TOTALENERGIES SE PRESS RELEASE
First quarter 2024 results
With $5.1B adjusted net income and $8.2B CFFO,
TotalEnergies delivers strong results in line with its ambitious 2024 objectives
1Q24 | 4Q23 | Change | 1Q23 | Change | |
vs 4Q23 | vs 1Q23 | ||||
Net income (TotalEnergies share) (B$) | 5.7 | 5.1 | +13% | 5.6 | +3% |
Adjusted net income (TotalEnergies share)(1) | |||||
- in billions of dollars (B$) | 5.1 | 5.2 | -2% | 6.5 | -22% |
- in dollars per share | 2.14 | 2.16 | -1% | 2.61 | -18% |
Adjusted EBITDA(1) (B$) | 11.5 | 11.7 | -2% | 14.2 | -19% |
Cash flow from operations | 8.2 | 8.5 | -4% | 9.6 | -15% |
excluding working capital (CFFO)(1) (B$) | |||||
Cash flow from operating activities (B$) | 2.2 | 16.2 | -87% | 5.1 | -58% |
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Paris, April 26, 2024 - The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on April 25, 2024, to approve the first quarter 2024 financial statements. On the occasion, Patrick Pouyanné said:
"Celebrating its 100th year anniversary in 2024, TotalEnergies demonstrates once again this quarter the relevance of its balanced transition strategy that is anchored on two pillars, hydrocarbons and power, delivering strong results and an attractive shareholder return. In a context of sustained oil prices and refining margins but softening gas prices, the Company announced first quarter 2024 adjusted net income of $5.1 billion and cash flow of $8.2 billion, in line with its ambitious 2024 objectives.
During the first quarter, Oil & Gas production was 2.46 Mboe/d, benefiting from 6% quarter-to-quarter production growth in LNG and from start-ups at Mero 2 in Brazil and Akpo West in Nigeria. The Company positively appraised the Venus discovery in Namibia and Cronos in Cyprus. Exploration & Production delivered adjusted net operating income of $2.6 billion and cash flow of $4.5 billion, and confirms its leadership as a low-cost operator with upstream production costs below 5 $/boe.
Integrated LNG achieved adjusted net operating income of $1.2 billion and cash flow of $1.3 billion for the quarter in a softening and less volatile price environment. The Company strengthened its integration in the LNG value chain with the acquisition of Lewis Energy Group's upstream natural gas assets in the Eagle Ford Basin in the United States, and with the signature of an LNG sales agreement to Sembcorp in Asia. The Company further deployed its multi-energy strategy in Oman, launching the fully-electric and very low emissions (3 kg/boe) Marsa LNG project that targets in priority the marine fuels market and developing an 800 MW portfolio of wind and solar projects, including the 300 MW solar project that will supply Marsa LNG.
During the first quarter, Integrated Power generated sequentially higher adjusted net operating income of $0.6 billion and $0.7 billion of cash flow, with a return on average capital employed reaching 10%, confirming the Company's ability to profitability grow across the electricity value chain. TotalEnergies enhanced its integrated position in Texas through a 1.5 GW flexible gas capacity acquisition that closed this quarter.
Downstream adjusted net operating income was $1.2 billion and cash flow was $1.8 billion, benefiting from strong refining margins. The Company finalized the divestment of part of its European retail network to Alimentation Couche- Tard and advanced its development in Sustainable Aviation Fuels (SAF) through partnerships with Airbus and
SINOPEC.
Given these strong results, in line with TotalEnergies' ambitious 2024 objectives, the Board of Directors decided the distribution of a first interim dividend of 0.79 €/share for fiscal year 2024, an increase close to 7% compared to 2023, and authorized the Company to buy back shares for $2 billion in the second quarter of 2024."
- 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.
