Financial Performance - TotalEnergies reported Q4 2024 sales of $52,508 million, a 1% increase from Q3 2024 but a 10% decrease compared to Q4 2023[5]. - Net income attributable to TotalEnergies' shareholders for Q4 2024 was $3,956 million, representing a 72% increase from Q3 2024 but a 26% decrease year-over-year[5]. - Adjusted EBITDA for Q4 2024 was $10,529 million, up 5% from Q3 2024 but down 14% from Q4 2023[5]. - Cash flow from operating activities in Q4 2024 was $12,507 million, a 74% increase from Q3 2024 but a 24% decrease compared to Q4 2023[5]. - TotalEnergies' net income for Q4 2024 was $3,956 million, compared to $2,294 million in Q3 2024, reflecting increased hydrocarbon production and gas prices[53]. - TotalEnergies reported consolidated net income of $4,019 million for Q4 2024, a 70% increase from $2,361 million in Q3 2024, but a decrease from $5,037 million in Q4 2023[119]. - The company reported a net income attributable to TotalEnergies' shareholders for 2024 of $16,031 million, a decrease of 25.4% from $21,510 million in 2023[125]. Production and Sales - Hydrocarbon production averaged 2,434 kboe/d in 2024, a 2% decrease year-over-year, excluding the impact of the Canada disposal[16]. - The Exploration & Production segment's hydrocarbon production was 1,933 kboe/d in Q4 2024, a 1% decrease from Q3 2024 and a 4% decrease from Q4 2023[28]. - Total petroleum product sales in Q4 2024 were 1,312 kb/d, down 5% quarter-over-quarter due to seasonal demand fluctuations in Europe[49]. - Total consolidated petroleum product sales increased by 1% to 4,380 kb/d in 4Q24 compared to 4,355 kb/d in 3Q24, and up 7% from 4,151 kb/d in 4Q23[78]. - The Americas region saw an 8% increase in petroleum product sales year-over-year, reaching 1,021 kb/d in 2024[78]. Investments and Expenditures - TotalEnergies' organic investments in Q4 2024 amounted to $2,104 million, a 10% decrease from Q3 2024[29]. - Cash flow used in investing activities for Q4 2024 was $3,745 million, a 33% decrease from Q3 2024, while total net investments were $3,863 million, down 33% from Q3 2024[89]. - Total expenditures in investing activities for 2024 amounted to $21,750 million, a decrease of 12.5% compared to $24,860 million in 2023[125]. - Total divestments in investing activities for 2024 were $4,418 million, down from $8,406 million in 2023[125]. Environmental and Sustainability Initiatives - Scope 1+2 greenhouse gas emissions from operated facilities were 9.6 MtCO2e in Q4 2024, a 9% increase from Q3 2024[9]. - TotalEnergies aims to reduce methane emissions by 60% compared to 2020 levels by 2025, having already achieved a 55% reduction in flaring and fugitive emissions[13]. - The portfolio of renewable power generation gross capacity increased to 97.2 GW, a 21% increase year-on-year[35]. - The Integrated Power segment achieved a net power production of 11.4 TWh in Q4 2024, a 2% increase from Q3 2024 and a 43% increase from Q4 2023[35]. Financial Ratios and Metrics - TotalEnergies' gearing ratio improved to 8.3% at December 31, 2024, down from 12.9% at September 30, 2024[5]. - The effective tax rate for TotalEnergies in Q4 2024 was 50.5%, compared to 45.1% in Q3 2024[29]. - Return on Average Capital Employed (ROACE) for the company was 14.8% for the twelve months ended December 31, 2024, with the highest segment being Refining & Chemicals at 37.2%[103]. - The payout ratio for 2024 was 50%, with dividends paid to parent company shareholders amounting to $7,717 million[104]. Market Outlook and Future Projections - Hydrocarbon production is expected to grow more than 3% in 2025, driven by new start-ups in the Gulf of Mexico and Brazil[67]. - TotalEnergies anticipates net investments of $17 to $17.5 billion in 2025, with $4.5 billion allocated to low carbon energies[69]. - The Integrated Power segment is projected to expand by over 20% in electricity production, aiming for more than 50 TWh in annual net generation[68]. - European gas prices are expected to remain above $13/Mbtu in early 2025, influenced by high winter consumption and limited capacity additions[66].

