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
November 1st,
2024
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.
Form 20-F x 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 |
Suriname:
TotalEnergies announces Final Investment Decision for the GranMorgu development on Block 58 (October 1, 2024). |
|
|
Exhibit 99.2 |
Strategy &
Outlook Presentation 2024 (October 1, 2024). |
|
|
Exhibit 99.3 |
Integrated
Power in Germany: TotalEnergies joins RWE in two offshore wind projects (October 7, 2024). |
|
|
Exhibit 99.4 |
Disclosure
of Transactions in Own Shares (October 7, 2024). |
|
|
Exhibit 99.5 |
Decarbonizing
French Industry: TotalEnergies Signs a Renewable Electricity Supply Agreement with Saint-Gobain (October 8, 2024) |
|
|
Exhibit 99.6 |
TotalEnergies
Expands Global LNG Bunkering Footprint (October 10, 2024). |
|
|
Exhibit 99.7 |
Disclosure
of Transactions in Own Shares (October 14, 2024). |
|
|
Exhibit 99.8 |
Brazil:
TotalEnergies sells its fuel distribution activities to SIM Distribuidora (October 18, 2024). |
|
|
Exhibit 99.9 |
Disclosure
of Transactions in Own Shares (October 21, 2024). |
|
|
Exhibit 99.10 |
Disclosure
of Transactions in Own Shares (October 28, 2024). |
|
|
Exhibit 99.11 |
Renewables &
Green Hydrogen: TE H2, CIP, and A.P. Møller Capital Partner for a Large-Scale Project in the Kingdom of Morocco (October 28,
2024). |
|
|
Exhibit 99.12 |
Denmark:
TotalEnergies discovers new gas condensate resources in offshore Harald field (October 29, 2024). |
|
|
Exhibit 99.13 |
Brazil:
First oil of Mero-3 (October 30, 2024). |
|
|
Exhibit 99.14 |
Third
Quarter 2024 Results (October 31, 2024). |
|
|
Exhibit 99.15 |
TotalEnergies
announces the third interim dividend of €0.79/share for fiscal year 2024, an increase close to 7% compared to 2023 (October 31,2024). |
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: November 1st,
2024 |
By: |
/s/
GWENOLA JAN |
|
|
Name: |
Gwenola Jan |
|
|
Title: |
Company Treasurer |
Exhibit
99.1
|
PRESS
RELEASE |
Suriname:
TotalEnergies announces Final Investment Decision
for the GranMorgu development on Block 58
Paramaribo,
October 1, 2024 – Patrick Pouyanné, Chairman and CEO of TotalEnergies, met today in Paramaribo with His Excellency
Chandrikapersad Santokhi, President of the Republic of Suriname, and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V., Suriname’s
National Oil Company, to announce the Final Investment Decision (FID) for the “GranMorgu” development located on offshore
Block 58.
“GranMorgu”
means both “new dawn” and “Goliath grouper” in Sranan Tongo, thelocal language.
A
landmark project in a prolific basin
The
GranMorgu project will develop the Sapakara and Krabdagu oil discoveries, on which a successful exploration and appraisal campaign was
completed in 2023. The fields are located 150 km off the coast of Suriname and hold recoverable reserves estimated at over 750 million
barrels.
The
project includes a 220,000 barrels of oil per day Floating Production Storage and Offloading (FPSO) unit, that replicates a proven and
efficient design. Total investment is estimated at around $10.5 billion and first oil is expected in 2028. The GranMorgu FPSO is designed
to accommodate future tie-back opportunities that would extend its production plateau.
TotalEnergies
is the operator of Block 58 with a 50% interest, alongside APA Corporation (50%). Staatsolie has announced its intent to exercise its
option to enter the development project with up to 20% interest. Partners agreed that Staatsolie will contribute to the project from
FID and will finalise its interest before June 2025.
Leveraging
best-in-class technologies to minimize GHG emissions
GranMorgu
leverages technology to minimize greenhouse gas emissions, with a scope 1 and 2 emissions intensity below 16 kg CO2e/boe thanks in particular
to:
| · | an
all-electric FPSO configuration, with zero routine flaring and full reinjection of associated
gas into the reservoirs; |
| · | an
optimized power usage with a Waste Heat Recovery Unit and optimized water cooling for improved
efficiency; |
| · | the
installation of a permanent methane detection and monitoring system relying on a network
of sensors. |
Maximising
local content for the benefit of Suriname economy and people
Significant
investments will be made in local content and job creation and will contribute to the development of the Surinamese economy.
Paramaribo will serve as the primary hub for administrative, support and logistic activities. Local companies will be involved in
logistics, well services, as well as the installation and operations of the subsea systems and the FPSO. Overall local content is
estimated to be more than 1 B$ and more than 6000 jobs (2000 direct and 4000 indirect and induced) are expected to be created in
Suriname.
Alongside
the FID announcement, TotalEnergies and its partner APA signed a Memorandum of Understanding with the Health Ministry to support the
rehabilitation of two mother and child hospitals in Paramaribo.
“I
am very pleased to launch today the GranMorgu project alongside our partners Staatsolie and APA and I sincerely thank the State of Suriname
for its strong support. Building on TotalEnergies’ pioneering spirit, this landmark project marks the first offshore development
in the country and capitalizes on our extensive expertise in deep offshore innovation. Launched only a year after the end of appraisal,
GranMorgu fits with our strategy to accelerate time-to-market and develop low-cost and low emission oil projects," said Patrick
Pouyanné, Chairman and CEO of TotalEnergies. "We look forward to continuing our fruitful collaboration with Staatsolie
to deliver a transformative project for Suriname’s economy.”
“Suriname
and its people welcome and appreciate the final investment decision of Total Energies and APA Corporation regarding Block 58 with Staatsolie
Suriname NV. We consider this a historic and milestone occasion, creating significant opportunities and revenue prospects for Suriname,
as well as attracting investors worldwide”, said His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname.
“This important decision will boost our domestic capabilities and investments and have a major impact on local content opportunities.
Suriname is committed to a strong and loyal partnership and expects that the offshore oil and gas development will take off in compliance
with environmentally regulations and standard.”
“The
FID is a historic milestone in Suriname's oil and gas industry. What seemed like a distant dream is becoming a reality. This will be
the largest investment ever in our country. Deliberations with TotalEnergies were always constructive and we thank them for the cooperation
to arrive at this moment. This project will yield significant income for Suriname and needs to lead to better living standards for every
citizen of Suriname. We are convinced, based on the measures taken and the track record of TotalEnergies, that the GranMorgu project
will have a worldclass operational and environmental performance. Staatsolie congratulates the Surinamese society with this special moment”,
said Annand Jagesar, CEO of Staatsolie.
***
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
99.2
|
PRESS
RELEASE |
Strategy &
Outlook Presentation 2024
“More
energy, less emissions, more free cash-flow”
TotalEnergies
advances its balanced and profitable multi-energy strategy
2024-2030:
energy production growth of 4% per year
+$10 billion underlying free cash flow growth
Buy-backs
of $8 billion in 2024
and $2 billion per quarter in 20251
New
York, October 2nd, 2024 – Patrick Pouyanné, Chairman and CEO, and the members of the Executive Committee
will present TotalEnergies’ Strategy & Outlook in New York today. The webcast of the presentation in English is available
on totalenergies.com.
TotalEnergies
advances its balanced and profitable transition strategy anchored on two pillars: Oil & Gas, notably LNG, and electricity, growing
its global energy production (oil, gas, electricity, bioenergy) by 4% per year through 2030 while drastically lowering the emissions
from its operations (-40% on Scope 1+2 net in 2030 vs 2015 and - 80% on methane in 2030 vs 2020). As a result of this transition strategy,
the average carbon content of TotalEnergies energy sales will be 25% lower in 2030 vs 2015.
Since
its last outlook in September 2023, TotalEnergies has de-risked its growth and profitability perspectives in several ways:
| - | Oil &
Gas production average growth of ~3% per year to 2030, led by LNG, thanks to the launch
of six major projects in 2024 (two in Brazil, Suriname, Angola, Oman, Nigeria) that de-risk,
high-grade and extend guidance from 2028 to 2030. Over the next two years 2025 and 2026,
growth will exceed 3% per year due to the start-up of several high margin projects
(US GoM, Brazil, Iraq, Uganda, Argentina, Malaysia, Qatar) which are accretive in
net income per barrel and cash-flow per barrel. In 2024, the Company has also de-risked its
LNG exposure to spot gas prices by signing long-term LNG sales contracts mainly indexed on
Brent and by developing its upstream gas production in the US through two low-cost acquisitions. |
| | Natural
gas is indeed at the core of TotalEnergies’ transition strategy through an outstanding
LNG growth (+50% over 2024-2030) and a gas-to-power integration supporting its profitable
Integrated Power strategy to complement the intermittent renewables. |
-
Growing electricity generation, reaching more than 100 TWh in 2030, of which 70% will be renewable and 30% flexible-based. It
will represent nearly 20% of global energy production of the Company. By actively completing in 2024 its integrated model in key targeted
deregulated markets, Integrated Power is making progress on its main levers to achieve at least 12% ROACE by 2028-2030 and
will be net cash positive by 2028.
1
Assuming reasonable market conditions
TotalEnergies
confirms net investments between $16-18 billion per year during 2025-2030, of which around $5 billion will be dedicated to low-carbon
energies. The Company retains flexibility to reduce its net investments by $2 billion in case of a sharp drop in prices.
Thanks
to this clear and disciplined investment policy and the perspective for +$10 billion of free cash flow growth by 2030 (versus
2024 at same price deck), the Board of Directors has confirmed a shareholder return2 of over 40% of cash flow through cycles
and has made the following decisions:
| - | In
2024, execute $8 billion in share buybacks3, corresponding to approximately
5% of the Company's capital. Anticipated shareholder return2 is above 45% of
2024 cash flow. |
| - | In
2025, continue share buybacks3 of $2 billion per quarter assuming reasonable
market conditions, and increase the dividend per share by at least 5% based on the
2024 share buybacks. |
*
* *
About
TotalEnergies
TotalEnergies
is a global multi-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 energy that is ever more affordable, cleaner, more reliable and accessible to as many
people as possible. Active in about 120 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its
projects and operations to contribute to the well-being of people.
Contacts
TotalEnergies
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).
2
Payout = (dividends + share buybacks for cancellation)
/ CFFO
3
Including coverage of employees share grant plans
Exhibit
99.3
|
PRESS RELEASE |
Integrated Power in Germany: TotalEnergies joins RWE in
two offshore
wind projects
Paris, October
7, 2024 – TotalEnergies has signed an agreement with RWE to acquire a 50% stake in two offshore wind projects in the
North Sea. These two projects, N-9.1 (2 GW) and N9.2 (2 GW), located 110 km off the German coast, were awarded to RWE in August 2024
and have 25-year licenses extendable to 35 years.
This acquisition
will add to our already awarded N-12.1, N-11.2 and O-2.2 concessions,
which should enable TotalEnergies to benefit from the synergies of its 6.5 GW German offshore wind hub and optimize its construction
and operation costs.
“We are pleased to strengthen our ties with
RWE, a key player in renewables and our partner in OranjeWind project in the Netherlands. This new partnership contributes to our integrated
development in the German electricity market, the largest in Europe, and will enable TotalEnergies to provide green electrons to decarbonize
the country’s electricity and industry,” said Olivier Jouny, SVP Renewables at TotalEnergies.
“We are delighted to welcome TotalEnergies
onboard as our partner in the delivery of these large-scale offshore wind projects in our home market of Germany. As a trusted partner
in our Dutch offshore wind project OranjeWind, TotalEnergies shares our ambition to further drive the growth of offshore wind energy to
accelerate the energy transition in Germany and beyond. Our RWE teams will bring their many years of experience in the offshore wind industry
and in-depth knowledge of the offshore wind industry to successfully develop and build the two wind farms,” said Sven Utermöhlen,
CEO of RWE Offshore Wind.
Preliminary studies on the marine environment,
subsoil, and wind and oceanographic conditions have already been conducted by the German Federal Maritime and Hydrographic Agency (BSH).
This data will help RWE and TotalEnergies to plan the construction of the parks, which are scheduled to be commissioned in 2031 and 2032,
respectively.
***
TotalEnergies and electricity
As part of its ambition to get to net zero by 2050,
TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible
assets (CCGT, storage) to deliver clean firm power to its customers. By mid-2024, TotalEnergies’ gross renewable electricity generation
installed capacity reached 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of
net electricity production by 2030.
TotalEnergies and offshore wind
TotalEnergies’ portfolio in offshore wind
has a total capacity of more than 17 GW, with most farms bottom-fixed. These projects are located in the United Kingdom (Seagreen, Outer
Dowsing, West of Orkney, Erebus), South Korea (Bada), Taiwan (Yunlin, Haiding 2), France (Eolmed), the United States (Attentive Energy
and Carolina Long Bay), in the Netherlands (OranjeWind), in Germany (Nordsee Energies 1 & 2, Ostsee Energies, N-9.1 and N-9.2).
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
99.4
Disclosure of Transactions in Own Shares
Paris, October 7, 2024 – 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 October 1 to October 4, 2024:
Transaction Date |
Total daily volume
(number of
shares) |
Daily weighted
average purchase
price of shares
(EUR/share) |
Amount of
transactions
(EUR)
|
Market (MIC Code) |
01/10/2024 |
212,755 |
58.608414 |
12,469,233.11 |
XPAR |
01/10/2024 |
118,955 |
58.576440 |
6,967,960.40 |
CEUX |
01/10/2024 |
19,104 |
58.655216 |
1,120,549.25 |
TQEX |
01/10/2024 |
18,607 |
58.643092 |
1,091,172.01 |
AQEU |
02/10/2024 |
205,345 |
60.883989 |
12,502,222.72 |
XPAR |
02/10/2024 |
133,995 |
60.923941 |
8,163,503.42 |
CEUX |
02/10/2024 |
8,329 |
60.964578 |
507,773.97 |
TQEX |
02/10/2024 |
8,279 |
60.965618 |
504,734.35 |
AQEU |
03/10/2024 |
200,800 |
61.362255 |
12,321,540.71 |
XPAR |
03/10/2024 |
120,000 |
61.340658 |
7,360,878.98 |
CEUX |
03/10/2024 |
20,000 |
61.366978 |
1,227,339.56 |
TQEX |
03/10/2024 |
13,555 |
61.329164 |
831,316.82 |
AQEU |
04/10/2024 |
213,908 |
62.565644 |
13,383,291.84 |
XPAR |
04/10/2024 |
120,000 |
62.556343 |
7,506,761.19 |
CEUX |
04/10/2024 |
10,994 |
62.522595 |
687,373.41 |
TQEX |
04/10/2024 |
2,940 |
62.355289 |
183,324.55 |
AQEU |
Total |
1,427,566 |
60.823091 |
86,828,976.29 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the
Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
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 99l 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. TotalEnergies SE has no liability for the
acts or omissions of these 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
99.5
|
PRESS RELEASE |
Decarbonizing French Industry:
TotalEnergies Signs a
Renewable Electricity Supply Agreement with Saint-Gobain
Paris, October 8, 2024 – TotalEnergies
has signed with Saint-Gobain a Power Purchase Agreement (PPA), under which TotalEnergies will supply renewable electricity to Saint-Gobain’s
French facilities. It will take effect from January 2026 for a total volume of 875 GWh over a period of five years.