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1. Highlights (2)1
- 100th anniversary of TotalEnergies on March 28, 2024, and launch of the "100 for 100" operation:
- 100 TotalEnergies free shares allocation plan to the 100,000 employees of the Company*
- €100 offer to the first new 100,000 electricity customers and to 100,000 individual gas station customers in France subject to conditions
Social and environmental responsibility
- Publication of the Sustainability & Climate - 2024 Progress Report presenting the progress made by the Company in 2023 in the implementation of its strategy and its climate ambition
- TotalEnergies ranks #1 in the Net Zero Standard for Oil & Gas benchmark published by Climate Action 100+
- Launch of Care Together by TotalEnergies program, reflecting the Company's commitment to social responsibility towards its employees
- Continuation of the €1.99/L gas price cap in France
- Launch of the 2024 annual share capital increase reserved for employees, TotalEnergies ranking #1 in employee share ownership in Europe according to the European Federation of Employee Share Ownership
- Deployment of a generative artificial intelligence tool for all TotalEnergies' employees
Upstream
- Production start-up of the second phase of the Mero field in Brazil
- Production start-up from the Akpo West field in Nigeria
- Gas production restart at the Tyra offshore hub in Denmark after a major redevelopment
- Agreements with OMV and Sapura Upstream Assets to acquire 100% of SapuraOMV shares, an independent gas producer and operator, in Malaysia
- Acquisition of an interest in block 3B/4B, offshore South Africa
- Positive appraisal of the Cronos gas discovery in block 6, in Cyprus
- Expansion of the partnership with Sonatrach in the Timimoun region in Algeria
- Creation of a joint venture with Vantage (75%/25%) to acquire the Tungsten Explorer drillship
- Launch of an innovative subsea technology to separate and reinject CO2-rich gas at the Mero field in Brazil
Downstream
- Closing of the divestment of retail networks in Belgium, Luxemburg and the Netherlands to Couche-Tard
- Partnership with Bapco Energies in Bahrain in petroleum products trading
- Strategic partnership with Airbus in Sustainable Aviation Fuels (SAF)
- Partnership with SINOPEC to jointly develop a SAF production unit at SINOPEC's refinery in China
Integrated LNG
- Launch of the 1 Mt/y Marsa LNG project, which is a fully electrified and very low emissions (3 kg CO2/boe) LNG plant in Oman, supplied by a 300 MW solar farm
- Acquisition of the 20% interest held by Lewis Energy Group in the Dorado leases in the Eagle Ford shale gas play in Texas
- Signature of a long-term LNG contract to supply 0.8 Mt/y to Sembcorp in Singapore for 16 years
- Extension of the 2 Mt/y LNG supply contract with Sonatrach in Algeria until 2025
Integrated Power
- Closing of the 1.5 GW acquisition of flexible power generation capacity in Texas
- Launch of a new 75 MWh battery storage project, in Belgium
- Over 1.5 GW of PPAs signed with 600 industrial and commercial customers worldwide
Decarbonization and low-carbon molecules
- Acquisition of carbon storage projects from Talos Low Carbon Solutions, in the United States
- Creation of a joint-venture with Vanguard Renewables (50%/50%), a BlackRock subsidiary, to produce biomethane in the United States
- Founding member of the international "e-NG Coalition" to support the development of production and use of synthetic methane
- 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.
- Designates TotalEnergies SE and the companies in which TotalEnergies holds more that 50% of the share capital and which are directly and indirectly controlled by TotalEnergies SE or under joint control, with the exception of a limited number of companies co-managed with other oil players, as well as those registered or incorporated in a country under economic sanctions.
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2. Key figures from TotalEnergies' consolidated financial statements (1) (1) (2)
In millions of dollars, except effective tax rate, | 1Q24 | 1Q24 | |||
1Q24 | 4Q23 | vs | 1Q23 | vs | |
earnings per share and number of shares | |||||
4Q23 | 1Q23 | ||||
Adjusted EBITDA (1) | 11,493 | 11,696 | -2% | 14,167 | -19% |
Adjusted net operating income from business segments | 5,600 | 5,724 | -2% | 6,993 | -20% |
Exploration & Production | 2,550 | 2,802 | -9% | 2,653 | -4% |
Integrated LNG | 1,222 | 1,456 | -16% | 2,072 | -41% |
Integrated Power | 611 | 527 | +16% | 370 | +65% |
Refining & Chemicals | 962 | 633 | +52% | 1,618 | -41% |
Marketing & Services | 255 | 306 | -17% | 280 | -9% |
Contribution of equity affiliates to adjusted net income | 621 | 597 | +4% | 1,079 | -42% |
Effective tax rate (3) | 37.8% | 37.7% | - | 41.4% | - |
Adjusted net income (TotalEnergies share) (1) | 5,112 | 5,226 | -2% | 6,541 | -22% |
Adjusted fully-diluted earnings per share (dollars) (4) | 2.14 | 2.16 | -1% | 2.61 | -18% |
Adjusted fully-diluted earnings per share (euros) (5) | 1.97 | 2.02 | -2% | 2.43 | -19% |
Fully-dilutedweighted-average shares (millions) | 2,352 | 2,387 | -1% | 2,479 | -5% |
Net income (TotalEnergies share) | 5,721 | 5,063 | +13% | 5,557 | +3% |
Organic investments (1) | 4,072 | 6,139 | -34% | 3,433 | +19% |
Acquisitions net of assets sales (1) | (500) | (5,404) | ns | 2,987 | ns |
Net investments (1) | 3,572 | 735 | x4,9 | 6,420 | -44% |
Cash flow from operations excluding working capital (CFFO) (1) | 8,168 | 8,500 | -4% | 9,621 | -15% |
Debt Adjusted Cash Flow (DACF) (1) | 8,311 | 8,529 | -3% | 9,774 | -15% |
Cash flow from operating activities | 2,169 | 16,150 | -87% | 5,133 | -58% |
Gearing (1) of 10.5% at March 31, 2024 vs.5.0% at December 31, 2023 and 11.5% at March, 31 2023.
