– Advances its balanced transition strategy
– Interim dividend of €0.79/share for fiscal
Paris – “TotalEnergies generated robust financial results in the second quarter, with adjusted net income of $4.7 billion and cash flow of $7.8 billion resulting in first half adjusted net income and cash flow of close to $10 billion and $16 billion, respectively,” Patrick Pouyanné, the company chairman disclosed while presenting the second quarter 2024 financial statements to the Board.
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 September 2023:
– within the Oil & Gas pillar, TotalEnergies took final investment decision on several Upstream projects that
are 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 $2.7 billion of adjusted net operating income and $4.4
billion 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 $1.2 billion 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 $0.5 billion and cash flow of $0.6 billion with a
return on capital employed above 10%. First half 2024 cash flow is $1.3 billion, in line with the annual guidance of more than $2.5 billion.
Downstream posted adjusted net operating income of $1.0 billion and cash flow of $1.8 billion, 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 totalling
$4.25 billion, 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 $2 billion 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.”