TotalEnergies will provide Saint-Gobain with a
baseload supply of electricity and guarantees of origin for that amount of power, produced by TotalEnergies’ wind and solar plants
in the northeast and south of France, and the Loire Valley.
The contract for renewable electricity between
the two companies adds to a previous agreement, signed in June 2023, for the sale to Saint-Gobain
of biomethane produced by TotalEnergies at its BioBéarn site.
“We are delighted with this new contract
with Saint-Gobain, a sign of our shared commitment to take carbon out of French industry. It also demonstrates our ability to offer electricity
solutions that meet our client’s needs while ensuring the origin of the green electricity provided”, said Sophie Chevalier,
Vice President, Flexible Power & Integration, TotalEnergies. “In France, TotalEnergies has a renewable portfolio of over
2 GW, preventing the emission into the atmosphere of 800,000 tons of CO2 every year. That’s
a persuasive argument for our customers”, she added.
"Saint-Gobain is committed to achieving net-zero
carbon emissions by 2050. Realizing this ambition involves decarbonizing our production processes. This contract signed with TotalEnergies
allows the Group to take a further step toward this goal with a reliable and continuous supply of renewable electricity for our industrial
sites. With this PPA, combined with others signed by the Group in France, 30% of the electricity will be from renewable sources in France
by 2027", explained Swaroop Srinath, Energy Purchasing Director for the Saint-Gobain Group.
Tailored solutions for the specific needs of our customers worldwide
The PPA with Saint-Gobain follows similar contracts
signed with Air Liquide, Amazon, LyondellBasell, Merck, Microsoft, Orange
and Sasol, and provides a further illustration of TotalEnergies’ ability
to develop innovative solutions by leveraging its diverse asset portfolio to support its customers’ decarbonization efforts.
***
TotalEnergies and electricity
As part of its ambition to get to net zero by 2050,
TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible
assets (CCGT, storage) to deliver clean firm power to its customers. By mid-2024, TotalEnergies’ gross renewable electricity generation
installed capacity reached 24 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100 TWh of
net electricity production by 2030.
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
99.6
|
PRESS
RELEASE
|
TotalEnergies
Expands Global LNG Bunkering Footprint
Paris,
10 October, 2024 – TotalEnergies has signed a charter contract with Spanish shipowner Ibaizabal for a new Liquefied Natural
Gas (LNG) bunker vessel of 18,600m3 capacity. This new vessel will expand the Company’s global presence in bunkering
hubs. In particular, this additional vessel might be deployed in Oman, where the Company is developing the Marsa
LNG project with the objective to provide LNG to the shipping sector in the Gulf.
The
vessel, owned by Ibaizabal, will supply LNG to a wide range of vessels (containerships, tankers, large cruise ships, ferries) at TotalEnergies’
LNG bunkering hubs and meet the highest technical and environmental standards.
Used
as a marine fuel, LNG is an immediately available transition fuel that reduces greenhouse gas (GHG) emissions in the shipping sector
by around 20%. It also significantly improves air quality by reducing nitrogen oxides (NOx) emissions by up to 85%, and it almost completely
eliminates (by 99%) sulfur oxides (SOx) and fine particules. These benefits are particularly impactful when ships are at berth, improving
the quality of life for port cities and communities in coastal areas.
This
new vessel, currently being constructed by Hudong–Zhonghua Shipbuilding in China, will be delivered by the end of 2026 and will
join TotalEnergies’ current fleet of three deployed LNG bunker vessels: the Gas Agility, which has been positioned in the
port of Rotterdam, the Gas Vitality, operated in the Port of Marseille and the Brassavola located in the
Port of Singapore.
“We
are very proud of this agreement with Ibaizabal, which reinforces our position as a main player in LNG bunkering” said Louise
Tricoire, TotalEnergies Senior Vice President, Aviation and Marine Fuels. “With new LNG-fuelled vessels coming on stream at
a rapid pace, we are committed to playing our part in responding to the sector’s increasing demand for this fuel which can help
global shipping meet its decarbonization ambitions.”
Mr
Jorge Zickermann, CEO Ibaizabal Group, said, “Ibaizabal is honoured to be chosen to carry out this Project as it falls within
our strategy of decarbonizing the maritime industry, together with a leading company in the LNG field, while enhancing the already long-term
relationship in shipping with TotalEnergies.”
***
LNG’s
role in shipping’s energy transition
Used
as a marine fuel, LNG helps cut greenhouse gas emissions by around 20% compared to conventional marine fuel and has the potential to
reduce emissions significantly more if bio or synthetic LNG is used. As such, marine LNG is a sustainable, affordable and immediately
available way of reducing emissions in the shipping sector. TotalEnergies has actively invested in LNG bunkering infrastructure, critical
to supporting its shipping customers' adoption of LNG as a marine fuel.
TotalEnergies,
the world’s third largest LNG player
TotalEnergies
is the world’s third largest LNG player with a global portfolio of 44 Mt/y in 2023 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.
***
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
Media Contact
Media
Relations: +33 (0)1 47 44 46 99 l l presse@totalenergies.com @TotalEnergiesPR
Investor
Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
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. TotalEnergies SE has no liability for the acts or omissions
of these 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
99.7
Disclosure
of Transactions in Own Shares
Paris,
October 14, 2024 – 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 October 7 to October 11, 2024:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
07/10/2024 |
205,758 |
63.029557 |
12,968,835.53 |
XPAR |
07/10/2024 |
125,000 |
62.979304 |
7,872,412.95 |
CEUX |
07/10/2024 |
10,037 |
63.030319 |
632,635.31 |
TQEX |
07/10/2024 |
6,030 |
63.019454 |
380,007.31 |
AQEU |
08/10/2024 |
204,164 |
62.593569 |
12,779,353.34 |
XPAR |
08/10/2024 |
125,000 |
62.588313 |
7,823,539.07 |
CEUX |
08/10/2024 |
12,500 |
62.548790 |
781,859.87 |
TQEX |
08/10/2024 |
7,500 |
62.556577 |
469,174.33 |
AQEU |
09/10/2024 |
206,376 |
61.919799 |
12,778,760.50 |
XPAR |
09/10/2024 |
126,729 |
61.904388 |
7,845,081.22 |
CEUX |
09/10/2024 |
12,426 |
61.894066 |
769,095.67 |
TQEX |
09/10/2024 |
8,254 |
61.889158 |
510,833.11 |
AQEU |
10/10/2024 |
262,446 |
62.379876 |
16,371,348.84 |
XPAR |
10/10/2024 |
74,754 |
62.204916 |
4,650,066.32 |
CEUX |
10/10/2024 |
10,068 |
62.179541 |
626,023.62 |
TQEX |
10/10/2024 |
4,928 |
62.181847 |
306,432.14 |
AQEU |
11/10/2024 |
253,324 |
62.429495 |
15,814,889.41 |
XPAR |
11/10/2024 |
90,000 |
62.411671 |
5,617,050.36 |
CEUX |
11/10/2024 |
5,000 |
62.411876 |
312,059.38 |
TQEX |
11/10/2024 |
3,168 |
62.452620 |
197,849.90 |
AQEU |
Total |
1,753,462 |
62.452057 |
109,507,308.18 |
|
Transaction
details
In
accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual
trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
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 99l 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. TotalEnergies SE has no liability for the acts or omissions
of these 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
99.8
|
PRESS
RELEASE
|
Brazil:
TotalEnergies sells its fuel distribution activities to SIM Distribuidora
Paris,
October 18, 2024 – TotalEnergies has signed an agreement to sell its fuel distribution activities in Brazil to SIM Distribuidora,
a Brazilian company. The transaction involves a network of about 240 filling stations and several storage facilities for petroleum products
and ethanol.
SIM
Distribuidora, one of the recognized players of the fuel distribution business in Brazil, belongs to Grupo Argenta, which has more than
500 service stations, lubricants and aviation activities.
This
sale reflects the selective strategy of TotalEnergies in Marketing & Services in the retail network business focussed on core
geographies with significant market share positions. The Company will retain its lubricants blending and distribution activities in Brazil.
The
acquisition remains subject to authorization by the relevant authorities.
***
About TotalEnergies
in Brazil
TotalEnergies
has been operating in Brazil for almost 50 years, through five subsidiaries, and today employs more than 3,500 people in its business
segments, in Exploration & Production, gas, renewable electricity (solar and wind), lubricants and chemicals. TotalEnergies'
Exploration & Production portfolio currently includes 11 licenses, of which 4 are operated. In 2023, the Company's average production
in the country will reach approximately 140,000 barrels of oil equivalent per day. TotalEnergies is investing in the growth of the renewable
energy segment in Brazil. In October 2022, the company entered into a partnership with Casa dos Ventos, Brazil's leading renewable
energy player, to jointly develop a 12 GW renewable energy portfolio.
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
Disclosure of Transactions in Own Shares
Paris, October 21, 2024 – 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 October 14 to October 18, 2024:
Transaction Date |
Total daily volume
(number of
shares) |
Daily weighted
average purchase
price of shares
(EUR/share) |
Amount of
transactions
(EUR)
|
Market (MIC Code) |
14/10/2024 |
249,130 |
62.515968 |
15,574,603.05 |
XPAR |
14/10/2024 |
87,581 |
62.516968 |
5,475,298.60 |
CEUX |
14/10/2024 |
7,460 |
62.505295 |
466,289.50 |
TQEX |
14/10/2024 |
7,549 |
62.508330 |
471,875.38 |
AQEU |
15/10/2024 |
263,383 |
59.769628 |
15,742,303.88 |
XPAR |
15/10/2024 |
90,013 |
59.814220 |
5,384,057.37 |
CEUX |
15/10/2024 |
7,325 |
59.756542 |
437,716.67 |
TQEX |
15/10/2024 |
7,507 |
59.703089 |
448,191.09 |
AQEU |
16/10/2024 |
270,001 |
59.820270 |
16,151,532.85 |
XPAR |
16/10/2024 |
83,256 |
59.867590 |
4,984,336.07 |
CEUX |
16/10/2024 |
7,519 |
59.812486 |
449,730.08 |
TQEX |
16/10/2024 |
7,336 |
59.812602 |
438,785.25 |
AQEU |
17/10/2024 |
264,173 |
60.011505 |
15,853,419.20 |
XPAR |
17/10/2024 |
87,962 |
59.965261 |
5,274,664.31 |
CEUX |
17/10/2024 |
8,003 |
60.026579 |
480,392.71 |
TQEX |
17/10/2024 |
7,975 |
60.026716 |
478,713.06 |
AQEU |
18/10/2024 |
266,625 |
60.072868 |
16,016,928.54 |
XPAR |
18/10/2024 |
83,748 |
60.056677 |
5,029,626.61 |
CEUX |
18/10/2024 |
8,949 |
59.974146 |
536,708.63 |
TQEX |
18/10/2024 |
9,047 |
59.977454 |
542,616.03 |
AQEU |
Total |
1,824,542 |
60.419431 |
110,237,788.88 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the
Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
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 99l 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. TotalEnergies SE has no liability for the acts or omissions of these 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, October 28, 2024 – 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 October 21 to October 25, 2024:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
21/10/2024 |
257,061 |
60.128844 |
15,456,780.64 |
XPAR |
21/10/2024 |
93,911 |
60.115820 |
5,645,536.77 |
CEUX |
21/10/2024 |
8,442 |
60.130031 |
507,617.72 |
TQEX |
21/10/2024 |
8,377 |
60.130011 |
503,709.10 |
AQEU |
22/10/2024 |
258,695 |
60.034462 |
15,530,615.22 |
XPAR |
22/10/2024 |
93,281 |
59.986508 |
5,595,601.44 |
CEUX |
22/10/2024 |
8,811 |
60.060054 |
529,189.14 |
TQEX |
22/10/2024 |
8,718 |
60.069218 |
523,683.44 |
AQEU |
23/10/2024 |
254,399 |
60.160456 |
15,304,759.75 |
XPAR |
23/10/2024 |
98,135 |
60.179156 |
5,905,681.48 |
CEUX |
23/10/2024 |
9,045 |
60.153761 |
544,090.77 |
TQEX |
23/10/2024 |
8,905 |
60.161719 |
535,740.11 |
AQEU |
24/10/2024 |
259,828 |
60.489211 |
15,716,790.79 |
XPAR |
24/10/2024 |
91,161 |
60.542418 |
5,519,107.41 |
CEUX |
24/10/2024 |
8,080 |
60.435349 |
488,317.62 |
TQEX |
24/10/2024 |
8,204 |
60.446203 |
495,900.65 |
AQEU |
25/10/2024 |
257,789 |
60.133842 |
15,501,842.97 |
XPAR |
25/10/2024 |
93,939 |
60.108293 |
5,646,512.92 |
CEUX |
25/10/2024 |
8,537 |
60.170102 |
513,672.16 |
TQEX |
25/10/2024 |
8,458 |
60.159952 |
508,832.87 |
AQEU |
Total |
1,843,776 |
60.188430 |
110,973,982.97 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No
596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
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 99l 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. TotalEnergies SE has no liability for the acts or omissions of these 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
99.11
PRESS RELEASE
Renewables & Green Hydrogen:
TE H2, CIP, and A.P. Møller Capital Partner
for a Large-Scale
Project in the Kingdom of Morocco
Paris/Rabat, October 28th, 2024
– Under the presidency of His Majesty King Mohammed VI of Morocco and His Excellency Emmanuel Macron, President of the French
Republic, the government of the Kingdom of Morocco and TE H2, along with its partners, signed a Preliminary Contract for Land Reservation
for the ‘Chbika’ project.
This agreement will allow TE H2, a joint venture
between TotalEnergies and the EREN Group, together with the two Danish companies, Copenhagen Infrastructure Partners (CIP), through its
Energy Transition Fund, and A.P. Møller Capital, through its Emerging Markets Infrastructure Fund, to launch the pre-FEED
studies.