- 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).
- 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.
- Average €-$ exchange rate: 1.0858 in the first quarter 2024, 1.0751 in the fourth quarter 2023 and 1.0730 in the first quarter 2023.
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3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment - liquids and gas price realizations, refining margins
1Q24 | 1Q24 | ||||
1Q24 | 4Q23 | vs | 1Q23 | vs | |
4Q23 | 1Q23 | ||||
Brent ($/b) | 83.2 | 84.3 | -1% | 81.2 | +3% |
Henry Hub ($/Mbtu) | 2.1 | 2.9 | -28% | 2.7 | -22% |
NBP ($/Mbtu) | 8.7 | 13.3 | -35% | 16.1 | -46% |
JKM ($/Mbtu) | 9.3 | 15.2 | -39% | 16.5 | -44% |
Average price of liquids (6),(7) ($/b) | 78.9 | 80.2 | -2% | 73.4 | +7% |
Consolidated subsidiaries | |||||
Average price of gas (6),(8) ($/Mbtu) | 5.11 | 6.17 | -17% | 8.89 | -43% |
Consolidated subsidiaries | |||||
Average price of LNG (6),(9) ($/Mbtu) | 9.58 | 10.28 | -7% | 13.27 | -28% |
Consolidated subsidiaries and equity affiliates | |||||
European Refining Margin Marker (ERM) (6),(10) ($/t) | 71.7 | 52.6 | +36% | 90.7 | -21% |
3.2 Greenhouse gas emissions (11) 1(2
1Q24 | 1Q24 | ||||
GHG emissions (MtCO2e) | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Scope 1+2 from operated facilities (12) | 8.2 | 7.9 | +4% | 9.1 | -10% |
of which Oil & Gas | 7.1 | 7.2 | -1% | 7.6 | -7% |
of which CCGT | 1.1 | 0.7 | +57% | 1.5 | -27% |
Scope 1+2 - equity share | 11.6 | 11.5 | +1% | 12.8 | -9% |
Estimated quarterly emissions. |
Scope 1+2 emissions from operated installations were up 4% quarter-to-quarter, given the perimeter effect related to gas-fired capacity acquisition in Texas for 1.5 GW. They were nevertheless down 10% year-on-year thanks to the lower gas-fired power plants utilization rate in Europe, continuous decline in flaring emissions on Exploration & Production facilities and carbon footprint reduction initiatives in Refining & Chemicals.
1Q24 | 1Q24 | |||||
Methane emissions (ktCH4) | 1Q24 | 4Q23 | vs | 1Q23 | vs | |
4Q23 | 1Q23 | |||||
Methane emissions from operated facilities | 8 | 9 | -11% | 9 | -11% | |
Methane emissions - equity share | 9 | 11 | -18% | 11 | -18% | |
Estimated quarterly emissions. | ||||||
Scope 3 emissions (MtCO2e) | 1Q24 | 2023 | ||||
Scope 3 from Oil, Biofuels and Gas Worldwide (13) | est. 85 | 355 |
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- Does not include oil, gas and LNG trading activities, respectively.