Group 1 - The oil sector valuations are not seen as demanding following a challenging year-end in 2024 [1] - TotalEnergies SE (NYSE: TTE) stock price has declined since the last update [1] - The analysis is conducted by buy-side hedge professionals focusing on fundamental, income-oriented, long-term analysis across sectors globally [1]

Group 1 - The energy sector is generally optimistic about its future, with TotalEnergies being a notable example of this sentiment [1] - The oil and gas industry is characterized as a boom-bust, cyclical market, indicating the need for patience and experience in navigating it [1] Group 2 - The article does not provide specific financial data or performance metrics related to TotalEnergies or the broader energy market [1]

TotalEnergies' Renewable Energy Projects in Oman - TotalEnergies SE (TTE) and OQ Alternative Energy (OQAE) signed agreements to develop 300 MW of renewable energy projects in Oman, including solar and wind farms [1] - The projects consist of a 100 MW solar project in northern Oman and two 100 MW wind farms in southern Oman, with construction starting in early 2025 and electricity production beginning in late 2026 [2] - These projects will generate over 1.4 TWh of renewable electricity annually [2] - TotalEnergies also contributed to the development of the largest solar photovoltaic system in Oman, powering a desalination plant in Sur [3] TotalEnergies' Clean Energy Strategy - TotalEnergies aims to reach net zero by 2050 by developing a cost-competitive portfolio combining flexible assets like gas turbines and storage with renewable energy sources [4] - By the end of 2024, TotalEnergies' gross renewable electricity generation capacity reached over 24 GW, with plans to produce 35 GW by 2025 and over 100 TWh of net electricity by 2030 [5] - In December 2024, TotalEnergies' Saudi developer signed a 25-year PPA for a 300 MW solar power project in Rabigh [5] Industry Trends in Renewable Energy - BP plans to reduce emissions by 30-35% by 2030 and develop 50 GW of renewable energy capacity by the same year [6] - ExxonMobil aims to achieve net-zero emissions by 2050 through electrification, lower-carbon power, and equipment upgrades [7] - Equinor is investing in solar and wind energy projects, targeting 4-6 GW of production capacity by 2026 and 12-16 GW by 2035 [8] Financial Performance and Market Trends - TotalEnergies' stock price declined by 17.9% in the past six months, compared to the industry's 14.2% decline [10] - BP's long-term earnings growth rate is 4%, with a projected 4.2% year-over-year decrease in 2024 sales [7] - ExxonMobil's long-term earnings growth rate is 3%, with a projected 2.9% year-over-year increase in 2024 sales [8] - Equinor's long-term earnings growth rate is 5.79%, with a projected 2.3% year-over-year decrease in 2024 earnings per share [9]

Core Viewpoint - TotalEnergies SE has signed a 25-year power purchase agreement for a 300 MW solar power project in Saudi Arabia, aligning with the country's Vision 2030 goals for renewable energy [1][2]. Group 1: Project Details - The Rabigh 2 solar project is part of Round 5 of the National Renewable Energy Program, aiming to reduce reliance on liquid fuels and achieve a balanced energy mix by 2030, with gas and renewables each contributing approximately 50% [2]. - TotalEnergies is also constructing a 119 MW solar power plant in Wadi Al Dawasir, expected to commence operations in early 2025 [3]. Group 2: TotalEnergies' Renewable Energy Strategy - TotalEnergies aims for net zero by 2050, developing a competitive portfolio that includes flexible assets and renewable sources like solar and wind to provide clean electricity [4]. - The company had an installed gross renewable power capacity of 22 GW by the end of 2023, with plans to increase this to 35 GW by 2025 and generate over 100 TWh of net electricity by 2030 [5]. Group 3: Industry Trends - Other major companies, including BP, ExxonMobil, and Equinor, are also focusing on reducing emissions and expanding renewable energy operations, with BP targeting 50 GW of net renewable capacity by 2030 [7]. - ExxonMobil plans significant investments in emission-reduction projects and aims for net-zero emissions by 2050 [8]. - Equinor is actively investing in solar and wind energy, expecting to reach a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035 [9]. Group 4: Stock Performance - TotalEnergies' stock has declined by 18.8% over the past six months, compared to a 13.1% decline in the industry [11].

