TotalEnergies SE (TTE) , along with the Nigerian National Petroleum Corporation Ltd ("NNPCL"), has taken the final investment decision for the development of the Ubeta gas field. TTE is the operator of the OML 58 onshore license in Nigeria with a 40% interest, while NNPCL holds the remaining 60%. The OML 58 license, situated in Rivers state and around 49.7 miles (80 km) northwest of Port Harcourt, includes the two producing fields — the Obagi oil field and the Ibewa gas and condensate field. The Obite treat ...

JHVEPhoto Q1 delivered solid execution with 1% production growth and a ~13% decrease in upstream opex/unit. During Q1 Total's headline production was stable vs Q4 at 2,461Kboed with a lower liquids output offset by higher gas volumes. However, I do note that the quarter saw the disposal of Total's remaining oil sands assets. Underlying production was actually up 1% QoQ, driven mainly by growing LNG output (higher gas QoQ) and ramp ups at Mero (Brazil) and Nigeria. Liquids mix remained roughly stable at 54%, ...

Core Viewpoint - TotalEnergies demonstrated strong financial performance in Q1, exceeding Wall Street expectations despite challenging market conditions, and is exploring a potential primary listing in the US to close valuation gaps with American peers [4][6][12]. Financial Performance - TotalEnergies reported an adjusted net income of $5.1 billion in Q1, slightly above the consensus estimate of $5 billion, despite a 43% decline in average gas prices [13]. - Cash flow from operations before working capital reached $8.2 billion, with operating cash flow at $2.2 billion for the quarter, leading to a net debt of $14.2 billion [13]. - The company’s exploration division achieved a core EBIT of $2.6 billion and cash flow of $4.5 billion, benefiting from low upstream production costs below $5 per barrel [14]. Production and Growth Outlook - TotalEnergies' total production has decreased by 18% since its peak in 2019, but there is a positive outlook for upstream production growth driven by LNG projects in North America, Qatar, and Mozambique [8]. - The company anticipates organic growth of 2% per year by 2030, supported by significant discoveries in Namibia [8]. Dividend and Share Buyback Strategy - TotalEnergies plans to increase its first interim dividend to €0.79 per share in 2024, a 7% increase from 2023, and has been authorized for a $2 billion share buyback in Q2 [16]. - The company expects to generate a cash flow from operations of $35 billion, allowing for at least an $8 billion buyback, with a distribution yield of 10% fully covered by an FCF yield above 11% [17]. Market Position and Valuation - The ongoing valuation gap between TotalEnergies and US peers like ExxonMobil and Chevron is highlighted, with the company’s P/E ratio expected to increase to $74 per share, supported by a potential US primary listing [4][17]. - The company’s management team and capital allocation priorities are viewed positively, contributing to its robust earnings potential [6][16].

Core Viewpoint - TotalEnergies SE has signed an agreement to acquire all shares of West Burton Energy for an enterprise value of £450 million ($576 million), pending regulatory approval [1]. Deal Details - The acquisition is expected to enhance TotalEnergies' flexible asset base, reducing intermittency and ensuring a steady power supply for customers [2]. Renewable Energy Focus - This agreement will increase TotalEnergies' global flexible power generation portfolio to approximately 7 GW of gross capacity, alongside its existing 23 GW of gross renewable capacity [3]. Energy Transition - TotalEnergies, along with other major oil and gas companies like ExxonMobil, BP, and Chevron, is taking steps to reduce emissions and meet clean energy targets [4]. Customer Support and Market Position - The deal will enable TotalEnergies to better serve its 300,000 UK gas and electricity customers by providing more accessible, economical, and sustainable energy, while also strengthening its trading position in the UK electricity and gas markets [9]. Asset Details - West Burton Energy operates the West Burton B gas-fired power plant in Nottinghamshire, England, with a total output of 1.3 GW, and includes a 49 MW battery storage system [10]. Future Capacity Needs - TotalEnergies anticipates a need for 700 MW of gas-based power generation capacity, given its renewable portfolio in the UK, which includes 1.1 GW of gross installed capacity and 4.5 GW under development [11]. Net Zero Emissions Strategy - The company aims to achieve net zero emissions by 2050 by developing a competitive portfolio that combines flexible assets with renewable energy sources [12]. Growth Projections - TotalEnergies is constructing and developing a portfolio of 35 GW by 2025, with over 20 GW already secured through long-term power purchase agreements [13]. Industry Trends - The global renewable energy market was valued at $1,056.27 billion in 2023 and is projected to grow at a CAGR of 8.6% through 2032, indicating a significant shift towards clean energy [14]. Share Performance - Over the past six months, TotalEnergies' shares have increased by 7.6%, outperforming the industry's growth of 6.6% [18].

