UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
August 1st, 2024
Commission File Number 001-10888
TotalEnergies SE
(Translation of registrant’s name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission
in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission
in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish
and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s
“home country”), or under the rules of the home country exchange on which the registrant’s securities are traded,
as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
TotalEnergies SE is providing on this Form 6-K a description of certain
recent developments relating to its business.
EXHIBIT INDEX
Exhibit No. |
Description |
|
|
Exhibit 99.1 |
Developing the circular economy for lubricants in Europe: TotalEnergies Acquires Tecoil, a Lubricant Used Oil Regeneration Specialist (July 1, 2024). |
|
|
Exhibit 99.2 |
Disclosure of Transactions in Own Shares (July 1, 2024). |
|
|
Exhibit 99.3 |
TotalEnergies’ Latest Pangea Supercomputer Tackles the Energy Transition (July 2, 2024). |
|
|
Exhibit 99.4 |
Digital Innovation: TotalEnergies to Partner with SLB for a more sustainable energy (July 3, 2024). |
|
|
Exhibit 99.5 |
Disclosure of Transactions in Own Shares (July 8, 2024). |
|
|
Exhibit 99.6 |
United Arab Emirates: TotalEnergies Strengthens its Position in the Emirates through its Partnership in Ruwais LNG (July 10, 2024). |
|
|
Exhibit 99.7 |
Disclosure of Transactions in Own Shares (July 15, 2024). |
|
|
Exhibit 99.8 |
TotalEnergies and SSE join forces and create Source, a new major player in EV charging in the UK & Ireland (July 16, 2024). |
|
|
Exhibit 99.9 |
Nigeria: TotalEnergies sells its interest in SPDC JV, retaining interest in gas supply to Nigeria LNG (July 17, 2024). |
|
|
Exhibit 99.10 |
Disclosure of Transactions in Own Shares (July 22, 2024). |
|
|
Exhibit 99.11 |
Integrated Power in Germany: TotalEnergies Launches New 100 MW / 200 MWh Battery Storage Development (July 24, 2024). |
|
|
Exhibit 99.12 |
Netherlands: TotalEnergies acquires a stake in the OranjeWind offshore wind farm in view of supplying green hydrogen to its European refineries and lowering their emissions (July 24, 2024). |
|
|
Exhibit 99.13 |
Second quarter and first half 2024 results (July 25, 2024). |
|
|
Exhibit 99.14 |
TotalEnergies announces the second interim dividend of €0.79/share for fiscal year 2024, an increase close to 7% compared to 2023 (July 25, 2024). |
|
|
Exhibit 99.15 |
TotalEnergies publishes its financial report for first half 2024 (July 26, 2024). |
|
|
Exhibit 99.16 |
South Africa: TotalEnergies exits from offshore Blocks 11B/12B and 5/6/7 (July 29, 2024). |
|
|
Exhibit 99.17 |
Disclosure of Transactions in Own Shares (July 29, 2024). |
|
|
Exhibit 99.18 |
Renewables: TotalEnergies Acquires a Portfolio of Hydropower Projects in Africa to Deploy its Multi-Energy Strategy (July 30, 2024). |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
TotalEnergies SE |
|
|
|
|
|
|
Date: August 1st, 2024 |
By: |
/s/ GWENOLA JAN |
|
|
Name: |
Gwenola Jan |
|
|
Title: |
Company Treasurer |
Exhibit
99.1
|
PRESS
RELEASE |
Developing the circular economy for lubricants
in Europe:
TotalEnergies Acquires Tecoil, a Lubricant Used Oil
Regeneration Specialist
Paris, July 1,
2024 – TotalEnergies announces the acquisition of Tecoil, a Finnish company specialized in the production of Re-Refined Base
Oils (RRBOs), which has the most efficient used oil regeneration process on the market today.
Tecoil currently
operates a production facility of 50,000 tons of RRBOs per year in Hamina, in eastern Finland. Tecoil has developed its own circular
economy network for collecting used lubricants in Europe and supplying its plant.
Through a process
known as “re-refining”, optimized by Tecoil, used oils are treated to give them properties comparable to the best virgin
base oils. These high-quality base oils are used to make lubricants that meet new customer demand for circularity and sustainability.
They significantly reduce the lubricants’ carbon footprint while delivering the level of performance expected and approved by many
car manufacturers.
“The integration
of Tecoil into TotalEnergies will allow us to accelerate the use of RRBOs in the production of our high-end lubricants to meet our customers’
growing demand for increasingly high-performance, environmentally friendly products. We are delighted to welcome the Tecoil teams and
combine their know-how in base oil processing with TotalEnergies’ recognized expertise in the production and distribution of lubricants,”
says Pierre Duhot, Senior Vice-President Lubricants and Specialties at TotalEnergies.
“Joining TotalEnergies
is a great satisfaction and an opportunity to strengthen and develop the activities of Tecoil. It will allow us to jointly build on our
work, knowledge, and development of the lubricant sector and meet the new challenges and ambitions of our customers,” said Juha
Kokko, CEO of Tecoil.
TotalEnergies, a major player in the
production and distribution of lubricants
With 42 lubricant
production sites worldwide, TotalEnergies is a partner of choice for players in the automotive, industrial and marine markets. The Company
offers innovative products and services. In June 2024, it launched its first range
of lubricants made from premium regenerated base oils (Quartz EV3R for passenger vehicles and Rubia EV3R for trucks).
***
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46
99 l presse@totalenergies.com l @TotalEnergiesPR
Relations Investisseurs : +33 (0)1
47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit
99.2
Disclosure of Transactions in Own Shares
Paris, July 1st, 2024 –
In accordance with the authorizations given by the shareholders’ general meeting on May 24,2024, to trade on its shares and pursuant
to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares
(FR0000120271) on June 24, 2024 and on June 25, 2024:
Transaction Date |
Total daily volume
(number of
shares) |
Daily weighted
average purchase
price of shares
(EUR/share) |
Amount of
transactions
(EUR)
|
Market (MIC Code) |
24/06/2024 |
299,270 |
62.101073 |
18,584,988.12 |
XPAR |
24/06/2024 |
190,000 |
62.193608 |
11,816,785.52 |
CEUX |
24/06/2024 |
25,000 |
62.163297 |
1,554,082.43 |
TQEX |
24/06/2024 |
20,000 |
62.206693 |
1,244,133.86 |
AQEU |
25/06/2024 |
353,568 |
62.916375 |
22,245,216.88 |
XPAR |
25/06/2024 |
125,000 |
62.923623 |
7,865,452.88 |
CEUX |
25/06/2024 |
25,000 |
62.914576 |
1,572,864.40 |
TQEX |
25/06/2024 |
20,000 |
62.918377 |
1,258,367.54 |
AQEU |
Total |
1,057,838 |
62.525539 |
66,141,891.61 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the
Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46
46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect
TotalEnergies’ financial results or activities
is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).
Exhibit
99.3
|
PRESS
RELEASE |
TotalEnergies’ Latest Pangea Supercomputer
Tackles the Energy Transition
Pau, July 2, 2024 – Today, TotalEnergies
launched the new generation of its Pangea 4 supercomputer at the Jean Féger Scientific and Technical Center at Pau in southwest
France. Initially developed to support TotalEnergies’ exploration and production activities, the new version of Pangea is available
for use across the Company and is at the service of its energy transition.
Supporting TotalEnergies’ energy transition with scientific
supercomputing
Pangea 4 responds to the needs of TotalEnergies’ new activities, with:
| § | windflow
simulations for the design and siting of wind farms; |
| § | simulations
of reservoir storage capacity in connection with our CCS (carbon capture and storage) projects; |
| § | methane
emissions reduction calculations. |
Where supercomputing meets energy efficiency
A hybrid solution consisting of a machine located
onsite and cloud computing, Pangea 4’s 24/7 computing speed is twice that of the previous version. It is more compact and more energy
efficient, using almost 90% less electricity, reducing our datacenters’ carbon footprint while maintaining peak performance for
digital simulations.
"As yet another demonstration of the Company’s
pioneer spirit, the latest incarnation of Pangea strengthens our lead in industrial digital simulation. It combines supercomputing capacity
with cloud computing, allowing the Company to meet the growing and increasingly diverse needs of our activities, especially in new energies,
in order to help grow our business through our energy transition strategy," said Namita Shah, President, OneTech at TotalEnergies
***
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations : +33 (0)1 47 44 46
99 l presse@totalenergies.com l @TotalEnergiesPR
Relations Investisseurs : +33 (0)1 47 44
46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.4
|
|
|
|
|
|
|
PRESS
RELEASE |
Digital Innovation: TotalEnergies to Partner
with SLB
for a more sustainable energy
Pau, July 2, 2024 – TotalEnergies
and SLB join forces to develop innovative subsurface digital solutions and contribute to a more sustainable hydrocarbon production and
the implementation of TotalEnergies’ “More energy, less emissions, more value” strategy.