- Sales in $ / Sales in volume for consolidated affiliates.
- Sales in $ / Sales in volume for consolidated affiliates.
- Sales in $ / Sales in volume for consolidated and equity affiliates.
- 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.
- The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company's emissions or are considered as non-material and are therefore not counted.
- 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).
- TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company's customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.
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3.3 Production (14) 1
1Q24 | 1Q24 | ||||
Hydrocarbon production | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Hydrocarbon production (kboe/d) | 2,461 | 2,462 | - | 2,524 | -2% |
Oil (including bitumen) (kb/d) | 1,322 | 1,341 | -1% | 1,398 | -5% |
Gas (including condensates and associated NGL) (kboe/d) | 1,139 | 1,121 | +2% | 1,126 | +1% |
Hydrocarbon production (kboe/d) | 2,461 | 2,462 | - | 2,524 | -2% |
Liquids (kb/d) | 1,482 | 1,506 | -2% | 1,562 | -5% |
Gas (Mcf/d) | 5,249 | 5,158 | +2% | 5,191 | +1% |
Hydrocarbon production was 2,461 thousand barrels of oil equivalent per day in the first quarter 2024, stable quarter-to-quarter thanks to production growth in LNG and from start-ups at Mero 2 in Brazil and Akpo West in Nigeria, which were partially compensated by the Canadian oil sands assets disposals that were effective this quarter. Hydrocarbon production excluding Canada was up 1%.
Hydrocarbon production was up 1.5% year-on-year (excluding Canada) and was comprised of:
- +2% due to projects ramp-ups, including Mero 2 in Brazil, Block 10 in Oman, Tommeliten Alpha in Norway, and Absheron in Azerbaijan,
- +1% due to lower planned maintenance and unplanned shutdowns,
- +1% portfolio effect related to the entry in the producing fields of SARB Umm Lulu in the United Arab Emirates, partially offset by the end of the Bongkot operating licenses in Thailand,
- -2.5%due to the natural decline of the fields.
When taking into account the Canadian oil sands assets disposals, production was down 2% year-on-year.
- Company production = E&P production + Integrated LNG production.
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4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
1Q24 | 1Q24 | ||||
Hydrocarbon production | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
EP (kboe/d) | 1,969 | 1,998 | -1% | 2,061 | -4% |
Liquids (kb/d) | 1,419 | 1,448 | -2% | 1,500 | -5% |
Gas (Mcf/d) | 2,937 | 2,946 | - | 3,012 | -2% |
4.1.2 Results
1Q24 | 1Q24 | ||||
In millions of dollars, except effective tax rate | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Adjusted net operating income | 2,550 | 2,802 | -9% | 2,653 | -4% |
including adjusted income from equity affiliates | 145 | 130 | +12% | 135 | +7% |
Effective tax rate (15) | 48.5% | 47.7% | - | 57.1% | - |
Organic investments (1) | 2,041 | 3,117 | -35% | 2,134 | -4% |
Acquisitions net of assets sales (1) | 36 | (4,306) | ns | 1,938 | -98% |
Net investments (1) | 2,077 | (1,189) | ns | 4,072 | -49% |
Cash flow from operations excluding working capital (CFFO) (1) | 4,478 | 4,690 | -5% | 4,907 | -9% |
Cash flow from operating activities | 3,590 | 5,708 | -37% | 4,536 | -21% |
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Exploration & Production adjusted net operating income was $2,550 million in the first quarter 2024, down 9% quarter-to-quarter and down 4% year-on-year, primarily driven by lower gas prices and production.
Cash flow from operations excluding working capital (CFFO) was $4,478 million in the first quarter 2024, down 5% quarter-to-quarter and down 9% year-on-year, for the same reasons.
- 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).
