TotalEnergies(TTE) - 2025 Q1 - Quarterly Report

Financial Performance - TotalEnergies reported sales of $52,254 million in Q1 2025, a decrease of 7% compared to Q1 2024[5] - Net income attributable to TotalEnergies' shareholders was $3,851 million, down 33% year-on-year[5] - Adjusted EBITDA for Q1 2025 was $10,504 million, reflecting a 9% decline from Q1 2024[5] - TotalEnergies reported consolidated net income of $3,921 million for Q1 2025, a decrease of 32.5% compared to $5,804 million in Q1 2024[121] - Revenues from sales for Q1 2025 were $47,899 million, down 7.6% from $51,883 million in Q1 2024[121] - Earnings per share for Q1 2025 were $1.69, compared to $2.42 in Q1 2024, reflecting a decline of 30.2%[121] - Adjusted net operating income for Q1 2025 was $4,661 million, with a net income attributable to TotalEnergies' shareholders of $3,851 million[126] Production and Operations - Hydrocarbon production averaged 2,558 kboe/d in Q1 2025, an increase of 4% year-on-year, driven by new projects and acquisitions[19] - TotalEnergies' hydrocarbon production in Q1 2025 was 1,976 kboe/d, a 2% increase from Q4 2024 and stable compared to Q1 2024[31] - Total production increased by 5% to 2,558 kboe/d in Q1 2025 compared to Q4 2024, and up 4% from Q1 2024[77] - Liquids production rose by 5% to 1,516 kb/d in Q1 2025 compared to Q4 2024, and increased by 2% from Q1 2024[77] - Gas production grew by 6% to 5,655 Mcf/d in Q1 2025 compared to Q4 2024, and up 8% from Q1 2024[77] - Integrated Power's net power production increased 18% year-on-year to 11.3 TWh, driven by growth in renewable energy production[40] Cash Flow and Investments - Cash flow from operating activities decreased significantly by 80% to $2,563 million compared to the previous quarter[5] - Cash flow from operating activities for Exploration & Production was $3,266 million in Q1 2025, down 27% quarter-to-quarter[34] - Cash flow from operating activities was $(1,983) million in Q1 2025, reflecting operational difficulties and low refining margins[49] - Cash flow used in investing activities rose by 28% to $4,805 million in Q1 2025 from $3,745 million in Q4 2024, and increased by 39% from $3,467 million in Q1 2024[86] - The company reported net investments of $4,921 million in Q1 2025, a 27% increase from $3,863 million in Q4 2024 and a 38% increase from $3,572 million in Q1 2024[86] Environmental Impact - Scope 1+2 greenhouse gas emissions from operated facilities decreased by 13% quarter-on-quarter to 8.4 MtCO2e[10] - Total installed power generation gross capacity from renewables reached 27.8 GW in Q1 2025, up from 26.0 GW in Q4 2024, representing a growth of approximately 6.9%[81] Market Conditions - The average price of Brent crude oil was $75.7 per barrel in Q1 2025, down 9% from $83.2 per barrel in Q1 2024[8] - TotalEnergies' average price of gas was $6.60 per Mbtu in Q1 2025, reflecting a 29% increase compared to Q1 2024[8] - The average price of LNG in Q1 2025 was $10.00/Mbtu, down 4% from Q4 2024 but up 4% year-on-year[38] - European gas prices are expected to remain elevated in Q2 2025, with LNG selling prices anticipated between $9 and $9.5/Mbtu[67] Financial Ratios and Metrics - Return on equity (ROE) was 15.1% for the twelve months ended March 31, 2025, down from 19.0% a year earlier[62] - Gearing ratio increased to 14.3% as of March 31, 2025, influenced by a seasonal working capital variation of $3.4 billion[100] - Return on Average Capital Employed (ROACE) for the company was 13.2% for the twelve months ended December 31, 2024[101] Future Outlook - TotalEnergies anticipates hydrocarbon production growth of 2-3% year-on-year in Q2 2025, confirming a target of over 3% growth for the fiscal year 2025[68] - The company projects net investments of $17 to $17.5 billion for 2025, with $4.5 billion allocated to low carbon energies[69]