Located near the Atlantic coast in the Guelmim-Oued
Noun region, the ‘Chbika’ project aims to build 1 GW of onshore solar and wind capacities that will power the production of
green hydrogen through the electrolysis of desalinated seawater and its transformation into 200,000 tons per year of green ammonia for
the European market. This project will constitute the first phase of a development program aimed at creating a world-scale green hydrogen
production hub.
TE H2 and CIP will be responsible for the development
of renewable energy production (solar, wind, green hydrogen, and its derivatives), while A.P. Møller Capital will develop
the port and associated infrastructure. This contract, a first in Morocco, will highlight the country’s exceptional renewable potential
and contribute to the economic development of the Kingdom.
Patrick Pouyanné, Chairman and CEO of
TotalEnergies, stated: “I would like to thank the Moroccan authorities for awarding the ‘Chbika’ project and for
the trust they have shown in our subsidiary TE H2 and our partners. This agreement is part of our strategy to develop production in countries
with the most competitive renewable resources, such as Morocco. Thanks to its geographical proximity and the quality of its wind and solar
resources, Morocco indeed has the best assets to become a major partner for Europe in achieving the goals of the Green Deal, and TotalEnergies
aims to contribute to this ambition.”
David Corchia, CEO of TE H2, added: “The
signing of this Preliminary Contract for Land Reservation is a decisive first step for the launch of our investment program in Morocco.
It demonstrates our commitment to developing green hydrogen initiatives that support the country’s energy transition, industrialization
and job creation. The Kingdom has the potential to supply affordable and clean energy to Europe while serving its own decarbonized industrial
development. Our consortium is strong, our overall Moroccan plan is very ambitious, and I look forward to reinforcing further our collaboration
with local authorities and stakeholders and pursuing the work on this promising project.”
Philip Christiani, partner at CIP,
commented: “Morocco stands at the forefront of the global energy transition equipped with all the essential fundamentals to
emerge as a key partner for Europe and the world in achieving net zero targets. At Copenhagen Infrastructure Partners, we’re
extremely proud to be a part of this initiative with TEH2 and A.P. Møller Capital and to be selected for the
development of the first green hydrogen project under the “Offre Maroc” framework.”
Kim Fejfer, CEO of A.P. Møller Capital,
stated: We are proud to take this important step in the development of the green hydrogen industry in Morocco, building on the A.P. Møller
Group’s long-standing history with the country. Developing competitive transport infrastructure is part of what we do and a fundamental
part of green hydrogen value chains. We are looking forward to bringing this project forward in close collaboration with our strong consortium,
Moroccan authorities and other stakeholders.
***
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.
About TE H2
TE H2 is an 80/20 joint-venture formed by TotalEnergies
and EREN Groupe, specialized in developing and structuring large-scale green hydrogen projects located in world-class sites benefitting
from exceptional renewable resources, such as North Africa, Latin America, and Australia. TE H2 is made up of an expert team with extensive
know-how in the development, construction and operation of wind and solar projects globally. By combining technical expertise and experience,
TE H2 aims to deliver globally impactful renewable energy projects that provide affordable, sustainable, reliable, and accessible energy
to as many people as possible.
About CIP
Founded in 2012, CIP today is the world’s
largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed
by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve
capacity, storage, advanced bioenergy, and Power-to-X. CIP’s Energy Transition Fund I (CI ETF I) is the largest dedicated greenfield
green hydrogen fund worldwide.
CIP manages 12 funds and has to date raised approximately
EUR 31 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has
approximately 500 employees and 14 offices around the world.
About A.P. Møller
Capital
Established in 2017, A.P. Moller Capital is a value-add
infrastructure manager, part of the A.P. Møller Group. A.P. Møller Capital draws on the Group’s reputation,
relationships, expertise, and values to invest across the transportation and green energy sectors. A.P. Møller Capital’s
team combines our industrial heritage with private equity competence and is supported by a network of global and local industry partners.
A.P. Møller Capital manages two funds, including the Emerging Markets Infrastructure Fund II. A.P. Møller Capital
is headquartered in Copenhagen and has offices in Dubai and Singapore.
TE H2 Contacts
Media Relations + 33 (0) 6 46 70 72 20 l lea.moreira@te-h2.com
Investor Relations +33 (0)1 47 44 46 46 l ir@totalenergies.com
A.P. Møller
Capital Contact
Media Relations +971 (0) 55 588 6592 l melanie.beck@apmollercapital.com
Investor Relations +45 (0) 20 44 93 77 l peter.nielsen@apmollercapital.com
CIP Contacts
Media Relations – Simon Mehl Augustesen, +45 (0) 30 52 67 21
l siau@cip.com
Investor Relations – Thomas Kønig, +45 (0) 70 70 51 51
l cip@cip.com
Cautionary Note
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. No entity under this Press Release nor any
of their 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.
Exhibit 99.12
|
PRESS
RELEASE |
Denmark: TotalEnergies discovers new gas condensate
resources in offshore Harald field
Paris, October 29th, 2024 –
TotalEnergies announces that the Harald East Middle Jurassic nearby exploration well (HEMJ-1X) has discovered additional gas condensate
resources in the Harald field, in the Danish North Sea.
Located in shallow waters, 250 km off the west
coast of Denmark, the HEMJ-1X well was drilled in the Eastern part of Harald field and encountered 48 meters of net gas condensate pay
in a good quality reservoir.
The HEMJ-1X well will be immediately connected
to the Harald platform and is expected to start producing before the end of the year through the existing Harald and Tyra facilities.
“The success of the Harald East Middle Jurassic
well, nearby our Harald facilities in Denmark, demonstrates the strength of our Exploration strategy. This additional discovery at the
Harald field will contribute to Danish energy supply by boosting our existing production in the North Sea in line with the Danish National
Compromise”, said Kevin McLachlan, Senior Vice President Exploration at TotalEnergies.
TotalEnergies is the operator of the Danish Underground
Consortium with a 43,2% working interest, alongside Joint Venture partners BlueNord (36,8%) and Nordsøfonden (20%).
***
About TotalEnergies in Denmark
TotalEnergies is a leading energy company in Denmark,
with operations in oil & gas as well as renewable electricity, employing a diverse and international workforce of around 1,200
people located in Esbjerg, offshore, and in Copenhagen. TotalEnergies operates more than 80% of oil and 90% of gas produced in Denmark,
with a strong focus on emissions reductions as demonstrated by the end of routine flaring on its assets in 2023. In addition, the Company
is developing carbon storage projects in the country, which could store up to 5 Mt/y of CO2 by 2030. In Integrated Power, TotalEnergies
is developing two offshore wind projects (for a capacity of 405 MW) and is working on developing additional activities in wind, solar
energy and biogas. Dating back more than half a century, our operations deliver an important contribution to the Danish energy supply,
economy, and employment.
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 |
Brazil: First oil of Mero-3
Paris, October 30th, 2024 –
TotalEnergies announces first oil from the third development phase of the Mero field on the Libra block, located 180 kilometers off the
coast of Rio de Janeiro, Brazil, in the pre-salt area of the Santos Basin.
Launched in August 2020,
“Mero-3” includes 15 wells connected to the Marechal Duque de Caxias FPSO (Floating Production, Storage and Offloading unit),
with a production capacity of 180,000 barrels of oil per day (b/d). Mero-3 has been designed to minimize greenhouse gas emissions, with
reinjection of the associated gas into the reservoir and zero routine flaring. The FPSO will later be connected to the HISEP® pilot
project, using an innovative high pressure subsea separation technology. Currently under development, this pilot project will separate
oil from CO2-rich gas at the bottom of the ocean and reinject
the gas directly into the reservoir.
With the start-up of Mero-3, the overall
production capacity of Mero field will reach 590,000 b/d. An
additional development phase of 180,000 b/d, “Mero-4”, is currently under construction, with a start-up expected in
2025. At full capacity, production from the Mero field is expected to represent over 100,000 b/d in TotalEnergies share.
“The production start-up of Mero-3, less
than a year after the start-up Mero-2, is a new milestone for TotalEnergies in Brazil, a key growth area for our Company. With its vast
resources and world-class productivity, the Mero field delivers low cost and low emission oil production, in line with the strategy of
our Company”, said Nicolas Terraz, President Exploration & Production of TotalEnergies. “In the coming years,
we will continue to grow our production in Brazil with Mero-4 project expected to start-up in 2025 and the recently sanctioned Atapu-2
and Sépia-2 projects”.
Mero is a unitized field, operated by Petrobras
(38.6%), in partnership with TotalEnergies (19.3%), Shell Brasil (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo
S.A (PPSA) (3.5%) representing the Government in the non-contracted area.
***
About TotalEnergies in Brazil
TotalEnergies has been operating in Brazil for
almost 50 years and employs more than 3,500 people in the country. Its presence encompasses Exploration & Production, gas, renewable
electricity (solar and wind), lubricants, chemicals and distribution.
TotalEnergies' Exploration & Production portfolio in the country
currently includes 11 licenses, of which four are operated. Its average production was 135,000 barrels of oil equivalent per day in 2023.
TotalEnergies is investing in the growth of the renewable energy segment in Brazil: in October 2022, it entered a partnership with
Casa dos Ventos, Brazil's leading renewable energy player, to jointly develop a 12 GW renewable energy portfolio.
TotalEnergies is also active in the Brazilian fuel
distribution market with a network of about 240 filling stations as well as several storage facilities for petroleum products and ethanol.
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
99.14 | PRESS RELEASE
Third quarter 2024 results
TotalEnergies proves resiliency in a volatile oil environment thanks to
its integrated model with $4.1B adjusted net income for the 3rd quarter
and $13.9B for first 9 months of the year
1
Paris, October 31, 2024 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met
on October 30, 2024, to approve the third quarter 2024 financial statements. On the occasion, Patrick Pouyanné
said:
“In a volatile oil environment with sharply declining refining margins, TotalEnergies demonstrates the resilience
of its integrated multi-energy model with $4.1 billion adjusted net income and $6.8 billion CFFO in the third
quarter of 2024.
This resilience is firstly underpinned by Exploration & Production, posting solid adjusted net operating income
of $2.5 billion, down only 7%, stable cash flow of $4.3 billion and an attractive return on capital employed of
15.6%. During the third quarter, Upstream production was 2.41 Mboe/d, benefiting from the ramp up of Mero
2 in Brazil that partially offset production losses at Ichtys LNG and in Libya. In the third quarter, TotalEnergies
commenced production from the high-margin Anchor oil project in the US, as well as from the Fenix gas project
in Argentina. The Company also launched the GranMorgu project in Suriname, which will support its production
growth target of 3%/year through 2030.
Integrated LNG achieved adjusted net operating income of $1.1 billion and cash flow of $0.9 billion, with gas
and LNG trading not fully benefiting from markets characterized by low volatility. TotalEnergies continues to
strengthen future cash flows by successfully marketing its LNG volumes through signing several medium-term
sales contracts in Asia this quarter.
Given the very sharp decrease in refining margins in Europe (-66% quarter-to-quarter) and in the Rest of the
World, Downstream posted adjusted net operating income of $0.6 billion and cash flow of $1.2 billion, down
around 40% quarter-to-quarter, with marketing and trading activities compensating for the very sharp decline
in refining.
Integrated Power also contributes to the resilience of the Company’s results, with reported adjusted net
operating income of $0.5 billion and cash flow of more than $0.6 billion. Year-to-date cash flow is strong at
$1.95 billion at the end of the third quarter, which is up 35% year-on-year and in line with annual guidance of
more than $2.5 billion. During the third quarter, TotalEnergies continued to deploy its differentiated Integrated
Power model through the start up of two giant solar farms with battery storage in Texas, the acquisition of a
CCGT in the United Kingdom and the strengthening of its partnerships with Adani in India and RWE in offshore
wind in Germany and the Netherlands.
Comforted by these robust results, the Board of Directors decided the distribution of the third interim dividend
of 0.79 €/share for fiscal year 2024, an increase of close to 7% compared to 2023, and authorized the Company
to execute share buybacks of $2 billion* in the fourth quarter of 2024, in line with the objective of reaching $8
billion throughout the year.”
(1) Refer to Glossary pages 22 & 23 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 18
and following for reconciliation tables.
*
Including coverage of employees share grant plans.