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4.2 | Integrated LNG | |||||
4.2.1 | Production | |||||
1Q24 | 1Q24 | |||||
Hydrocarbon production for LNG | 1Q24 | 4Q23 | vs | 1Q23 | vs | |
4Q23 | 1Q23 | |||||
Integrated LNG (kboe/d) | 492 | 464 | +6% | 463 | +6% | |
Liquids (kb/d) | 63 | 58 | +9% | 62 | +1% | |
Gas (Mcf/d) | 2,312 | 2,212 | +5% | 2,179 | +6% | |
1Q24 | 1Q24 | |||||
Liquefied Natural Gas in Mt | 1Q24 | 4Q23 | vs | 1Q23 | vs | |
4Q23 | 1Q23 | |||||
Overall LNG sales | 10.7 | 11.8 | -9% | 11.0 | -3% | |
incl. Sales from equity production* | 4.2 | 4.0 | +5% | 4.0 | +5% | |
incl. Sales by TotalEnergies from equity production and third | 9.3 | 10.8 | -14% | 9.9 | -6% | |
party purchases | ||||||
- The Company's equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG was up 6% quarter-to-quarter, thanks to higher installations availability, mainly on Ichthys in Australia and QatarEnergy LNG N(2) in Qatar, as well as the increased supply of NLNG in Nigeria.
In the first quarter 2024, LNG sales decreased by 9% quarter-to-quarter, mainly due to lower demand in Europe as a result of milder winter weather and high inventories. Volumes were also impacted by partial downtime at Freeport LNG in the United States this quarter.
4.2.2 Results
1Q24 | 1Q24 | ||||
In millions of dollars | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Adjusted net operating income | 1,222 | 1,456 | -16% | 2,072 | -41% |
including adjusted income from equity affiliates | 494 | 500 | -1% | 786 | -37% |
Organic investments (1) | 540 | 790 | -32% | 396 | +36% |
Acquisitions net of assets sales (1) | (12) | 48 | ns | 759 | ns |
Net investments (1) | 528 | 838 | -37% | 1,155 | -54% |
Cash flow from operations excluding working capital (CFFO) (1) | 1,348 | 1,763 | -24% | 2,081 | -35% |
Cash flow from operating activities | 1,710 | 2,702 | -37% | 3,536 | -52% |
Integrated LNG adjusted net operating income was $1,222 million in the first quarter 2024, down 16% quarter- to-quarter, reflecting lower LNG prices and sales. Due to the low price volatility observed this quarter, the LNG trading result was in line with the historical average.
Cash flow from operations excluding working capital (CFFO) for Integrated LNG was $1,348 million in the first quarter 2024, down 24% quarter-to-quarter, for the same reasons and due to the timing effect in dividend payments from some equity affiliates.
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4.3 | Integrated Power | |||||
4.3.1 Productions, capacities, clients and sales | ||||||
1Q24 | 1Q24 | |||||
Integrated Power | 1Q24 | 4Q23 | vs | 1Q23 | vs | |
4Q23 | 1Q23 | |||||
Net power production (TWh) * | 9.6 | 8.0 | +20% | 8.4 | +14% | |
o/w production from renewables | 6.0 | 5.5 | +10% | 3.8 | +56% | |
o/w production from gas flexible capacities | 3.6 | 2.5 | +42% | 4.5 | -21% | |
Portfolio of power generation net installed capacity (GW) ** | 19.5 | 17.3 | +13% | 12.7 | +54% | |
o/w renewables | 13.7 | 13.0 | +5% | 8.4 | +64% | |
o/w gas flexible capacities | 5.8 | 4.3 | +35% | 4.3 | +35% | |
Portfolio of renewable power generation gross capacity (GW) **,*** | 84.1 | 80.1 | +5% | 70.4 | +19% | |
o/w installed capacity | 23.5 | 22.4 | +5% | 17.9 | +31% | |
Clients power - BtB and BtC (Million) ** | 6.0 | 5.9 | +1% | 6.0 | -1% | |
Clients gas - BtB and BtC (Million) ** | 2.8 | 2.8 | - | 2.8 | - | |
Sales power - BtB and BtC (TWh) | 14.9 | 13.9 | +7% | 15.5 | -4% | |
Sales gas - BtB and BtC (TWh) | 35.7 | 30.7 | +16% | 37.3 | -4% | |
- Solar, wind, hydroelectric and gas flexible capacities.
- End of period data.
- Includes 20% of Adani Green Energy Ltd's gross capacity, 50% of Clearway Energy Group's gross capacity and 49% of Casa dos Ventos' gross capacity.
Net power production was 9.6 TWh in the first quarter 2024, up 20% quarter-to-quarter. Renewable production is up 10% quarter-to-quarter and gas flexible capacities production growth benefited from the 1.5 GW gas flexible capacity acquisition in Texas that closed during the first quarter.
