
- |
0.3 |
- |
0.8 |
North America |
|
2.3 |
0.8 |
- |
1.5 |
0.3 |
4.9 |
|
2.6 |
0.8 |
- |
1.5 |
0.4 |
5.3 |
South America |
|
0.4 |
0.9 |
- |
- |
- |
1.3 |
|
0.4 |
0.9 |
- |
- |
- |
1.2 |
India |
|
4.8 |
0.6 |
- |
- |
- |
5.3 |
|
4.3 |
0.5 |
- |
- |
- |
4.9 |
Pacific
Asia |
|
1.1 |
0.0 |
0.2 |
- |
- |
1.3 |
|
1.1 |
0.0 |
0.1 |
- |
0.0 |
1.2 |
Total |
|
10.3 |
3.6 |
0.5 |
6.5 |
0.6 |
21.5 |
|
9.8 |
3.6 |
0.4 |
7.1 |
0.7 |
21.6 |
(18) End-of-period
data.
9.3.3
Power generation gross capacity from renewables
|
|
4Q24 |
|
3Q24 |
Installed
power generation gross
capacity from renewables (GW) (19),(20) |
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
France |
|
1.2 |
0.7 |
- |
0.2 |
2.1 |
|
1.1 |
0.7 |
- |
0.2 |
2.1 |
Rest of
Europe |
|
0.6 |
1.1 |
1.1 |
0.3 |
3.1 |
|
0.3 |
1.1 |
1.1 |
0.2 |
2.8 |
Africa |
|
0.1 |
- |
- |
0.0 |
0.1 |
|
0.1 |
- |
- |
0.0 |
0.1 |
Middle
East |
|
1.2 |
- |
- |
- |
1.2 |
|
1.2 |
- |
- |
- |
1.2 |
North
America |
|
5.4 |
2.2 |
- |
0.7 |
8.2 |
|
4.9 |
2.2 |
- |
0.7 |
7.7 |
South
America |
|
0.4 |
1.3 |
- |
- |
1.7 |
|
0.4 |
1.3 |
- |
- |
1.6 |
India |
|
6.7 |
0.6 |
- |
- |
7.3 |
|
6.1 |
0.6 |
- |
- |
6.7 |
Asia-Pacific |
|
1.6 |
0.0 |
0.6 |
0.0 |
2.2 |
|
1.6 |
0.0 |
0.4 |
0.0 |
2.0 |
Total |
|
17.2 |
6.0 |
1.7 |
1.1 |
26.0 |
|
15.6 |
5.9 |
1.6 |
1.1 |
24.2 |
|
|
4Q24 |
|
3Q24 |
Power
generation gross capacity from
renewables in construction (GW) (19),(20) |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
France |
|
0.3 |
0.0 |
0.0 |
0.0 |
0.3 |
|
0.2 |
0.0 |
0.0 |
0.0 |
0.2 |
Rest
of Europe |
|
0.5 |
0.2 |
0.8 |
0.0 |
1.4 |
|
0.4 |
0.1 |
0.8 |
0.1 |
1.4 |
Africa |
|
0.4 |
0.1 |
- |
0.1 |
0.6 |
|
0.3 |
- |
- |
0.1 |
0.4 |
Middle
East |
|
0.1 |
- |
- |
- |
0.1 |
|
0.1 |
- |
- |
- |
0.1 |
North
America |
|
1.2 |
0.0 |
- |
0.5 |
1.8 |
|
1.7 |
0.0 |
- |
0.4 |
2.1 |
South
America |
|
0.4 |
0.6 |
- |
0.2 |
1.2 |
|
0.3 |
0.6 |
- |
0.2 |
1.1 |
India |
|
3.2 |
- |
- |
- |
3.2 |
|
3.9 |
- |
- |
- |
3.9 |
Asia-Pacific |
|
0.1 |
- |
0.1 |
- |
0.1 |
|
0.1 |
- |
0.2 |
- |
0.3 |
Total |
|
6.2 |
1.0 |
0.8 |
0.9 |
8.9 |
|
6.9 |
0.8 |
1.0 |
0.7 |
9.5 |
|
|
4Q24 |
|
3Q24 |
Power
generation gross capacity from
renewables in development (GW) (19),(20) |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
|
Solar |
Onshore
Wind |
Offshore
Wind |
Other |
Total |
France |
|
0.9 |
0.5 |
- |
0.1 |
1.5 |
|
1.1 |
0.4 |
- |
0.1 |
1.6 |
Rest
of Europe |
|
4.9 |
0.7 |
13.3 |
2.7 |
21.6 |
|
4.6 |
0.8 |
8.9 |
2.6 |
16.9 |
Africa |
|
0.6 |
0.2 |
- |
- |
0.8 |
|
0.7 |
0.3 |
- |
- |
1.0 |
Middle
East |
|
2.3 |
0.2 |
- |
- |
2.6 |
|
1.8 |
- |
- |
- |
1.8 |
North
America |
|
10.3 |
3.1 |
4.1 |
4.4 |
21.9 |
|
8.8 |
3.3 |
4.1 |
4.9 |
21.0 |
South
America |
|
1.6 |
1.1 |
- |
0.0 |
2.8 |
|
1.8 |
1.2 |
- |
0.0 |
3.0 |
India |
|
2.3 |
0.1 |
- |
- |
2.5 |
|
2.2 |
0.1 |
- |
- |
2.3 |
Asia-Pacific |
|
3.4 |
1.1 |
3.0 |
1.2 |
8.6 |
|
3.6 |
1.1 |
2.6 |
1.1 |
8.4 |
Total |
|
26.5 |
7.1 |
20.4 |
8.3 |
62.3 |
|
24.4 |
7.2 |
15.6 |
8.7 |
55.9 |
(19) Includes 20% of the gross
capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(20) End-of-period data.
10. Alternative Performance
Measures (Non-GAAP measures)
10.1 Adjustment items
to net income (TotalEnergies share)
4Q24 |
3Q24 |
4Q23 |
In
millions of dollars |
2024 |
2023 |
3,956 |
2,294 |
5,063 |
Net
income (TotalEnergies share) |
15,758 |
21,384 |
(413) |
(1,337) |
180 |
Special
items affecting net income (TotalEnergies share) |
(1,219) |
(1,105) |
(25) |
- |
1,844 |
Gain
(loss) on asset sales |
1,372 |
2,047 |
(6) |
(10) |
(51) |
Restructuring
charges |
(27) |
(56) |
(232) |
(1,100) |
(1,023) |
Impairments |
(1,976) |
(2,166) |
(150) |
(227) |
(590) |
Other |
(588) |
(930) |
216 |
(359) |
(535) |
After-tax
inventory effect : FIFO vs. replacement cost |
(339) |
(699) |
(253) |
(84) |
192 |
Effect
of changes in fair value |
(948) |
12 |
(450) |
(1,780) |
(163) |
Total
adjustments affecting net income |
(2,506) |
(1,792) |
4,406 |
4,074 |
5,226 |
Adjusted
net income (TotalEnergies share) |
18,264 |
23,176 |
10.2 Reconciliation of
adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted
EBITDA
4Q24 |
3Q24 |
4Q24 vs 3Q24 |
4Q23 |
In millions of dollars |
2024 |
2023 |
2024 vs 2023 |
3,956 |
2,294 |
+72% |
5,063 |
Net income (TotalEnergies share) |
15,758 |
21,384 |
-26% |
450 |
1,780 |
-75% |
163 |
Less: adjustment items to net income (TotalEnergies share) |
2,506 |
1,792 |
+40% |
4,406 |
4,074 |
+8% |
5,226 |
Adjusted net income (TotalEnergies share) |
18,264 |
23,176 |
-21% |
|
|
|
Adjusted items |
|
65 |
90 |
-28% |
57 |
Add: non-controlling interests |
322 |
274 |
+18% |
2,872 |
2,369 |
+21% |
3,004 |
Add: income taxes |
11,209 |
12,939 |
-13% |
2,715 |
3,048 |
-11% |
3,060 |
Add: depreciation, depletion and impairment of tangible assets and mineral interests |
11,667 |
12,012 |
-3% |
107 |
103 |
+4% |
115 |
Add: amortization and impairment of intangible assets |
389 |
394 |
-1% |
786 |
797 |
-1% |
660 |
Add: financial interest on debt |
3,016 |
2,820 |
+7% |
(422) |
(433) |
ns |
(426) |
Less: financial income and expense from cash & cash equivalents |
(1,724) |
(1,585) |
ns |
10,529 |
10,048 |
+5% |
11,696 |
Adjusted EBITDA |
43,143 |
50,030 |
-14% |
10.2.2 Reconciliation of revenues from sales to adjusted
EBITDA and net income (TotalEnergies share)
4Q24 |
3Q24 |
4Q24 vs 3Q24 |
4Q23 |
In millions of dollars |
2024 |
2023 |
2024 vs 2023 |
|
|
|
|
Adjusted items |
|
|
|
47,115 |
47,429 |
-1% |
54,765 |
Revenues from sales |
195,610 |
218,945 |
-11% |
(30,305) |
(30,856) |
ns |
(36,651) |
Purchases, net of inventory variation |
(126,000) |
(142,247) |
ns |
(7,094) |
(7,147) |
ns |
(6,956) |
Other operating expenses |
(29,485) |
(29,808) |
ns |
(242) |
(101) |
ns |
(174) |
Exploration costs |
(528) |
(575) |
ns |
280 |
59 |
x4.7 |
169 |
Other income |
725 |
504 |
+44% |
(34) |
(121) |
ns |
(150) |
Other expense, excluding amortization and impairment of intangible assets |
(317) |
(288) |
ns |
296 |
293 |
+1% |
276 |
Other financial income |
1,304 |
1,221 |
+7% |
(193) |
(214) |
ns |
(180) |
Other financial expense |
(835) |
(722) |
ns |
706 |
706 |
- |
597 |
Net income (loss) from equity affiliates |
2,669 |
3,000 |
-11% |
10,529 |
10,048 |
+5% |
11,696 |
Adjusted EBITDA |
43,143 |
50,030 |
-14% |
|
|
|
|
Adjusted items |
|
|
|
(2,715) |
(3,048) |
ns |
(3,060) |
Less: depreciation, depletion and impairment of tangible assets and mineral interests |
(11,667) |
(12,012) |
ns |
(107) |
(103) |
ns |
(115) |
Less: amortization of intangible assets |
(389) |
(394) |
ns |
(786) |
(797) |
ns |
(660) |
Less: financial interest on debt |
(3,016) |
(2,820) |
ns |
422 |
433 |
-3% |
426 |
Add: financial income and expense from cash & cash equivalents |
1,724 |
1,585 |
+9% |
(2,872) |
(2,369) |
ns |
(3,004) |
Less: income taxes |
(11,209) |
(12,939) |
ns |
(65) |
(90) |
ns |
(57) |
Less: non-controlling interests |
(322) |
(274) |
ns |
(450) |
(1,780) |
ns |
(163) |
Add: adjustment (TotalEnergies share) |
(2,506) |
(1,792) |
ns |
3,956 |
2,294 |
+72% |
5,063 |
Net income (TotalEnergies share) |
15,758 |
21,384 |
-26% |
10.3 Investments –
Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
4Q24 |
3Q24 |
4Q24 vs 3Q24 |
4Q23 |
In millions of dollars |
2024 |
2023 |
2024 vs 2023 |
3,745 |
5,562 |
-33% |
632 |
Cash flow used in investing activities ( a ) |
17,332 |
16,454 |
+5% |
- |
- |
ns |
- |
Other transactions with non-controlling interests ( b ) |
- |
- |
ns |
(2) |
57 |
ns |
3 |
Organic loan repayment from equity affiliates ( c ) |
29 |
(2) |
ns |
(52) |
- |
ns |
(3) |
Change in debt from renewable projects financing ( d ) * |
(52) |
78 |
ns |
152 |
119 |
28% |
71 |
Capex linked to capitalized leasing contracts ( e ) |
471 |
259 |
+82% |
20 |
26 |
-23% |
32 |
Expenditures related to carbon credits ( f ) |
49 |
48 |
+2% |
3,863 |
5,764 |
-33% |
735 |
Net investments ( a + b + c + d + e + f = g - i + h ) |
17,829 |
16,837 |
+6% |
24 |
1,662 |
-99% |
(5,404) |
of which acquisitions net of assets sales ( g-i ) |
1,406 |
(1,289) |
ns |
1,233 |
1,795 |
-31% |
698 |
Acquisitions ( g ) |
4,646 |
6,428 |
-28% |
1,209 |
133 |
x9.1 |
6,102 |
Asset sales ( i ) |
3,240 |
7,717 |
-58% |
26 |
- |
ns |
- |
Change in debt from renewable projects (partner share) |
26 |
(81) |
ns |
3,839 |
4,102 |
-6% |
6,139 |
of which organic investments ( h ) |
16,423 |
18,126 |
-9% |
122 |
148 |
-17% |
214 |
Capitalized exploration |
516 |
1,094 |
-53% |
625 |
458 |
36% |
683 |
Increase in non-current loans |
2,210 |
1,845 |
+20% |
(619) |
(140) |
ns |
(91) |
Repayment of non-current loans, excluding organic loan repayment from equity affiliates |
(1,083) |
(524) |
ns |
(26) |
- |
ns |
(3) |
Change in debt from renewable projects (TotalEnergies share) |
(26) |
(3) |
ns |
* Change
in debt from renewable projects (TotalEnergies share and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash flow from
operations excluding working capital (CFFO), to DACF and to Net cash flow
4Q24 |
3Q24 |
4Q24 vs 3Q24 |
4Q23 |
In millions of dollars |
2024 |
2023 |
2024 vs 2023 |
12,507 |
7,171 |
+74% |
16,150 |
Cash flow from operating activities ( a ) |
30,854 |
40,679 |
-24% |
5,072 |
871 |
x5.8 |
8,377 |
(Increase) decrease in working capital ( b ) * |
1,491 |
5,526 |
-73% |
282 |
(464) |
ns |
(724) |
Inventory effect ( c ) |
(525) |
(714) |
ns |
- |
- |
ns |
(0) |
Capital gain from renewable project sales ( d ) |
- |
81 |
-100% |
(2) |
57 |
ns |
3 |
Organic loan repayments from equity affiliates ( e ) |
29 |
(2) |
ns |
7,151 |
6,821 |
+5% |
8,500 |
Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
29,917 |
35,946 |
-17% |
(247) |
(188) |
ns |
(29) |
Financial charges |
(697) |
(505) |
ns |
7,398 |
7,009 |
+6% |
8,529 |
Debt Adjusted Cash Flow (DACF) |
30,614 |
36,451 |
-16% |
|
|
|
|
|
|
|
|
3,839 |
4,102 |
-6% |
6,139 |
Organic investments ( g ) |
16,423 |
18,126 |
-9% |
3,312 |
2,719 |
+22% |
2,361 |
Free cash flow after organic investments ( f - g ) |
13,494 |
17,820 |
-24% |
|
|
|
|
|
3,863 |
5,764 |
-33% |
735 |
Net investments ( h ) |
17,829 |
16,837 |
+6% |
3,288 |
1,057 |
x3.1 |
7,765 |
Net cash flow ( f - h ) |
12,088 |
19,109 |
-37% |
* Changes
in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
10.5 Gearing ratio
In
millions of dollars |
12/31/2024 |
09/30/2024 |
12/31/2023 |
Current
borrowings * |
7,929 |
11,805 |
7,869 |
Other
current financial liabilities |
664 |
488 |
446 |
Current
financial assets *,** |
(6,536) |
(5,780) |
(6,256) |
Net
financial assets classified as held for sale * |
33 |
204 |
17 |
Non-current financial debt
* |
35,711 |
37,824 |
32,722 |
Non-current financial assets
* |
(1,027) |
(1,307) |
(1,229) |
Cash and cash equivalents |
(25,844) |
(25,672) |
(27,263) |
Net debt ( a ) |
10,930 |
17,562 |
6,306 |
|
|
|
Shareholders’
equity (TotalEnergies share) |
117,858 |
116,059 |
116,753 |
Non-controlling
interests |
2,397 |
2,557 |
2,700 |
Shareholders'
equity (b) |
120,255 |
118,616 |
119,453 |
|
Gearing
= a / ( a+b ) |
8.3% |
12.9% |
5.0% |
|
Leases
(c) |
8,272 |
8,338 |
8,275 |
Gearing
including leases ( a+c ) / ( a+b+c ) |
13.8% |
17.9% |
10.9% |
* Excludes
leases receivables and leases debts.
