(TotalEnergies, 25.Jul.2024) —The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on 24 July 2024, to approve the second quarter 2024 financial statements. On the occasion, Patrick Pouyanné said:
“TotalEnergies generated robust financial results in the second quarter, with adjusted net income of $4.7bn and cash flow of $7.8bn resulting in first half adjusted net income and cash flow of close to $10bn and $16bn, respectively. During the first half of 2024, TotalEnergies has completed important steps in advancing the balanced transition strategy presented to shareholders at our Investor Day in Sep. 2023:
– within the Oil & Gas pillar, TotalEnergies took final investment decision on several Upstream projects thatare the stepping stones to achieve its objectives of growing upstream production by 2-3%/year and growing underlying cash flow: Kaminho in Angola, Sépia 2 and Atapu 2 in Brazil, Marsa LNG in Oman and the Ubeta gas project in Nigeria that supplies Nigeria LNG;
– within the Integrated Power pillar, TotalEnergies has fortified its Integrated Power portfolio with the acquisition of several flexible assets that allow the company to extract maximum value out of its renewable assets in three key markets: CCGTs in Texas and the UK, and a renewables aggregator and battery developer in Germany.
During the second quarter, upstream production was 2.44 Mboe/d, benefiting from high availability of production facilities. Exploration & Production posted $2.7bn of adjusted net operating income and $4.4bn of cash flow, in line with the evolution of the oil and gas price environment.
The company further highgraded its portfolio, notably through acquisitions in Malaysia and deep offshore Congo, and divestments of mature assets in Nigeria, Congo, the UK and in Brunei.Integrated LNG posted adjusted net operating income and cash flow of $1.2bn this quarter, reflecting the average LNG price. TotalEnergies actively continues to increase medium-term oil exposure within its LNG portfolio by signing two new mid-term Brent-indexed LNG sales contracts in Asia for 1.3 Mt/y.Integrated Power reported adjusted net operating income of $0.5bn and cash flow of $0.6bn with a return on capital employed above 10%. First half 2024 cash flow is $1.3bn, in line with the annual guidance of more than $2.5bn.
Downstream posted adjusted net operating income of $1bn and cash flow of $1.8bn, wherein the less favorable refining margin environment was partially compensated by higher refinery utilization and sequential results from marketing activities benefitting from cheaper supply.
During the quarter, TotalEnergies successfully issued conventional senior bonds on the US market totaling $4.25bn, with a 27-year average maturity. The Board of Directors decided to retain flexibility on the format of its senior bonds issuances while also prioritizing long maturity.
Comforted by robust results at mid-year, in line with 2024 objectives, the Board of Directors decided to maintain the second interim dividend at 0.79 €/share for fiscal year 2024, an increase close to 7% compared to 2023, and authorized the company to buy back shares for up to $2bn in the third quarter of 2024.
The Board also highlighted the recent success of the Capital increase reserved for employees, which brings TotalEnergies’ employee ownership to more than 8% of the company’s share capital, and the strong shareholder support for all the resolutions submitted to vote at the Annual General Meeting.”
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