Digital innovation for a more sustainable energy
Combining their many years of operational expertise
and their software development capabilities, the teams at TotalEnergies and SLB will jointly develop next-generation software available
in the cloud.
These new digital tools will improve modeling
of the subsurface to optimize production and make it more responsible. They will also leverage the potential of the data collected, through
IA, for the purposes of reducing existing fields’ carbon intensity and meeting new needs in geological carbon storage.
The new software will build on the earlier efforts
of both partners with Intersect, a latest-generation reservoir simulator.
Bespoke and competitive solarization of SLB’s industrial sites
TotalEnergies’ teams are also supporting
SLB by solarizing its industrial sites worldwide, through agreements signed in Oman, the United Arab Emirates, and Japan, allowing TotalEnergies
to support SLB’s energy transition with bespoke and competitive solutions that come with the guarantee of price visibility, while
limiting its carbon footprint.
“We are delighted to develop our multi-energy
partnerships with SLB through solarization of SLB’s industrial sites and digital innovation that will allow us to develop cutting-edge
next-generation software, digital applications and new algorithms applied to geoscience. Thanks to these innovative modeling technologies,
we will better utilize the analyses of geological reservoirs and basins in the Oil & Gas sector to reduce emissions and we will
progress in geological carbon storage,” said Namita Shah, President, OneTech at TotalEnergies
“Collaboration and knowledge sharing are
key for our industry to continuously develop more effective ways of unlocking energy access,” said Rakesh Jaggi, President of
SLB’s Digital & Integration business. “With this visionary partnership, we’re combining the know-how and
expertise of both companies to accelerate the delivery of new digital capabilities that will benefit the whole industry.”
***
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
About SLB
SLB (NYSE: SLB) is a global technology company
that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost
twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing
and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
TotalEnergies Contacts
Media Relations : +33 (0)1 47 44 46
99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations : +33 (0)1 47 44
46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
SLB Contacts
Media Relations: Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407 media@slb.com
Investor Relations: James R. McDonald – Vice President of Investor
Relations
Joy V. Domingo – Director of Investor Relations SLB
Tel: +1 (713) 375-3535 investor-relations@slb.com
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States
Securities and Exchange Commission (SEC).
Exhibit
99.5
Disclosure of Transactions in Own Shares
Paris, July 8,
2024 – In accordance with the authorizations given by the shareholders’ general meeting on May 24,2024, to
trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following
purchases of its own shares (FR0000120271) from July 1 to July 5, 2024:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
01/07/2024 |
274,562 |
63.686831 |
17,485,983.69 |
XPAR |
01/07/2024 |
80,000 |
63.690938 |
5,095,275.04 |
CEUX |
01/07/2024 |
15,000 |
63.669149 |
955,037.24 |
TQEX |
01/07/2024 |
15,000 |
63.658115 |
954,871.73 |
AQEU |
02/07/2024 |
282,907 |
64.059096 |
18,122,766.67 |
XPAR |
02/07/2024 |
74,000 |
64.052887 |
4,739,913.64 |
CEUX |
02/07/2024 |
13,000 |
64.039134 |
832,508.74 |
TQEX |
02/07/2024 |
13,000 |
64.040667 |
832,528.67 |
AQEU |
03/07/2024 |
252,842 |
64.746005 |
16,370,509.40 |
XPAR |
03/07/2024 |
95,000 |
64.727444 |
6,149,107.18 |
CEUX |
03/07/2024 |
15,000 |
64.733375 |
971,000.63 |
TQEX |
03/07/2024 |
15,000 |
64.731549 |
970,973.24 |
AQEU |
04/07/2024 |
255,415 |
65.429123 |
16,711,579.45 |
XPAR |
04/07/2024 |
82,000 |
65.376825 |
5,360,899.65 |
CEUX |
04/07/2024 |
17,500 |
65.541258 |
1,146,972.02 |
TQEX |
04/07/2024 |
17,500 |
65.544229 |
1,147,024.01 |
AQEU |
05/07/2024 |
201,369 |
65.504573 |
13,190,590.36 |
XPAR |
05/07/2024 |
140,000 |
65.426011 |
9,159,641.54 |
CEUX |
05/07/2024 |
15,000 |
65.402987 |
981,044.81 |
TQEX |
05/07/2024 |
15,000 |
65.407399 |
981,110.99 |
AQEU |
Total |
1,889,095 |
64.665535 |
122,159,338.67 |
|
Transaction details
In accordance with Article 5(1)(b) of
Regulation (EU) No 596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies
website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com l@TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46
46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.6
|
PRESS
RELEASE |
United Arab Emirates: TotalEnergies Strengthens
its Position
in the Emirates through its Partnership in Ruwais LNG
Paris, July 10,
2024 – TotalEnergies joins, with a 10% interest, the Ruwais LNG project alongside national company ADNOC (60%), Shell (10%),
bp (10%) and Mitsui (10%).
Launched by ADNOC
in June 2024, Ruwais LNG is a liquefied natural gas (LNG) project located in Al Ruwais Industrial city, in Abu Dhabi. The project
includes two liquefaction trains with a total capacity of 9.6 million tons per year. Start-up is expected in the second half of 2028.
The project applies
the highest standards to reduce emissions: its full-electric liquefaction trains will be supplied with clean power by the UAE’s
grid, making it one of the world’s lowest-carbon intensity LNG plants. The facility will also leverage the latest technologies
to enhance safety, drive efficiency and minimize emissions.
“We are
delighted to join forces with our long-standing partner ADNOC on the development of this new LNG project. Last year at COP28, TotalEnergies
and ADNOC both committed to lead the Oil & Gas Decarbonization Charter to reduce the industry’s GHG emissions. With Ruwais
LNG, we are putting this principle into practice with one of the world’s lowest-carbon intensity LNG plants, allowing natural gas
to fully play its role of transition fuel", said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“We are
delighted to welcome bp, Mitsui & Co., Shell, and TotalEnergies as partners in ADNOC’s Ruwais LNG project, which will
be one of the world’s lowest carbon-intensive LNG facilities. As natural gas demand continues to increase, this world-class project
will enable us to provide more lower-carbon gas to meet growing demand today while helping the world transition to a cleaner energy future.
Additionally, the project will accelerate development in Al Ruwais Industrial City, boost the local industrial ecosystem and create more
skilled private sector jobs for UAE Nationals”, said His Excellency Dr. Sultan
Ahmed Al Jaber, ADNOC Managing Director and Group CEO.
***
TotalEnergies, the world’s third largest
LNG player
TotalEnergies is the world’s third largest
LNG player with a global portfolio of 44 Mt/y in 2023 thanks to its interests in liquefaction plants in all geographies. The Company benefits
from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification
capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix
to close to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with
local partners to promote the transition from coal to natural gas.
TotalEnergies in the United Arab Emirates
TotalEnergies has been present in the United Arab Emirates for 85
years and is today one of the first foreign companies active in the country. In the Upstream sector, through its longstanding
partnership
with ADNOC, TotalEnergies in the UAE is one of
the main contributors to the Company’s hydrocarbon production with 354,000 boe/d in 2023. TotalEnergies in the UAE continues to
grow in the renewable sector, especially in the field of distributed generation where it holds a leading position. The Company has also
a top position in the manufacturing and marketing of a wide range of automotive and industrial lubricants with a blending plant, supplying
the whole region. Societal and sustainable development is key for TotalEnergies in the UAE: the Company is actively committed with stakeholders
such as Environment Agency Abu Dhabi, Emirates Foundation, ADMAF and is involved with UAE universities for the development of Emirati
youth.
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States
Securities and Exchange Commission (SEC).
