Emissions and Environmental Performance - Scope 1+2 emissions decreased by 15% in 2Q24 compared to 2Q23, from 9.1 MtCO2e to 7.7 MtCO2e[1] - Methane emissions decreased by 13% in 2Q24 compared to 2Q23, with operated facilities emissions down by 17% and equity share emissions down by 19%[12] Production and Operations - Hydrocarbon production in 2Q24 was 2,441 kboe/d, a 1% decrease compared to 2Q23[3] - Gas production increased by 6% in 2Q24 compared to 2Q23, reaching 1,123 kboe/d[3] - Total production for 2Q24 was 2,441 kb/d, a 1% decrease compared to 2Q23[78] - Liquids production for 2Q24 was 1,477 kb/d, a 6% decrease compared to 2Q23[78] - Gas production for 2Q24 was 359 Mcf/d, a 6% increase compared to 2Q23[78] - Combined liquids and gas production in Europe increased by 5% year-on-year in Q2 2024, while production in the Americas decreased by 19%[52] - Total consolidated petroleum product sales increased by 3% year-on-year in Q2 2024, with a 14% increase in the Americas and a 9% increase in Europe[53] Financial Performance - Sales in 2Q24 were 53.743billion,a43.787 billion, a 7% decrease compared to 2Q23[9] - Adjusted EBITDA in 2Q24 was 11.073billion,a0.32,667 million, with a 4% increase in 1H24 compared to 1H23[16] - Net income for 2Q24 was 3,787million,adecreaseof74,672 million, slightly lower than 1Q24's 5,112million[55]−Revenuesfromsalesin2Q24were49,183 million, down 4% compared to 2Q23[56] - Adjusted EBITDA for 2Q24 was 11,073million,showingaslightdeclinefrom1Q24′s11,493 million[56] - Net income for the first half of 2024 was 9.508billion,withcomprehensiveincomeat10.004 billion[74] - Consolidated net income for the first half of 2024 was 9,651million,slightlydownfrom9,783 million in the same period of 2023[68] - Earnings per share (EPS) for the first half of 2024 increased to 4.04from3.88 in the first half of 2023[68] - Comprehensive income for the first half of 2024 was 10,127million,downfrom11,314 million in the first half of 2023[69] - Net income for the first half of 2023 was 9.645billion,withcomprehensiveincomereaching11.226 billion[74] - Net income for the second half of 2023 increased to 11.739billion,withcomprehensiveincomeat11.308 billion[74] - Sales for the first half of 2024 decreased to 110,021millionfrom118,874 million in the first half of 2023, representing a 7.4% decline[68] - Consolidated net income for Q2 2024 was 3,847million,downfrom5,804 million in Q1 2024 but up from 4,152millioninQ22023[90]−TotalEnergiesshareofnetincomeforQ22024was3,787 million, compared to 5,721millioninQ12024and4,088 million in Q2 2023[90] - Earnings per share for Q2 2024 were 1.61,downfrom2.42 in Q1 2024 but up from 1.65inQ22023[90]−ComprehensiveincomeforQ22024was4,201 million, compared to 5,926millioninQ12024and4,700 million in Q2 2023[91] - Adjusted EBITDA for Q2 2024 was not explicitly stated, but the company emphasizes its importance as a non-GAAP measure for evaluating profitability[89] - Consolidated net income for the first half of 2024 was 9,651million,slightlydownfrom9,783 million in the same period of 2023[97] - Cash flow from operating activities decreased to 11,176millioninthefirsthalfof2024,comparedto15,033 million in the first half of 2023[97] - Total expenditures for investing activities were 10,257millioninthefirsthalfof2024,downfrom11,677 million in the same period of 2023[97] - Cash flow used in financing activities was 7,063millioninthefirsthalfof2024,comparedto11,849 million in the first half of 2023[97] - Adjusted net income for 2Q24 was 4.672billion,a69.784 billion, down 15% year-over-year[81] - Adjusted EBITDA for 2Q24 was 11.073billion,flatcomparedto2Q23,while1H24adjustedEBITDAwas22.566 billion, down 11% year-over-year[81] Segment Performance - Exploration & Production segment's adjusted net operating income increased by 14% in 2Q24 compared to 2Q23, reaching 2.667billion[9]−IntegratedLNGsegment′sadjustednetoperatingincomedecreasedby131.152 