TotalEnergies global LNG portfolio stands at 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies. The company continues to expand its LNG operation through acquisition, partnership and agreements. Its large fleet of LNG tankers and reserved capacity in several regasification terminals make it a perfect partner for the development of LNG projects globally. Expanding LNG operation is in sync with its long-term ambition to increase the share of natural gas in its sales mix to clos ...

TotalEnergies SE (TTE) and EREN Groupe's joint venture TE H2, along with VERBUND, Austria's leading electricity company, have signed a Memorandum of Understanding with Republic of Tunisia to develop a large green hydrogen project named H2 Notos for export to Central Europe through pipelines. Green hydrogen will be produced using electrolysers, powered by large onshore wind and solar projects, and supplied with desalinated sea water. The project aims to produce 200,000 tons of green hydrogen annually during ...

Financial Data and Key Metrics Changes - TotalEnergies reported an adjusted net income of $5.1 billion for Q1 2024, down only 2% sequentially, with cash flow from operations (excluding working capital) of $8.2 billion [28][12] - The return on average capital employed was 16.5%, and the company maintained a net investment guidance of $17 billion to $18 billion for 2024 [12][11] - The interim dividend was increased by 7% year-on-year to EUR 0.79 per share, reflecting a strong commitment to shareholder returns [17][9] Business Line Data and Key Metrics Changes - Exploration and production reported adjusted net operating income of $2.6 billion and cash flow of $4.5 billion, with upstream production costs at $4.6 per barrel [13][12] - Integrated LNG adjusted net operating income was $1.2 billion, impacted by lower LNG prices, with cash flow totaling $1.3 billion [14][12] - Downstream refinery utilization rate was stable at close to 80%, with cash flow from marketing and services increasing by 5% year-on-year to $480 million [15][16] Market Data and Key Metrics Changes - Brent prices were flat quarter-to-quarter, down only 1% to $83 per barrel, while refining margins increased by 36% [28][12] - European gas prices declined by 35% due to a mild winter and high storage levels [28][12] - First quarter LNG sales decreased by 9% quarter-to-quarter, primarily due to lower demand in Europe [30][12] Company Strategy and Development Direction - The company is advancing its two-pillar strategy focused on oil and gas production and integrated power development, aiming to become net cash positive by 2028 [4][22] - TotalEnergies is making progress on several projects, including the Cameia project in Angola and the Marsa LNG project in Oman, which sets a new low-carbon intensity standard [6][7] - The company is also expanding its LNG position and acquiring assets in Malaysia to enhance its integrated gas business [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production guidance of 2.4 million to 2.5 million barrels of oil equivalent per day for 2024, reflecting a 2% growth year-on-year [29][12] - The company anticipates an increase in refining utilization rates to around 85% in Q2 2024 as operations normalize [32][12] - Management remains optimistic about the LNG market, expecting demand to grow despite potential delays in new capacities [81][12] Other Important Information - The company celebrated its 100th anniversary, emphasizing its commitment to energy transition and sustainable practices [3][21] - TotalEnergies is now the number one company in Europe in terms of employee capital ownership, with over EUR 11 billion owned by employees [27][12] - Gearing increased to around 10% at the end of Q1 2024, compared to 5% at the end of the previous year [33][12] Q&A Session Summary Question: What is the outlook for the LNG market given potential EU sanctions on Russian LNG? - Management indicated that if EU sanctions were imposed on Yamal LNG, it could lead to an increase in LNG prices, benefiting TotalEnergies' portfolio [94][12] Question: Can you provide details on the FID for Namibia and the size of resources? - Management stated that they are comfortable with the FID in Namibia and expect to be the first to produce oil there, with ongoing exploration to capture additional resources [67][69] Question: What is the rationale behind the acquisition of SapuraOMV? - The acquisition strengthens TotalEnergies' position in Malaysia and is seen as a strategic move to enhance its gas business, particularly in relation to LNG pricing [110][12] Question: How does the company view the potential for a U.S. listing? - Management confirmed that the Board is considering a U.S. listing to better access U.S. shareholders and will report back by September [104][12] Question: What are the expectations for share buybacks in the current environment? - Management indicated that share buybacks would be considered if cash flows exceed the base case, but no specific formula is in place [86][12]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number: 1-10888 TotalEnergies SE (Exact Name of Registrant as Specified in Its Charter) N/A (Translation of Registrant's name into English) Republic of France (Jurisdicti ...

3. Effect of changes in fair value These adjustment items include: 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 ...

TotalEnergies SE (NYSE:TTE) Q4 2023 Earnings Conference Call February 7, 2024 4:30 AM ET Company Participants Renaud Lions - Investor Relations Bernard Pinatel - President, Refining & Chemicals Jean-Pierre Sbraire - Chief Financial Officer Patrick Pouyanné - Chairman, Chief Executive Officer and President Stephane Michel - President, Gas, Renewables & Power Conference Call Participants Irene Himona - Societe Generale Oswald Clint - Bernstein Michele Vigna - Goldman Sachs Martijn Rats - Morgan Stanley Lucas ...