Exhibit 99.7
Disclosure of Transactions in Own Shares
Paris, July 15, 2024 – In accordance
with the authorizations given by the shareholders’ general meeting on May 24,2024, to trade on its shares and pursuant to applicable
law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271)
from July 8 to July 12, 2024:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
08/07/2024 |
203,298 |
65.085324 |
13,231,716.20 |
XPAR |
08/07/2024 |
140,000 |
65.038131 |
9,105,338.34 |
CEUX |
08/07/2024 |
15,000 |
65.021503 |
975,322.55 |
TQEX |
08/07/2024 |
15,000 |
65.024461 |
975,366.92 |
AQEU |
09/07/2024 |
243,601 |
63.451662 |
15,456,888.31 |
XPAR |
09/07/2024 |
110,000 |
63.423382 |
6,976,572.02 |
CEUX |
09/07/2024 |
15,000 |
63.382799 |
950,741.99 |
TQEX |
09/07/2024 |
15,000 |
63.380541 |
950,708.12 |
AQEU |
10/07/2024 |
234,687 |
63.197951 |
14,831,737.53 |
XPAR |
10/07/2024 |
120,000 |
63.189835 |
7,582,780.20 |
CEUX |
10/07/2024 |
15,000 |
63.186510 |
947,797.65 |
TQEX |
10/07/2024 |
15,000 |
63.189083 |
947,836.25 |
AQEU |
11/07/2024 |
237,559 |
62.893340 |
14,940,878.96 |
XPAR |
11/07/2024 |
120,000 |
62.851883 |
7,542,225.96 |
CEUX |
11/07/2024 |
14,000 |
62.863945 |
880,095.23 |
TQEX |
11/07/2024 |
14,000 |
62.843922 |
879,814.91 |
AQEU |
12/07/2024 |
229,886 |
63.629828 |
14,627,606.64 |
XPAR |
12/07/2024 |
119,965 |
63.600330 |
7,629,813.59 |
CEUX |
12/07/2024 |
14,996 |
63.604214 |
953,808.79 |
TQEX |
12/07/2024 |
14,996 |
63.608186 |
953,868.36 |
AQEU |
Total |
1,906,988 |
63.629618 |
121,340,918.49 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No
596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit
99.8
TotalEnergies
and SSE join forces and create Source, a
new major player in EV charging in the UK & Ireland
London/Paris,
July 16, 2024 –TotalEnergies and SSE have signed a binding agreement to create a joint venture to establish a new major
player in EV charging infrastructure in the UK and Ireland, under the brand “Source”. The new business will deploy in both
countries up to 3000 high power charge points, meeting demand from EV and fleet owners to provide fast and reliable charging.
Establishing a needs-based fast charging
network across the UK & Ireland
Within the next
5 years, Source will deploy up to 3000 high power charge points (of 150 kW and more) grouped in 300 “EV hubs”, targeting
20% market share. Charging hubs will be in prime locations in and around urban areas and powered by renewable energy provided by SSE
and TotalEnergies. Several hubs are already under construction with plans for dozens more, currently in development studies.
Leading the decarbonisation of transport
in the UK & Ireland
In the UK, Source
will provide the reliable ultra-fast charging infrastructure needed across the country to meet the demand from EV drivers and fleet operators.
This demand was recently triggered by the enforcement into law of the UK Government’s zero vehicle emissions mandate for all new
cars and vans, raising power supply infrastructure for EV and fleet owners as one of the biggest challenges facing the decarbonisation
of transport.
Similarly in Ireland,
Source’s plans will help accelerate action to meet the government target of placing almost 1 million electric vehicles on roads
by 2030, while building consumer confidence in EV charging.
“TotalEnergies
is proud to contribute to the development of electric mobility to decarbonize transportation in the UK and Ireland. This is a great opportunity
to extend our network in Europe and stake out a key position as a reference high-power charging player. We want to offer our customers
- passenger cars and fleet alike - a nationwide, ultra-fast and reliable charging service that allows them to travel efficiently with
complete peace of mind. This development also contributes to our integrated power strategy in the UK, combining renewable and flexible
power generation capacity, trading and marketing of low-carbon electricity available 24 hours a day,” says Mathieu Soulas,
Senior Vice President New Mobilities at TotalEnergies.
“SSE is
already playing a leading role in decarbonising the UK and Ireland’s power system including building the world’s largest
offshore wind farm and transforming electricity networks. Now this agreement will help accelerate progress towards a decarbonised transport
system too, ensuring the vehicles that keep the economy moving can do so in a more sustainable and efficient way,” says Neil
Kirkby, Managing Director of Enterprise at SSE.
This agreement is
subject to the applicable regulatory approvals being obtained from the relevant authorities.
***
TotalEnergies, A Major Player in Electric
Mobility in Europe
With over 64,000
charge points in operation around the world today, and proven experience in the retail sector, TotalEnergies is already a recognized
player in electric mobility. In the UK, the Company operates the Source London network comprising 2,600 charge points in the capital.
This joint venture is aligned with TotalEnergies’ ambition to deploy and operate more than 1,000 high-power charging sites for
electric vehicles in Europe by 2028.
TotalEnergies in the UK
TotalEnergies has
been present in the UK for more than 60 years, employing more than 1,800 people across the energy value chain.As one of the country’s
leading oil and gas operators, the Company operates around 30% of the UK Continental Shelf’s gas production, with average daily
production of 142,000 barrels of oil equivalent per day (boe/d) in 2023. TotalEnergies’ portfolio in offshore wind in the country
amounts to over 5 GW of gross renewable capacity, including Seagreen (1.1 GW, under operation), and large projects under development
such as West of Orkney (2 GW) and Outer Dowsing (1.5 GW).The Company is one of the UK’s largest suppliers of gas and electricity
to businesses and the public sector, with over 300,000 customers. TotalEnergies, also offers EV charging solutions, including 2,500 charge
points in London and Birmingham. The Company is also active in the distribution of petroleum products: lubricants; aviation fuel; bitumen
and specialty fluids.The Company is also present in the CCS business through its 10% interest in the Northern Endurance Partnership.
About TotalEnergies
TotalEnergies is
a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its
projects and its operations.
SSE plc, the UK and Ireland’s
clean energy champion
SSE’s purpose
is to provide the energy needed today while building a better world of energy for tomorrow. We do this by developing, building, operating
and investing in world-class electricity infrastructure that is vital to the clean energy transition. This includes onshore and offshore
wind farms, hydro, electricity transmission and distribution networks, flexible generation, carbon capture and hydrogen storage, solar
and batteries, as well as providing energy products and services for businesses and other customers.
A FTSE-100 company
headquartered in the UK, SSE has positioned itself at the heart of the clean energy transition with one of the largest investment programmes
in the FTSE-100. Under Net Zero Acceleration Programme Plus, we are investing £20.5bn over the next five years to 2027 and could
invest more than £40bn over the decade to 2032. SSE has a growing presence in selected international markets in Europe, Asia and
North America. We employ 14,000+ talented and skilled people and are a proud ‘real Living Wage’ and ‘Living Hours’
employer and accreditee of the ‘Fair Tax Mark’. SSE was also the first company in the world to develop a ‘Just Transition
Strategy’ aimed at ensuring the benefits of the clean energy transition are shared by workers and communities.
SSE has significant
experience in the development and rollout of EV charging infrastructure across the UK and Ireland powered by traceable, renewable energy.
This includes the recent launch of Scotland’s most powerful EV charging hub in Dundee in July and the upcoming launch of their
first hub in the Republic of Ireland, at Lough Sheever Retail Park in Mullingar.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
SSE Contacts:
Media Relations: media@sse.com
Investor Relations: ir@sse.com
Cautionary
Note
The terms “TotalEnergies”,
“TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our”
may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns
a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate
in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results
or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE
with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).
Exhibit 99.9
|
PRESS
RELEASE |
Nigeria: TotalEnergies sells its interest in
SPDC JV,
retaining interest in gas supply to Nigeria LNG
Paris, July 17,
2024 – TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with
Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria.
SPDC JV is an unincorporated
joint venture between Nigerian National Petroleum Corporation Ltd (55%), Shell Petroleum Development Company of Nigeria (30%, operator),
TotalEnergies EP Nigeria (10%) and NAOC (5%), which holds 18 licenses in the Niger Delta.
Under the SPA signed with Chappal Energies:
· | TotalEnergies
EP Nigeria will sell to Chappal Energies its 10% participating interest and all its rights
and obligations in 15 licenses of SPDC JV, which are producing mainly oil. Production from
these licenses represented approximately 14,000 barrels equivalent per day in Company share
in 2023; |
· | TotalEnergies
EP Nigeria will also transfer to Chappal Energies its 10% participating interest in the 3
other licenses of SPDC JV which are producing mainly gas (OML 23, OML 28 and OML 77), while
retaining full economic interest in these licenses which currently account for 40% of Nigeria
LNG gas supply. |
The transaction
was concluded for a firm consideration of USD 860 million. Closing is subject to customary conditions, including regulatory approvals.