** Including initial margins held as part of
the Company's activities on organized markets.
10.6 Return on average capital employed
In
millions of dollars |
Exploration &
Production |
Integrated
LNG |
Integrated
Power |
Refining &
Chemicals |
Marketing &
Services |
|
Company |
Adjusted
net operating income |
10,004 |
4,869 |
2,173 |
2,160 |
1,360 |
|
19,974 |
Capital
employed at 12/31/2023 |
63,870 |
36,048 |
21,511 |
6,043 |
7,674 |
|
132,222 |
Capital
employed at 12/31/2024 |
64,430 |
41,477 |
21,739 |
5,564 |
6,870 |
|
138,125 |
ROACE |
15.6% |
12.6% |
10.0% |
37.2% |
18.7% |
|
14.8% |
10.7 Payout
In
millions of dollars |
2024 |
9M24 |
2023 |
Dividend
paid (parent company shareholders) |
7,717 |
5,719 |
7,517 |
Repayment
of treasury shares |
7,995 |
6,018 |
9,167 |
|
Payout
ratio |
50% |
49% |
46% |
GLOSSARY
Acquisitions net of assets sales is a non-GAAP
financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets
sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable
tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s
asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax,
Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers
to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income
tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can
be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with
utility companies (energy sector).
Adjusted net income (TotalEnergies share) is
a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies
share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory
valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts
and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact
of non-operational results and special items.
Adjusted net operating income is a non-GAAP
financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before
net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation
effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers,
analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing
the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained
below.
Capital Employed is a non-GAAP financial measure.
They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed
(balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments &
loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts
receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current
liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers,
analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to
operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital
(CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash
Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable
projects sales and including organic loan repayments from equity affiliates.
This indicator can be a valuable tool for decision
makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working
capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination
with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting
the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation
and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP
financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow
From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers,
analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment
and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other
registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is
a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after
Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer
to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business
post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and
its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital
ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet.
Net cash flow (or free cash-flow) is
a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers
to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers,
analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for
Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests).
This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share
buybacks.
Net investments is a non-GAAP financial measure
and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing
activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including
expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment
from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the
cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow
statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic
Investments and Acquisitions net of assets sales each of which is described in the Glossary.
Organic investments is a non-GAAP financial
measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments,
excluding acquisitions, asset sales and other operations with non-controlling
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.
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This press release presents the results for the
fourth quarter of 2024 and the full year of 2024 from the consolidated financial statements of TotalEnergies SE as of
December 31, 2024 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial
statements (unaudited) are available on the website totalenergies.com. This document does not constitute the annual financial report
(rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code
monétaire et financier).
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain
statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate
change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that
the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use
of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances
that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve
or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably
related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably,
the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production
results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business
operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological
innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market
conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain
financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments
of assets relating thereto. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the
Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make
no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result
of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In
addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used
in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors
that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and
cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of
the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers
and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally,
the developments of environmental and climate change-related issues in this document are based on various frameworks and the interests
of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including climate-related
disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes
or under applicable securities law.
Financial information by business segment is reported
in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance
of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators
excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return
on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder
rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison
of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance,
certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items
relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring
costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items
although they may have occurred in prior years or are likely to occur in following years.
(ii) The inventory
valuation effect
In accordance with IAS 2, TotalEnergies values inventories
of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the
weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture
rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income.
Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according
to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the
segments’ performance with those of its main competitors.
In the replacement cost method, which approximates
the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the
inventory, determined using either the month-end prices differential between one period and another or the average prices of the period
rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement
cost methods.
(iii) Effect of changes
in fair value
The effect of changes in fair value presented as an
adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by
TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded
at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into
storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes
recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments
to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying
operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction
occurrence.
The adjusted results (adjusted operating income, adjusted
net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect
of changes in fair value.
Euro amounts presented for the fully adjusted-diluted
earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and
are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The
SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that
a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves”
or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors
are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2,
place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website totalenergies.com.
You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
TotalEnergies financial statements
Fourth
quarter and full-year 2024 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
|
4th
quarter |
3rd
quarter |
4th
quarter |
(M$)
(a) |
2024 |
2024 |
2023 |
Sales |
52,508 |
52,021 |
59,237 |
Excise taxes |
(5,393) |
(4,592) |
(4,472) |
Revenues from sales |
47,115 |
47,429 |
54,765 |
|
|
|
|
Purchases, net of inventory
variation |
(30,342) |
(31,425) |
(37,150) |
Other operating expenses |
(7,219) |
(7,269) |
(7,166) |
Exploration costs |
(242) |
(572) |
(174) |
Depreciation, depletion and
impairment of tangible assets and mineral interests |
(2,715) |
(3,392) |
(3,539) |
Other income |
306 |
45 |
2,685 |
Other expense |
(341) |
(374) |
(802) |
|
|
|
|
Financial interest on debt |
(786) |
(797) |
(660) |
Financial income and expense
from cash & cash equivalents |
449 |
457 |
439 |
Cost
of net debt |
(337) |
(340) |
(221) |
|
|
|
|
Other financial income |
319 |
319 |
303 |
Other financial expense |
(193) |
(214) |
(189) |
|
|
|
|
Net income (loss) from equity
affiliates |
597 |
333 |
(136) |
|
|
|
|
Income
taxes |
(2,929) |
(2,179) |
(3,339) |
Consolidated
net income |
4,019 |
2,361 |
5,037 |
TotalEnergies share |
3,956 |
2,294 |
5,063 |
Non-controlling
interests |
63 |
67 |
(26) |
Earnings
per share ($) |
1.72 |
0.97 |
2.11 |
Fully-diluted
earnings per share ($) |
1.70 |
0.96 |
2.09 |
(a) Except for
per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
|
4th
quarter |
3rd
quarter |
4th
quarter |
|
(M$) |
2024 |
2024 |
2023 |
|
Consolidated
net income |
4,019 |
2,361 |
5,037 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
(3) |
3 |
(251) |
|
Change in fair value of investments
in equity instruments |
142 |
(141) |
(17) |
|
Tax effect |
36 |
29 |
42 |
|
Currency
translation adjustment generated by the parent company |
(5,125) |
3,151 |
3,025 |
|
Items
not potentially reclassifiable to profit and loss |
(4,950) |
3,042 |
2,799 |
|
Currency translation adjustment |
3,594 |
(2,457) |
(3,182) |
|
Cash flow hedge |
1,732 |
(13) |
701 |
|
Variation of foreign currency
basis spread |
(13) |
(4) |
(16) |
|
Share of other comprehensive
income of equity affiliates, net amount |
76 |
(208) |
(144) |
|
Other |
(1) |
2 |
3 |
|
Tax
effect |
(441) |
(1) |
(212) |
|
Items
potentially reclassifiable to profit and loss |
4,947 |
(2,681) |
(2,850) |
|
Total
other comprehensive income (net amount) |
(3) |
361 |
(51) |
|
|
|
|
|
|
Comprehensive
income |
4,016 |
2,722 |
4,986 |
|
TotalEnergies share |
4,001 |
2,631 |
4,995 |
|
Non-controlling interests |
15 |
91 |
(9) |
|
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
|
Year
2024
(unaudited) |
Year
2023 |
(M$)
(a) |
|
|
Sales |
214,550 |
237,128 |
Excise taxes |
(18,940) |
(18,183) |
Revenues from sales |
195,610 |
218,945 |
Purchases, net of inventory variation |
(127,664) |
(143,041) |
Other operating expenses |
(29,860) |
(30,419) |
Exploration costs |
(999) |
(573) |
Depreciation, depletion and impairment of tangible assets and mineral interests |
(12,025) |
(12,762) |
Other income |
2,112 |
3,677 |
Other expense |
(1,281) |
(2,396) |
Financial interest on debt |
(3,016) |
(2,820) |
Financial income and expense from cash & cash equivalents |
1,786 |
1,801 |
Cost of net debt |
(1,230) |
(1,019) |
Other financial income |
1,403 |
1,285 |
Other financial expense |
(835) |
(731) |
Net income (loss) from equity affiliates |