Group 1 - TotalEnergies (TTE) is a French energy company specializing in petroleum extraction and refining, and it is the third largest non-OPEC producer globally, producing 1.6 million barrels per day (mmbbl/d) of liquids [1] - The company is involved in various aspects of the energy sector, indicating a diversified approach to energy production and management [1] Group 2 - The article does not provide any specific financial data or performance metrics related to TotalEnergies [1]

Core Insights - TotalEnergies SE reported third-quarter 2024 operating earnings of $1.74 per share, missing the Zacks Consensus Estimate of $1.84 by 5.4%, and reflecting a 33.8% decline from the previous year's $2.63 per share due to lower refining margins and decreased oil prices [1] Financial Performance - Total revenues for the third quarter were $47.43 billion, down 12.8% from $54.41 billion in the same quarter last year [2] - Net operating income was $4.64 billion, a decrease of 31.9% year over year, attributed to lower refining margins [7] - Cash and cash equivalents as of September 30, 2024, were $25.67 billion, compared to $24.73 billion a year earlier [11] Production and Operations - Hydrocarbon production averaged 2,409 thousand barrels of oil equivalent per day, down 2.7% year over year, influenced by security-related disruptions in Libya and a natural gas decline [3] - Liquid production averaged 1,466 thousand barrels per day, down 6.1% year over year, while gas production increased by 3.5% to 5,093 thousand cubic feet per day [4] Pricing and Margins - The realized price for Brent crude fell 7.4% to $80.3 per barrel from $86.7 a year ago, while the average realized liquid price decreased by 2.4% to $77 per barrel [5] - Realized gas prices increased by 5.7% year over year to $5.78 per thousand British thermal units [5] Segment Performance - Exploration & Production's operating earnings were $2.48 billion, down 20.9% from $3.14 billion in the prior year [9] - Integrated LNG's operating income was $1.06 billion, down 20.8% from $1.34 billion [9] - Refining & Chemicals' operating income plummeted 82.8% to $0.24 billion from $1.40 billion in the previous year [9] Strategic Initiatives - TotalEnergies is focusing on a multi-energy strategy, emphasizing renewable energy, and has commenced production from high-margin projects in the U.S. and Argentina [6] - The company aims for a production growth target of 3% per year through 2030, supported by new projects [6] Shareholder Returns - The company repurchased 29.3 million shares for $2 billion in the third quarter and a total of 88.1 million shares for $6 billion in the first nine months of 2024 [8] Guidance - TotalEnergies expects fourth-quarter 2024 hydrocarbon production to be in the range of 2,400-2,450 thousand barrels of oil equivalent per day, considering the end of disruptions in Libya and the start-up of the Mero-3 project in Brazil [12]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $4.1 billion for Q3 2024 and $13.9 billion for the first nine months of the year, with a return on average capital employed of 14.6% [5][18] - The European refining margin marker decreased by 66% quarter-to-quarter, falling below the breakeven level of $25 per ton [5][14] - Brent crude oil prices decreased by 5% quarter-to-quarter, averaging $80 per barrel, while the average LNG price decreased by 6% [5] Business Segment Data and Key Metrics Changes - Hydrocarbon production for oil and gas was 2.41 million barrels of oil equivalent per day, within the guidance range [6] - Adjusted net operating income for integrated LNG was $1.1 billion in Q3, reflecting lower LNG production and gas trading performance [9] - Integrated Power's adjusted net operating income was close to $0.5 billion for Q3, totaling $1.6 billion year-to-date, up 21% year-on-year [11] Market Data and Key Metrics Changes - LNG sales increased by 8% quarter-to-quarter due to seasonal inventory replenishments, while hydrocarbon production for LNG decreased by 7% [9] - The company anticipates an average LNG selling price of around $10 per million BTU for Q4 2024, slightly higher than the previous quarter [10] Company Strategy and Development Direction - The company aims for a balanced strategy focusing on both hydrocarbons and integrated power, emphasizing cost discipline and a strong balance sheet [4] - The GranMorgu project in Suriname was sanctioned, expected to contribute to medium-term production growth of 3% per year through 2030 [8] - The company is enhancing its integration along the gas value chain by acquiring low-cost upstream dry gas supply in Texas [10] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging environment with deteriorating refining margins and emphasized the importance of maintaining a low breakeven portfolio [5][4] - The company remains moderately optimistic about refining margins improving in the future, despite current challenges [39] - Management highlighted the importance of cash flow generation and indicated that the company is on track to meet its guidance for the year [36] Other Important Information - The company reported $1.1 billion in negative adjustments to net income related to impairments, primarily linked to the bankruptcy of SunPower [16] - A working capital release of $2 billion is anticipated for Q1 2024, following a release of $0.4 billion in Q3 2024 [17] Q&A Session Summary Question: Cash flow concerns and Argentina plans - Management acknowledged a lag effect on cash flow due to timing issues with dividends and indicated that cash flow is expected to align with expectations [21][23] - Regarding Argentina, management stated that investment decisions depend on the ability to repatriate dividends, and they are evaluating options in the region [24][25] Question: Updates on Uganda and Mozambique projects - The Uganda project is progressing as planned, with production expected to start by mid-2026 [27] - In Mozambique, stability in the political environment is crucial for project restart, and management is working on financing aspects [28][30] Question: Refining margins and LNG capacity delays - Management expressed moderate optimism about refining margins improving, despite current low levels [39] - The anticipated wave of LNG capacity is expected to begin in 2027, with no significant additional supply expected in 2025 [46][48] Question: Renewable energy partnerships and acquisitions - Management confirmed successful negotiations with RWE for offshore wind projects and emphasized a preference for organic growth over acquisitions [51][55] Question: Refining portfolio and potential asset rationalization - Management indicated that while the breakeven is $25, they are not considering economic run cuts at this time, focusing instead on optimizing asset use [59][60] - The company is prepared to transform refineries based on structural weaknesses rather than current market conditions [68]