“TotalEnergies
continues to actively manage its portfolio in Nigeria, in line with its strategy to focus on its oil offshore and gas assets. After the
launch of the Ubeta gas development on OML58 license last month, this divestment of our interest in SPDC JV licenses allows us to focus
our onshore Nigeria presence solely on the integrated gas value chain and is designed to ensure the continuity of feed gas supply to
Nigeria LNG in the future”, said Nicolas Terraz, President Exploration & Production of TotalEnergies.
***
About TotalEnergies in Nigeria
TotalEnergies has been present in Nigeria for more
than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries
to TotalEnergies’ hydrocarbon production with 219,000 boe/d produced in 2023. TotalEnergies also operates an extensive distribution
network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the
socio-economic development of the country and is committed to working with local communities.
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Corporate Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities
and Exchange Commission (SEC).
Exhibit 99.10
Disclosure of Transactions in Own Shares
Paris, July 22, 2024 – In accordance
with the authorizations given by the shareholders’ general meeting on May 24,2024, to trade on its shares and pursuant to applicable
law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271)
from July 15 to July 19, 2024:
Transaction
Date |
Total
daily volume
(number of
shares) |
Daily
weighted
average purchase
price of shares
(EUR/share) |
Amount
of
transactions
(EUR) |
Market
(MIC Code) |
15/07/2024 |
220,151 |
63.314319 |
13,938,710.64 |
XPAR |
15/07/2024 |
125,000 |
63.284137 |
7,910,517.13 |
CEUX |
15/07/2024 |
18,000 |
63.286099 |
1,139,149.78 |
TQEX |
15/07/2024 |
18,000 |
63.281677 |
1,139,070.19 |
AQEU |
16/07/2024 |
235,481 |
62.644948 |
14,751,695.00 |
XPAR |
16/07/2024 |
106,000 |
62.589726 |
6,634,510.96 |
CEUX |
16/07/2024 |
22,000 |
62.553019 |
1,376,166.42 |
TQEX |
16/07/2024 |
22,000 |
62.549787 |
1,376,095.31 |
AQEU |
17/07/2024 |
263,984 |
62.707260 |
16,553,713.32 |
XPAR |
17/07/2024 |
100,000 |
62.631116 |
6,263,111.60 |
CEUX |
17/07/2024 |
10,000 |
62.545364 |
625,453.64 |
TQEX |
17/07/2024 |
10,000 |
62.558041 |
625,580.41 |
AQEU |
18/07/2024 |
255,917 |
63.717050 |
16,306,276.28 |
XPAR |
18/07/2024 |
100,000 |
63.692337 |
6,369,233.70 |
CEUX |
18/07/2024 |
11,000 |
63.686634 |
700,552.97 |
TQEX |
18/07/2024 |
11,000 |
63.692575 |
700,618.33 |
AQEU |
19/07/2024 |
264,138 |
62.909959 |
16,616,910.75 |
XPAR |
19/07/2024 |
100,000 |
62.900250 |
6,290,025.00 |
CEUX |
19/07/2024 |
9,992 |
62.947778 |
628,974.20 |
TQEX |
19/07/2024 |
9,996 |
62.944293 |
629,191.15 |
AQEU |
Total |
1,912,659 |
63.040802 |
120,575,556.78 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No
596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.11
|
PRESS
RELEASE |
Integrated Power in Germany: TotalEnergies Launches
New
100 MW / 200 MWh Battery Storage Development
Paris, July 24,
2024 – TotalEnergies has taken the final investment decision for a 100 MW /200 MWh battery storage project in Dahlem, North
Rhine-Westphalia.
This is the first
project sanctioned by TotalEnergies from the pipeline of Kyon Energy, Germany’s leading
battery storage system developer, which was recently acquired by TotalEnergies in February 2024.
The project, with
a total investment of more than €75 million, will benefit from the expertise of Saft, TotalEnergies'
battery affiliate, which will supply the project with the latest-generation of electricity storage technology (iShift LFP —lithium-iron-phosphate—
containers).
Commercial operations
are expected to begin in the second half of 2026, and the startup Quadra Energy—one
of Germany's leading renewable power aggregators, acquired by TotalEnergies in October 2023—will market the flexibility
provided by these batteries.
"This investment
decision reflects the acceleration of our integrated development in the Germany electricity market, the largest in Europe. For the battery
system design, we will leverage synergies between our electricity teams: Saft will supply the batteries, Kyon Energy will manage development,
and Quadra Energy will market this new capacity,” declared Stéphane Michel, SVP, Gas, Renewables & Power at
TotalEnergies. “All our recent investments in Germany demonstrate our strong commitment to contribute to the decarbonization
of the country’s electricity and industry.”
***
TotalEnergies on the German electricity market
Since 2023 and 2024,
TotalEnergies has won two major marine leases in Germany for the development of wind farms totaling 4.5 GW, enough to supply green
electricity to around 4.5 million households.
At the same time, TotalEnergies has acquired several
German electricity players in order to accelerate and optimize its integrated development on this market:
| · | NASH Renewables, acquired
in October 2023, is involved in optimizing the design and operating parameters of its renewable projects; |
| · | Quadra Energy, also
acquired in October 2023, is one of the top 3 aggregators of renewable electricity production in Germany, boasting a “virtual
power plant” totaling 9 GW; |
| · | Kyon Energy, acquired
in February 2024, is developing a 2 GW pipeline of battery storage systems in the country. |
Finally, the Company
has also won a contract in 2023 to install and operate 1,100 high-power recharging points for electric
vehicles in the country.
TotalEnergies and electricity
As part of its ambition to get to net zero by 2050,
TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and offshore wind) and flexible
assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable electricity
generation installed capacity was 22 GW. TotalEnergies will continue to expand this business to reach 35 GW in 2025 and more than 100
TWh of net electricity production by 2030.
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees
are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in
about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Subsidiary: Phone Number l mail address l Twitter
Media Relations:+33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46 46
l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and
are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly
any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities
is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with
the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States
Securities and Exchange Commission (SEC).
Exhibit 99.12
|
PRESS
RELEASE |
Netherlands: TotalEnergies acquires a stake in
the OranjeWind
offshore wind farm in view of supplying green hydrogen to its
European refineries and lowering their emissions
Paris, July 24,
2024 – TotalEnergies today signed agreements with German renewable developer RWE, to acquire a 50% stake in OranjeWind, a 795
MW offshore wind farm under development in the Netherlands. TotalEnergies will dedicate its share of the renewable electricity production
from this project to power 350 MW electrolyzer projects. These will produce about 40,000 tons per year of green hydrogen for the decarbonization
of TotalEnergies’ refineries in Northern Europe.
Producing green hydrogen to decarbonize
our refineries
TotalEnergies plans
to decarbonize its European refineries’ hydrogen and cut its CO2 emissions by around
5 million tons per year by 2030. In this context, the Company intends to allocate its share in OranjeWind to produce electricity to generate
green hydrogen via electrolysis. The production of this green or low-carbon hydrogen, which will replace the hydrogen currently consumed
in TotalEnergies' refineries, will avoid the emission of approximately 400,000 tons of CO2 per year.
The project is a
new milestone towards TotalEnergies’ goal of a 40% reduction in net greenhouse gas emissions linked directly to its oil and gas
operations (Scope 1 and 2) by 2030, compared to the 2015 baseline.
OranjeWind, an integrated, innovative
offshore wind project
Located in the North
Sea, about 53 km off the Dutch coast, the OranjeWind project was won by RWE in 2022 as part of the Dutch Hollandse Kust West VII tender.
RWE then committed to developing electrolyzers, to which TotalEnergies will now also contribute.
In addition to producing
green power and hydrogen, OranjeWind will also support the stability of the Dutch grid with its electric boilers and battery storage.
Construction of the wind farm is scheduled to start in 2026, with full commissioning expected in early 2028.
"We are delighted
to working with RWE, a major player in renewables, on a project that will enable us to develop production of green hydrogen, which we
need to decarbonize our refineries in northern Europe. This integrated, innovative project perfectly illustrates our pioneering role
in the energy transition in Europe, especially through the emergence of offshore wind power linked to green hydrogen electrolyzers in
the Netherlands," said Stephane Michel, President Gaz Renewables & Power and Bernard Pinatel, President, Refining &
Chemicals, TotalEnergies.