3Q24 Change
vs 2Q24 9M24 Change
vs 9M23
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$) 4.1 -13% 13.9 -23%
- in dollars per share 1.74 -12% 5.87 -19%
Net income (TotalEnergies share) (B$) 2.3 -39% 11.8 -28%
Adjusted EBITDA(1) (B$) 10.0 -9% 32.6 -15%
Cash flow from operations
excluding working capital (CFFO)(1) (B$) 6.8 -12% 22.8 -17%
Cash flow from operating activities (B$) 7.2 -20% 18.3 -25%
1 |
| 1. Highlights (2)1
Upstream
Production start-up of Mero-3 oil field, for 180,000 b/d, in Brazil
Production start-up of Anchor oil field, for 75,000 b/d, in Gulf of Mexico
Production start-up of Fenix gas field, for 10 Mm3
/d, in Argentina
Launch of GranMorgu oil project, for 220,000 b/d, on Block 58 in Suriname
Exit from offshore Blocks 11B/12B and 5/6/7, in South Africa
Closing of the Brunei assets sale
Discovery of new gas condensate resources in offshore Harald field, in Denmark
Downstream
Signature of agreements for the sale of a 50% stake in Total Parco Pakistan Ltd to Gunvor
Signature of agreements for the sale of petroleum products retail networks in Brazil to SIM Distribuidora
Integrated LNG
Acquisition from Lewis Energy of interests in producing assets, in the Eagle Ford shale gas play in Texas
Signature of LNG contracts
1.1 Mt/year over 10 years with BOTAŞ delivered in Turkey from 2027
0.2 Mt/year over 7 years with HD Hyundai Chemical delivered in South Korea from 2027
5-year extension, until 2034, of a 1.25 Mt/year contract with CNOOC delivered in China
Integrated Power
Start of commercial operations at two solar farms with integrated battery storage in Texas for a combined
capacity of 1.2 GW
Investment in a new solar portfolio of over 1 GW with Adani Green, in India
Acquisition from RWE of a 50% stake in two 2 GW offshore wind projects, in Germany
Acquisition of stakes in renewable hydroelectric projects in Africa, through an agreement with Scatec
Signature with Saint-Gobain of a Clean Firm Power PPA for 875 GWh over 5 years
Decarbonization and low-carbon molecules
SAF supply agreement with Air-France-KLM for up to 1.5 Mt over a 10-year period
Signature of a charter contract for an LNG bunker vessel, notably for Marsa LNG, in Oman
Launch of a floating wind turbine pilot project supplying renewable power to Culzean platform, in British
North Sea
Agreement with Anew Climate and Aurora Sustainable Lands for deployment of sustainable preservation
of natural carbon sink projects
Investment in the “Japan Hydrogen Fund,” dedicated to developing the low-carbon hydrogen value chain
(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 |
| 2. Key figures from TotalEnergies’ consolidated financial statements (1)
1
(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: 1.0983 in the 3rd quarter 2024, 1.0767 in the 2nd quarter 2024, 1.0884 in the 3rd quarter 2023, 1.0871 in the first nine months
of 2024 and 1.0833 in the first nine months of 2023.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars, except effective tax rate,
earnings per share and number of shares 9M24 9M23
9M24
vs
9M23
10,048 11,073 -9% 13,062 Adjusted EBITDA (1) 32,614 38,334 -15%
4,635 5,339 -13% 6,808 Adjusted net operating income from business segments 15,574 19,383 -20%
2,482 2,667 -7% 3,138 Exploration & Production 7,699 8,140 -5%
1,063 1,152 -8% 1,342 Integrated LNG 3,437 4,744 -28%
485 502 -3% 506 Integrated Power 1,598 1,326 +21%
241 639 -62% 1,399 Refining & Chemicals 1,842 4,021 -54%
364 379 -4% 423 Marketing & Services 998 1,152 -13%
706 636 +11% 662 Contribution of equity affiliates to adjusted net income 1,963 2,403 -18%
38.0% 40.4% 33.4% Effective tax rate (3) 38.7% 37.5%
4,074 4,672 -13% 6,453 Adjusted net income (TotalEnergies share) (1) 13,858 17,950 -23%
1.74 1.98 -12% 2.63 Adjusted fully-diluted earnings per share (dollars) (4) 5.87 7.24 -19%
1.58 1.85 -15% 2.41 Adjusted fully-diluted earnings per share (euros) (5) 5.40 6.68 -19%
2,310 2,328 -1% 2,423 Fully-diluted weighted-average shares (millions) 2,327 2,448 -5%
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
4,102 4,410 -7% 4,283 Organic investments (1) 12,584 11,987 +5%
1,662 220 x7.5 808 Acquisitions net of assets sales (1) 1,382 4,115 -66%
5,764 4,630 +24% 5,091 Net investments (1) 13,966 16,102 -13%
6,821 7,777 -12% 9,340 Cash flow from operations excluding working capital (CFFO) (1) 22,766 27,446 -17%
7,009 7,895 -11% 9,551 Debt Adjusted Cash Flow (DACF) (1) 23,215 27,922 -17%
7,171 9,007 -20% 9,496 Cash flow from operating activities 18,347 24,529 -25%
Gearing (1) of 12.9% at September 30, 2024 vs. 10.2% at June 30, 2024 and 12.3% at September 30, 2023
3 |
| 3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
1
3.2 Greenhouse gas emissions (11)
Estimated quarterly emissions.
Scope 1+2 emissions from operated facilities were 8.8 Mt this quarter, notably due to the increase in the gas-fired power plants utilization rate in the US and in Europe.
Scope 1+2 emissions from operated installations were down 7% in the first nine months of 2024, mainly thanks
to the continuous decline in flaring emissions at Exploration & Production facilities, the implementation of
emissions reduction initiatives in Refining & Chemicals and lower utilization of gas-fired power plants in
Europe.
Estimated quarterly emissions.
(6) Does not include oil, gas and LNG trading activities, respectively.
(7) Sales in $ / Sales in volume for consolidated affiliates.
(8) Sales in $ / Sales in volume for consolidated affiliates.
(9) Sales in $ / Sales in volume for consolidated and equity affiliates.
(10) This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies.
(11) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential)
as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and
are therefore not counted.
(12) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included
in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy
(electricity, heat, steam), excluding purchased industrial gases (H2).
(13) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold
to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology
accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for
each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 9M24 9M23
9M24
vs
9M23
80.3 85.0 -5% 86.7 Brent ($/b) 82.8 82.1 +1%
2.2 2.3 -4% 2.7 Henry Hub ($/Mbtu) 2.2 2.6 -14%
11.1 9.7 +14% 10.6 NBP ($/Mbtu) 9.8 12.4 -21%
13.0 11.2 +16% 12.5 JKM ($/Mbtu) 11.2 13.3 -16%
77.0 81.0 -5% 78.9 Average price of liquids (6),(7) ($/b)
Consolidated subsidiaries 78.9 74.9 +5%
5.78 5.05 +14% 5.47 Average price of gas (6),(8) ($/Mbtu)
Consolidated subsidiaries 5.30 6.80 -22%
9.91 9.32 +6% 9.56 Average price of LNG (6),(9) ($/Mbtu)
Consolidated subsidiaries and equity affiliates 9.61 10.92 -12%
15.4 44.9 -66% 100.6 European Refining Margin Marker (ERM) (6),(10) ($/t) 44.0 77.2 -43%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Scope 1+2 emissions (MtCO2e) 9M24 9M23
9M24
vs
9M23
8.8 7.7 +14% 8.5 Scope 1+2 from operated facilities (12) 24.7 26.7 -7%
7.4 7.0 +6% 7.5 of which Oil & Gas 21.5 23.1 -7%
1.4 0.7 +100% 1.0 of which CCGT 3.2 3.6 -11%
11.7 10.8 +8% 12.1 Scope 1+2 - equity share 34.2 37.4 -9%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Methane emissions (ktCH4
) 9M24 9M23
9M24
vs
9M23
7 7 - 7 Methane emissions from operated facilities 22 25 -12%
8 8 - 9 Methane emissions - equity share 25 30 -17%
Scope 3 emissions (MtCO2e) 9M24 2023
Scope 3 from Oil, Biofuels and Gas Worldwide (13) est. 260 355
4 |
| 3.3 Production (14)1
Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, down
1% quarter-to-quarter, benefiting from the ramp-up of the Mero 2 project in Brazil that partially offset unplanned
shutdowns in Ichthys LNG and security-related disruptions in Libya.
Hydrocarbon production in the third quarter 2024 was up 1% year-on-year (excluding Canada) and was
comprised of:
+2% due to project start-ups and ramp-ups, including Mero 2 in Brazil, Tommeliten Alpha and Eldfisk North
in Norway, Akpo West in Nigeria and Block 10 in Oman,
+3% due to the higher availability of production facilities,
-1% due to security-related production disruptions in Libya,
-3% due to the natural field decline.
(14) Company production = E&P production + Integrated LNG production.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Hydrocarbon production 9M24 9M23
9M24
vs
9M23
2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,324 1,318 - 1,399 Oil (including bitumen) (kb/d) 1,321 1,404 -6%
1,086 1,123 -3% 1,077 Gas (including condensates and associated NGL) (kboe/d) 1,116 1,086 +3%
2,409 2,441 -1% 2,476 Hydrocarbon production (kboe/d) 2,437 2,490 -2%
1,466 1,477 -1% 1,561 Liquids (kb/d) 1,475 1,565 -6%
5,093 5,180 -2% 4,921 Gas (Mcf/d) 5,174 4,985 +4%
5 |
| 4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
4.1.2 Results
1
Exploration & Production adjusted net operating income was $2,482 million in the third quarter 2024, down 7%
quarter-to-quarter, driven by the decrease in liquid prices that was partially compensated by an increase in
gas prices.
Cash flow from operations excluding working capital (CFFO) was $4,273 million in the third quarter 2024, down
2% quarter-to-quarter.
(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).
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Hydrocarbon production 9M24 9M23
9M24
vs
9M23
1,944 1,943 - 2,043 EP (kboe/d) 1,952 2,045 -5%
1,414 1,413 - 1,507 Liquids (kb/d) 1,415 1,506 -6%
2,830 2,829 - 2,865 Gas (Mcf/d) 2,865 2,885 -1%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars, except effective tax rate 9M24 9M23
9M24
vs
9M23
2,482 2,667 -7% 3,138 Adjusted net operating income 7,699 8,140 -5%
183 207 -12% 125 including adjusted income from equity affiliates 535 409 +31%
45.1% 46.9% 44.6% Effective tax rate (15) 46.9% 50.7%
2,330 2,585 -10% 2,557 Organic investments (1) 6,956 7,115 -2%
(42) 57 ns (514) Acquisitions net of assets sales (1) 51 1,600 -97%
2,288 2,642 -13% 2,043 Net investments (1) 7,007 8,715 -20%
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital (CFFO) (1) 13,104 14,436 -9%
4,763 4,535 +5% 4,240 Cash flow from operating activities 12,888 12,823 +1%
6 |
| 4.2 Integrated LNG
4.2.1 Production
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG in the third quarter 2024 was down 7% quarter-to-quarter, notably linked to
unplanned maintenance on Ichthys LNG.
LNG sales increased by 8% quarter-to-quarter, notably due to higher spot volumes, in a context of seasonal
inventory replenishment.
4.2.2 Results
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.
Integrated LNG adjusted net operating income was $1,063 million in the third quarter 2024, down 8% quarter-to-quarter, mainly due to lower hydrocarbon production for LNG. Moreover, gas trading did not fully benefit
from markets characterized by low volatility.
Cash flow from operations excluding working capital (CFFO) was $888 million in the third quarter 2024, down
27% quarter-to-quarter, for the same reasons and due to a timing effect in dividend payments from some equity
affiliates of around $200 million.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Hydrocarbon production for LNG 9M24 9M23
9M24
vs
9M23
465 498 -7% 433 Integrated LNG (kboe/d) 485 445 +9%
52 64 -19% 54 Liquids (kb/d) 60 59 +2%
2,263 2,351 -4% 2,056 Gas (Mcf/d) 2,309 2,100 +10%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Liquefied Natural Gas in Mt 9M24 9M23
9M24
vs
9M23
9.5 8.8 +8% 10.5 Overall LNG sales 29.0 32.5 -11%
3.8 3.6 +5% 3.7 incl. Sales from equity production* 11.6 11.2 +3%
8.4 7.6 +11% 9.4 incl. Sales by TotalEnergies from equity production and third
party purchases 25.3 29.3 -14%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars, except the average price of LNG 9M24 9M23
9M24
vs
9M23
9.91 9.32 +6% 9.56 Average price of LNG ($/Mbtu) *
Consolidated subsidiaries and equity affiliates 9.61 10.92 -12%
1,063 1,152 -8% 1,342 Adjusted net operating income 3,437 4,744 -28%
538 421 +28% 385 including adjusted income from equity affiliates 1,453 1,603 -9%
451 624 -28% 495 Organic investments (1) 1,615 1,273 +27%
65 198 -67% 84 Acquisitions net of assets sales (1) 251 1,048 -76%
516 822 -37% 579 Net investments (1) 1,866 2,321 -20%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital (CFFO) (1) 3,456 5,530 -38%
830 431 +93% 872 Cash flow from operating activities 2,971 5,740 -48%
7 |
| 4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.
Net power production was 11.1 TWh in the third quarter 2024, up 23% quarter-to-quarter mainly due to higher
production from flexible gas assets in the United States and the acquisition of the West Burton gas-fired power
plant in the United Kingdom.
Gross installed renewable power generation capacity reached 24.2 GW at the end of the third quarter 2024,
up 0.2 GW quarter-to-quarter.
4.3.2 Results
Integrated Power adjusted net operating income and cash flow from operations excluding working capital
(CFFO) were stable in the third quarter 2024 at $485 million and $636 million, respectively. This demonstrates
the value of the Company’s integrated business model along the power value chain, with all segments
(renewables, flexible assets, marketing to customers) contributing positively to the results.
Cash flow from operations excluding working capital (CFFO) was $1,951 million for the nine first months of
2024, up 35% year-on-year, in line with the growth of the business.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Integrated Power 9M24 9M23
9M24
vs
9M23
11.1 9.1 +23% 8.9 Net power production (TWh) * 29.7 25.5 +17%
6.7 6.8 -1% 5.4 o/w production from renewables 19.6 13.5 +45%
4.4 2.2 +96% 3.5 o/w production from gas flexible capacities 10.2 12.0 -15%
21.6 19.6 +10% 15.9 Portfolio of power generation net installed capacity (GW) ** 21.6 15.9 +36%
14.5 13.8 +5% 11.6 o/w renewables 14.5 11.6 +25%
7.1 5.8 +23% 4.3 o/w gas flexible capacities 7.1 4.3 +67%
89.6 87.4 +2% 80.5 Portfolio of renewable power generation gross capacity (GW) **,*** 89.6 80.5 +11%
24.2 24.0 +1% 20.2 o/w installed capacity 24.2 20.2 +20%
6.0 6.0 - 6.0 Clients power - BtB and BtC (Million) ** 6.0 6.0 +1%
2.8 2.8 +1% 2.8 Clients gas - BtB and BtC (Million) ** 2.8 2.8 -
10.9 11.1 -1% 11.2 Sales power - BtB and BtC (TWh) 36.9 38.2 -3%
13.9 18.9 -27% 13.8 Sales gas - BtB and BtC (TWh) 68.4 70.2 -3%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
485 502 -3% 506 Adjusted net operating income 1,598 1,326 +21%
29 35 -17% 37 including adjusted income from equity affiliates 25 116 -78%
707 596 +19% 578 Organic investments (1) 2,246 1,908 +18%
1,529 (88) ns 1,354 Acquisitions net of assets sales (1) 2,176 1,831 +19%
2,236 508 x4.4 1,932 Net investments (1) 4,422 3,739 +18%
636 623 +2% 516 Cash flow from operations excluding working capital (CFFO) (1) 1,951 1,447 +35%
373 1,647 -77% 1,936 Cash flow from operating activities 1,771 2,935 -40%
8 |
| 4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.
Refining throughput was up 2% quarter-to-quarter in the third quarter 2024, mainly thanks to the restart of the
Donges refinery in France.
The utilization rate based on crude was 86% in the third quarter 2024.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
605 1,018 -41% 1,822 Adjusted net operating income 2,840 5,173 -45%
561 568 -1% 625 Organic investments (1) 1,649 1,601 +3%
112 56 +100% (115) Acquisitions net of assets sales (1) (1,090) (363) ns
673 624 +8% 510 Net investments (1) 559 1,238 -55%
1,177 1,776 -34% 2,205 Cash flow from operations excluding working capital (CFFO) (1) 4,723 6,479 -27%
1,145 3,191 -64% 2,266 Cash flow from operating activities 2,099 3,330 -37%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Refinery throughput and utilization rate* 9M24 9M23
9M24
vs
9M23
1,539 1,511 +2% 1,489 Total refinery throughput (kb/d) 1,468 1,456 +1%
451 430 +5% 489 France 406 404 +1%
625 636 -2% 589 Rest of Europe 627 596 +5%
463 446 +4% 410 Rest of world 435 456 -5%
86% 84% 84% Utilization rate based on crude only** 83% 81%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Petrochemicals production and utilization rate 9M24 9M23
9M24
vs
9M23
1,314 1,248 +5% 1,330 Monomers* (kt) 3,850 3,782 +2%
1,167 1,109 +5% 1,070 Polymers (kt) 3,352 3,145 +7%
85% 79% 75% Steam cracker utilization rate** 79% 72%
9 |
| 4.5.2 Results
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.
