TotalEnergies(TTE)2025-02-05 16:01Financial 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].