“The Netherlands
is one of our strategic core markets to grow our green portfolio. In TotalEnergies I am delighted to have a strong partner at our side
with whom we can realize our first offshore wind project in the Netherlands and at the same time unlock the full system integration of
OranjeWind. Together, we will provide a blueprint for the Dutch energy system of the future, designed to tackle the challenges of intermittent
wind generation and flexible energy demand. As key players in the Dutch energy market, we are both committed to helping the Netherlands
meet its decarbonization targets,” said Sven Utermöhlen, CEO RWE Offshore Wind
***
About RWE
RWE is leading the way to a green energy world.
With its investment and growth strategy Growing Green, RWE is contributing significantly to the success of the energy transition and
the decarbonisation of the energy system. Around 20,000 employees work for the company in almost 30 countries worldwide. RWE is already
one of the leading companies in the field of renewable energy. Between 2024 and 2030, RWE will invest 55 billion euros worldwide in offshore
and onshore wind, solar energy, batteries, flexible generation, and hydrogen projects. By the end of the decade, the company’s
green portfolio will grow to more than 65 gigawatts of generation capacity, which will be perfectly complemented by global energy trading.
RWE is decarbonising its business in line with the 1.5-degree reduction pathway and will phase out coal by 2030. RWE will be net-zero
by 2040. Fully in line with the company’s purpose - Our energy for a sustainable life.
About RWE and offshore wind
RWE is one of the world’s leading players
in offshore wind with 19 offshore wind farms in operation. Beside OranjeWind the company is currently constructing three large-scale
offshore wind farms: the 1.4-GW Sofia project off the UK’s east coast, the 1.1-GW Thor wind farm off the Danish coast and the Nordseecluster
with a total capacity of 1.6 GW north of the German island of Juist. RWE aims to triple its global offshore wind capacity from 3.3 GW
currently to 10 GW by 2030.
TotalEnergies and electricity
As part of its ambition to get to net zero by
2050, TotalEnerg ies is building a world class cost -competitive portfolio combining renewables (solar, onshore and offshore wind) and
flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’ gross renewable
electricity generation installed capacity was 22 GW. TotalEnerg ies will continue to expand this business to reach 35 GW in 2025 and
more than 100 TWh of net electricity production by 2030.
TotalEnergies and offshore wind
TotalEnergies’ portfolio in offshore wind
has a total capacity of more than 16 GW, with most farms bottom-fixed. These projects are located in the United Kingdom (Seagreen, Outer
Dowsing, West of Orkney, Erebus), South Korea (Bada), Taiwan (Yunlin, Haiding 2), France (Eolmed), the United States (Attentive Energy
and Carolina Long Bay), and Germany (N-12.1,0-2.2 and N-11.2).
About TotalEnergies
TotalEnergies is a global integrated energy company
that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99 l
presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies
”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies
SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise,
the words “we”, “us” and “our” may also be used to refer to these entities or to their employees.
The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors,
that may affect
TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the
French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés
Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
| PRESS RELEASE
Second quarter and first half 2024 results
With close to $10 billion adjusted net income in the first half,
TotalEnergies advances its balanced transition strategy,
with the support from its employees and shareholders
1
Paris, July 25, 2024 – The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on
July 24, 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 $4.7 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.
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 totaling
$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 $2 billion in the third quarter of 2024.
The Board also highlighted the recent success of the Capital increase reserved for employees, which brings
TotalEnergies’ employee ownership to more than 8% of the Company’s share capital, and the strong
shareholder support for all the resolutions submitted to vote at the Annual General Meeting.”
(1) Refer to Glossary pages 22 & 23 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19
and following for reconciliation tables.
2Q24 Change
vs 1Q24 1H24 Change
vs 1H23
Net income (TotalEnergies share) (B$) 3.8 -34% 9.5 -1%
Adjusted net income (TotalEnergies share)(1)
- in billions of dollars (B$) 4.7 -9% 9.8 -15%
- in dollars per share 1.98 -8% 4.14 -10%
Adjusted EBITDA(1) (B$) 11.1 -4% 22.6 -11%
Cash flow from operations
excluding working capital (CFFO)(1) (B$) 7.8 -5% 15.9 -12%
Cash flow from operating activities (B$) 9.0 x4.2 11.2 -26%
1
Exhibit 99.12 |
| 1. Highlights (2)1
Social and environmental responsibility
Ambition of giving access to clean cooking to 100 million people in Africa and India by 2030, announced at
the Clean Cooking Summit organized by the IEA in Paris,
Partnership with SLB on digital innovation and solarization, for a more sustainable energy
Upstream
Production start-up of Eldfisk North and Kristin South in Norway
Launch of Kaminho, a 70,000 b/d oil project in the Kwanza basin, in Angola
Launch of Sépia 2 and Atapu 2, two 225,000 b/d oil projects in Brazil
Agreement on field development areas and securing of the FPSO hull in Block 58 in Suriname, key
milestones toward a Final Investment Decision that is expected in the second half of 2024
Agreements with OMV and Sapura Upstream Assets to acquire 100% of SapuraOMV, an independent gas
producer and operator, in Malaysia
Agreement with Trident Energy for the acquisition of an additional 10% interest in the Moho field and
disposal of Nkossa in Congo
Agreement with Chappal Energies for the divestment from the 10% interest in the SPDC JV in Nigeria,
while retaining gas economical interest to ensure NLNG gas supply
Agreement with Hibiscus Petroleum Berhad for the divestment of the subsidiary in Brunei
Agreement with The Prax Group for the divestment from the West of Shetland gas assets in the United
Kingdom
Acquisition of an interest in an offshore exploration block, in Sao Tome and Principe
Downstream
Acquisition of Tecoil, a lubricant used oil regeneration specialist based in Finland
Integrated LNG
Launch of the 1 Mt/y Marsa LNG project, a fully electrified and very low-emission (3 kg CO2/boe) LNG plant
in Oman, supplied by a 300 MW solar farm
Entry in Ruwais LNG, a low-emission LNG project in the United Arab Emirates
Launch of the Ubeta onshore gas development to supply Nigeria LNG
Acquisition of interests in the Dorado leases in the Eagle Ford shale gas play in Texas
Signature of two LNG contracts to Asia: 0.8 Mt/y over 10 years to IOCL in India and 0.5 Mt/y over 5 years
to Korea South East Power in South Korea
Integrated Power
Acquisition of a 1.3 GW gross capacity CCGT in the United Kingdom
Award of a maritime lease to develop a 1.5 GW offshore wind farm in Germany
Launch of a 100 MW battery storage project developed by Kyon Energy in Germany
Launch of a joint-venture with SSE to grow electric mobility in the UK and Ireland
Decarbonization and low-carbon molecules
Agreement with Air Products for delivery of 70 kt/y of green hydrogen over 15 years, in the large-scale
tender launched by the Company to decarbonize its European refineries
Acquisition of 50% of a 795 MW offshore wind farm in the Netherlands, to produce green hydrogen to
decarbonize TotalEnergies’ European refineries
(2) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under
the terms of the agreements.
2 |
| 2. Key figures from TotalEnergies’ consolidated financial statements (1)
1
(3) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating income).
(4) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual
subordinated bonds.