1,575 |
1,845 |
Income taxes |
(10,775) |
(13,301) |
Consolidated net income |
16,031 |
21,510 |
TotalEnergies share |
15,758 |
21,384 |
Non-controlling interests |
273 |
126 |
Earnings per share ($) |
6.74 |
8.72 |
Fully-diluted earnings per share ($) |
6.69 |
8.67 |
(a) Except for per share
amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
|
Year
2024
(unaudited) |
Year
2023 |
(M$) |
|
|
Consolidated net income |
16,031 |
21,510 |
Other comprehensive income |
|
|
Actuarial gains and losses |
20 |
(114) |
Change in fair value of investments in equity instruments |
144 |
(11) |
Tax effect |
46 |
(11) |
Currency translation adjustment generated by the parent company |
(4,163) |
2,573 |
Items not potentially reclassifiable to profit and loss |
(3,953) |
2,437 |
Currency translation adjustment |
2,759 |
(3,277) |
Cash flow hedge |
3,119 |
2,898 |
Variation of foreign currency basis spread |
(32) |
(11) |
Share of other comprehensive income of equity affiliates, net amount |
(246) |
(208) |
Other |
1 |
(2) |
Tax effect |
(814) |
(730) |
Items potentially reclassifiable to profit and loss |
4,787 |
(1,330) |
Total other comprehensive income (net amount) |
834 |
1,107 |
|
|
|
Comprehensive income |
16,865 |
22,617 |
TotalEnergies share |
16,636 |
22,534 |
Non-controlling interests |
229 |
83 |
CONSOLIDATED BALANCE SHEET
TotalEnergies
|
December 31, |
September 30, |
December 31, |
|
|
2024 |
2024 |
2023 |
|
(M$) |
(unaudited) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Intangible assets, net |
34,238 |
33,891 |
33,083 |
|
Property, plant and equipment, net |
109,095 |
110,125 |
108,916 |
|
Equity affiliates : investments and loans |
34,405 |
33,963 |
30,457 |
|
Other investments |
1,665 |
1,656 |
1,543 |
|
Non-current financial assets |
2,305 |
2,578 |
2,395 |
|
Deferred income taxes |
3,202 |
3,727 |
3,418 |
|
Other non-current assets |
4,006 |
4,170 |
4,313 |
|
Total non-current assets |
188,916 |
190,110 |
184,125 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories, net |
18,868 |
18,532 |
19,317 |
|
Accounts receivable, net |
19,281 |
18,777 |
23,442 |
|
Other current assets |
23,687 |
21,933 |
20,821 |
|
Current financial assets |
6,914 |
6,151 |
6,585 |
|
Cash and cash equivalents |
25,844 |
25,672 |
27,263 |
|
Assets classified as held for sale |
1,977 |
2,830 |
2,101 |
|
Total current assets |
96,571 |
93,895 |
99,529 |
|
|
|
|
|
|
Total assets |
285,487 |
284,005 |
283,654 |
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
Shareholders' equity |
|
|
|
|
Common shares |
7,577 |
7,577 |
7,616 |
|
Paid-in surplus and retained earnings |
135,496 |
130,804 |
126,857 |
|
Currency translation adjustment |
(15,259) |
(13,793) |
(13,701) |
|
Treasury shares |
(9,956) |
(8,529) |
(4,019) |
|
Total shareholders' equity - TotalEnergies share |
117,858 |
116,059 |
116,753 |
|
|
|
|
|
|
Non-controlling interests |
2,397 |
2,557 |
2,700 |
|
|
|
|
|
|
Total shareholders' equity |
120,255 |
118,616 |
119,453 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred income taxes |
12,114 |
11,750 |
11,688 |
|
Employee benefits |
1,753 |
1,890 |
1,993 |
|
Provisions and other non-current liabilities |
19,872 |
20,290 |
21,257 |
|
Non-current financial debt |
43,533 |
45,750 |
40,478 |
|
Total non-current liabilities |
77,272 |
79,680 |
75,416 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
39,932 |
34,668 |
41,335 |
|
Other creditors and accrued liabilities |
35,961 |
34,716 |
36,727 |
|
Current borrowings |
10,024 |
13,853 |
9,590 |
|
Other current financial liabilities |
664 |
488 |
446 |
|
Liabilities directly associated with the assets classified as held for sale |
1,379 |
1,984 |
687 |
|
Total current liabilities |
87,960 |
85,709 |
88,785 |
|
|
|
|
|
|
Total liabilities & shareholders' equity |
285,487 |
284,005 |
283,654 |
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
(M$) |
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
Consolidated net income |
4,019 |
2,361 |
5,037 |
|
Depreciation, depletion, amortization and impairment |
2,971 |
4,020 |
3,815 |
|
Non-current liabilities, valuation allowances and deferred taxes |
44 |
(93) |
(268) |
|
(Gains) losses on disposals of assets |
(66) |
(3) |
(2,609) |
|
Undistributed affiliates' equity earnings |
99 |
(13) |
940 |
|
(Increase) decrease in working capital |
5,201 |
836 |
8,308 |
|
Other changes, net |
239 |
63 |
927 |
|
Cash flow from operating activities |
12,507 |
7,171 |
16,150 |
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
Intangible assets and property, plant and equipment additions |
(3,680) |
(4,110) |
(5,076) |
|
Acquisitions of subsidiaries, net of cash acquired |
(932) |
(497) |
(10) |
|
Investments in equity affiliates and other securities |
(313) |
(845) |
(1,066) |
|
Increase in non-current loans |
(658) |
(458) |
(683) |
|
Total expenditures |
(5,583) |
(5,910) |
(6,835) |
|
Proceeds from disposals of intangible assets and property, plant and equipment |
314 |
32 |
2,776 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
654 |
82 |
3,333 |
|
Proceeds from disposals of non-current investments |
220 |
37 |
- |
|
Repayment of non-current loans |
650 |
197 |
94 |
|
Total divestments |
1,838 |
348 |
6,203 |
|
Cash flow used in investing activities |
(3,745) |
(5,562) |
(632) |
|
CASH FLOW
FROM FINANCING ACTIVITIES |
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
- Parent company shareholders |
- |
- |
- |
|
- Treasury shares |
(1,977) |
(2,005) |
(2,964) |
|
Dividends paid: |
|
|
|
|
- Parent company shareholders |
(1,998) |
(1,963) |
(1,869) |
|
- Non-controlling interests |
(18) |
(171) |
(17) |
|
Net issuance (repayment) of perpetual subordinated notes |
1,165 |
- |
- |
|
Payments on perpetual subordinated notes |
(82) |
(23) |
(54) |
|
Other transactions with non-controlling interests |
(17) |
(14) |
(16) |
|
Net issuance (repayment) of non-current debt |
91 |
3,080 |
(21) |
|
Increase (decrease) in current borrowings |
(4,136) |
911 |
(8,458) |
|
Increase (decrease) in current financial assets and liabilities |
(965) |
760 |
360 |
|
Cash flow from / (used in) financing activities |
(7,937) |
575 |
(13,039) |
|
Net increase (decrease) in cash and cash equivalents |
825 |
2,184 |
2,479 |
|
Effect of exchange rates |
(653) |
277 |
53 |
|
Cash and cash equivalents at the beginning of the period |
25,672 |
23,211 |
24,731 |
|
Cash and cash equivalents at the end of the period |
25,844 |
25,672 |
27,263 |
|
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
|
Year |
Year |
|
2024 |
2023 |
|
(unaudited) |
|
(M$) |
|
|
CASH FLOW
FROM OPERATING ACTIVITIES |
|
|
Consolidated net income |
16,031 |
21,510 |
Depreciation, depletion,
amortization and impairment |
13,107 |
13,818 |
Non-current liabilities,
valuation allowances and deferred taxes |
190 |
813 |
(Gains) losses on disposals
of assets |
(1,497) |
(3,452) |
Undistributed affiliates'
equity earnings |
124 |
649 |
(Increase) decrease in working
capital |
2,364 |
6,091 |
Other
changes, net |
535 |
1,250 |
Cash flow from operating
activities |
30,854 |
40,679 |
CASH FLOW
USED IN INVESTING ACTIVITIES |
|
|
Intangible assets and property,
plant and equipment additions |
(14,909) |
(17,722) |
Acquisitions of subsidiaries,
net of cash acquired |
(2,439) |
(1,772) |
Investments in equity affiliates
and other securities |
(2,127) |
(3,477) |
Increase
in non-current loans |
(2,275) |
(1,889) |
Total expenditures |
(21,750) |
(24,860) |
Proceeds from disposals of
intangible assets and property, plant and equipment |
727 |
3,789 |
Proceeds from disposals of
subsidiaries, net of cash sold |
2,167 |
3,561 |
Proceeds from disposals of
non-current investments |
347 |
490 |
Repayment
of non-current loans |
1,177 |
566 |
Total
divestments |
4,418 |
8,406 |
Cash flow used in investing
activities |
(17,332) |
(16,454) |
CASH FLOW
FROM FINANCING ACTIVITIES |
|
|
Issuance (repayment) of shares: |
|
|
- Parent company shareholders |
521 |
383 |
- Treasury shares |
(7,995) |
(9,167) |
Dividends paid: |
|
|
- Parent company shareholders |
(7,717) |
(7,517) |
- Non-controlling interests |
(322) |
(311) |
Net issuance (repayment)
of perpetual subordinated notes |
(457) |
(1,081) |
Payments on perpetual subordinated
notes |
(314) |
(314) |
Other transactions with non-controlling
interests |
(67) |
(126) |
Net issuance (repayment)
of non-current debt |
7,532 |
130 |
Increase (decrease) in current
borrowings |
(5,142) |
(14,289) |
Increase (decrease) in current
financial assets and liabilities |
(464) |
2,562 |
Cash
flow from / (used in) financing activities |
(14,425) |
(29,730) |
Net increase (decrease)
in cash and cash equivalents |
(903) |
(5,505) |
Effect of exchange rates |
(516) |
(258) |
Cash
and cash equivalents at the beginning of the period |
27,263 |
33,026 |
Cash
and cash equivalents at the end of the period |
25,844 |
27,263 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
TotalEnergies
(Unaudited: Year 2024 )
___
|
Common
shares issued |
Paid-in
|
|
Treasury
shares |
Shareholders' |
|
|
(M$) |
Number |
Amount |
surplus
and
retained
earnings |
Currency
translation
adjustment |
Number |
Amount |
equity
-
TotalEnergies
share |
Non-
controlling
interests |
Total
shareholders'
equity |
As
of January 1, 2023 |
2,619,131,285 |
8,163 |
123,951 |
(12,836) |
(137,187,667) |
(7,554) |
111,724 |
2,846 |
114,570 |
Net
income 2023 |
- |
- |
21,384 |
- |
- |
- |
21,384 |
126 |
21,510 |
Other
comprehensive Income |
- |
- |
1,987 |
(837) |
- |
- |
1,150 |
(43) |
1,107 |
Comprehensive
Income |
- |
- |
23,371 |
(837) |
- |
- |
22,534 |
83 |
22,617 |
Dividend |
- |
- |
(7,611) |
- |
- |
- |
(7,611) |
(311) |
(7,922) |
Issuance
of common shares |
8,002,155 |
22 |
361 |
- |
- |
- |
383 |
- |
383 |
Purchase
of treasury shares |
- |
- |
- |
- |
(144,700,577) |
(9,167) |
(9,167) |
- |
(9,167) |
Sale
of treasury shares (1) |
- |
- |
(396) |
- |
6,463,426 |
396 |
- |
- |
- |
Share-based
payments |
- |
- |
291 |
- |
- |
- |
291 |
- |
291 |
Share
cancellation |
(214,881,605) |
(569) |
(11,737) |
- |
214,881,605 |
12,306 |
- |
- |
- |
Net
issuance (repayment) of perpetual subordinated notes |
- |
- |
(1,107) |
- |
- |
- |
(1,107) |
- |
(1,107) |
Payments
on perpetual subordinated notes |
- |
- |
(294) |
- |
- |
- |
(294) |
- |
(294) |
Other
operations with non-controlling interests |
- |
- |
30 |
(28) |
- |
- |
2 |
85 |
87 |
Other
items |
- |
- |
(2) |
- |
- |
- |
(2) |
(3) |
(5) |
As
of December 31, 2023 |
2,412,251,835 |
7,616 |
126,857 |
(13,701) |
(60,543,213) |
(4,019) |
116,753 |
2,700 |
119,453 |
Net
income 2024 |
- |
- |
15,758 |
- |
- |
- |
15,758 |
273 |
16,031 |
Other
comprehensive Income |
- |
- |
2,436 |
(1,558) |
- |
- |
878 |
(44) |
834 |
Comprehensive
Income |
- |
- |
18,194 |
(1,558) |
- |
- |
16,636 |
229 |
16,865 |
Dividend |
- |
- |
(7,756) |
- |
- |
- |
(7,756) |
(455) |
(8,211) |
Issuance
of common shares |
10,833,187 |
29 |
492 |
- |
- |
- |
521 |
- |
521 |
Purchase
of treasury shares |
- |
- |
- |
- |
(120,463,232) |
(7,995) |
(7,995) |
- |
(7,995) |
Sale
of treasury shares (1) |
- |
- |
(395) |
- |
6,071,266 |
395 |
- |
- |
- |
Share-based
payments |
- |
- |
556 |
- |
- |
- |
556 |
- |
556 |
Share
cancellation |
(25,405,361) |
(68) |
(1,595) |
- |
25,405,361 |
1,663 |
- |
- |
- |
Net
issuance (repayment) of perpetual subordinated notes |
- |
- |
(576) |
- |
- |
- |
(576) |
- |
(576) |
Payments
on perpetual subordinated notes |
- |
- |
(272) |
- |
- |
- |
(272) |
- |
(272) |
Other
operations with non-controlling interests |
- |
- |
- |
- |
- |
- |
- |
(67) |
(67) |
Other
items |
- |
- |
(9) |
- |
- |
- |
(9) |
(10) |
(19) |
As
of December 31, 2024 |
2,397,679,661 |
7,577 |
135,496 |
(15,259) |
(149,529,818) |
(9,956) |
117,858 |
2,397 |
120,255 |
(1) Treasury shares related
to the performance share grants.
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
4th
quarter 2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
External
sales |
1,496 |
2,890 |
6,137 |
21,540 |
20,440 |
5 |
- |
52,508 |
Intersegment
sales |
9,382 |
2,968 |
765 |
7,207 |
168 |
70 |
(20,560) |
- |
Excise
taxes |
- |
- |
- |
(193) |
(5,200) |
- |
- |
(5,393) |
Revenues
from sales |
10,878 |
5,858 |
6,902 |
28,554 |
15,408 |
75 |
(20,560) |
47,115 |
Operating
expenses |
(4,754) |
(4,431) |
(6,536) |
(27,616) |
(14,772) |
(254) |
20,560 |
(37,803) |
Depreciation,
depletion and impairment of tangible assets and mineral interests |
(1,853) |
(326) |
(28) |
(250) |
(227) |
(31) |
- |
(2,715) |
Net income
(loss) from equity affiliates and other items |
40 |
548 |
26 |
(90) |
90 |
74 |
- |
688 |
Tax on
net operating income |
(2,163) |
(288) |
(70) |
(139) |
(215) |
(60) |
- |
(2,935) |
Adjustments
(a) |
(157) |
(71) |
(281) |
141 |
(78) |
(23) |
- |
(469) |
Adjusted
Net operating income |
2,305 |
1,432 |
575 |
318 |
362 |
(173) |
- |
4,819 |
Adjustments
(a) |
|
|
|
|
|
|
|
(469) |
Net cost
of net debt |
|
|
|
|
|
|
|
(331) |
Non-controlling
interests |
|
|
|
|
|
|
|
(63) |
Net
income - TotalEnergies share |
|
|
|
|
|
|
|
3,956 |
(a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated
LNG segment.
Effects of changes in the fair values of
gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of
power positions are allocated to the operating income of integrated Power segment.