Refining & Chemicals adjusted net operating income was $241 million in the third quarter 2024, down 62%
quarter-to-quarter, due to much lower refining margins in Europe (-66% quarter-to-quarter) and in the Rest of
the World.
Cash flow from operations excluding working capital (CFFO) was $530 million, down 53% quarter-to-quarter,
for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
* Excludes trading and bulk refining sales.
Sales of petroleum products in the third quarter 2024 were stable compared to the second quarter.
4.6.2 Results
Marketing & Services results were stable quarter-to-quarter, with adjusted net operating income of $364 million
and cash flow from operations excluding working capital (CFFO) of $647 million for the third quarter 2024.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars, except ERM 9M24 9M23
9M24
vs
9M23
15.4 44.9 -66% 100.6 European Refining Margin Marker (ERM) ($/t) * 44.0 77.2 -43%
241 639 -62% 1,399 Adjusted net operating income 1,842 4,021 -54%
329 382 -14% 386 Organic investments (1) 1,130 1,038 +9%
34 (95) ns (97) Acquisitions net of assets sales (1) (81) (107) ns
363 287 +26% 289 Net investments (1) 1,049 931 +13%
530 1,117 -53% 1,618 Cash flow from operations excluding working capital (CFFO) (1) 2,938 4,680 -37%
564 1,541 -63% 2,060 Cash flow from operating activities (24) 3,132 ns
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Sales in kb/d* 9M24 9M23
9M24
vs
9M23
1,383 1,363 +1% 1,399 Total Marketing & Services sales 1,353 1,386 -2%
795 773 +3% 792 Europe 761 783 -3%
588 591 -1% 608 Rest of world 592 603 -2%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
364 379 -4% 423 Adjusted net operating income 998 1,152 -13%
232 186 +25% 239 Organic investments (1) 519 563 -8%
78 151 -48% (18) Acquisitions net of assets sales (1) (1,009) (256) ns
310 337 -8% 221 Net investments (1) (490) 307 ns
647 659 -2% 587 Cash flow from operations excluding working capital (CFFO) (1) 1,785 1,799 -1%
581 1,650 -65% 206 Cash flow from operating activities 2,123 198 x10.7
10 |
| 5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
$4,635 million in the third quarter 2024 versus $5,339 million in the second quarter 2024, mainly due to
much lower refining margins and the decrease in oil prices,
$15,574 million in the first nine months of 2024 versus $19,383 million in the first nine months of 2023,
linked to lower gas and LNG prices and, for the third quarter, lower refining margins.
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,074 million in the third quarter 2024 versus $4,672 million in the
second quarter 2024, mainly due to much lower refining margins and the decrease in oil prices.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair
value.
Adjustments to net income were ($1,780) million in the third quarter 2024, consisting mainly of:
($1.1) billion related to impairments, notably linked to the Chapter 11 bankruptcy filing of Sunpower and the
exit of blocks 11B/12B and 5/6/7 in South Africa,
($0.4) billion in inventory effects,
($0.3) billion in other adjustments, notably related to the effect of changes in fair value and adjustments of
deferred tax assets linked to changes in tax rates.
TotalEnergies’ average tax rate was:
38.0% in the third quarter 2024 versus 40.4% in the second quarter 2024,
38.7% in the first nine months of 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:
$1.74 in the third quarter 2024, based on 2,310 million weighted average diluted shares, compared to $1.98
in the second quarter 2024,
$5.87 in the first nine months of 2024, based on 2,327 million weighted average diluted shares, compared
to $7.24 a year ago.
As of September 30, 2024, the number of diluted shares was 2,299 million.
TotalEnergies repurchased*
:
29.3 million shares in the third quarter 2024 for $2 billion,
88.1 million shares*
in the first nine months of 2024 for $6 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
$1,795 million in the third quarter 2024, primarily related to the acquisition of the West Burton flexible gas
capacity in the United Kingdom, acquisitions of stakes in offshore wind projects in Germany in 2023 and in
the Netherlands in 2024 and investment in a new solar portfolio with Adani Green in India.
$3,413 million in the first nine months of 2024, related to the above elements as well as the acquisitions of
a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in the United States, the
German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, battery
storage developer Kyon in Germany, and Talos Low Carbon Solutions in the carbon storage industry in the
United States.
Divestments were:
$133 million in the third quarter 2024, primarily related to earn-out payments from the sale of upstream
Canadian oil assets,
$2,031 million in the first nine months of 2024, related to the above elements as well as to the closing of
the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg, and the Netherlands,
*
Including coverage of employees share grant plans
11 |
| the sale of a 15% interest in Absheron, in Azerbaijan, the farmdown of the Seagreen offshore wind farm in
the United Kingdom, and the sale of petrochemical assets in Lavera, France.
5.5 Net cash flow (1)
TotalEnergies' net cash flow was:
$1,057 million in the third quarter 2024 compared to $3,147 million in the second quarter 2024, reflecting
the $956 million decrease in CFFO and the $1,134 million increase in net investments to $5,764 million in
the third quarter 2024,
$8,800 million in the first nine months of 2024 compared to $11,344 million a year ago, reflecting the $4,680
million decrease in CFFO and the $2,136 million decrease in net investments to $13,966 million in the first
nine months of 2024.
2024 third quarter cash flow from operating activities was $7,171 million versus CFFO of $6,821 million, and
was impacted by an improvement in working capital of $0.4 billion, mainly due to the stock effect at the end of
the quarter that was partially compensated by the decrease of tax payables.
5.6 Profitability
Return on equity was 16.6% for the twelve months ended September 30, 2024.
Return on average capital employed (1) was 14.6% for the twelve months ended September 30, 2024.
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to:
€4,336 million in the third quarter 2024, compared to €1,348 million in the third quarter 2023,
€12,331 million in the first nine months of 2024, compared to €8,388 million in the first nine months of 2023.
7. Annual 2024 Sensitivities (16)
1
(16) Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions
about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact
of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
(17) In a 80 $/b Brent environment.
Adjusted net income (1)
Average adjusted shareholders' equity
Return on equity (ROE) 16.6% 18.7% 22.3%
In millions of dollars
October 1, 2023 July 1, 2023 October 1, 2022
September 30, 2024 June 30, 2024 September 30, 2023
25,938
116,529
19,398 21,769
116,572 116,286
Adjusted net operating income (1)
Average capital employed (1)
ROACE (1)
142,195 138,776 135,757
14.6% 16.6% 20.1%
20,701 23,030 27,351
In millions of dollars
October 1, 2023 July 1, 2023 October 1, 2022
September 30, 2024 June 30, 2024 September 30, 2023
Change
Estimated impact on
adjusted
net operating income
Estimated impact on
cash flow from
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price (17) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
12 |
| 8. Outlook
In a context of modest global macroeconomic growth and geopolitical tensions in the Middle East, oil prices
are volatile. At the end of October, the European Refining Marker (ERM) is close to 25 $/t, compared to an
average of 15$/t in the third quarter.
European gas prices remain at sustained levels and are expected to be between $12 and $13/Mbtu in the
fourth quarter 2024, supported by the anticipation of winter gas consumption. Given the evolution of oil and
gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates that its average
LNG selling price should be around $10/Mbtu in the fourth quarter 2024.
Fourth quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d, benefiting from
the end of security-related disruptions in Libya and the start-up of the Mero-3 project in Brazil, which are
compensated by several planned shutdowns during the fourth quarter of 2024.
The fourth quarter 2024 refining utilization rate is anticipated to remain above 85%, with a turnaround planned
at Leuna refinery in October.
The Company confirms net investments guidance of $17-$18 billion in 2024.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 12:00pm
(Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796.
The conference replay will be available on the Company's website totalenergies.com after the event.
* * * *
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
13 |
| 9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Combined liquids and gas
production by region (kboe/d) 9M24 9M23
9M24
vs
9M23
556 561 -1% 550 Europe 563 556 +1%
452 449 +1% 459 Africa 454 478 -5%
799 825 -3% 781 Middle East and North Africa 813 756 +8%
388 358 +8% 445 Americas 366 443 -17%
214 248 -14% 241 Asia-Pacific 241 257 -6%
2,409 2,441 -1% 2,476 Total production 2,437 2,490 -2%
371 359 +3% 327 includes equity affiliates 359 336 +7%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Liquids production by region (kb/d) 9M24 9M23
9M24
vs
9M23
221 225 -2% 229 Europe 224 230 -3%
329 325 +1% 335 Africa 328 354 -7%
637 660 -4% 627 Middle East and North Africa 649 607 +7%
189 167 +14% 268 Americas 176 267 -34%
90 100 -10% 102 Asia-Pacific 98 107 -8%
1,466 1,477 -1% 1,561 Total production 1,475 1,565 -6%
154 150 +3% 156 includes equity affiliates 153 153 -
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Gas production by region (Mcf/d) 9M24 9M23
9M24
vs
9M23
1,812 1,814 - 1,733 Europe 1,832 1,760 +4%
632 620 +2% 619 Africa 633 615 +3%
888 904 -2% 844 Middle East and North Africa 896 817 +10%
1,100 1,061 +4% 989 Americas 1,055 986 +7%
661 781 -15% 736 Asia-Pacific 758 807 -6%
5,093 5,180 -2% 4,921 Total production 5,174 4,985 +4%
1,190 1,127 +6% 933 includes equity affiliates 1,120 996 +12%
14 |
| 9.2 Downstream (Refining & Chemicals and Marketing & Services)
* Olefins, polymers.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Petroleum product sales by region (kb/d) 9M24 9M23
9M24
vs
9M23
1,932 1,840 +5% 1,838 Europe 1,849 1,716 +8%
585 558 +5% 621 Africa 578 629 -8%
1,091 989 +10% 946 Americas 1,038 904 +15%
747 639 +17% 624 Rest of world 699 637 +10%
4,355 4,026 +8% 4,029 Total consolidated sales 4,164 3,886 +7%
395 397 -1% 407 Includes bulk sales 397 406 -2%
2,578 2,266 +14% 2,222 Includes trading 2,414 2,095 +15%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 Petrochemicals production* (kt) 9M24 9M23
9M24
vs
9M23
954 900 +6% 1,018 Europe 2,844 3,091 -8%
765 756 +1% 611 Americas 2,166 1,837 +18%
762 702 +9% 771 Middle East and Asia 2,192 1,999 +10%
15 |
| 9.3 Integrated Power
9.3.1 Net power production
9.3.2 Installed power generation net capacity
1
(18) End-of-period data.
Net power production (TWh) Solar Onshore
Wind
Offshore
Wind Gas Others Total Solar Onshore
Wind
Offshore
Wind Gas Others Total
France 0.2 0.1 - 0.6 0.0 0.9 0.2 0.2 - 0.4 0.0 0.8
Rest of Europe 0.1 0.4 0.2 1.3 0.1 2.1 0.1 0.4 0.4 0.4 0.1 1.4
Africa 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0
Middle East 0.2 - - 0.3 - 0.5 0.3 - - 0.2 - 0.5
North America 1.2 0.4 - 2.2 - 3.8 0.9 0.6 - 1.2 - 2.8
South America 0.1 1.1 - - - 1.2 0.1 0.8 - - - 0.9
India 1.6 0.4 - - - 2.0 1.9 0.4 - - - 2.2
Pacific Asia 0.4 0.0 0.0 - - 0.4 0.4 0.0 0.0 - - 0.5
Total 4.0 2.4 0.3 4.4 0.1 11.1 3.9 2.3 0.5 2.2 0.1 9.1
3Q24 2Q24
Installed power generation net
capacity (GW) (18) Solar Onshore
Wind
Offshore
Wind Gas Others Total Solar Onshore
Wind
Offshore
Wind Gas Others Total
France 0.6 0.4 - 2.6 0.2 3.7 0.6 0.4 - 2.6 0.1 3.7
Rest of Europe 0.3 0.9 0.3 2.7 0.2 4.4 0.3 0.9 0.3 1.4 0.1 2.9
Africa 0.1 0.0 - - 0.0 0.1 0.1 0.0 - - 0.0 0.1
Middle East 0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8
North America 2.6 0.8 - 1.5 0.4 5.3 2.3 0.8 - 1.5 0.4 5.0
South America 0.4 0.9 - - - 1.2 0.4 0.9 - - - 1.2
India 4.3 0.5 - - - 4.9 4.2 0.5 - - - 4.7
Pacific Asia 1.1 0.0 0.1 - 0.0 1.2 1.1 0.0 0.1 - 0.0 1.2
Total 9.8 3.6 0.4 7.1 0.7 21.6 9.3 3.5 0.4 5.8 0.7 19.6
3Q24 2Q24
16 |
| 9.3.3 Power generation gross capacity from renewables
1
(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.