(5) Average €-$ exchange rate: 1.0767 in the 2nd quarter 2024, 1.0858 in the 1st quarter 2024, 1.0887 in the 2nd quarter 2023, 1.0813 in the 1st half 2024 and
1.0807 in the 1st half 2023.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars, except effective tax rate,
earnings per share and number of shares 1H24 1H23
1H24
vs
1H23
11,073 11,493 11,105 - Adjusted EBITDA (1) 22,566 25,272 -11%
5,339 5,600 5,582 -4% Adjusted net operating income from business segments 10,939 12,575 -13%
2,667 2,550 2,349 +14% Exploration & Production 5,217 5,002 +4%
1,152 1,222 1,330 -13% Integrated LNG 2,374 3,402 -30%
502 611 450 +12% Integrated Power 1,113 820 +36%
639 962 1,004 -36% Refining & Chemicals 1,601 2,622 -39%
379 255 449 -16% Marketing & Services 634 729 -13%
636 621 662 -4% Contribution of equity affiliates to adjusted net income 1,257 1,741 -28%
40.4% 37.8% 37.3% Effective tax rate (3) 39.0% 39.7%
4,672 5,112 4,956 -6% Adjusted net income (TotalEnergies share) (1) 9,784 11,497 -15%
1.98 2.14 1.99 -1% Adjusted fully-diluted earnings per share (dollars) (4) 4.14 4.61 -10%
1.85 1.97 1.84 +1% Adjusted fully-diluted earnings per share (euros) (5) 3.82 4.27 -11%
2,328 2,352 2,448 -5% Fully-diluted weighted-average shares (millions) 2,333 2,460 -5%
3,787 5,721 4,088 -7% Net income (TotalEnergies share) 9,508 9,645 -1%
4,410 4,072 4,271 +3% Organic investments (1) 8,482 7,704 +10%
220 (500) 320 -31% Acquisitions net of assets sales (1) (280) 3,307 ns
4,630 3,572 4,591 +1% Net investments (1) 8,202 11,011 -26%
7,777 8,168 8,485 -8% Cash flow from operations excluding working capital (CFFO) (1) 15,945 18,106 -12%
7,895 8,311 8,596 -8% Debt Adjusted Cash Flow (DACF) (1) 16,207 18,371 -12%
9,007 2,169 9,900 -9% Cash flow from operating activities 11,176 15,033 -26%
Gearing (1) of 10.2% at June 30, 2024 vs. 10.5% at March 31, 2024 and 11.1% at June 30, 2023
3 |
| 3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment – liquids and gas price realizations, refining margins
1
3.2 Greenhouse gas emissions (11)
Estimated quarterly emissions.
Scope 1+2 emissions from operated installations were down 6% quarter-to-quarter, thanks to the continuous
decline in flaring emissions on Exploration & Production facilities and to the lower gas-fired power plants
utilization rate in Europe in a context of lower demand.
Estimated quarterly emissions.
(6) Does not include oil, gas and LNG trading activities, respectively.
(7) Sales in $ / Sales in volume for consolidated affiliates.
(8) Sales in $ / Sales in volume for consolidated affiliates.
(9) Sales in $ / Sales in volume for consolidated and equity affiliates.
(10) This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies.
(11) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential)
as described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and
are therefore not counted.
(12) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included
in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy
(electricity, heat, steam), excluding purchased industrial gases (H2).
(13) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold
to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry
reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology
accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. The highest point for
each value chain for 2024 will be evaluated considering realizations over the full year, TotalEnergies gradually providing quarterly estimates.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
1H24 1H23
1H24
vs
1H23
85.0 83.2 78.1 +9% Brent ($/b) 84.1 79.7 +6%
2.3 2.1 2.3 - Henry Hub ($/Mbtu) 2.2 2.5 -13%
9.7 8.7 10.5 -8% NBP ($/Mbtu) 9.2 13.3 -31%
11.2 9.3 10.9 +3% JKM ($/Mbtu) 10.3 13.7 -25%
81.0 78.9 72.0 +13% Average price of liquids (6),(7) ($/b)
Consolidated subsidiaries
79.9 72.7 +10%
5.05 5.11 5.98 -16% Average price of gas (6),(8) ($/Mbtu)
Consolidated subsidiaries
5.08 7.48 -32%
9.32 9.58 9.84 -5% Average price of LNG (6),(9) ($/Mbtu)
Consolidated subsidiaries and equity affiliates 9.46 11.59 -18%
44.9 71.7 40.1 +12% European Refining Margin Marker (ERM) (6),(10) ($/t) 58.3 65.5 -11%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Scope 1+2 emissions (MtCO2e) 1H24 1H23
1H24
vs
1H23
7.7 8.2 9.1 -15% Scope 1+2 from operated facilities (12) 15.9 18.2 -13%
7.0 7.1 8.0 -13% of which Oil & Gas 14.1 15.6 -10%
0.7 1.1 1.1 -36% of which CCGT 1.8 2.6 -31%
10.8 11.6 12.5 -14% Scope 1+2 - equity share 22.5 25.3 -11%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Methane emissions (ktCH4
) 1H24 1H23
1H24
vs
1H23
7 8 8 -13% Methane emissions from operated facilities 15 18 -17%
8 9 10 -20% Methane emissions - equity share 17 21 -19%
Scope 3 emissions (MtCO2e) 1H24 2023
Scope 3 from Oil, Biofuels and Gas Worldwide (13) est. 170 355
4 |
| 3.3 Production (14)1
Hydrocarbon production was 2,441 thousand barrels of oil equivalent per day in the second quarter 2024,
down 1% quarter-to-quarter, due to higher planned maintenance, notably in the North Sea.
Hydrocarbon production in the second quarter 2024 was up 3% year-on-year (excluding Canada) and was
comprised of:
+2% due to projects start-ups and ramp-ups, including Mero 2 in Brazil, Block 10 in Oman, Tommeliten
Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Absheron in Azerbaijan,
+1% portfolio effect related to entry in the producing fields of Ratawi in Iraq and Dorado in the United States,
partially offset by the divestment from Dunga in Kazakhstan,
+3% due to the higher availability of production facilities,
-3% due to the natural field decline.
When taking into account the Canadian oil sands assets disposals, production was down 1% year-on-year.
(14) Company production = E&P production + Integrated LNG production.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Hydrocarbon production 1H24 1H23
1H24
vs
1H23
2,441 2,461 2,471 -1% Hydrocarbon production (kboe/d) 2,451 2,498 -2%
1,318 1,322 1,416 -7% Oil (including bitumen) (kb/d) 1,320 1,407 -6%
1,123 1,139 1,055 +6% Gas (including condensates and associated NGL) (kboe/d) 1,131 1,091 +4%
2,441 2,461 2,471 -1% Hydrocarbon production (kboe/d) 2,451 2,498 -2%
1,477 1,482 1,571 -6% Liquids (kb/d) 1,480 1,567 -6%
5,180 5,249 4,845 +7% Gas (Mcf/d) 5,215 5,017 +4%
5 |
| 4. Analysis of business segments
4.1 Exploration & Production
4.1.1 Production
4.1.2 Results
1
Exploration & Production adjusted net operating income was $2,667 million in the second quarter 2024, up 5%
quarter-to-quarter, driven by higher oil prices that were partially compensated by lower gas realizations and
production.
Cash flow from operations excluding working capital (CFFO) was $4,353 million in the second quarter 2024,
down 3% quarter-to-quarter. The difference in quarterly variation between adjusted net operating income and
CFFO is mainly linked to the tax impact of an overlift position at the end of the quarter in Norway.
(15) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from
investments – impairment of goodwill + tax on adjusted net operating income).
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Hydrocarbon production 1H24 1H23
1H24
vs
1H23
1,943 1,969 2,033 -4% EP (kboe/d) 1,956 2,047 -4%
1,413 1,419 1,512 -7% Liquids (kb/d) 1,416 1,506 -6%
2,829 2,937 2,778 +2% Gas (Mcf/d) 2,883 2,895 -
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars, except effective tax rate 1H24 1H23
1H24
vs
1H23
2,667 2,550 2,349 +14% Adjusted net operating income 5,217 5,002 +4%
207 145 149 +39% including adjusted income from equity affiliates 352 284 +24%
46.9% 48.5% 49.7% Effective tax rate (15) 47.7% 53.9%
2,585 2,041 2,424 +7% Organic investments (1) 4,626 4,558 +1%
57 36 176 -68% Acquisitions net of assets sales (1) 93 2,114 -96%
2,642 2,077 2,600 +2% Net investments (1) 4,719 6,672 -29%
4,353 4,478 4,364 - Cash flow from operations excluding working capital (CFFO) (1) 8,831 9,271 -5%
4,535 3,590 4,047 +12% Cash flow from operating activities 8,125 8,583 -5%
6 |
| 4.2 Integrated LNG
4.2.1 Production
* The Company’s equity production may be sold by TotalEnergies or by the joint ventures.
Hydrocarbon production for LNG in the second quarter 2024 was up 1% quarter-to-quarter, notably linked to
the entry into the Dorado gas field (Eagle Ford basin) in the United States early in the second quarter 2024.
LNG sales decreased by 18% quarter-to-quarter, notably due to lower spot purchases, in a context of lower
LNG demand in Europe.
4.2.2 Results
* Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities.
Integrated LNG adjusted net operating income was $1,152 million in the second quarter 2024, down 6%
quarter-to-quarter, linked to lower LNG prices and sales. Moreover, gas trading did not fully benefit in markets
characterized by lower volatility than during first half of 2023.