4th
quarter 2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
Total expenditures |
1,983 |
1,904 |
529 |
630 |
458 |
79 |
- |
5,583 |
Total divestments |
295 |
247 |
1,038 |
132 |
106 |
20 |
- |
1,838 |
Cash
flow from operating activities |
4,500 |
2,214 |
1,201 |
3,832 |
778 |
(18) |
- |
12,507 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3rd
quarter 2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
External sales |
1,425 |
2,350 |
4,444 |
22,926 |
20,872 |
4 |
- |
52,021 |
Intersegment sales |
9,633 |
2,017 |
424 |
7,927 |
218 |
58 |
(20,277) |
- |
Excise
taxes |
- |
- |
- |
(213) |
(4,379) |
- |
- |
(4,592) |
Revenues from sales |
11,058 |
4,367 |
4,868 |
30,640 |
16,711 |
62 |
(20,277) |
47,429 |
Operating expenses |
(5,257) |
(3,393) |
(4,329) |
(30,273) |
(16,082) |
(209) |
20,277 |
(39,266) |
Depreciation, depletion and
impairment of tangible assets and mineral interests |
(2,324) |
(294) |
(114) |
(400) |
(229) |
(31) |
- |
(3,392) |
Net income (loss) from equity
affiliates and other items |
47 |
482 |
(274) |
(79) |
(29) |
(38) |
- |
109 |
Tax on net operating income |
(1,879) |
(250) |
(66) |
40 |
(102) |
117 |
- |
(2,140) |
Adjustments
(a) |
(837) |
(151) |
(400) |
(313) |
(95) |
(23) |
- |
(1,819) |
Adjusted Net operating income |
2,482 |
1,063 |
485 |
241 |
364 |
(76) |
- |
4,559 |
Adjustments
(a) |
|
|
|
|
|
|
|
(1,819) |
Net cost of net debt |
|
|
|
|
|
|
|
(379) |
Non-controlling
interests |
|
|
|
|
|
|
|
(67) |
Net income - TotalEnergies
share |
|
|
|
|
|
|
|
2,294 |
(a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated
LNG segment.
Effects of changes in the fair values of
gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of
power positions are allocated to the operating income of integrated Power segment.
3rd
quarter 2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
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)
4th
quarter 2023
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
External
sales |
1,622 |
3,050 |
7,350 |
24,372 |
22,826 |
17 |
- |
59,237 |
Intersegment
sales |
10,630 |
3,651 |
1,276 |
8,796 |
157 |
26 |
(24,536) |
- |
Excise
taxes |
- |
- |
- |
(216) |
(4,256) |
- |
- |
(4,472) |
Revenues
from sales |
12,252 |
6,701 |
8,626 |
32,952 |
18,727 |
43 |
(24,536) |
54,765 |
Operating
expenses |
(5,084) |
(5,289) |
(7,787) |
(32,367) |
(18,289) |
(210) |
24,536 |
(44,490) |
Depreciation,
depletion and impairment of tangible assets and mineral interests |
(2,334) |
(440) |
(97) |
(394) |
(236) |
(38) |
- |
(3,539) |
Net income
(loss) from equity affiliates and other items |
(370) |
560 |
(17) |
(158) |
1,917 |
(71) |
- |
1,861 |
Tax on net
operating income |
(2,371) |
(217) |
(156) |
76 |
(718) |
91 |
- |
(3,295) |
Adjustments
(a) |
(709) |
(141) |
42 |
(524) |
1,095 |
(7) |
- |
(244) |
Adjusted
Net operating income |
2,802 |
1,456 |
527 |
633 |
306 |
(178) |
- |
5,546 |
Adjustments
(a) |
|
|
|
|
|
|
|
(244) |
Net cost
of net debt |
|
|
|
|
|
|
|
(265) |
Non-controlling
interests |
|
|
|
|
|
|
|
26 |
Net income
- TotalEnergies share |
|
|
|
|
|
|
|
5,063 |
(a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated
LNG segment.
Effects of changes in the fair values of
gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of
power positions are allocated to the operating income of integrated Power segment.
4th
quarter 2023
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
Total expenditures |
3,080 |
855 |
1,241 |
1,011 |
588 |
60 |
- |
6,835 |
Total divestments |
4,362 |
28 |
32 |
22 |
1,754 |
5 |
- |
6,203 |
Cash
flow from operating activities |
5,708 |
2,702 |
638 |
4,825 |
1,759 |
518 |
- |
16,150 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
Year
2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
External
sales |
5,655 |
9,885 |
22,127 |
93,515 |
83,341 |
27 |
- |
214,550 |
Intersegment
sales |
38,546 |
10,591 |
2,348 |
31,480 |
819 |
268 |
(84,052) |
- |
Excise
taxes |
- |
- |
- |
(784) |
(18,156) |
- |
- |
(18,940) |
Revenues
from sales |
44,201 |
20,476 |
24,475 |
124,211 |
66,004 |
295 |
(84,052) |
195,610 |
Operating
expenses |
(19,124) |
(15,530) |
(22,936) |
(120,424) |
(63,551) |
(1,010) |
84,052 |
(158,523) |
Depreciation,
depletion and impairment of tangible assets and mineral interests |
(8,001) |
(1,251) |
(344) |
(1,442) |
(870) |
(117) |
- |
(12,025) |
Net income
(loss) from equity affiliates and other items |
325 |
2,051 |
(837) |
(114) |
1,457 |
92 |
- |
2,974 |
Tax on net
operating income |
(8,466) |
(1,073) |
(255) |
(414) |
(526) |
89 |
- |
(10,645) |
Adjustments
(a) |
(1,069) |
(196) |
(2,070) |
(343) |
1,154 |
(59) |
- |
(2,583) |
Adjusted
Net operating income |
10,004 |
4,869 |
2,173 |
2,160 |
1,360 |
(592) |
- |
19,974 |
Adjustments
(a) |
|
|
|
|
|
|
|
(2,583) |
Net cost
of net debt |
|
|
|
|
|
|
|
(1,360) |
Non-controlling
interests |
|
|
|
|
|
|
|
(273) |
Net income
- TotalEnergies share |
|
|
|
|
|
|
|
15,758 |
(a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated
LNG segment.
Effects of changes in the fair values of
gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of
power positions are allocated to the operating income of integrated Power segment.
Year
2024
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
Total expenditures |
9,225 |
3,912 |
5,328 |
1,896 |
1,190 |
199 |
- |
21,750 |
Total divestments |
840 |
425 |
1,431 |
366 |
1,328 |
28 |
- |
4,418 |
Cash
flow from operating activities |
17,388 |
5,185 |
2,972 |
3,808 |
2,901 |
(1,400) |
- |
30,854 |
INFORMATION BY BUSINESS SEGMENT
TotalEnergies
Year
2023
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
External
sales |
6,561 |
12,086 |
27,337 |
101,203 |
89,909 |
32 |
- |
237,128 |
Intersegment
sales |
42,595 |
14,789 |
4,126 |
36,581 |
631 |
206 |
(98,928) |
- |
Excise
taxes |
- |
- |
- |
(841) |
(17,342) |
- |
- |
(18,183) |
Revenues
from sales |
49,156 |
26,875 |
31,463 |
136,943 |
73,198 |
238 |
(98,928) |
218,945 |
Operating
expenses |
(20,355) |
(21,569) |
(28,763) |
(130,899) |
(70,497) |
(878) |
98,928 |
(174,033) |
Depreciation,
depletion and impairment of tangible assets and mineral interests |
(8,493) |
(1,288) |
(281) |
(1,685) |
(905) |
(110) |
- |
(12,762) |
Net income
(loss) from equity affiliates and other items |
(307) |
2,194 |
(345) |
(42) |
2,208 |
(28) |
- |
3,680 |
Tax on net
operating income |
(10,095) |
(810) |
(394) |
(938) |
(1,246) |
271 |
- |
(13,212) |
Adjustments
(a) |
(1,036) |
(798) |
(173) |
(1,275) |
1,300 |
(84) |
- |
(2,066) |
Adjusted
Net operating income |
10,942 |
6,200 |
1,853 |
4,654 |
1,458 |
(423) |
- |
24,684 |
Adjustments
(a) |
|
|
|
|
|
|
|
(2,066) |
Net cost
of net debt |
|
|
|
|
|
|
|
(1,108) |
Non-controlling
interests |
|
|
|
|
|
|
|
(126) |
Net income
- TotalEnergies share |
|
|
|
|
|
|
|
21,384 |
(a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions
(including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated
LNG segment.
Effects of changes in the fair values of
gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of
power positions are allocated to the operating income of integrated Power segment.
Year
2023
(M$) |
Exploration
&
Production |
Integrated
LNG |
Integrated
Power |
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
Intercompany |
Total |
Total expenditures |
12,378 |
3,410 |
5,497 |
2,149 |
1,273 |
153 |
- |
24,860 |
Total divestments |
5,118 |
290 |
661 |
196 |
2,132 |
9 |
- |
8,406 |
Cash
flow from operating activities |
18,531 |
8,442 |
3,573 |
7,957 |
1,957 |
219 |
- |
40,679 |
Non GAAP Financial Measures
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
| 1. | Reconciliation
of cash flow used in investing activities to Net investments |
| 1.1 | Exploration
& Production |
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
1,688 |
2,161 |
(1,282) |
ns |
Cash
flow used in investing activities ( a ) |
8,385 |
7,260 |
15% |
- |
- |
- |
ns |
Other
transactions with non-controlling interests ( b ) |
- |
- |
ns |
- |
1 |
- |
ns |
Organic
loan repayment from equity affiliates ( c ) |
1 |
- |
ns |
- |
- |
- |
ns |
Change
in debt from renewable projects financing ( d ) * |
- |
- |
ns |
138 |
100 |
61 |
x2.3 |
Capex
linked to capitalized leasing contracts ( e ) |
418 |
218 |
92% |
20 |
26 |
32 |
-38% |
Expenditures
related to carbon credits ( f ) |
49 |
48 |
2% |
1,846 |
2,288 |
(1,189) |
ns |
Net
investments ( a + b + c + d + e + f = g - i + h ) |
8,853 |
7,526 |
18% |
(258) |
(42) |
(4,306) |
ns |
of
which net acquisitions ( g - i ) |
(207) |
(2,706) |
ns |
11 |
36 |
39 |
-72% |
Acquisitions
( g ) |
534 |
2,320 |
-77% |
269 |
78 |
4,345 |
-94% |
Assets
sales ( i ) |
741 |
5,026 |
-85% |
- |
- |
- |
ns |
Change
in debt from renewable projects (partner share) |
- |
- |
ns |
2,104 |
2,330 |
3,117 |
-32% |
of
which organic investments ( h ) |
9,060 |
10,232 |
-11% |
119 |
140 |
208 |
-43% |
Capitalized
exploration |
483 |
1,081 |
-55% |
41 |
46 |
61 |
-33% |
Increase
in non-current loans |
196 |
154 |
27% |
(26) |
(11) |
(17) |
ns |
Repayment
of non-current loans, excluding organic loan repayment from equity affiliates |
(98) |
(92) |
ns |
- |
- |
- |
ns |
Change
in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
*Change in debt from renewable projects (TotalEnergies
share and partner share)
1.2 Integrated LNG
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
1,657 |
500 |
827 |
x2 |
Cash
flow used in investing activities ( a ) |
3,487 |
3,120 |
12% |
- |
- |
- |
ns |
Other
transactions with non-controlling interests ( b ) |
- |
- |
ns |
- |
2 |
- |
ns |
Organic
loan repayment from equity affiliates ( c ) |
3 |
2 |
50% |
- |
- |
- |
ns |
Change
in debt from renewable projects financing ( d ) * |
- |
- |
ns |
13 |
14 |
11 |
18% |
Capex
linked to capitalized leasing contracts ( e ) |
46 |
37 |
24% |
- |
- |
- |
ns |
Expenditures
related to carbon credits ( f ) |
- |
- |
ns |
1,670 |
516 |
838 |
99% |
Net
investments ( a + b + c + d + e + f = g - i + h ) |
3,536 |
3,159 |
12% |
1,116 |
65 |
48 |
x23.3 |
of
which net acquisitions ( g - i ) |
1,367 |
1,096 |
25% |
1,149 |
69 |
56 |
x20.5 |
Acquisitions
( g ) |
1,417 |
1,253 |
13% |
33 |
4 |
8 |
x4.1 |
Assets
sales ( i ) |
50 |
157 |
-68% |
- |
- |
- |
ns |
Change
in debt from renewable projects (partner share) |
- |
- |
ns |
554 |
451 |
790 |
-30% |
of
which organic investments ( h ) |
2,169 |
2,063 |
5% |
3 |
8 |
6 |
-50% |
Capitalized
exploration |
33 |
13 |
x2.5 |
269 |
214 |
179 |
50% |
Increase
in non-current loans |
809 |
570 |
42% |
(214) |
(79) |
(20) |
ns |
Repayment
of non-current loans, excluding organic loan repayment from equity affiliates |
(372) |
(131) |
ns |
- |
- |
- |
ns |
Change
in debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
*Change in debt from renewable projects (TotalEnergies share
and partner share)
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
(509) |
2,221 |
1,209 |
ns |
Cash
flow used in investing activities ( a ) |
3,897 |
4,836 |
-19% |
- |
- |
- |
ns |
Other
transactions with non-controlling interests ( b ) |
- |
- |
ns |
7 |
10 |
1 |
x7 |
Organic
loan repayment from equity affiliates ( c ) |
17 |
27 |
-37% |
(52) |
- |
(3) |
ns |
Change
in debt from renewable projects financing ( d ) * |
(52) |
78 |
ns |
1 |
5 |
(1) |
ns |
Capex
linked to capitalized leasing contracts ( e ) |
7 |
4 |
75% |
- |
- |
- |
ns |
Expenditures
related to carbon credits ( f ) |
- |
- |
ns |
(553) |
2,236 |
1,206 |
ns |
Net
investments ( a + b + c + d + e + f = g - i + h ) |
3,869 |
4,945 |
-22% |
(662) |
1,529 |
532 |
ns |
of
which net acquisitions ( g - i ) |
1,514 |
2,363 |
-36% |
72 |
1,565 |
535 |
-87% |
Acquisitions
( g ) |
2,515 |
2,739 |
-8% |
734 |
36 |
3 |
x253.6 |
Assets
sales ( i ) |
1,001 |
376 |
x2.7 |
26 |
- |
- |
ns |
Change
in debt from renewable projects (partner share) |
26 |
(81) |
ns |
109 |
707 |
674 |
-84% |
of
which organic investments ( h ) |
2,355 |