billion[9] - Integrated Power segment's adjusted net operating income increased by 12% in 2Q24 compared to 2Q23, reaching 502 million[9] - Refining & Chemicals segment's adjusted net operating income decreased by 36% in 2Q24 compared to 2Q23, reaching 639 million[9] - LNG sales decreased by 20% in 2Q24 compared to 2Q23, with overall sales at 8.8 Mt, and a 24% decrease in sales from equity production and third-party purchases[17] - Net power production increased by 10% in 2Q24 compared to 2Q23, with renewable power production up by 61% and gas flexible capacities down by 44%[18] - Refinery throughput increased by 3% in 2Q24 compared to 2Q23, with France showing an 18% increase and the rest of Europe a 6% increase[19] - Petrochemicals production increased by 8% in 2Q24 compared to 2Q23, with monomers up by 8% and polymers up by 15%[19] - Marketing & Services sales in 2Q24 were 1,363 kb/d, down 2% year-on-year, primarily due to lower diesel demand in Europe[21] - Marketing & Services adjusted net operating income in 2Q24 was 379million,up492,667 million, a 5% increase quarter-to-quarter[38] - LNG sales in 2Q24 decreased by 18% quarter-to-quarter, primarily due to lower spot purchases[40] - Integrated LNG adjusted net operating income in 2Q24 was 1,152million,a6502 million in Q2 2024, up 12% year-on-year, but decreased quarter-to-quarter due to seasonality in European electricity demand[42] - Downstream adjusted net operating income was 1,018millioninQ22024,down30639 million in Q2 2024, down 34% quarter-to-quarter due to lower refining margins in Europe and the Middle East[44] - ROACE for Exploration & Production was 16.6%, while Refining & Chemicals had the highest ROACE at 39.4%[63] - The Exploration & Production segment operates in about 50 countries, focusing on oil and natural gas exploration and production[105] - The Integrated Power segment covers generation, storage, electricity trading, and B2B-B2C distribution of gas and electricity[105] - The Integrated LNG segment's operating income was impacted by changes in the fair value of gas and LNG positions, which are allocated to its operating income[133] - External sales for the first half of 2024 totaled 110,021 million, with the Refining & Chemicals segment contributing the highest at 49,049 million[137] - Operating expenses for the first half of 2024 amounted to 81,454 million, with the Refining & Chemicals segment accounting for 62,535 million[137] - Adjusted net operating income for the first half of 2024 was 10,596 million, with the Exploration & Production segment contributing 5,217 million[137] - The Integrated LNG segment includes the management of balance sheet positions related to centralized markets access for LNG, gas, and power activities, with fair value changes allocated to operating income[180] Investments and Cash Flow - Cash flow from operating activities decreased by 5% in 1H24 compared to 1H23, totaling 8,125million,witha12624 million, with a 49% increase in 1H24 compared to 1H23[17] - TotalEnergies repurchased 28.1 million shares in 2Q24 for 2billion[23]−Cashflowfromoperatingactivitiesin2Q24was9,007 million, impacted by a 1.2 billion decrease in working capital[24] - Cash flow from operating activities for Exploration & Production in 2Q24 was 4,535 million, a 12% increase compared to 2Q23[60] - Cash flow from operations excluding working capital (CFFO) for Exploration & Production in 2Q24 was 4,353million,showingstabilitycomparedto2Q23[60]−Cashflowfromoperatingactivities(CFFO)for2Q24was1,647 million, a decrease of 28% compared to 2Q23[61] - Cash flow from operations excluding working capital (CFFO) for 2Q24 was 623million,anincreaseof2713,682 million, a decrease from 14,536millionin06/30/2023[62]−Gearingratioasof06/30/2024was10.2140,180 million, up from 137,372millionin06/30/2023[63]−Dividendpaidtoparentcompanyshareholdersin1H24was3,756 million, up from 