Cash flow from operations excluding working capital (CFFO) was $1,220 million in the second quarter 2024,
down 9% quarter-to-quarter, for the same reasons.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Hydrocarbon production for LNG 1H24 1H23
1H24
vs
1H23
498 492 438 +14% Integrated LNG (kboe/d) 495 451 +10%
64 63 59 +10% Liquids (kb/d) 64 61 +5%
2,351 2,312 2,067 +14% Gas (Mcf/d) 2,332 2,122 +10%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Liquefied Natural Gas in Mt 1H24 1H23
1H24
vs
1H23
8.8 10.7 11.0 -20% Overall LNG sales 19.5 22.0 -12%
3.6 4.2 3.6 - incl. Sales from equity production* 7.8 7.6 +3%
7.6 9.3 10.0 -24% incl. Sales by TotalEnergies from equity production and
third party purchases 16.9 19.9 -15%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars, except the average price of LNG 1H24 1H23
1H24
vs
1H23
9.32 9.58 9.84 -5% Average price of LNG ($/Mbtu) *
Consolidated subsidiaries and equity affiliates 9.46 11.59 -18%
1,152 1,222 1,330 -13% Adjusted net operating income 2,374 3,402 -30%
421 494 432 -3% including adjusted income from equity affiliates 915 1,218 -25%
624 540 382 +63% Organic investments (1) 1,164 779 +49%
198 (12) 205 -3% Acquisitions net of assets sales (1) 186 964 -81%
822 528 587 +40% Net investments (1) 1,350 1,743 -23%
1,220 1,348 1,801 -32% Cash flow from operations excluding working capital (CFFO) (1) 2,568 3,882 -34%
431 1,710 1,332 -68% Cash flow from operating activities 2,141 4,868 -56%
7 |
| 4.3 Integrated Power
4.3.1 Productions, capacities, clients and sales
* Solar, wind, hydroelectric and gas flexible capacities.
** End of period data.
*** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity.
Net power production was 9.1 TWh in the second quarter 2024, down 5% quarter-to-quarter and linked to
lower production from flexible gas assets due to lower demand in Europe, partially compensated by production
from renewable sources, which was up 13%.
Gross installed renewable power generation capacity reached 24.0 GW at the end of the second quarter 2024,
up 0.5 GW quarter-to-quarter and including 0.2 GW installed in the United States and 0.2 GW in India.
4.3.2 Results
Integrated Power adjusted net operating income was $502 million in the second quarter 2024, up 12% year-on-year, reflecting activity growth. The decrease in adjusted net operating income quarter-to-quarter reflects
in particular the seasonality of electricity demand in Europe.
Cash flow from operations excluding working capital (CFFO) was $623 million, up 27% year-on-year and down
10% quarter-to-quarter, for the same reasons.
Integrated Power adjusted net operating income was $1,113 million in the first half 2024, up 36% year-on-year
reflecting activity growth.
Cash flow from operations excluding working capital (CFFO) was $1,315 million, up 41% year-on-year, for the
same reason.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Integrated Power 1H24 1H23
1H24
vs
1H23
9.1 9.6 8.2 +10% Net power production (TWh) * 18.6 16.6 +12%
6.8 6.0 4.2 +61% o/w production from renewables 12.8 8.1 +59%
2.2 3.6 4.0 -44% o/w production from gas flexible capacities 5.8 8.5 -32%
19.6 19.5 13.2 +48% Portfolio of power generation net installed capacity (GW) ** 19.6 13.2 +48%
13.8 13.7 8.9 +54% o/w renewables 13.8 8.9 +54%
5.8 5.8 4.3 +35% o/w gas flexible capacities 5.8 4.3 +35%
87.4 84.1 74.7 +17% Portfolio of renewable power generation gross capacity (GW) **,*** 87.4 74.7 +17%
24.0 23.5 19.0 +26% o/w installed capacity 24.0 19.0 +26%
6.0 6.0 6.0 - Clients power - BtB and BtC (Million) ** 6.0 6.0 -
2.8 2.8 2.8 - Clients gas - BtB and BtC (Million) ** 2.8 2.8 -
11.1 14.9 11.5 -4% Sales power - BtB and BtC (TWh) 26.0 27.0 -4%
18.9 35.7 19.2 -1% Sales gas - BtB and BtC (TWh) 54.6 56.4 -3%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
502 611 450 +12% Adjusted net operating income 1,113 820 +36%
35 (39) 23 +52% including adjusted income from equity affiliates (4) 79 ns
596 943 753 -21% Organic investments (1) 1,539 1,330 +16%
(88) 735 (42) ns Acquisitions net of assets sales (1) 647 477 +36%
508 1,678 711 -29% Net investments (1) 2,186 1,807 +21%
623 692 491 +27% Cash flow from operations excluding working capital (CFFO) (1) 1,315 931 +41%
1,647 (249) 2,284 -28% Cash flow from operating activities 1,398 999 +40%
8 |
| 4.4 Downstream (Refining & Chemicals and Marketing & Services)
4.4.1 Results
4.5 Refining & Chemicals
4.5.1 Refinery and petrochemicals throughput and utilization rates
* Includes refineries in Africa reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024.
Refining throughput was up 6% quarter-to-quarter in the second quarter, mainly due to lower planned
maintenance. Utilization rate was 84.5% in the second quarter 2024.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
1,018 1,217 1,453 -30% Adjusted net operating income 2,235 3,351 -33%
568 520 686 -17% Organic investments (1) 1,088 976 +11%
56 (1,258) (19) ns Acquisitions net of assets sales (1) (1,202) (248) ns
624 (738) 667 -6% Net investments (1) (114) 728 ns
1,776 1,770 2,085 -15% Cash flow from operations excluding working capital (CFFO) (1) 3,546 4,274 -17%
3,191 (2,237) 2,588 +23% Cash flow from operating activities 954 1,064 -10%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Refinery throughput and utilization rate* 1H24 1H23
1H24
vs
1H23
1,511 1,424 1,472 +3% Total refinery throughput (kb/d) 1,468 1,437 +2%
430 382 364 +18% France 406 360 +13%
636 618 601 +6% Rest of Europe 627 598 +5%
446 424 507 -12% Rest of world 435 479 -9%
84% 79% 82% Utilization rate based on crude only** 82% 80%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Petrochemicals production and utilization rate 1H24 1H23
1H24
vs
1H23
1,248 1,287 1,157 +8% Monomers* (kt) 2,535 2,452 +3%
1,109 1,076 963 +15% Polymers (kt) 2,185 2,074 +5%
79% 73% 67% Steam cracker utilization rate** 76% 71%
9 |
| 4.5.2 Results
* This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable
costs representative of the European refining system of TotalEnergies. Does not include oil trading activities.
Refining & Chemicals adjusted net operating income was $639 million in the second quarter 2024, down 34%
quarter-to-quarter, due to lower refining margins mainly in Europe (ERM was down 37% quarter-to-quarter)
and the Middle East that were partially compensated by the increase in the refineries’ utilization rate.
Cash flow from operations excluding working capital (CFFO) was $1,117 million, down 13% quarter-to-quarter,
for the same reasons.
4.6 Marketing & Services
4.6.1 Petroleum product sales
* Excludes trading and bulk refining sales.
Sales of petroleum products in the second quarter 2024 were down year-on-year by 2%, mainly due to lower
diesel demand in Europe that was partially compensated by higher activity in the aviation business.
4.6.2 Results
Marketing & Services adjusted net operating income was $379 million for the second quarter 2024, up 49%
quarter-to-quarter, benefiting from higher margins due to lower refining margins.
Cash flow from operations excluding working capital (CFFO) was $659 million in the second quarter 2024, up
38% quarter-to-quarter for the same reason.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars, except ERM 1H24 1H23
1H24
vs
1H23
44.9 71.7 40.1 +12% European Refining Margin Marker (ERM) ($/t) * 58.3 65.5 -11%
639 962 1,004 -36% Adjusted net operating income 1,601 2,622 -39%
382 419 454 -16% Organic investments (1) 801 652 +23%
(95) (20) (15) ns Acquisitions net of assets sales (1) (115) (10) ns
287 399 439 -35% Net investments (1) 686 642 +7%
1,117 1,291 1,329 -16% Cash flow from operations excluding working capital (CFFO) (1) 2,408 3,062 -21%
1,541 (2,129) 1,923 -20% Cash flow from operating activities (588) 1,072 ns
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Sales in kb/d* 1H24 1H23
1H24
vs
1H23
1,363 1,312 1,397 -2% Total Marketing & Services sales 1,338 1,379 -3%
773 715 799 -3% Europe 744 778 -4%
591 597 598 -1% Rest of world 594 600 -1%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
379 255 449 -16% Adjusted net operating income 634 729 -13%
186 101 232 -20% Organic investments (1) 287 324 -11%
151 (1,238) (4) ns Acquisitions net of assets sales (1) (1,087) (238) ns
337 (1,137) 228 +48% Net investments (1) (800) 86 ns
659 479 756 -13% Cash flow from operations excluding working capital (CFFO) (1) 1,138 1,212 -6%
1,650 (108) 665 x2.5 Cash flow from operating activities 1,542 (8) ns
10 |
| 5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from business segments was:
$5,339 million in the second quarter 2024 versus $5,600 million in the first quarter 2024, mainly due to
lower refining margins,
$10,939 million in the first half 2024 versus $12,575 million in the first half 2023, linked to lower refining
margins, and lower gas and LNG prices.