2,582 |
-9% |
- |
- |
- |
ns |
Capitalized
exploration |
- |
- |
ns |
300 |
135 |
318 |
-6% |
Increase
in non-current loans |
979 |
870 |
13% |
(323) |
(24) |
(28) |
ns |
Repayment
of non-current loans, excluding organic loan repayment from equity affiliates |
(439) |
(177) |
ns |
(26) |
- |
(3) |
ns |
Change
in debt from renewable projects (TotalEnergies share) |
(26) |
(3) |
ns |
*Change
in debt from renewable projects (TotalEnergies share and partner share)
1.4
Refining & Chemicals
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
498 |
319 |
989 |
-50% |
Cash
flow used in investing activities ( a ) |
1,530 |
1,953 |
-22% |
- |
- |
- |
ns |
Other
transactions with non-controlling interests ( b ) |
- |
- |
ns |
(9) |
44 |
2 |
ns |
Organic
loan repayment from equity affiliates ( c ) |
8 |
(31) |
ns |
- |
- |
- |
ns |
Change
in debt from renewable projects financing ( d ) * |
- |
- |
ns |
- |
- |
- |
ns |
Capex
linked to capitalized leasing contracts ( e ) |
- |
- |
ns |
- |
- |
- |
ns |
Expenditures
related to carbon credits ( f ) |
- |
- |
ns |
489 |
363 |
991 |
-51% |
Net
investments ( a + b + c + d + e + f = g - i + h ) |
1,538 |
1,922 |
-20% |
(92) |
34 |
(11) |
ns |
of
which net acquisitions ( g - i ) |
(173) |
(118) |
ns |
- |
42 |
1 |
-100% |
Acquisitions
( g ) |
77 |
32 |
x2.4 |
92 |
8 |
12 |
x7.7
|
Assets sales
( i ) |
250 |
150 |
67% |
- |
- |
- |
ns |
Change in debt from renewable projects
(partner share) |
- |
- |
ns |
581 |
329 |
1,002 |
-42%
|
of
which organic investments ( h ) |
1,711 |
2,040 |
-16% |
- |
- |
- |
ns |
Capitalized
exploration |
- |
- |
ns |
1 |
33 |
28 |
-96% |
Increase in non-current loans |
99 |
79 |
25% |
(16) |
(17) |
(8) |
ns |
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates |
(43) |
(33) |
ns |
- |
- |
- |
ns |
Change in
debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
*Change
in debt from renewable projects (TotalEnergies share and partner share)
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
352 |
310 |
(1,166) |
ns |
Cash
flow used in investing activities ( a ) |
(138) |
(859) |
ns |
- |
- |
- |
ns |
Other
transactions with non-controlling interests ( b ) |
- |
- |
ns |
- |
- |
- |
ns |
Organic
loan repayment from equity affiliates ( c ) |
- |
- |
ns |
- |
- |
- |
ns |
Change
in debt from renewable projects financing ( d ) * |
- |
- |
ns |
- |
- |
- |
ns |
Capex
linked to capitalized leasing contracts ( e ) |
- |
- |
ns |
- |
- |
- |
ns |
Expenditures
related to carbon credits ( f ) |
- |
- |
ns |
352 |
310 |
(1,166) |
ns |
Net
investments ( a + b + c + d + e + f = g - i + h ) |
(138) |
(859) |
ns |
(80) |
78 |
(1,668) |
ns |
of
which net acquisitions ( g - i ) |
(1,089) |
(1,924) |
ns |
1 |
83 |
67 |
-99% |
Acquisitions
( g ) |
103 |
84 |
23% |
81 |
5 |
1,735 |
-95% |
Assets
sales ( i ) |
1,192 |
2,008 |
-41% |
- |
- |
- |
ns |
Change
in debt from renewable projects (partner share) |
- |
- |
ns |
432 |
232 |
502 |
-14% |
of
which organic investments ( h ) |
951 |
1,065 |
-11% |
- |
- |
- |
ns |
Capitalized exploration |
- |
- |
ns |
19 |
16 |
99 |
-81% |
Increase in non-current loans |
103 |
152 |
-32% |
(20) |
(10) |
(12) |
ns |
Repayment of non-current loans, excluding
organic loan repayment from equity affiliates |
(109) |
(82) |
ns |
- |
- |
- |
ns |
Change in
debt from renewable projects (TotalEnergies share) |
- |
- |
ns |
*Change
in debt from renewable projects (TotalEnergies share and partner share)
2. Reconciliation of
cash flow from operating activities to CFFO
2.1 Exploration & Production
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
4,500 |
4,763 |
5,708 |
-21% |
Cash
flow from operating activities ( a ) |
17,388 |
18,531 |
-6% |
555 |
491 |
1,018 |
-45% |
(Increase)
decrease in working capital ( b ) |
340 |
(595) |
ns |
- |
- |
- |
ns |
Inventory
effect ( c ) |
- |
- |
ns |
- |
- |
- |
ns |
Capital
gain from renewable project sales ( d ) |
- |
- |
ns |
- |
1 |
- |
ns |
Organic
loan repayments from equity affiliates ( e ) |
1 |
- |
ns |
3,945 |
4,273 |
4,690 |
-16% |
Cash
flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
17,049 |
19,126 |
-11% |
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
2,214 |
830 |
2,702 |
-18%
|
Cash
flow from operating activities ( a ) |
5,185 |
8,442 |
-39% |
767 |
(56) |
939 |
-18%
|
(Increase)
decrease in working capital ( b ) * |
285 |
1,151 |
-75% |
- |
- |
- |
ns
|
Inventory
effect ( c ) |
- |
- |
ns |
- |
- |
- |
ns
|
Capital
gain from renewable project sales ( d ) |
- |
- |
ns |
- |
2 |
- |
ns
|
Organic
loan repayments from equity affiliates ( e ) |
3 |
2 |
50% |
1,447 |
888 |
1,763 |
-18%
|
Cash
flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
4,903 |
7,293 |
-33% |
*
Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
1,201 |
373 |
638 |
88% |
Cash
flow from operating activities ( a ) |
2,972 |
3,573 |
-17% |
604 |
(253) |
(66) |
ns
|
(Increase)
decrease in working capital ( b ) * |
434 |
1,529 |
-72% |
- |
- |
- |
ns
|
Inventory
effect ( c ) |
- |
- |
ns |
- |
- |
- |
ns
|
Capital
gain from renewable project sales ( d ) |
- |
81 |
-100% |
7 |
10 |
1 |
x7 |
Organic
loan repayments from equity affiliates ( e ) |
17 |
27 |
-37% |
604 |
636 |
705 |
-14% |
Cash
flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
2,555 |
2,152 |
19% |
*
Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
3,832 |
564 |
4,825 |
-21% |
Cash
flow from operating activities ( a ) |
3,808 |
7,957 |
-52% |
2,758 |
413 |
4,161 |
-34% |
(Increase)
decrease in working capital ( b ) |
433 |
2,641 |
-84% |
243 |
(335) |
(507) |
ns |
Inventory
effect ( c ) |
(377) |
(568) |
ns |
- |
- |
- |
ns
|
Capital
gain from renewable project sales ( d ) |
- |
- |
ns |
(9) |
44 |
2 |
ns |
Organic
loan repayments from equity affiliates ( e ) |
8 |
(31) |
ns |
822 |
530 |
1,173 |
-30% |
Cash
flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
3,760 |
5,853 |
-36% |
2.5 Marketing & Services
4th
quarter
2024 |
3rd
quarter
2024 |
4th
quarter
2023 |
4th
quarter 2024 vs
4th quarter 2023 |
(in
millions of dollars) |
2024 |
2023 |
2024
vs
2023 |
778 |
581 |
1,759 |
-56% |
Cash
flow from operating activities ( a ) |
2,901 |
1,957 |
48% |
205 |
63 |
1,457 |
-86% |
(Increase)
decrease in working capital ( b ) |
730 |
(215) |
ns |
39 |
(129) |
(217) |
ns
|
Inventory
effect ( c ) |
(148) |
(146) |
ns |
- |
- |
- |
ns
|
Capital
gain from renewable project sales ( d ) |
- |
- |
ns |
- |
- |
- |
ns
|
Organic
loan repayments from equity affiliates ( e ) |
- |
- |
ns |
534 |
647 |
519 |
3%
|
Cash
flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e ) |
2,319 |
2,318 |
0% |
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and
calculation of ROACE
(In
millions of dollars) |
Exploration
&
Production |
Integrated
LNG
|
Integrated
Power
|
Refining
&
Chemicals |
Marketing
&
Services |
Corporate |
InterCompany |
Company |
Adjusted net
operating income 4 th quarter 2024 |
2,305 |
1,432 |
575 |
318 |
362 |
(173) |
- |
4,819 |
Adjusted net operating income
3 rd quarter 2024 |
2,482 |
1,063 |
485 |
241 |
364 |
(76) |
- |
4,559 |
Adjusted net operating income
2 nd quarter 2024 |
2,667 |
1,152 |
502 |
639 |
379 |
(253) |
- |
5,086 |
Adjusted
net operating income 1 st quarter 2024 |
2,550 |
1,222 |
611 |
962 |
255 |
(90) |
- |
5,510 |
Adjusted
net operating income ( a ) |
10,004 |
4,869 |
2,173 |
2,160 |
1360 |
(592) |
- |
19,974 |
Balance
sheet as of December, 31 2024 |
|
|
|
|
|
|
|
|
Property plant and equipment
intangible assets net |
83,397 |
27,654 |
13,034 |
11,956 |
6,632 |
660 |
- |
143,333 |
Investments &
loans in equity affiliates |
3,910 |
15,986 |
9,537 |
3,984 |
988 |
- |
- |
34,405 |
Other non-current assets |
3,732 |
1,952 |
1,316 |
646 |
1,116 |
111 |
- |
8,873 |
Inventories, net |
1,456 |
1,475 |
547 |
12,063 |
3,327 |
- |
- |
18,868 |
Accounts receivable,
net |
5,845 |
8,412 |
7,466 |
16,362 |
7,167 |
581 |
(26,552) |
19,281 |
Other current assets |
6,663 |
10,198 |
4,086 |
2,208 |
2,870 |
2,342 |
(4,680) |
23,687 |
Accounts payable |
(6,632) |
(8,888) |
(9,222) |
(32,204) |
(8,642) |
(805) |
26,461 |
(39,932) |
Other creditors and
accrued liabilities |
(10,241) |
(11,060) |
(3,363) |
(4,992) |
(5,329) |
(5,747) |
4,771 |
(35,961) |
Working capital |
(2,909) |
137 |
(486) |
(6,563) |
(607) |
(3,629) |
- |
(14,057) |
Provisions and other non-current
liabilities |
(24,271) |
(4,252) |
(1,663) |
(3,343) |
(1,113) |
903 |
- |
(33,739) |
Assets
and liabilities classified as held for sale - Capital employed |
571 |
- |
1 |
- |
70 |
- |
- |
642 |
Capital
Employed (Balance sheet) |
64,430 |
41,477 |
21,739 |
6,680 |
7,086 |
(1,955) |
- |
139,457 |
Less
inventory valuation effect |
|
|
|
(1,116) |
(216) |
|
|
(1,332) |
Capital
Employed at replacement cost ( b ) |
64,430 |
41,477 |
21,739 |
5,564 |
6,870 |
(1,955) |
- |
138,125 |
Balance
sheet as of December 31, 2023 |
|
|
|
|
|
|
|
|
Property plant and equipment
intangible assets net |
84,876 |
24,936 |
12,526 |
12,287 |
6,696 |
678 |
- |
141,999 |
Investments &
loans in equity affiliates |
2,630 |
13,905 |
9,202 |
4,167 |
553 |
- |
- |
30,457 |
Other non-current assets |
3,451 |
2,720 |
1,027 |
677 |
1,258 |
141 |
- |
9,274 |
Inventories, net |
1,463 |
1,784 |
689 |
11,582 |
3,798 |
1 |
- |
19,317 |
Accounts receivable,
net |
6,849 |
10,183 |
7,601 |
20,010 |
9,024 |
683 |
(30,908) |
23,442 |
Other current assets |
6,218 |
9,782 |
6,963 |
2,383 |
3,465 |
1,817 |
(9,807) |
20,821 |
Accounts payable |
(6,904) |
(11,732) |
(8,114) |
(33,864) |
(10,693) |
(798) |
30,770 |
(41,335) |
Other creditors and
accrued liabilities |
(9,875) |
(11,653) |
(6,985) |
(6,152) |
(5,707) |
(6,300) |
9,945 |
(36,727) |
Working capital |
(2,249) |
(1,636) |
154 |
(6,041) |
(113) |
(4,597) |
- |
(14,482) |
Provisions and other non-current
liabilities |
(25,152) |
(3,877) |
(1,790) |
(3,706) |
(1,267) |
854 |
- |
(34,938) |
Assets
and liabilities classified as held for sale - Capital employed |
314 |
- |
392 |
137 |
881 |
- |
- |
1,724 |
Capital
Employed (Balance sheet) |
63,870 |
36,048 |
21,511 |
7,521 |
8,008 |
(2,924) |
- |
134,034 |
Less
inventory valuation effect |
|
|
|
(1,478) |
(334) |
|
|
(1,812) |
Capital
Employed ( c ) |
63,870 |
36,048 |
21,511 |
6,043 |
7,674 |
(2,924) |
- |
132,222 |
|
|
|
|
|
|
|
|
|
ROACE
as a percentage ( a / average ( b + c )) |
15.6% |
12.6% |
10.0% |
37.2% |
18.7% |
|
|
14.8% |
Alternative
Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted
net operating income
4th
quarter |
3rd
quarter |
4th
quarter |
|
2024 |
2023 |
2024 |
2024 |
2023 |
(in
millions of dollars) |
|
|
4,019 |
2,361 |
5,037 |
Consolidated
net income ( a ) |
16,031 |
21,510 |
(331) |
(379) |
(265) |
Net cost
of net debt ( b ) |
(1,360) |
(1,108) |
(425) |
(1,360) |
113 |
Special
items affecting net operating income |
(1,249) |
(1,384) |
(25) |
- |
1,844
|
Gain (loss)
on asset sales |
1,372 |
2,047 |
(6) |
(10) |
(51) |
Restructuring
charges |
(27) |
(56) |
(227) |
(1,107) |
(1,070)
|
Impairments |
(1,978) |
(2,297) |
(167) |
(243) |
(610)
|
Other |
(616) |
(1,078) |
209 |
(375) |
(549)
|
After-tax
inventory effect : FIFO vs. replacement cost |
(386) |
(694) |
(253) |
(84) |
192 |
Effect
of changes in fair value |
(948) |
12 |
(469) |
(1,819) |
(244)
|
Total
adjustments affecting net operating income ( c ) |
(2,583) |
(2,066) |
4,819 |
4,559 |
5,546
|
Adjusted
net operating income ( a - b - c ) |
19,974 |
24,684 |
Exhibit 99.3
 |
PRESS
RELEASE |
TotalEnergies
proposes a dividend of 3.22 €/share for fiscal year 2024, a 7% increase
Paris, 5th February 2025 -
The Board of Directors met on February 4, 2025, and decided to propose at the Shareholders’ Meeting on May 23, 2025,
the distribution of a dividend of 3.22 €/share for fiscal year 2024, a 7% increase compared to the dividend for fiscal
year 2023 of 3.01 €/share. This increase is comparable to the 7.1% increase for fiscal year 2023 versus 2022.