Exhibit 99.1 OPERATING AND FINANCIAL REVIEW AND PROSPECTS The terms "TotalEnergies", "TotalEnergies company" and "Company" in this exhibit are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. The financial and extra-financial information on pages 1-24 of this exhibit relating to TotalEnergies with respect to the third quarter of 2024 and nine months ended September 30, 2024 has been derived from TotalEnergies' unaudited consolidated bala ...

Core Viewpoint - TotalEnergies SE is expected to report its third-quarter 2024 earnings on October 31, with a negative earnings surprise of 6.16% in the previous quarter [1] Earnings Expectations - The company anticipates production volume between 2.4-2.45 thousand barrels of oil equivalents per day, influenced by the start-up of the Anchor project in the Gulf of Mexico [3] - The Zacks Consensus Estimate for earnings is $1.84 per share, and for revenues, it is $57.03 billion, indicating a decline of 30.04% in earnings and 3.37% in revenues compared to the same quarter last year [3] Strategic Factors - TotalEnergies is actively making strategic acquisitions and divestments to align with long-term objectives, which is expected to enhance third-quarter performance [4] - The company is focusing on new oil and gas projects set to commence in 2024, which are anticipated to improve cash margins and overall performance [5] - TotalEnergies is strengthening its position in natural gas, liquefied natural gas, and low-carbon electricity, contributing positively to earnings [5] Competitive Landscape - The company faces competition from major oil and gas players like ExxonMobil, Shell, and Chevron, which complicates the acquisition of hydrocarbon assets and licenses [6] - The competitive environment is intensified as these operators also engage in renewable energy initiatives [6]