Installed power generation gross
capacity from renewables (GW) (19),(20) Solar Onshore
Wind
Offshore
Wind Other Total Solar Onshore
Wind
Offshore
Wind Other Total
France 1.1 0.7 - 0.2 2.1 1.1 0.7 - 0.2 2.0
Rest of Europe 0.3 1.1 1.1 0.2 2.8 0.3 1.1 1.1 0.2 2.7
Africa 0.1 - - 0.0 0.1 0.1 - - 0.0 0.1
Middle East 1.2 - - - 1.2 1.2 - - - 1.2
North America 4.9 2.2 - 0.7 7.7 5.2 2.2 - 0.7 8.1
South America 0.4 1.3 - - 1.6 0.4 1.3 - - 1.6
India 6.1 0.6 - - 6.7 5.9 0.5 - - 6.5
Asia-Pacific 1.6 0.0 0.4 0.0 2.0 1.5 - 0.3 - 1.8
Total 15.6 5.9 1.6 1.1 24.2 15.7 5.8 1.4 1.1 24.0
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 0.2 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.2
Rest of Europe 0.4 0.1 0.8 0.1 1.4 0.4 0.2 - 0.1 0.6
Africa 0.3 - - 0.1 0.4 0.3 - - 0.1 0.4
Middle East 0.1 - - - 0.1 0.1 - - - 0.1
North America 1.7 0.0 - 0.4 2.1 1.7 0.0 - 0.3 2.0
South America 0.3 0.6 - 0.2 1.1 0.0 0.6 - - 0.7
India 3.9 - - - 3.9 0.5 0.1 - - 0.5
Asia-Pacific 0.1 - 0.2 - 0.3 0.0 0.0 0.4 - 0.4
Total 6.9 0.8 1.0 0.7 9.5 3.2 0.9 0.4 0.4 5.0
Power generation gross capacity from
renewables in development (GW) (19),(20) Solar Onshore
Wind
Offshore
Wind Other Total Solar Onshore
Wind
Offshore
Wind Other Total
France 1.1 0.4 - 0.1 1.6 1.4 0.4 - 0.1 1.9
Rest of Europe 4.6 0.8 8.9 2.6 16.9 4.4 0.8 8.9 2.2 16.4
Africa 0.7 0.3 - - 1.0 0.7 0.3 - - 1.0
Middle East 1.8 - - - 1.8 1.8 - - - 1.8
North America 8.8 3.3 4.1 4.9 21.0 9.7 2.9 4.1 4.4 21.1
South America 1.8 1.2 - 0.0 3.0 2.1 1.2 - 0.2 3.4
India 2.2 0.1 - - 2.3 4.5 0.2 - - 4.7
Asia-Pacific 3.6 1.1 2.6 1.1 8.4 3.4 1.1 2.6 1.1 8.2
Total 24.4 7.2 15.6 8.7 55.9 28.0 6.8 15.6 8.0 58.5
3Q24 2Q24
3Q24 2Q24
3Q24 2Q24
17 |
| 10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
3Q24 2Q24 3Q23 In millions of dollars 9M24 9M23
2,294 3,787 6,676 Net income (TotalEnergies share) 11,802 16,321
(1,337) (274) (749) Special items affecting net income (TotalEnergies share) (806) (1,285)
- (110) - Gain (loss) on asset sales 1,397 203
(10) (11) - Restructuring charges (21) (5)
(1,100) - (614) Impairments (1,744) (1,143)
(227) (153) (135) Other (438) (340)
(359) (320) 607 After-tax inventory effect : FIFO vs. replacement cost (555) (164)
(84) (291) 365 Effect of changes in fair value (695) (180)
(1,780) (885) 223 Total adjustments affecting net income (2,056) (1,629)
4,074 4,672 6,453 Adjusted net income (TotalEnergies share) 13,858 17,950
18 |
| 10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
1,780 885 x2 (223) Less: adjustment items to net income (TotalEnergies share) 2,056 1,629 +26%
4,074 4,672 -13% 6,453 Adjusted net income (TotalEnergies share) 13,858 17,950 -23%
Adjusted items
90 67 +34% 82 Add: non-controlling interests 257 217 +18%
2,369 2,977 -20% 3,130 Add: income taxes 8,337 9,935 -16%
3,048 2,962 +3% 2,967 Add: depreciation, depletion and impairment of tangible assets
and mineral interests 8,952 8,952 -
103 87 +18% 88 Add: amortization and impairment of intangible assets 282 279 +1%
797 725 +10% 726 Add: financial interest on debt 2,230 2,160 +3%
(433) (417) ns (384) Less: financial income and expense from cash & cash equivalents (1,302) (1,159) ns
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
Adjusted items
47,429 49,183 -4% 54,413 Revenues from sales 148,495 164,180 -10%
(30,856) (31,314) ns (34,738) Purchases, net of inventory variation (95,695) (105,596) ns
(7,147) (7,664) ns (7,346) Other operating expenses (22,391) (22,852) ns
(101) (97) ns (245) Exploration costs (286) (401) ns
59 146 -60% 142 Other income 445 335 +33%
(121) (37) ns 64 Other expense, excluding amortization and impairment of intangible
assets (283) (138) ns
293 433 -32% 296 Other financial income 1,008 945 +7%
(214) (213) ns (186) Other financial expense (642) (542) ns
706 636 +11% 662 Net income (loss) from equity affiliates 1,963 2,403 -18%
10,048 11,073 -9% 13,062 Adjusted EBITDA 32,614 38,334 -15%
Adjusted items
(3,048) (2,962) ns (2,967) Less: depreciation, depletion and impairment of tangible assets
and mineral interests (8,952) (8,952) ns
(103) (87) ns (88) Less: amortization of intangible assets (282) (279) ns
(797) (725) ns (726) Less: financial interest on debt (2,230) (2,160) ns
433 417 +4% 384 Add: financial income and expense from cash & cash equivalents 1,302 1,159 +12%
(2,369) (2,977) ns (3,130) Less: income taxes (8,337) (9,935) ns
(90) (67) ns (82) Less: non-controlling interests (257) (217) ns
(1,780) (885) ns 223 Add: adjustment (TotalEnergies share) (2,056) (1,629) ns
2,294 3,787 -39% 6,676 Net income (TotalEnergies share) 11,802 16,321 -28%
19 |
| 10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
* 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
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
5,562 4,558 22% 4,987 Cash flow used in investing activities ( a ) 13,587 15,822 -14%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
57 (29) ns (17) Organic loan repayment from equity affiliates ( c ) 31 (5) ns
- - ns 43 Change in debt from renewable projects financing ( d ) * - 81 -100%
119 97 23% 64 Capex linked to capitalized leasing contracts ( e ) 319 188 +70%
26 4 x6.5 14 Expenditures related to carbon credits ( f ) 29 16 +81%
5,764 4,630 24% 5,091 Net investments ( a + b + c + d + e + f = g - i + h ) 13,966 16,102 -13%
1,662 220 x7.5 808 of which acquisitions net of assets sales ( g-i ) 1,382 4,115 -66%
1,795 544 x3.3 1,992 Acquisitions ( g ) 3,413 5,730 -40%
133 324 -59% 1,184 Asset sales ( i ) 2,031 1,615 +26%
- - ns (43) Change in debt from renewable projects (partner share) - (81) -100%
4,102 4,410 -7% 4,283 of which organic investments ( h ) 12,584 11,987 +5%
148 101 46% 346 Capitalized exploration 394 879 -55%
458 589 -22% 422 Increase in non-current loans 1,585 1,162 +36%
(140) (178) ns (120) Repayment of non-current loans, excluding organic loan repayment from
equity affiliates (464) (433) ns
- - ns - Change in debt from renewable projects (TotalEnergies share) - - ns
3Q24 2Q24
3Q24
vs
2Q24
3Q23 In millions of dollars 9M24 9M23
9M24
vs
9M23
7,171 9,007 -20% 9,496 Cash flow from operating activities ( a ) 18,347 24,529 -25%
871 1,669 -48% (582) (Increase) decrease in working capital ( b ) * (3,581) (2,851) ns
(464) (468) ns 764 Inventory effect ( c ) (807) 10 ns
- - ns 43 Capital gain from renewable project sales ( d ) - 81 -100%
57 (29) ns (17) Organic loan repayments from equity affiliates ( e ) 31 (5) ns
6,821 7,777 -12% 9,340 Cash flow from operations excluding working capital (CFFO)
( f = a - b - c + d + e ) 22,766 27,446 -17%
(188) (118) ns (211) Financial charges (449) (476) ns
7,009 7,895 -11% 9,551 Debt Adjusted Cash Flow (DACF) 23,215 27,922 -17%
4,102 4,410 -7% 4,283 Organic investments ( g ) 12,584 11,987 +5%
2,719 3,367 -19% 5,058 Free cash flow after organic investments ( f - g ) 10,182 15,459 -34%
5,764 4,630 +24% 5,091 Net investments ( h ) 13,966 16,102 -13%
1,057 3,147 -66% 4,249 Net cash flow ( f - h ) 8,800 11,344 -22%
20 |
| 10.5 Gearing ratio
* 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
10.7 Payout
In millions of dollars 09/30/2024 06/30/2024 09/30/2023
Current borrowings * 11,805 9,358 15,193
Other current financial liabilities 488 461 415
Current financial assets * , ** (5,780) (6,425) (6,585)
Net financial assets classified as held for sale * 204 (61) (44)
Non-current financial debt * 37,824 34,726 33,947
Non-current financial assets * (1,307) (1,166) (1,519)
Cash and cash equivalents (25,672) (23,211) (24,731)
Net debt ( a ) 17,562 13,682 16,676
Shareholders’ equity (TotalEnergies share) 116,059 117,379 115,767
Non-controlling interests 2,557 2,648 2,657
Shareholders' equity (b) 118,616 120,027 118,424
Gearing = a / ( a+b ) 12.9% 10.2% 12.3%
Leases (c) 8,338 8,012 8,277
Gearing including leases ( a+c ) / ( a+b+c ) 17.9% 15.3% 17.4%
Twelve months ended September 30, 2024
In millions of dollars Exploration &
Production
Integrated
LNG
Integrated
Power
Refining &
Chemicals
Marketing &
Services Company
Adjusted net operating income 10,501 4,893 2,125 2,475 1,304 20,701
Capital employed at 09/30/2023 69,392 36,033 20,043 9,002 9,025 141,093
Capital employed at 09/30/2024 64,859 39,460 24,589 9,050 7,325 143,297
ROACE 15.6% 13.0% 9.5% 27.4% 16.0% 14.6%
In millions of dollars 9M24 9M23 2023
Dividend paid (parent company shareholders) 5,719 5,648 7,517
Repayment of treasury shares 6,018 6,203 9,167
Payout ratio 49% 43% 46%
21 |
| GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used
in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the
allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly
comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and
intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity
affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare
the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net
Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment
items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special
items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating
results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income.
Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment
items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income
can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and
understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return
on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance
sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and
equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is
the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v)
Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable
tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or
its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable
IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from
operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and
Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity
affiliates.
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from
operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of
peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides
a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator
is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the
distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from
operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This
indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically
available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the
Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash
flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital
minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with
non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates
operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total
equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding
leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s
balance sheet.
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities.
Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable
tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company
post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with
non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder
distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing
activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests,
including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to
capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision
makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing,
when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing
activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling
22 |
| 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.
23 |
| 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 third quarter of 2024 and first nine months of 2024 from the consolidated financial statements of TotalEnergies
SE as of September 30, 2024 (unaudited). The limited review procedures by the Statutory Auditors are underway. The notes to the consolidated financial
statements (unaudited) are available on the website totalenergies.com. This document may contain forward-looking statements (including forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations,
business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement
and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired
by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally
be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”,
“intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included
in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and
considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and
natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve
cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the
environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic
and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential
impairments of assets relating thereto. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s
views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim
any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking
information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any
third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this
document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating
income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal
Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the
United States Securities and Exchange Commission (“SEC”). Additionally, the developments of environmental and climate change-related issues in this
document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our
disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC
reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income),
return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder
rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In
general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs
or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have
occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method
and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or
manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income.
Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method.
This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is,
depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of
the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost
methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic
performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match
with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for
special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate
for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible
reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or
“resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in
the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense
Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website
sec.gov.
24 |
| TotalEnergies financial statements
Third quarter 2024 consolidated accounts, IFRS
25 |
| CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
3
rd quarter 2
nd quarter 3
rd quarter
(M$)(a) 2024 2024 2023
Sales 52,021 53,743 59,017
Excise taxes (4,592) (4,560) (4,604)
Revenues from sales 47,429 49,183 54,413
Purchases, net of inventory variation (31,425) (32,117) (33,676)
Other operating expenses (7,269) (7,729) (7,562)
Exploration costs (572) (97) (245)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,392) (2,976) (3,055)
Other income 45 3 535
Other expense (374) (251) (928)
Financial interest on debt (797) (725) (726)
Financial income and expense from cash & cash equivalents 457 408 459
Cost of net debt (340) (317) (267)
Other financial income 319 459 311
Other financial expense (214) (213) (186)
Net income (loss) from equity affiliates 333 627 754
Income taxes (2,179) (2,725) (3,404)
Consolidated net income 2,361 3,847 6,690
TotalEnergies share 2,294 3,787 6,676
Non-controlling interests 67 60 14
Earnings per share ($) 0.97 1.61 2.74
Fully-diluted earnings per share ($) 0.96 1.60 2.73
(a) Except for per share amounts.
26 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
3
rd quarter 2
nd quarter 3
rd quarter
(M$) 2024 2024 2023
Consolidated net income 2,361 3,847 6,690
Other comprehensive income
Actuarial gains and losses 3 22 (1)
Change in fair value of investments in equity instruments (141) 103 3
Tax effect 29 (11) (2)
Currency translation adjustment generated by the parent company 3,151 (683) (1,861)
Items not potentially reclassifiable to profit and loss 3,042 (569) (1,861)
Currency translation adjustment (2,457) 523 1,204
Cash flow hedge (13) 593 306
Variation of foreign currency basis spread (4) - (3)
Share of other comprehensive income of equity affiliates, net amount (208) (38) 31
Other 2 (2) (4)
Tax effect (1) (153) (46)
Items potentially reclassifiable to profit and loss (2,681) 923 1,488
Total other comprehensive income (net amount) 361 354 (373)
Comprehensive income 2,722 4,201 6,317
TotalEnergies share 2,631 4,134 6,313
Non-controlling interests 91 67 4
27 |
| CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$)(a) 2024 2023
Sales 162,042 177,891
Excise taxes (13,547) (13,711)
Revenues from sales 148,495 164,180
Purchases, net of inventory variation (97,322) (105,891)
Other operating expenses (22,641) (23,253)
Exploration costs (757) (399)
Depreciation, depletion and impairment of tangible assets and mineral interests (9,310) (9,223)
Other income 1,806 992
Other expense (940) (1,594)
Financial interest on debt (2,230) (2,160)
Financial income and expense from cash & cash equivalents 1,337 1,362
Cost of net debt (893) (798)
Other financial income 1,084 982
Other financial expense (642) (542)
Net income (loss) from equity affiliates 978 1,981
Income taxes (7,846) (9,962)
Consolidated net income 12,012 16,473
TotalEnergies share 11,802 16,321
Non-controlling interests 210 152
Earnings per share ($) 5.02 6.61
Fully-diluted earnings per share ($) 4.99 6.57
(a) Except for per share amounts.