Consequently, taking into account the three interim
dividends of 0.79 €/share previously decided by the Board of Directors, the final dividend for fiscal year 2024 will be 0.85
€/share, an increase of 7.6% compared to the final dividend of 2023 and the 3 interim dividends of 2024.
The Board of Directors highlights the growth of the
dividend paid during years 2023, 2024 and 2025, which have increased or will increase by 7.1%, 7.0% and 7.2% respectively, the Board
is considering a first interim dividend for 2025 (paid in the 4th quarter of 2025) at the level of the final dividend for
fiscal year 2024.
Subject to approval at the Shareholders’ Meeting,
the final dividend will be detached and paid in cash, according to the following timetable:
| |
Shareholders |
ADS holders |
| |
|
|
Ex-dividend date | |
June 19, 2025 |
June 18, 2025 |
| |
|
|
Payment date | |
July 1, 2025 |
July 11, 2025 |
_ _ _ _
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
 |
@TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
TotalEnergies |
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain
statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate
change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that
the means to be deployed do not depend solely on TotalEnergies. These forward-looking
statements may generally be identified by the
use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”,
“would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document.
These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives, objectives, or goals announced will be achieved. They may prove
to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price
of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment
and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such
as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable
value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies
SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder
to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives
or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in
this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial
condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies
is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité
des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission
(“SEC”).
Cautionary Note to U.S. Investors – U.S.
investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from
us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website
totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on
the SEC’s website sec.gov.
Exhibit
99.4
Disclosure of Transactions in Own Shares
Paris, February 10,
2025 – In accordance with the authorizations given by the shareholders’ general meeting
on May 24, 2024, to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68)
declares the following purchases of its own shares (FR0000120271) from February 3 to February 7, 2025:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
03/02/2025 |
412,852 |
55.891882 |
23,075,075.27 |
XPAR |
03/02/2025 |
110,000 |
55.895637 |
6,148,520.07 |
CEUX |
03/02/2025 |
30,000 |
55.897876 |
1,676,936.28 |
TQEX |
03/02/2025 |
15,000 |
55.898691 |
838,480.37 |
AQEU |
04/02/2025 |
407,638 |
56.085021 |
22,862,385.79 |
XPAR |
04/02/2025 |
110,000 |
56.059864 |
6,166,585.04 |
CEUX |
04/02/2025 |
30,000 |
56.060027 |
1,681,800.81 |
TQEX |
04/02/2025 |
15,000 |
56.060295 |
840,904.43 |
AQEU |
05/02/2025 |
389,991 |
57.833874 |
22,554,690.36 |
XPAR |
05/02/2025 |
106,000 |
57.839919 |
6,131,031.41 |
CEUX |
05/02/2025 |
30,000 |
57.851482 |
1,735,544.46 |
TQEX |
05/02/2025 |
15,000 |
57.844319 |
867,664.79 |
AQEU |
06/02/2025 |
395,167 |
58.697992 |
23,195,509.40 |
XPAR |
06/02/2025 |
110,000 |
58.696612 |
6,456,627.32 |
CEUX |
06/02/2025 |
30,000 |
58.694653 |
1,760,839.59 |
TQEX |
06/02/2025 |
10,000 |
58.701480 |
587,014.80 |
AQEU |
07/02/2025 |
393,521 |
58.873613 |
23,168,003.06 |
XPAR |
07/02/2025 |
110,000 |
58.880557 |
6,476,861.27 |
CEUX |
07/02/2025 |
30,000 |
58.877975 |
1,766,339.25 |
TQEX |
07/02/2025 |
10,000 |
58.876374 |
588,763.74 |
AQEU |
Total |
2,760,169 |
57.452851 |
158,579,577.50 |
|
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46 46 l ir@totalenergies.com
 |
@TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements
regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and
carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to
be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future
or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document.
These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove
to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price
of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment
and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such
as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable
value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies
SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder
to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives
or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this
document.
The information on risk factors that could have
a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation,
outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration
Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to U.S. Investors – U.S.
investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from
us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex, France, or at the Company
website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330
or on the SEC’s website sec.gov.
Exhibit
99.5
PRESS RELEASE
India: TotalEnergies to Supply GSPC with 400,000
Tons of LNG per year from 2026
Paris/New Delhi, February 12th,
2025 – During a ceremony held in New Delhi on the sidelines of the India Energy Week, TotalEnergies and the Gujarat State
Petroleum Corporation Limited (GSPC), a state-owned oil and gas company, announced the signing of a long-term Sale and Purchase Agreement
(SPA) for a term of ten years starting in 2026. Under this agreement, TotalEnergies will supply GSPC with 400,000 tons of liquefied natural
gas (LNG), amounting to six cargoes per year.
The LNG, sourced from TotalEnergies' global portfolio
and delivered to terminals on India's west coast, will primarily serve GSPC's industrial customers. It will also supply Indian households
for domestic use, businesses, and service stations for vehicles running on Compressed Natural Gas (CNG), such as auto-rickshaws.
“We are delighted to have been chosen by GSPC
to supply them with LNG in India. This new deal underscores TotalEnergies' leadership in the LNG domain and commitment to India’s
energy transition and security of supply”, said Gregory Joffroy, Senior Vice President LNG at TotalEnergies.
“This agreement marks a major step towards reinforcing
GSPC’s strategy to secure competitive LNG on a long-term basis, helping to bridge the growing natural gas demand-supply deficit
in Gujarat and across India. Partnering with TotalEnergies, one of the largest LNG players in the world, aligns with GSPC’s strategy
to build up its long-term portfolio and become a leading Indian player in gas trading”, said Milind Torawane, Managing Director
at GSPC. “This deal will further strengthen GSPC’s portfolio and its operations in the gas value chain, leveraging GSPC
Group’s transmission and distribution infrastructure.”
In India, natural gas will play a pivotal role in the
energy transition. As a cleaner alternative for industrial activities, cooking and transportation, it enhances air quality by reducing
greenhouse gas emissions and pollution.
***
About Gujarat State Petroleum Corporation Limited
Gujarat State Petroleum Corporation Limited, a Government
of Gujarat company, is one of India’s leading oil and gas companies. GSPCL is also one of the largest gas trading companies in India
and is a part of GSPC Group which has significant presence across the gas value chain in the LNG terminal, gas transmission, gas distribution
and power generation businesses. In Gujarat, GSPC, along with its other group companies, supplies one-third of the natural gas demand
in the State of Gujarat, catering to 2.3 million households and 20,000 industrial and commercial clients, and operates over 800 CNG stations.
For further information, please visit: www.gspcgroup.com
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies, the world’s third largest
LNG player
TotalEnergies is the world’s third largest LNG
player with a global portfolio of 40 Mt/y in 2024 thanks to its interests in liquefaction plants in all geographies. The Company benefits
from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification
capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix
to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with
local partners to promote the transition from coal to natural gas.
GSPC Contacts
Media & Investor Relations: +91 98250 05139 | devendra@gspc.in
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
 |
@TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).
Exhibit
99.6
 |
|
Press
release |
The "UAE-France High-Level Business Council"
meeting was held with the participation of over 50 entities to Strengthen economic and investment cooperation.
| · | The
3rd meeting of the UAE-France High-Level Business Council was co-chaired by H.E. Dr. Sultan
Al Jaber and Patrick Pouyanné on February 16, with the presence of H.E. Eric
Lombard, French Minister of Economics and Finance, and H.E. Laurent Saint-Martin, French
Minister of Foreign Trade. |
| · | Several partnerships were signed to explore
collaboration across key sectors, including energy, renewable energy, infrastructure and artificial intelligence. |
Paris, France - February 17, 2025 - The
UAE-France High-Level Business Council held its third plenary meeting in Paris, co-chaired by H.E Dr. Sultan Al Jaber, UAE Minister
of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and Patrick Pouyanné, Chairman and CEO of TotalEnergies.
The meeting was attended by H.E Eric Lombard, French Minister of Economics and Finance and H.E Laurent Saint-Martin, French Minister of
Foreign Trade, along with the participation of over 50 Emirati and French entities representing government, semi-government, and private
sectors.
In his opening remarks, H.E Dr. Sultan Al Jaber
conveyed the greetings of the UAE leadership, reaffirming the UAE’s long-standing bilateral relations with France spanning over
50 years and emphasized the commitment to continue strengthening the bilateral relations within the framework of a strategic partnership
to achieve the shared aspirations of both nations for sustainable economic and social growth.
H.E Dr. Al Jaber emphasized that the meeting comes
at a pivotal moment for both the UAE and France following the signing of the landmark ‘UAE-France Framework for Cooperation in Artificial
Intelligence’ Agreement, witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and
His Excellency, President Emmanuel Macron. This framework aims to enhance digital infrastructure and support the development of Artificial
Intelligence (AI) technologies by establishing a 1-gigawatt AI complex, with investments ranging between €30 billion and €50
billion.
He emphasized also the important role of the Council
in advancing bilateral economic ties and elevating them to new heights, stressing the importance of joint work to increase cooperation
and achieve tangible results in strategic and priority sectors.
H.E Dr. Al Jaber shared the UAE experience in
promoting investments that promoting sustainable economic development, citing examples of global specialized institutions and companies,
such as MGX, the UAE’s world-leading AI investor, and XRG, the UAE’s newly established international energy investment company,
intends to drive value through strategic investments across gas, chemicals, low-carbon fuels, clean technologies and energy infrastructure.
Mr. Eric Lombard praised the dynamism of the bilateral
economic relationship between France and the United Arab Emirates which has led to ambitious joint projects, particularly in artificial
intelligence and ecological transition, two strategic objectives shared by our countries. France's Minister of the Economy, Finance and
Industrial Sovereignty welcomed the UAE's contribution of up to €50Bn for the development in France of Europe's largest AI campus,
announced on the margins of the AI Summit, which demonstrates that the two countries are aware of the stakes involved in the AI revolution.
Mr. Pouyanné said he was delighted that
the High Council, which he welcomed to Paris for its third plenary meeting, was continuing to foster economic cooperation between the
two countries. This structure has gradually established itself as a key player in facilitating the concrete implementation of commercial
partnerships between French and Emirati companies in key areas such as energy, transport, investment and artificial intelligence. At once
a forum for reflection, dialogue and action, the High Council has proved to be highly useful for the development of Franco-Emirati economic
relations, which we should see continue to strengthen.
The Council reviewed the achievements made through
the working groups over the past year, including the activation of the AI and Advanced Technology Working Group and holding the first
regional business development meeting, in Masdar City, Abu Dhabi, which aims to enhance cooperation in priority sectors and create joint
initiatives among the Council's members and working groups. The meeting engaged over 30 companies from both countries to explore new projects
and economically viable opportunities.
The Council also commended the diverse partnerships
that exist between Emirati and French companies across various sector, including, energy, climate, transportation, logistics, investments,
and AI. It called for doubling efforts to expand and create new cooperation and to strengthen partnerships across various sectors to enhance
industrial integration and create a more resilient economic environment.
During the meeting, several joint strategic projects
were showcased, including the inauguration of the CMA Terminals container terminal at Khalifa Port on December 12, 2024. This joint
venture between Abu Dhabi Ports Group (30%) and France’s CMA CGM (70%) represents an investment worth of AED 3.1 billion. As part
of this project, Abu Dhabi Ports Group also launched its first inland dry port facility in Al Fayah, designed as an extension of the CMA
Terminals station. It is strategically located between Abu Dhabi and Dubai, connected by land to Khalifa Port and serves as an inland
container warehouse, enhancing supply chain efficiencies and reducing transportation costs.