Gross installed renewable power generation capacity reached 23.5 GW at the end of the first quarter 2024, up by more than 1 GW quarter-to-quarter, including 0.5 GW installed in the United States (Clearway, Danish Fields) and 0.4 GW in India.
4.3.2 Results
1Q24 | 1Q24 | ||||
In millions of dollars | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Adjusted net operating income | 611 | 527 | +16% | 370 | +65% |
including adjusted income from equity affiliates | (39) | 21 | ns | 56 | ns |
Organic investments (1) | 943 | 674 | +40% | 577 | +63% |
Acquisitions net of assets sales (1) | 735 | 532 | +38% | 519 | +42% |
Net investments (1) | 1,678 | 1,206 | +39% | 1,096 | +53% |
Cash flow from operations excluding working capital (CFFO) (1) | 692 | 705 | -2% | 440 | +57% |
Cash flow from operating activities | (249) | 638 | ns | (1,285) | ns |
Integrated Power adjusted net operating income was $611 million in the first quarter 2024, up 16% quarter-to- quarter, reflecting activity growth.
Cash flow from operations excluding working capital (CFFO) for Integrated Power was $692 million, as fourth quarter 2023 benefited from higher dividends from equity affiliates.
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4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
1Q24 | 1Q24 | ||||
In millions of dollars | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Adjusted net operating income | 1,217 | 939 | +30% | 1,898 | -36% |
Organic investments (1) | 520 | 1,504 | -65% | 290 | +79% |
Acquisitions net of assets sales (1) | (1,258) | (1,679) | ns | (229) | ns |
Net investments (1) | (738) | (175) | ns | 61 | ns |
Cash flow from operations excluding working capital (CFFO) (1) | 1,770 | 1,692 | +5% | 2,189 | -19% |
Cash flow from operating activities | (2,237) | 6,584 | ns | (1,524) | ns |
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4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
1Q24 | 1Q24 | ||||
Refinery throughput and utilization rate* | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Total refinery throughput (kb/d) | 1,424 | 1,381 | +3% | 1,403 | +2% |
France | 382 | 444 | -14% | 357 | +7% |
Rest of Europe | 618 | 582 | +6% | 596 | +4% |
Rest of world | 424 | 355 | +19% | 450 | -6% |
Utilization rate based on crude only** | 79% | 79% | 78% | ||
- Includes refineries in Africa reported in the Marketing & Services segment.
- Based on distillation capacity at the beginning of the year.
1Q24 | 1Q24 | ||||
Petrochemicals production and utilization rate | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Monomers* (kt) | 1,287 | 1,114 | +16% | 1,295 | -1% |
Polymers (kt) | 1,076 | 985 | +9% | 1,111 | -3% |
Steam cracker utilization rate** | 73% | 60% | 75% | ||
- Olefins.
- Based on olefins production from steam crackers and their treatment capacity at the start of the year.
Refining throughput was up 3% quarter-to-quarter mainly due to the restart of Satorp in Saudi Arabia, despite an unplanned shutdown at the Donges refinery in France.
Petrochemicals production was up 16% quarter-to-quarter for monomers and 9% for polymers thanks to better steam cracker utilization rates in Europe and the United States.
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4.5.2 Results
1Q24 | 1Q24 | ||||
In millions of dollars | 1Q24 | 4Q23 | vs | 1Q23 | vs |
4Q23 | 1Q23 | ||||
Adjusted net operating income | 962 | 633 | +52% | 1,618 | -41% |
Organic investments (1) | 419 | 1,002 | -58% | 198 | x2.1 |
Acquisitions net of assets sales (1) | (20) | (11) | ns | 5 | ns |
Net investments (1) | 399 | 991 | -60% | 203 | +97% |
Cash flow from operations excluding working capital (CFFO) (1) | 1,291 | 1,173 | +10% | 1,733 | -26% |
Cash flow from operating activities | (2,129) | 4,825 | ns | (851) | ns |
Refining & Chemicals adjusted net operating income was $962 million in the first quarter 2024, up 52% quarter- to-quarter thanks to higher refining margins and higher refinery throughput.
Cash flow from operations excluding working capital (CFFO) of $1,291 million in the first quarter 2024 grew less than adjusted net operating income (+10% quarter-to-quarter) due to the timing effect in dividend payments from equity affiliates.
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TotalEnergies SE published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 09:11:10 UTC.