28 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2024 2023
Consolidated net income 12,012 16,473
Other comprehensive income
Actuarial gains and losses 23 137
Change in fair value of investments in equity instruments 2 6
Tax effect 10 (53)
Currency translation adjustment generated by the parent company 962 (452)
Items not potentially reclassifiable to profit and loss 997 (362)
Currency translation adjustment (835) (95)
Cash flow hedge 1,387 2,197
Variation of foreign currency basis spread (19) 5
share of other comprehensive income of equity affiliates, net amount (322) (64)
Other 2 (5)
Tax effect (373) (518)
Items potentially reclassifiable to profit and loss (160) 1,520
Total other comprehensive income (net amount) 837 1,158
Comprehensive income 12,849 17,631
TotalEnergies share 12,635 17,539
Non-controlling interests 214 92
29 |
| CONSOLIDATED BALANCE SHEET
TotalEnergies
September 30,
2024
June 30,
2024
December 31,
2023
September
30, 2023
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,891 33,477 33,083 32,911
Property, plant and equipment, net 110,125 109,403 108,916 106,721
Equity affiliates : investments and loans 33,963 32,800 30,457 30,153
Other investments 1,656 1,740 1,543 1,342
Non-current financial assets 2,578 2,469 2,395 2,710
Deferred income taxes 3,727 3,568 3,418 3,535
Other non-current assets 4,170 4,235 4,313 3,991
Total non-current assets 190,110 187,692 184,125 181,363
Current assets
Inventories, net 18,532 20,189 19,317 22,512
Accounts receivable, net 18,777 20,647 23,442 23,598
Other current assets 21,933 20,014 20,821 22,252
Current financial assets 6,151 6,823 6,585 6,892
Cash and cash equivalents 25,672 23,211 27,263 24,731
Assets classified as held for sale 2,830 912 2,101 8,656
Total current assets 93,895 91,796 99,529 108,641
Total assets 284,005 279,488 283,654 290,004
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,577 7,577 7,616 7,616
Paid-in surplus and retained earnings 130,804 130,688 126,857 123,506
Currency translation adjustment (13,793) (14,415) (13,701) (13,461)
Treasury shares (8,529) (6,471) (4,019) (1,894)
Total shareholders' equity - TotalEnergies share 116,059 117,379 116,753 115,767
Non-controlling interests 2,557 2,648 2,700 2,657
Total shareholders' equity 118,616 120,027 119,453 118,424
Non-current liabilities
Deferred income taxes 11,750 12,461 11,688 11,633
Employee benefits 1,890 1,819 1,993 1,837
Provisions and other non-current liabilities 20,290 20,295 21,257 22,657
Non-current financial debt 45,750 42,526 40,478 41,022
Total non-current liabilities 79,680 77,101 75,416 77,149
Current liabilities
Accounts payable 34,668 36,449 41,335 37,268
Other creditors and accrued liabilities 34,716 33,442 36,727 37,405
Current borrowings 13,853 11,271 9,590 16,876
Other current financial liabilities 488 461 446 415
Liabilities directly associated with the assets classified as held for sale 1,984 737 687 2,467
Total current liabilities 85,709 82,360 88,785 94,431
Total liabilities & shareholders' equity 284,005 279,488 283,654 290,004
30 |
| CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
3
rd quarter 2
nd quarter 3
rd quarter
(M$) 2024 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,361 3,847 6,690
Depreciation, depletion, amortization and impairment 4,020 3,080 3,621
Non-current liabilities, valuation allowances and deferred taxes (93) (53) 686
(Gains) losses on disposals of assets (3) 182 (521)
Undistributed affiliates' equity earnings (13) (250) (325)
(Increase) decrease in working capital 836 2,013 (923)
Other changes, net 63 188 268
Cash flow from operating activities 7,171 9,007 9,496
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,110) (3,699) (3,808)
Acquisitions of subsidiaries, net of cash acquired (497) (251) (1,607)
Investments in equity affiliates and other securities (845) (481) (482)
Increase in non-current loans (458) (621) (451)
Total expenditures (5,910) (5,052) (6,348)
Proceeds from disposals of intangible assets and property, plant and equipment 32 44 914
Proceeds from disposals of subsidiaries, net of cash sold 82 213 7
Proceeds from disposals of non-current investments 37 56 308
Repayment of non-current loans 197 181 132
Total divestments 348 494 1,361
Cash flow used in investing activities (5,562) (4,558) (4,987)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 521 -
- Treasury shares (2,005) (2,007) (2,098)
Dividends paid:
- Parent company shareholders (1,963) (1,853) (1,962)
- Non-controlling interests (171) (127) (168)
Net issuance (repayment) of perpetual subordinated notes - (1,622) -
Payments on perpetual subordinated notes (23) (50) (22)
Other transactions with non-controlling interests (14) (19) (11)
Net issuance (repayment) of non-current debt 3,080 4,319 47
Increase (decrease) in current borrowings 911 (5,453) (446)
Increase (decrease) in current financial assets and liabilities 760 (530) (182)
Cash flow from / (used in) financing activities 575 (6,821) (4,842)
Net increase (decrease) in cash and cash equivalents 2,184 (2,372) (333)
Effect of exchange rates 277 (57) (508)
Cash and cash equivalents at the beginning of the period 23,211 25,640 25,572
Cash and cash equivalents at the end of the period 25,672 23,211 24,731
31 |
| CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
9 months 9 months
(M$) 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 12,012 16,473
Depreciation, depletion, amortization and impairment 10,136 10,003
Non-current liabilities, valuation allowances and deferred taxes 146 1,081
(Gains) losses on disposals of assets (1,431) (843)
Undistributed affiliates' equity earnings 25 (291)
(Increase) decrease in working capital (2,837) (2,217)
Other changes, net 296 323
Cash flow from operating activities 18,347 24,529
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (11,229) (12,646)
Acquisitions of subsidiaries, net of cash acquired (1,507) (1,762)
Investments in equity affiliates and other securities (1,814) (2,411)
Increase in non-current loans (1,617) (1,206)
Total expenditures (16,167) (18,025)
Proceeds from disposals of intangible assets and property, plant and equipment 413 1,013
Proceeds from disposals of subsidiaries, net of cash sold 1,513 228
Proceeds from disposals of non-current investments 127 490
Repayment of non-current loans 527 472
Total divestments 2,580 2,203
Cash flow used in investing activities (13,587) (15,822)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 521 383
- Treasury shares (6,018) (6,203)
Dividends paid:
- Parent company shareholders (5,719) (5,648)
- Non-controlling interests (304) (294)
Net issuance (repayment) of perpetual subordinated notes (1,622) (1,081)
Payments on perpetual subordinated notes (232) (260)
Other transactions with non-controlling interests (50) (110)
Net issuance (repayment) of non-current debt 7,441 151
Increase (decrease) in current borrowings (1,006) (5,831)
Increase (decrease) in current financial assets and liabilities 501 2,202
Cash flow from / (used in) financing activities (6,488) (16,691)
Net increase (decrease) in cash and cash equivalents (1,728) (7,984)
Effect of exchange rates 137 (311)
Cash and cash equivalents at the beginning of the period 27,263 33,026
Cash and cash equivalents at the end of the period 25,672 24,731
32 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in
surplus and
retained
earnings
Currency
translation
adjustment
Treasury shares Shareholders'
equity -
TotalEnergies
Share
Non-controlling
interests
Total
shareholders'
equity
(M$) Number Amount Number Amount
As of January 1, 2023 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570
Net income of the first nine months
2023 - - 16,321 - - - 16,321 152 16,473
Other comprehensive income - - 1,815 (597) - - 1,218 (60) 1,158
Comprehensive Income - - 18,136 (597) - - 17,539 92 17,631
Dividend - - (5,765) - - - (5,765) (294) (6,059)
Issuance of common shares 8,002,155 22 361 - - - 383 - 383
Purchase of treasury shares - - - - (100,511,783) (7,024) (7,024) - (7,024)
Sale of treasury shares(a)
- - (396) - 6,463,426 396 - - -
Share-based payments - - 232 - - - 232 - 232
Share cancellation (214,881,605) (569) (11,720) - 214,881,605 12,289 - - -
Net issuance (repayment) of
perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
Payments on perpetual
subordinated notes - - (223) - - - (223) - (223)
Other operations with
non-controlling interests - - 39 (28) - - 11 12 23
Other items - - (2) - - (1) (3) 1 (2)
As of September 30, 2023 2,412,251,835 7,616 123,506 (13,461) (16,354,419) (1,894) 115,767 2,657 118,424
Net income of the fourth quarter
2023 - - 5,063 - - - 5,063 (26) 5,037
Other comprehensive income - - 172 (240) - - (68) 17 (51)
Comprehensive Income - - 5,235 (240) - - 4,995 (9) 4,986
Dividend - - (1,846) - - - (1,846) (17) (1,863)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (44,188,794) (2,143) (2,143) - (2,143)
Sale of treasury shares(a)
- - - - - - - - -
Share-based payments - - 59 - - - 59 - 59
Share cancellation - - (17) - - 17 - - -
Net issuance (repayment) of
perpetual subordinated notes - - - - - - - - -
Payments on perpetual
subordinated notes - - (71) - - - (71) - (71)
Other operations with
non-controlling interests - - (9) - - - (9) 73 64
Other items - - - - - 1 1 (4) (3)
As of December 31, 2023 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first nine months
2024 - - 11,802 - - - 11,802 210 12,012
Other comprehensive income - - 924 (91) - - 833 4 837
Comprehensive Income - - 12,726 (91) - - 12,635 214 12,849
Dividend - - (5,863) - - - (5,863) (304) (6,167)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (88,066,669) (6,568) (6,568) - (6,568)
Sale of treasury shares(a)
- - (395) - 6,067,493 395 - - -
Share-based payments - - 458 - - - 458 - 458
Share cancellation (25,405,361) (68) (1,595) - 25,405,361 1,663 - - -
Net issuance (repayment) of
perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual
subordinated notes - - (200) - - - (200) - (200)
Other operations with
non-controlling interests - - - - - - - (50) (50)
Other items - - 3 (1) - - 2 (3) (1)
As of September 30, 2024 2,397,679,661 7,577 130,804 (13,793) (117,137,028) (8,529) 116,059 2,557 118,616
(a)Treasury shares related to the performance share grants.
33 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3
rd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,425 2,350 4,444 22,926 20,872 4 - 52,021
Intersegment sales 9,633 2,017 424 7,927 218 58 (20,277) -
Excise taxes - - - (213) (4,379) - - (4,592)
Revenues from sales 11,058 4,367 4,868 30,640 16,711 62 (20,277) 47,429
Operating expenses (5,257) (3,393) (4,329) (30,273) (16,082) (209) 20,277 (39,266)
Depreciation, depletion and impairment of
tangible assets and mineral interests (2,324) (294) (114) (400) (229) (31) - (3,392)
Net income (loss) from equity affiliates and
other items 47 482 (274) (79) (29) (38) - 109
Tax on net operating income (1,879) (250) (66) 40 (102) 117 - (2,140)
Adjustments (a) (837) (151) (400) (313) (95) (23) - (1,819)
Adjusted net operating income 2,482 1,063 485 241 364 (76) - 4,559
Adjustments (a) (1,819)
Net cost of net debt (379)
Non-controlling interests (67)
Net income - TotalEnergies share 2,294
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3
rd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
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
34 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2
nd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) -
Excise taxes - - - (208) (4,352) - - (4,560)
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)
Depreciation, depletion and impairment of
tangible assets and mineral interests (1,907) (310) (105) (416) (208) (30) - (2,976)
Net income (loss) from equity affiliates and
other items 141 526 26 (13) (84) 29 - 625
Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677)
Adjustments (a) (53) (12) (333) (264) (203) (9) - (874)
Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086
Adjustments (a) (874)
Net cost of net debt (365)
Non-controlling interests (60)
Net income - TotalEnergies share 3,787
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
2
nd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 2,697 844 769 443 259 40 - 5,052
Total divestments 149 29 261 127 (78) 6 - 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007
35 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
3
rd quarter 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,551 2,144 5,183 27,127 23,012 - - 59,017
Intersegment sales 11,129 2,361 495 10,094 153 59 (24,291) -
Excise taxes - - - (210) (4,394) - - (4,604)
Revenues from sales 12,680 4,505 5,678 37,011 18,771 59 (24,291) 54,413
Operating expenses (5,347) (3,038) (4,811) (34,598) (17,749) (231) 24,291 (41,483)
Depreciation, depletion and impairment of
tangible assets and mineral interests (1,976) (283) (86) (483) (204) (23) - (3,055)
Net income (loss) from equity affiliates and
other items 10 358 (8) 61 (16) 81 - 486
Tax on net operating income (2,437) (251) (86) (502) (247) 157 - (3,366)
Adjustments (a) (208) (51) 181 90 132 (37) - 107
Adjusted net operating income 3,138 1,342 506 1,399 423 80 - 6,888
Adjustments (a) 107
Net cost of net debt (305)
Non-controlling interests (14)
Net income - TotalEnergies share 6,676
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
3
rd quarter 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 2,677 734 2,215 424 270 28 - 6,348
Total divestments 699 168 331 114 49 - - 1,361
Cash flow from operating activities 4,240 872 1,936 2,060 206 182 - 9,496
36 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 4,159 6,995 15,990 71,975 62,901 22 - 162,042
Intersegment sales 29,164 7,623 1,583 24,273 651 198 (63,492) -
Excise taxes - - - (591) (12,956) - - (13,547)
Revenues from sales 33,323 14,618 17,573 95,657 50,596 220 (63,492) 148,495
Operating expenses (14,370) (11,099) (16,400) (92,808) (48,779) (756) 63,492 (120,720)
Depreciation, depletion and impairment of
tangible assets and mineral interests (6,148) (925) (316) (1,192) (643) (86) - (9,310)
Net income (loss) from equity affiliates and
other items 285 1,503 (863) (24) 1,367 18 - 2,286
Tax on net operating income (6,303) (785) (185) (275) (311) 149 - (7,710)
Adjustments (a) (912) (125) (1,789) (484) 1,232 (36) - (2,114)
Adjusted net operating income 7,699 3,437 1,598 1,842 998 (419) - 15,155
Adjustments (a) (2,114)
Net cost of net debt (1,029)
Non-controlling interests (210)
Net income - TotalEnergies share 11,802
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 7,242 2,008 4,799 1,266 732 120 - 16,167