The Business Council also showcased the “TAQANA
Energy Solutions” facility at the Industrial City of Abu Dhabi (ICAD), a partnership between the Arab Development Establishment
and Schneider Electric.
The partnership is focused on developing advanced energy
solutions to support industrial growth in the UAE.
During the meeting, several partnerships were signed
between private sector companies from both countries, including:
| 1. | A partnership framework between Masdar, TotalEnergies, and 2PointZero to support clean energy in emerging
markets and developing economies in Africa and Asia. |
| 2. | A memorandum of cooperation between ADNOC and Veolia on optimizing water consumption, in areas such as
water recycling, reducing water use, minimizing the carbon footprint, and developing action plans for water loss reduction in the short,
medium, and long term. |
| 3. | A partnership between Abu Dhabi Ports and the French company Pascal to develop AI-driven solutions, including
integrating AI models, quantitative analysis, and advanced algorithm development. |
The meeting concluded with participants affirming their
commitment to accelerating the implementation of programs and initiatives and expanding cooperation in priority sectors for both countries.
The council also adopted its roadmap for the next year, focusing on implementing agreed-upon projects, exploring more cooperation opportunities
between the private sectors of both countries, and holding the second regional business development meeting on the sidelines of the 4th
edition of the “Make it in the Emirates” forum from May 19-22, 2025, in Abu Dhabi.
Bilateral Trade between the UAE and France
It is worth noting that trade relations between the
two countries have witnessed significant increase, with non-oil trade increasing by 21.3% in 2024, reaching approximately AED 44 billion,
compared to AED 36.7 billion in 2023.
Additionally, the UAE hosts the largest number of French
companies operating in the Middle East, with about 600 companies employing more than 30,000 employees. The UAE is France's second-largest
investor in the GCC.
About The UAE-France High Level Business Council
The UAE-France High Level Business Council was launched
in Paris on the Occasion of H.H. Sheikh Mohamed bin Zayed AL NAHYAN, President of the United Arab Emirates, state visit to France in July 2022,
where President Sheikh Mohamed bin Zayed AL NAHYAN and French President Emmanuel MACRON witnessed and praised the launch of the UAE-France
Business Council with a view to increasing further bilateral business opportunities for the benefit of both nations. The Council held
its first meeting on 30th January 2023 in Abu Dhabi, which resulted in discussions on methane emissions reduction between TotalEnergies
and ADNOC and the launch of a bilateral partnership to accelerate clean energy, focusing on the decarbonization of Hard-to-Abate (HTA)
Industries.
Exhibit
99.7
 |
PRESS
RELEASE |
TotalEnergies and ENI sign an agreement with Cyprus
and Egypt for the export of Cyprus Block 6 gas through Egypt
Paris/Cairo, February 17, 2025 –
In the presence of President of Egypt Abdel Fattah El-Sisi and President of Cyprus Níkos Christodoulídis, TotalEnergies
and ENI, partners in Cyprus offshore Block 6 (TotalEnergies 50%, ENI 50% operator), have signed today a Host Government Agreement (HGA)
with the Arab Republic of Egypt and the Republic of Cyprus related to the development of Block 6 gas resources.
Signed during the Egypt Energy Show (EGYPES) with the
Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Karim Badawi, and the Minister of Energy, Commerce and Industry
of the Republic of Cyprus, George Papanastasiou, this agreement is a key milestone towards the development of the Cronos gas field. Located
in Cyprus Block 6, Cronos field was discovered in 2022 and successfully appraised in February 2024.
The agreement provides a framework allowing the Cronos
gas to be processed in the existing Zohr facilities offshore Egypt and then liquefied in the Damietta LNG plant in Egypt, for export to
European markets.
Following the signature of this agreement, the Block
6 partners will now proceed with the Cronos Development and Production Plan, in close collaboration with Cyprus authorities.
“TotalEnergies is very pleased to be part
of the opening of an export route through Egypt for Cyprus gas. This Host Government Agreement represents a major step in valorizing the
Cyprus gas through available LNG capacities in Egypt, contributing to Europe energy security by bringing additional LNG volumes.”
said Julien Pouget, Senior Vice President Middle East & North Africa, Exploration & Production at TotalEnergies.
In Cyprus, TotalEnergies also has interests in Block
11 (50%, operator), Block 7 (50%, operator), and Block 8 (40%).
***
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l
presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46
l ir@totalenergies.com
 |
@TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States
Securities and Exchange Commission (SEC).
Exhibit 99.8
 |
PRESS
RELEASE |
TotalEnergies, Masdar and EPointZero Sign Framework
for
Action to Drive Clean Energy Access in Africa and Asia
| · | Strategic
partnership is a result of closer ties between UAE and France forged in the UAE-France High-Level
Business Council, and follows the landmark signing of the UAE-France Framework for Cooperation
in Artificial Intelligence. |
| · | Masdar
and TotalEnergies will strengthen their cooperation to provide reliable and sustainable electricity
to support Africa’s energy systems transformation and to develop clean energy opportunities
in Southeast Asia. |
| · | EPointZero
and TotalEnergies to concentrate on partnership opportunities supporting India’s clean
energy ambitions in solar, wind and energy storage. |
Paris, February 17, 2025 – Abu Dhabi
Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, TotalEnergies and EPointZero, the decarbonization arm
of 2PointZero, a transformational global investment platform, have signed a Framework for Action (FFA) agreement to drive access to clean
energy in emerging markets and developing economies in Africa and Asia.
The agreement follows the UAE President His Highness
Sheikh Mohamed bin Zayed Al Nahyan’s visit to France and meeting with French President His Excellency Emmanuel Macron, where they
reaffirmed the strong strategic partnership between the two countries and discussed developing collaboration in key sectors such as climate
action, energy, artificial intelligence and advanced technology.
Under the agreement, Masdar and TotalEnergies will
strengthen their cooperation to provide reliable and sustainable electricity to local communities in Africa and support its long-term
energy systems transformation, and to jointly develop some new clean energy opportunities in Southeast Asia. TotalEnergies and EPointZero
will explore partnership opportunities to support India’s clean energy ambitions, including through solar, wind and energy storage,
to contribute to the country’s decarbonization efforts.
The FFA signing was witnessed by H.E. Dr. Sultan
Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, Patrick Pouyanné, Chairman and CEO of TotalEnergies,
and H.E Mariam Almheiri, Group CEO of 2PointZero. The agreement was signed at the third plenary meeting of the UAE-France High Level
Business Council in Paris on February 16 by Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, Stéphane Michel,
TotalEnergies President for Gas Renewable and Power, and Peter Abraam, Chief Strategy and Growth Officer of IHC.
The FFA brings together these major companies under
the Council’s umbrella to work together to expand their capabilities and increase access to clean energy in emerging markets and
developing economies in Africa and Asia.
Commenting on the agreement, Mohamed Jameel Al
Ramahi, CEO, Masdar, said: “Enabled by the strength of the UAE-France bilateral relationship, Masdar is proud to be working
with TotalEnergies to help deliver clean energy access across Southeast Asia and Africa. This
agreement reflects our shared commitment to empowering
local communities, driving socio-economic growth and sustainable progress, and advancing the global energy transformation. It is heartening
to see the UAE-France Framework for Cooperation in Artificial Intelligence signed last week, and we look forward to continuing to utilize
cutting-edge clean energy technologies to drive access and sustainable growth.”
Stéphane Michel, President for Gas Renewable
and Power of TotalEnergies, said: “By supporting the development of the country Oil and Gas reserves, TotalEnergies
has been a key partner of Abu Dhabi for more than 80 Years. We are now delighted to extend our partnership with Abu Dhabi to the development
of renewable energies in emerging markets in Asia and Africa. Combining the strengths, expertise and reach of Masdar, EPointZero and
TotalEnergies will certainly enable each partner to accelerate their growth and improve the quality of their investment in those fast-developing
markets where renewable energies are key to those countries Energy Transition.”
H.E. Mariam Almheiri Group CEO of 2PointZero said:
“This partnership deepens UAE-France ties and advances our shared commitment to advancing the global energy transition. By combining
the expertise of Masdar, TotalEnergies, and EPointZero, we are expanding clean energy access in emerging markets, accelerating decarbonization,
and driving economic growth. Our collaboration across India, Africa, and Asia will scale up renewables and energy storage, ensuring reliable,
sustainable power for millions. Together, we are building a cleaner, more resilient world."
The UAE-France High Level Business Council was launched
in July 2022 in the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Emmanuel Macron, President of
the French Republic, with the aim of promoting economic exchanges and conveying the voice of UAE and French businesses to the highest
public authorities, as well as to identify and implement private cross-investment projects.
The Council held its first plenary meeting in January 2023
and serves as an important catalyst for innovation and collaboration, reinforcing the UAE and France’s joint commitment to a sustainable,
low-carbon future. The two nations have maintained a Comprehensive Strategic Energy Partnership since 2022 and launched the UAE-France
Bilateral Climate Investment Platform last year.
***
About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of
the world’s fastest-growing renewable energy companies. As a global clean energy leader, Masdar is advancing the development and
deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help
the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a
combined capacity of 51 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more
sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala,
and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the
same year.
Masdar contacts
For media inquiries, please contact: press@masdar.ae
For more information, please visit: https://www.masdar.ae
and connect: facebook.com/Masdar.ae and twitter.com/Masdar
About 2PointZero
2PointZero, a subsidiary of IHC (International Holding
Company), was founded in 2023 as a transformational investment platform focused on making strategic investments in emerging technologies
and future-sustaining businesses to create a globally diversified and resilient portfolio.
2PointZero brings together a suite of innovative and
established UAE subsidiaries, including Chimera Investments, Lunate Capital, Beltone, Sagasse, EPointZero and International Resources
Holding (IRH) under one transformational umbrella, placing 2PointZero at the forefront of key sectors including financial services, consumer
goods, mining resources, technology and energy. Our Dynamic Value Network is sector agnostic, allowing it to connect capabilities across
our portfolio to unlock new pathways for growth and create measurable value for investors while empowering communities, fostering sustainable
ecosystems, and driving groundbreaking technological advancements.
2PointZero Contacts
For media inquiries, please contact: press@2pointzero.com
For more information, please visit:
http://www.2PointZero.com
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future
and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).
Exhibit 99.9
 |
PRESS
RELEASE |
TotalEnergies Joins Forces with Air Liquide
to Decarbonize its Refineries in Northern Europe with Green Hydrogen
| § | 45,000
tons per year of green H2 produced by the OranjeWind offshore wind farm developed
by TotalEnergies (50%). |
| § | 450,000
tons per year reduction of CO2
emissions
from TotalEnergies’
Anvers and
Zeeland refineries. |
| § | An
electrolyzer jointly developed in the Netherlands with Air Liquide to supply the Zeeland
refinery. |
| § | A
tolling agreement on a second electrolyzer built and operated in partnership with Air Liquide
to supply Antwerp platform. |
Paris, February 18,
2025 – In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has signed
agreements with Air Liquide to develop two projects in the Netherlands, for the production and delivery of some 45,000 tons a year
of green hydrogen produced using renewable power, generated mostly by the OranjeWind offshore wind
farm, developed by TotalEnergies (50%) and RWE (50%). These projects will cut CO2 emissions
from TotalEnergies’ refineries in Belgium and the Netherlands by up to 450,000 tons a year and contribute to the European
renewable energy targets in transport.
Green hydrogen production by TotalEnergies and Air Liquide
The two companies have
signed an agreement to set up a joint venture, equally held by TotalEnergies (50%) and Air Liquide (50%), which will build and operate
a 250 MW electrolyzer near the Zeeland refinery. This project will enable the production of up to 30,000 tons of green hydrogen a
year, most of which will be delivered to Zeeland’s platform. The electrolyzer will be commissioned in 2029 and will cut the
site’s CO2 emissions by up to 300,000 tons a year.
This project represents a global investment of around €600 million
for both partners and has made requests for support under European and national subsidy programs.
Project funding will also be sought by the partners.
Supplying TotalEnergies’ Antwerp
platform with green hydrogen
In addition, as part
of Air Liquide's 200 MW ELYgator electrolyzer project located in Maasvlakte (Netherlands), TotalEnergies has signed a tolling agreement
for 130 MW to be dedicated to the production of 15,000 tons per year of green hydrogen for the TotalEnergies platform in Antwerp.
Under this agreement, TotalEnergies will supply the renewable electrons produced by the OranjeWind project to Air Liquide to be transformed
into green hydrogen. The project is expected to be operational by the end of 2027 and will reduce CO2
emissions at the Antwerp site by up to 150,000 tons per year.
“Following the first partnership agreement with
Air Liquide to supply the Normandy refinery with green hydrogen, and the agreements to supply the Grandpuits and La Mède biorefineries
with renewable hydrogen, the partnership with Air Liquide takes on a new dimension and marks a new step in TotalEnergies' ambition to
decarbonize the hydrogen consumed by its refineries in Europe by 2030”, said Vincent Stoquart, President, Refining &
Chemicals at
TotalEnergies. “By
supplying these two electrolyzers with renewable electricity from our offshore wind project in the Netherlands, TotalEnergies is leveraging
its positioning as an integrated electricity company.”
“Flagship
projects such as the ones we are announcing today, will play a key role in reducing emissions, particularly in hard-to-abate sectors
such as industry and heavy mobility. We are proud to lead the way on European renewable and low-carbon hydrogen production, and to accompany
TotalEnergies in their journey to decarbonizing their industrial assets. These two projects will complete the five Air Liquide low carbon
units already in operation or construction in Europe. This illustrates our capacity to offer concrete solutions to our customers, to
reach our carbon neutrality ambition by 2050, and to support Europe’s leadership ambition
towards decarbonized growth. It also demonstrates the ability of Air Liquide to develop solid business
models in the energy field of low carbon hydrogen.” said Emilie
Mouren-Renouard, member of the Air Liquide Executive Committee, in charge of Europe operations.