3,686millionin1H23[62]−Payoutratiofor1H24was45(9,041) million, compared to (7,402)millionin06/30/2023[63]−Cashflowfromoperatingactivitiesinthesecondquarterof2024was9,007 million, compared to 9,900millioninthesecondquarterof2023[72]−Totalexpendituresforinvestingactivitiesinthesecondquarterof2024were5,052 million, up from 4,777millioninthesamequarterof2023[72]−Cashandcashequivalentsattheendofthesecondquarterof2024stoodat23,211 million, down from 25,572millionattheendofthesecondquarterof2023[72]−Intangibleassets,net,increasedto33,477 million in the first half of 2024 from 31,717millioninthefirsthalfof2023[70]−Property,plant,andequipment,net,roseto109,403 million in the first half of 2024 from 104,174millioninthefirsthalfof2023[70]−Totalcurrentassetsdecreasedto91,796 million in the first half of 2024 from 104,797millioninthefirsthalfof2023[70]−Totalexpendituresforthefirsthalfof2024amountedto10.257 billion, with the largest contributions from Exploration & Production (4.991billion)andIntegratedPower(2.508 billion)[112] - Total divestments in the first half of 2024 reached 2.232 billion, primarily driven by Exploration & Production (455 million) and Integrated LNG (79million)[112]−Cashflowfromoperatingactivitiesforthefirsthalfof2024was11.176 billion, with significant contributions from Exploration & Production (8.125 billion) and Marketing & Services (1.542 billion)[112] - External sales for the first half of 2023 totaled 118.874 billion, with the Refining & Chemicals segment contributing the largest share at 49.704 billion[112] - In February 2024, TotalEnergies completed the sale of a 15% interest in the Absheron gas field to ADNOC, reducing its stake to 35%[121] - In January 2024, TotalEnergies finalized the divestment of its retail network in Belgium, Luxembourg, and the Netherlands to Alimentation Couche-Tard for 1.4billion[123]−AsofJune30,2024,assetsrelatedtoNkossaandNsokoIIlicenseswereclassifiedas"heldforsale"withavalueof432 million, while liabilities were classified at 302million[124]−CashflowusedininvestingactivitiesforIntegratedLNGin2Q24was815 million, a 40% increase compared to 2Q23[57] - Organic investments in Integrated LNG for 2Q24 were 624million,a63316 million, a 28% decrease compared to 2Q23[58] - Organic investments in Refining & Chemicals for 2Q24 were 382million,a162.642 billion, a 2% increase compared to 2Q23, with 1H24 net investments at 4.719billion,down2988 million in 2Q24, a 73% drop compared to 2Q23[82] - Organic investments in renewable projects financing increased by 7% in 2Q24 compared to 2Q23, reaching 2.585billion[82]−Cashflowfromoperatingactivitiesin2Q24was9,007 million, a 9% decrease compared to 2Q23[85] - Net investments in 2Q24 were 508million,a29142 million, a 3.2x increase compared to 2Q23[83] - Organic investments in 2Q24 were 596million,a21337 million, a 48% increase compared to 2Q23[84] - Free cash flow after organic investments in 2Q24 was 3,367million,a203,147 million, a 19% decrease compared to 2Q23[85] - Cash flow from operations excluding working capital (CFFO) for Integrated LNG in 2Q24 was 1,220million,a321,117 million, a 16% decrease compared to 2Q23[87] - Total organic investments in 1H24 were 8,482million,a10635 million in February 2024[145] - TotalEnergies fully reimbursed €1,500 million of perpetual subordinated notes on April 4th, 2024[169] - TotalEnergies issued perpetual subordinated notes, including a $1,250 million tranche at 5.150% maturing in April 2034 and a €950 million bond at 5.125% maturing in March 2024[188] Renewable Energy and Power Generation - Portfolio of renewable power generation gross capacity increased by 17% in 2Q24 compared to 2Q23, reaching 87.4 GW[18] - Net power production increased by 10% in 2Q24 compared to 2Q23, with renewable power production up by 61% and gas flexible capacities down by 44%[18] - Total installed power generation net capacity in 2Q24 was
TotalEnergies(TTE)2024-07-25 10:01