Total divestments 545 178 393 234 1,222 8 - 2,580
Cash flow from operating activities 12,888 2,971 1,771 (24) 2,123 (1,382) - 18,347
37 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
9 months 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 4,939 9,036 19,987 76,831 67,083 15 - 177,891
Intersegment sales 31,965 11,138 2,850 27,785 474 180 (74,392) -
Excise taxes - - - (625) (13,086) - - (13,711)
Revenues from sales 36,904 20,174 22,837 103,991 54,471 195 (74,392) 164,180
Operating expenses (15,271) (16,280) (20,976) (98,532) (52,208) (668) 74,392 (129,543)
Depreciation, depletion and impairment of
tangible assets and mineral interests (6,159) (848) (184) (1,291) (669) (72) - (9,223)
Net income (loss) from equity affiliates and
other items 63 1,634 (328) 116 291 43 - 1,819
Tax on net operating income (7,724) (593) (238) (1,014) (528) 180 - (9,917)
Adjustments (a) (327) (657) (215) (751) 205 (77) - (1,822)
Adjusted net operating income 8,140 4,744 1,326 4,021 1,152 (245) - 19,138
Adjustments (a) (1,822)
Net cost of net debt (843)
Non-controlling interests (152)
Net income - TotalEnergies share 16,321
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
9 months 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 9,298 2,555 4,256 1,138 685 93 - 18,025
Total divestments 756 262 629 174 378 4 - 2,203
Cash flow from operating activities 12,823 5,740 2,935 3,132 198 (299) - 24,529
38 |
| Non GAAP Financial Measures
39 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
2,161 2,548 -15% 1,978 Cash flow used in investing activities ( a ) 6,697 8,542 -22%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
1 - ns - Organic loan repayment from equity affiliates ( c ) 1 - ns
- - ns - Change in debt from renewable projects financing ( d ) * - - ns
100 90 11% 51 Capex linked to capitalized leasing contracts ( e ) 280 157 78%
26 4 x6.5 14 Expenditures related to carbon credits ( f ) 29 16 81%
2,288 2,642 -13% 2,043 Net investments ( a + b + c + d + e + f = g - i + h ) 7,007 8,715 -20%
(42) 57 ns (514) of which net acquisitions of assets sales ( g - i ) 51 1,600 -97%
36 160 -78% 156 Acquisitions ( g ) 523 2,281 -77%
78 103 -24% 670 Assets sales ( i ) 472 681 -31%
- - ns - Change in debt from renewable projects (partner share) - - ns
2,330 2,585 -10% 2,557 of which organic investments ( h ) 6,956 7,115 -2%
140 88 58% 343 Capitalized exploration 364 872 -58%
46 67 -31% 32 Increase in non-current loans 155 93 67%
(11) (46) ns (29) Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (72) (75) ns
- - ns -
Change in debt from renewable projects (TotalEnergies
share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.2 Integrated LNG
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
500 815 -39% 566 Cash flow used in investing activities ( a ) 1,830 2,293 -20%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
2 - ns 1 Organic loan repayment from equity affiliates ( c ) 3 2 50%
- - ns - Change in debt from renewable projects financing ( d ) * - - ns
14 7 100% 12 Capex linked to capitalized leasing contracts ( e ) 33 26 27%
- - ns - Expenditures related to carbon credits ( f ) - - ns
516 822 -37% 579 Net investments ( a + b + c + d + e + f = g - i + h ) 1,866 2,321 -20%
65 198 -67% 84 of which net acquisitions of assets sales ( g - i ) 251 1,048 -76%
69 199 -65% 204 Acquisitions ( g ) 268 1,197 -78%
4 1 x4 120 Assets sales ( i ) 17 149 -89%
- - ns - Change in debt from renewable projects (partner share) - - ns
451 624 -28% 495 of which organic investments ( h ) 1,615 1,273 27%
8 13 -38% 3 Capitalized exploration 30 7 x4.3
214 153 40% 153 Increase in non-current loans 540 391 38%
(79) (42) ns (47) Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (158) (111) ns
- - ns -
Change in debt from renewable projects (TotalEnergies
share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
40 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
2,221 508 x4.4 1,884 Cash flow used in investing activities ( a ) 4,406 3,627 21%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
10 - ns 4 Organic loan repayment from equity affiliates ( c ) 10 26 -62%
- - ns 43 Change in debt from renewable projects financing ( d ) * - 81 -100%
5 - ns 1 Capex linked to capitalized leasing contracts ( e ) 6 5 20%
- - ns - Expenditures related to carbon credits ( f ) - - ns
2,236 508 x4.4 1,932 Net investments ( a + b + c + d + e + f = g - i + h ) 4,422 3,739 18%
1,529 (88) ns 1,354 of which net acquisitions of assets sales ( g - i ) 2,176 1,831 19%
1,565 142 x11 1,622 Acquisitions ( g ) 2,443 2,204 11%
36 230 -84% 268 Assets sales ( i ) 267 373 -28%
- - ns (43) Change in debt from renewable projects (partner share) - (81) -100%
707 596 19% 578 of which organic investments ( h ) 2,246 1,908 18%
- - ns - Capitalized exploration - - ns
135 239 -44% 207 Increase in non-current loans 679 552 23%
(24) (31) ns (17) Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (116) (149) ns
- - ns -
Change in debt from renewable projects (TotalEnergies
share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.4 Refining & Chemicals
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
319 316 1% 310 Cash flow used in investing activities ( a ) 1,032 964 7%
- - ns - Other transactions with non-controlling interests ( b ) - - ns
44 (29) ns (21) Organic loan repayment from equity affiliates ( c ) 17 (33) ns
- - ns - Change in debt from renewable projects financing ( d ) * - - ns
- - ns - Capex linked to capitalized leasing contracts ( e ) - - ns
- - ns - Expenditures related to carbon credits ( f ) - - ns
363 287 26% 289 Net investments ( a + b + c + d + e + f = g - i + h ) 1,049 931 13%
34 (95) ns (97) of which net acquisitions of assets sales ( g - i ) (81) (107) ns
42 26 62% - Acquisitions ( g ) 77 31 x2.5
8 121 -93% 97 Assets sales ( i ) 158 138 14%
- - ns - Change in debt from renewable projects (partner share) - - ns
329 382 -14% 386 of which organic investments ( h ) 1,130 1,038 9%
- - ns - Capitalized exploration - - ns
33 58 -43% 13 Increase in non-current loans 98 51 92%
(17) (3) ns (9) Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (27) (25) ns
- - ns -
Change in debt from renewable projects (TotalEnergies
share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
41 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
310 337 -8% 221 Cash flow used in investing activities ( a ) (490) 307 ns
- - ns - Other transactions with non-controlling interests ( b ) - - ns
- - ns - Organic loan repayment from equity affiliates ( c ) - - ns
- - ns - Change in debt from renewable projects financing ( d ) * - - ns
- - ns - Capex linked to capitalized leasing contracts ( e ) - - ns
- - ns - Expenditures related to carbon credits ( f ) - - ns
310 337 -8% 221 Net investments ( a + b + c + d + e + f = g - i + h ) (490) 307 ns
78 151 -48% (18) of which net acquisitions of assets sales ( g - i ) (1,009) (256) ns
83 17 x4.9 10 Acquisitions ( g ) 102 17 x6
5 (134) ns 28 Assets sales ( i ) 1,111 273 x4.1
- - ns - Change in debt from renewable projects (partner share) - - ns
232 186 25% 239 of which organic investments ( h ) 519 563 -8%
- - ns - Capitalized exploration - - ns
16 57 -72% 16 Increase in non-current loans 84 53 58%
(10) (53) ns (19) Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (89) (70) ns
- - ns -
Change in debt from renewable projects (TotalEnergies
share) - - ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
4,763 4,535 5% 4,240 Cash flow from operating activities ( a ) 12,888 12,823 1%
491 182 x2.7 (925) (Increase) decrease in working capital ( b ) (215) (1,613) ns
- - ns - Inventory effect ( c ) - - ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
1 - ns - Organic loan repayments from equity affiliates ( e ) 1 - ns
4,273 4,353 -2% 5,165 Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 13,104 14,436 -9%
42 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
830 431 93% 872 Cash flow from operating activities ( a ) 2,971 5,740 -48%
(56) (789) ns (775) (Increase) decrease in working capital ( b ) * (482) 212 ns
- - ns - Inventory effect ( c ) - - ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
2 - ns 1 Organic loan repayments from equity affiliates ( e ) 3 2 50%
888 1,220 -27% 1,648 Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 3,456 5,530 -38%
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
373 1,647 -77% 1,936 Cash flow from operating activities ( a ) 1,771 2,935 -40%
(253) 1,024 ns 1,466 (Increase) decrease in working capital ( b ) * (170) 1,595 ns
- - ns - Inventory effect ( c ) - - ns
- - ns 43 Capital gain from renewable project sales ( d ) - 81 -100%
10 - ns 4 Organic loan repayments from equity affiliates ( e ) 10 26 -62%
636 623 2% 516 Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 1,951 1,447 35%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
43 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
564 1,541 -63% 2,060 Cash flow from operating activities ( a ) (24) 3,132 ns
413 788 -48% (125) (Increase) decrease in working capital ( b ) (2,325) (1,520) ns
(335) (393) ns 546 Inventory effect ( c ) (620) (61) ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
44 (29) ns (21) Organic loan repayments from equity affiliates ( e ) 17 (33) ns
530 1,117 -53% 1,618 Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 2,938 4,680 -37%
2.5 Marketing & Services
3
rd quarter 2
nd quarter3
rd quarter 2024 vs 3
rd quarter
(in millions of dollars)
9 months 9 months 9 months
2024 vs
2024 2024 2nd quarter 2024 2023 2024 2023 9 months
2023
581 1,650 -65% 206 Cash flow from operating activities ( a ) 2,123 198 x10.7
63 1,066 -94% (599) (Increase) decrease in working capital ( b ) 525 (1,672) ns
(129) (75) ns 218 Inventory effect ( c ) (187) 71 ns
- - ns - Capital gain from renewable project sales ( d ) - - ns
- - ns - Organic loan repayments from equity affiliates ( e ) - - ns
647 659 -2% 587 Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 1,785 1,799 -1%
44 |
| 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 InterCompa
ny
Company
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 4 th quarter 2023 2,802 1,456 527 633 306 (178) - 5,546
Adjusted net operating income ( a ) 10,501 4,893 2,125 2,475 1,304 (597) - 20,701
Balance sheet as of September 30, 2024
Property plant and equipment intangible assets net 83,224 25,426 15,517 12,365 6,808 676 - 144,016
Investments & loans in equity affiliates 3,850 15,609 9,341 4,117 1,046 - - 33,963
Other non-current assets 3,896 2,096 1,286 741 1,210 324 - 9,553
Inventories, net 1,444 1,595 617 11,277 3,599 - - 18,532
Accounts receivable, net 5,801 6,146 4,270 16,506 8,770 1,067 (23,783) 18,777
Other current assets 7,363 7,814 4,788 2,415 3,154 2,357 (5,958) 21,933
Accounts payable (7,035) (6,771) (5,459) (28,346) (9,809) (994) 23,746 (34,668)
Other creditors and accrued liabilities (9,658) (8,693) (4,542) (5,596) (6,015) (6,207) 5,995 (34,716)
Working capital (2,085) 91 (326) (3,744) (301) (3,777) - (10,142)
Provisions and other non-current liabilities (24,510) (3,762) (1,801) (3,415) (1,233) 791 - (33,930)
Assets and liabilities classified as held for sale - Capital
employed 484 - 572 - - - - 1,056
Capital Employed (Balance sheet) 64,859 39,460 24,589 10,064 7,530 (1,986) - 144,516
Less inventory valuation effect (1,014) (205) (1,219)
Capital Employed at replacement cost ( b ) 64,859 39,460 24,589 9,050 7,325 (1,986) - 143,297
Balance sheet as of September 30, 2023
Property plant and equipment intangible assets net 84,906 24,683 11,635 11,350 6,449 609 - 139,632
Investments & loans in equity affiliates 2,823 13,624 8,840 4,293 573 - - 30,153
Other non-current assets 3,473 2,874 711 722 1,124 (35) - 8,869
Inventories, net 1,542 1,768 657 14,337 4,208 - - 22,512
Accounts receivable, net 7,152 8,436 5,415 23,483 9,416 1,734 (32,038) 23,598
Other current assets 5,623 10,327 8,081 2,452 3,531 2,815 (10,577) 22,252
Accounts payable (5,860) (9,514) (5,659) (35,396) (10,972) (1,787) 31,920 (37,268)
Other creditors and accrued liabilities (9,532) (12,307) (8,178) (6,803) (4,919) (6,361) 10,695 (37,405)
Working capital (1,075) (1,290) 316 (1,927) 1,264 (3,598) - (6,310)
Provisions and other non-current liabilities (26,342) (3,858) (1,586) (3,757) (1,207) 623 - (36,127)
Assets and liabilities classified as held for sale - Capital
employed 5,607 - 127 130 1,298 - - 7,162
Capital Employed (Balance sheet) 69,392 36,033 20,043 10,811 9,501 (2,402) - 143,378
Less inventory valuation effect (1,809) (476) (2,285)
Capital Employed at replacement cost ( c ) 69,392 36,033 20,043 9,002 9,025 (2,402) - 141,093
ROACE as a percentage ( a / average ( b + c )) 15.6% 13.0% 9.5% 27.4% 16.0% 14.6%
45 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars)
3
rd quarter 2
nd quarter 3
rd quarter 9 months 9 months
2024 2024 2023 2024 2023
Consolidated net income ( a ) 2,361 3,847 6,690 12,012 16,473
Net cost of net debt ( b ) (379) (365) (305) (1,029) (843)
Special items affecting net operating income (1,360) (256) (881) (824) (1,497)
Gain (loss) on asset sales - (110) - 1,397 203
Restructuring charges (10) (11) - (21) (5)
Impairments (1,107) - (698) (1,751) (1,227)
Other (243) (135) (183) (449) (468)
After-tax inventory effect : FIFO vs. replacement cost (375) (327) 623 (595) (145)
Effect of changes in fair value (84) (291) 365 (695) (180)
Total adjustments affecting net operating income ( c ) (1,819) (874) 107 (2,114) (1,822)
Adjusted net operating income ( a - b - c ) 4,559 5,086 6,888 15,155 19,138
46 |
Exhibit
99.15
|
PRESS RELEASE |
TotalEnergies
announces the third interim dividend of
€0.79/share for fiscal year 2024,
an increase close to 7% compared to 2023
Paris,
31st October 2024 - The Board of Directors meeting on October 30, 2024 under the chairmanship of Mr. Patrick
Pouyanné, Chairman and Chief Executive Officer, decided the distribution of the third 2024 interim dividend of 0.79 €/share,
an increase of 6.8% compared to the three interim dividends paid for fiscal year 2023 and identical to the first and second 2024 interims.
This increase is in line with the shareholder return policy confirmed by the Board of Directors in February 2024 and reiterated
at the Annual General Meeting of May 24, 2024.
This
interim dividend will be paid in cash exclusively, according to the following timetable:
|
Shareholders |
ADS
holders |
Ex-dividend
date |
March 26,
2025 |
March 25,
2025 |
Payment
date |
April 1,
2025 |
April 16,
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.
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