TotalEnergies and the decarbonization of its European refineries
TotalEnergies is committed
to reducing the carbon footprint of producing, converting and supplying energy to its customers. One of the pathways identified by the
Company is using low-carbon hydrogen to decarbonize its European refineries, a move that should help reduce its annual CO2
emissions by around three million tons by 2030. In order to fully decarbonize the hydrogen used
in its European refineries, TotalEnergies has already contracted over 170,000 tons of green hydrogen annually at: La
Mède, Grandpuits and Normandy in France, Leuna in Germany
and its refineries in Belgium and the Netherlands.
See map on next page


***
About TotalEnergies
TotalEnergies est une
compagnie multi-énergies mondiale de production et de fourniture d’énergies
: pétrole et biocarburants, gaz naturel et gaz verts, renouvelables et électricité. Our more than 100,000
employees are committed to supplying affordable, reliable, clean energy to as many people as possible. TotalEnergies intends to put sustainability,
in all its dimensions, at the center of its strategy, projects and operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Relations Investisseurs: +33 (0)1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future
and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).
Exhibit 99.10

Disclosure of Transactions in Own Shares
Paris, February 18,
2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024,
to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the
following purchases of its own shares (FR0000120271) from February 10 to February 14, 2025:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
10/02/2025 |
393,558 |
58.869444 |
23,168,540.64 |
XPAR |
10/02/2025 |
110,000 |
58.877021 |
6,476,472.31 |
CEUX |
10/02/2025 |
30,000 |
58.872915 |
1,766,187.45 |
TQEX |
10/02/2025 |
10,000 |
58.878529 |
588,785.29 |
AQEU |
11/02/2025 |
393,489 |
58.879168 |
23,168,304.94 |
XPAR |
11/02/2025 |
110,000 |
58.877390 |
6,476,512.90 |
CEUX |
11/02/2025 |
30,000 |
58.879260 |
1,766,377.80 |
TQEX |
11/02/2025 |
10,000 |
58.877317 |
588,773.17 |
AQEU |
12/02/2025 |
394,845 |
58.735217 |
23,191,306.76 |
XPAR |
12/02/2025 |
110,000 |
58.724847 |
6,459,733.17 |
CEUX |
12/02/2025 |
30,000 |
58.723469 |
1,761,704.07 |
TQEX |
12/02/2025 |
10,000 |
58.720483 |
587,204.83 |
AQEU |
13/02/2025 |
396,366 |
58.566546 |
23,213,787.57 |
XPAR |
13/02/2025 |
110,000 |
58.574280 |
6,443,170.80 |
CEUX |
13/02/2025 |
30,000 |
58.575526 |
1,757,265.78 |
TQEX |
13/02/2025 |
10,000 |
58.573741 |
585,737.41 |
AQEU |
14/02/2025 |
403,141 |
58.914109 |
23,750,692.82 |
XPAR |
14/02/2025 |
100,000 |
58.920205 |
5,892,020.50 |
CEUX |
14/02/2025 |
30,000 |
58.932021 |
1,767,960.63 |
TQEX |
14/02/2025 |
10,000 |
58.929252 |
589,292.52 |
AQEU |
Total |
2,721,399 |
58.793228 |
159,999,831.35 |
|
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain
statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate
change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that
the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use
of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document.
These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove
to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price
of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment
and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such
as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable
value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies
SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder
to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives
or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in
this document.
The information on risk factors that could have
a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation,
outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration
Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to
U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex,
France, or at the Company website totalenergies.com. You can also obtain this form from
the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Exhibit 99.11

Disclosure of Transactions in Own Shares
Paris, February 25,
2025 – In accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024,
to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the
following purchases of its own shares (FR0000120271) from February 17 to February 21, 2025:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
17/02/2025 |
375,897 |
58.947433 |
22,158,163.22 |
XPAR |
17/02/2025 |
110,000 |
58.945369 |
6,483,990.59 |
CEUX |
17/02/2025 |
30,000 |
58.944916 |
1,768,347.48 |
TQEX |
17/02/2025 |
10,000 |
58.946170 |
589,461.70 |
AQEU |
18/02/2025 |
375,312 |
59.013175 |
22,148,352.74 |
XPAR |
18/02/2025 |
110,000 |
59.010062 |
6,491,106.82 |
CEUX |
18/02/2025 |
30,000 |
59.012128 |
1,770,363.84 |
TQEX |
18/02/2025 |
10,000 |
59.013076 |
590,130.76 |
AQEU |
19/02/2025 |
374,245 |
59.129098 |
22,128,769.28 |
XPAR |
19/02/2025 |
110,000 |
59.141619 |
6,505,578.09 |
CEUX |
19/02/2025 |
30,000 |
59.141670 |
1,774,250.10 |
TQEX |
19/02/2025 |
10,000 |
59.136736 |
591,367.36 |
AQEU |
20/02/2025 |
378,010 |
58.710925 |
22,193,316.76 |
XPAR |
20/02/2025 |
110,000 |
58.710280 |
6,458,130.80 |
CEUX |
20/02/2025 |
30,000 |
58.714653 |
1,761,439.59 |
TQEX |
20/02/2025 |
10,000 |
58.707128 |
587,071.28 |
AQEU |
21/02/2025 |
382,498 |
58.215605 |
22,267,352.48 |
XPAR |
21/02/2025 |
110,000 |
58.217289 |
6,403,901.79 |
CEUX |
21/02/2025 |
30,000 |
58.216538 |
1,746,496.14 |
TQEX |
21/02/2025 |
10,000 |
58.219890 |
582,198.90 |
AQEU |
Total |
2,635,962 |
58.801982 |
154,999,789.72 |
|
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Disclaimer
The terms “TotalEnergies”, “TotalEnergies
company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly
or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be
used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate and independent legal entities.
This document may contain forward-looking statements
(including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect
to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain
statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate
change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that
the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use
of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”,
“may”, “likely”, “might”, “envisions”, “intends”, “anticipates”,
“believes”, “considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates
and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies
as of the date of this document.
These forward-looking statements are not historical
data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove
to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially
estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price
of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating
efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment
and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such
as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable
value of assets and potential impairments of assets relating thereto.
Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies
SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder
to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives
or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party
data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in
this document.
The information on risk factors that could have
a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation,
outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration
Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F
filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary Note to
U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault – 92078 Paris-La Défense Cedex,
France, or at the Company website totalenergies.com. You can also obtain this form from
the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
Exhibit 99.12
 |
PRESS
RELEASE |
Biogas in France: TotalEnergies Starts Its 2nd Largest
Unit in
Normandy
| · | BioNorrois
will produce 153 GWh of biomethane, enough to supply 30,000 inhabitants. |
| · | The
sugar producer Cristal Union will provide up to 80% of the agricultural materials. |
| · | BioNorrois
will also produce 150,000 tons of natural fertilizer per year. |
| · | BioNorrois
will help avoid the emission of 30,000 tons of CO2
per year. |
Paris, February 26, 2025 – TotalEnergies
announces the commissioning of BioNorrois, its 8th biomethane production unit1 in France, located in Fontaine-le-Dun (Normandy).
It will inject 153 GWh of biomethane per year into the natural gas transport network operated by GRTgaz, equivalent to the average annual
gas consumption of more than 30,000 inhabitants.
The French sugar group Cristal Union, partner
in the project and 10% shareholder, will provide beet pulp, residues from its adjacent production site, to the biomethane
plant, which will represent up to 80% of the 185,000 tons of organic materials used.
The 150,000 tons of
digestate2 produced annually by the unit will be fully utilized by Cristal Union and the Norman cooperative NatUp with partner
farms, to support them in their transition to the use of sustainable and locally produced fertilizers. This new territorial installation
will save more than 5,500 tons of chemical fertilizers each year and avoid emitting 30,000 tons of CO2.
The development of BioNorrois is the result of consultation
with all local stakeholders, including more than 130 farmers and agri-food industries as well as local administrations and officials,
allowing the project to adapt to the needs of the territory.
“We are delighted with the commissioning of
this new anaerobic digestion unit in Normandy, comparable in size to BioBéarn, our largest production
site in France. With this new plant, which brings our biogas production capacity in the country to more than 800 GWh, TotalEnergies confirms
its position as a major player in the market. With Cristal Union, we are partnering long-term with a robust, internationally recognized
partner committed to sustainable growth of its activities. With this new biogas project, TotalEnergies continues to contribute to the
promotion of a circular economy with multiple local benefits, the production of renewable energies, and the decarbonization of the French
energy mix,” said Karine Boissy-Rousseau, VP Green Gases at TotalEnergies.
“We are pleased with the commissioning of this
biomethane production unit located close to our sugar factory in Fontaine-le-Dun. Cristal Union has been committed to decarbonizing its
activities for over 20 years. Unlike many industries, we have an asset: the ability to valorize the residues of our production, beet
pulp, and industrial effluents, and reuse them to produce energy through anaerobic digestion or combustion. This partnership with TotalEnergies
is a full-scale project for the treatment of pulp. Beyond the production of biogas from our production residues, it will allow us to
provide our partner farmers with digestate to spread on their fields. A true circular economy project!” said Xavier Astolfi,
General Manager of Cristal Union.
1 In France,
TotalEnergies operates 8 biomethane production units, which inject renewable gas into the gas network, and 8 biogas production units
providing electricity and heat through cogeneration.
2 Natural
fertilizer, co-product of anaerobic digestion.
***
About Cristal Union
The Cristal Union Group
is among the leading European producers of sugar and alcohol. It is primarily based in France but achieves a significant portion of its
sales abroad. The Group brings together more than 2,000 employees and 9,000 cooperative members. Its governance, organization, and operations
are based on the cooperative model. https://www.cristal-union.fr
Cristal Union Contacts
Eve-Marie Laporte – +33 (0)6 28 59
21 04 – emlaporte@cristal-union.fr
TotalEnergies and Biogas
A major player in the
sector in France with now more than 800 GWh of biogas production capacity, TotalEnergies aims to continue its growth in Europe and the
United States by partnering with leading companies, including Vanguard Renewables and Clean Energy in the United States. The Company
is present across the entire value chain, from project development to the commercialization of this renewable gas and its by-products
(biofertilizers, bioCO2). It aims for a gross capacity of 10 TWh equivalent biomethane per
year by 2030 – equivalent to the average annual consumption of 1.6 million inhabitants and a reduction of CO2 emissions by 1.6
million tons.
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future
and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).
Exhibit 99.13
PRESS RELEASE
Jeunes Agriculteurs and TotalEnergies
Strengthen Their
Partnership for the Energy Transition of the Agricultural World
| · | TotalEnergies
and Jeunes Agricuteurs have been partners for 40 years. |
| · | A
strengthened partnership to jointly leverage the energy transition. |
Paris, February 26,
2025 – TotalEnergies and Jeunes Agriculteurs
(JA) announce the signing of a cooperation protocol aimed at supporting young farmers in the energy transition, thus contributing
to the sustainability of their farming activities and attracting younger generations to agriculture.
Since 1986, TotalEnergies has partnered with Jeunes
Agriculteurs through its involvement as a founding member of the "Terres Innovantes" endowment fund and as a premium partner
of "Terres de JIM," an annual event that promotes and enhances the farming profession. The new cooperation framework signed
today between TotalEnergies and Jeunes Agriculteurs covers the following areas:
| · | The
development of sustainable energy solutions adapted to farms and agricultural sectors (biogas,
agrivoltaics). |
| · | Supporting
young farmers in implementing more energy-efficient practices. |
| · | Technological
innovation through the implementation of pilot agri-energy projects and their experimental
monitoring. |
| · | Financing
energy transition projects that comply with the plans and future contracts developed by Jeunes
Agriculteurs. |
TotalEnergies and Jeunes Agriculteurs share
a common desire to provide solutions and tools adapted to the challenges and needs of farmers. This will be reflected in collaboration
between their teams through working groups, meetings, and experience sharing.
"I am delighted to celebrate nearly 40 years
of TotalEnergies' commitment to the French agricultural sector and to deepen our partnership with Jeunes Agriculteurs today. Facing
the challenge of the energy transition, but also the opportunities it offers, our goal is to support young farmers in developing concrete
solutions such as agrivoltaics, which protect crops while providing additional income for farmers. By combining agriculture and energy
production on farms, our two sectors are concretely contributing to the French energy transition," said Patrick Pouyanné,
Chairman and CEO of TotalEnergies.
"Jeunes Agriculteurs is a union of work
and solutions fully committed to helping new generations face climatic, economic, demographic, and energy challenges. Alone we are a
spur. Accompanied, we are in a position to build a more sustainable future, respectful of the nourishing vocation of farms and securing
their economic sustainability. Through the strength of our network, while remaining faithful to our values and historical partners, such
as TotalEnergies, we want to accelerate this movement alongside the continent's key institutions and companies," said Pierrick
Horel, President of Jeunes Agriculteurs.
***
About Jeunes Agriculteurs
Founded in 1957, Jeunes Agriculteurs is the
only professional union composed exclusively of young people under the age of 38. Apolitical and independent, the union represents 50,000
farmers from all types of production. Distributed across 14 regional structures and 95 departmental structures, Young Farmers aims to
defend the interests of young farmers and promote access to the farming profession to ensure generational renewal in agriculture.
Jeunes Agriculteurs Contacts
Etienne Leray – Conseiller relations
presse et communication digitale : eleray@jeunes-agriculteurs.fr Thomas Debrix D’Aietti
– Responsable du service communication et affaires publiques : tdebrix@jeunes-agriculteurs.fr
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
 |
@TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
 |
TotalEnergies |
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future
and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).
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