5.2 Adjusted net income (1) (TotalEnergies share)
TotalEnergies adjusted net income was $4,672 million in the second quarter 2024 versus $5,112 million in the
first quarter 2024, mainly due to lower refining margins.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair
value.
Adjustments to net income were ($885) million in the second quarter 2024 consisting mainly of ($0.3) billion in
inventory effects and ($0.3) billion in effects of changes in fair value.
TotalEnergies’ average tax rate was:
40.4% in the second quarter 2024 versus 37.8% in the first quarter 2024, notably due to the increase in the
relative weight of Upstream in the Company’s results,
39.0% in the first half 2024 versus 39.7% a year ago, notably due to a lower Exploration & Production tax
rate that is linked to lower European gas prices.
5.3 Adjusted earnings per share
Adjusted diluted net earnings per share were:
$1.98 in the second quarter 2024, based on 2,328 million weighted average diluted shares, compared to
$2.14 in the first quarter 2024,
$4.14 in the first half 2024, based on 2,333 million weighted average diluted shares, compared to $4.61 a
year ago,
As of June 30, 2024, the number of diluted shares was 2,328 million.
TotalEnergies repurchased:
28.1 million shares in the second quarter 2024 for $2 billion,
58.7 million shares in the first half 2024 for $4 billion.
5.4 Acquisitions – asset sales
Acquisitions were:
$544 million in the second quarter 2024, primarily related to the acquisitions of a 20% interest in the Dorado
gas field in the United States and of the German renewable energy aggregator Quadra Energy,
$1,618 million in the first half 2024, related to the above elements as well as the acquisition of 1.5 GW of
flexible gas capacity in Texas, battery storage developer Kyon in Germany, and Talos Low Carbon
Solutions, in the carbon storage industry in the United States.
Divestments were
$324 million in the second quarter 2024, primarily related to the farmdown of the Seagreen offshore wind
farm in the United Kingdom and the sale of petrochemical assets in Lavera, France,
$1,898 million in the first half 2024, related to the above elements as well as the closing of the retail network
transaction with Alimentation Couche-Tard in Belgium, Luxemburg, and the Netherlands, and the sale of a
15% interest in Absheron, in Azerbaijan.
11 |
| 5.5 Net cash flow (1)
TotalEnergies' net cash flow was:
$3,147 million in the second quarter 2024 compared to $4,596 million in the first quarter 2024, reflecting
the $391 million decrease in CFFO and the $1,058 million increase in net investments to $4,630 million in
the second quarter 2024,
$7,743 million in the first half 2024 compared to $7,095 million a year ago, reflecting the $2,161 million
decrease in CFFO and the $2,809 million decrease in net investments to $8,202 million in the first half
2024,
2024 second quarter cash flow from operating activities was $9,007 million versus CFFO of $7,777 million,
and was impacted by a decrease in working capital of $1.2 billion, mainly due to:
$0.5 billion stock effect at the end of the quarter,
($1.7) billion decrease in working capital, of which ($0.6) billion linked to the seasonality of the gas and
power retail business.
5.6 Profitability
Return on equity was 18.7% for the twelve months ended June 30, 2024.
Return on average capital employed (1) was 16.6% for the twelve months ended June 30, 2024.
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, amounted to:
€4,555 million in the second quarter 2024, compared to €4,851 million in the second quarter 2023,
€7,965 million in the first half 2024, compared to €7,040 million in the first half 2023,
7. Annual 2024 Sensitivities (16)
1
(16) Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions
about TotalEnergies’ portfolio in 2024. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact
of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
(17) In a 80 $/b Brent environment.
Adjusted net income (1)
Average adjusted shareholders' equity
Return on equity (ROE) 18.7% 19.0% 25.2%
In millions of dollars
July 1, 2023 April 1, 2023 July 1, 2022
June 30, 2024 March 31, 2024 June 30, 2023
29,351
116,329
21,769 22,047
116,286 115,835
Adjusted net operating income (1)
Average capital employed (1)
ROACE (1)
138,776 140,662 137,204
16.6% 16.5% 22.4%
23,030 23,278 30,776
In millions of dollars
July 1, 2023 April 1, 2023 July 1, 2022
June 30, 2024 March 31, 2024 June 30, 2023
Change
Estimated impact on
adjusted
net operating income
Estimated impact on
cash flow from
operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price (17) +/- 10 $/b +/- 2.3 B$ +/- 2.8 B$
European gas price - NBP / TTF +/- 2 $/Mbtu +/- 0.4 B$ +/- 0.4 B$
European Refining Margin Marker (ERM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
12 |
| 8. Outlook
Brent prices remain above $80/b at the start of the third quarter, with the OPEC+ countries having declared in
early June 2024 the intention to continue their policy to sustain a stable oil market.
Global refining margins, which have sharply decreased since the end of the first quarter 2024, remain impacted
by low diesel demand in Europe, as well as by the market normalization following the disruption in Russian
supply.
Given the lower seasonal demand in Europe, European gas prices are expected to be between $8 and
$10/Mbtu in the third quarter 2024. However, in a context of supply tensions, Asian LNG prices are above
$12/Mbtu, supported by higher demand, notably in China and India. Given the evolution of oil and gas prices
in recent months and the lag effect on price formulas, TotalEnergies anticipates that its average LNG selling
price should be around $10/Mbtu in the third quarter 2024.
Third quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 Mboe/d. Start-up of
Anchor, in the US Gulf of Mexico, is expected in the third quarter.
The third quarter 2024 refining utilization rate is anticipated to be above 85%, benefiting from the restart of the
Donges refinery in France.
The Company confirms net investments guidance of $17-$18 billion in 2024, of which $5 billion are dedicated
to Integrated Power.
* * * *
To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 2:30pm
(Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 91 87 04, +44 (0) 12 1281 8004 or +1 718 705 8796.
The conference replay will be available on the Company's website totalenergies.com after the event.
* * * *
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
13 |
| 9. Operating information by segment
9.1 Company’s production (Exploration & Production + Integrated LNG)
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Combined liquids and gas
production by region (kboe/d) 1H24 1H23
1H24
vs
1H23
561 570 537 +5% Europe 566 559 +1%
449 463 481 -7% Africa 456 488 -6%
825 815 767 +7% Middle East and North Africa 820 743 +10%
358 352 443 -19% Americas 355 442 -20%
248 261 243 +2% Asia-Pacific 254 266 -4%
2,441 2,461 2,471 -1% Total production 2,451 2,498 -2%
359 346 338 +6% includes equity affiliates 352 341 +3%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Liquids production by region (kb/d) 1H24 1H23
1H24
vs
1H23
225 224 227 -1% Europe 225 231 -3%
325 331 359 -9% Africa 328 365 -10%
660 652 615 +7% Middle East and North Africa 656 596 +10%
167 171 268 -38% Americas 168 266 -37%
100 104 102 -1% Asia-Pacific 103 109 -6%
1,477 1,482 1,571 -6% Total production 1,480 1,567 -6%
150 154 153 -2% includes equity affiliates 152 152 -
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Gas production by region (Mcf/d) 1H24 1H23
1H24
vs
1H23
1,814 1,869 1,671 +9% Europe 1,841 1,774 +4%
620 648 610 +2% Africa 634 612 +4%
904 896 834 +8% Middle East and North Africa 900 803 +12%
1,061 1,003 976 +9% Americas 1,032 985 +5%
781 833 754 +4% Asia-Pacific 808 843 -4%
5,180 5,249 4,845 +7% Total production 5,215 5,017 +4%
1,127 1,043 1,004 +12% includes equity affiliates 1,085 1,029 +5%
14 |
| 9.2 Downstream (Refining & Chemicals and Marketing & Services)
* Olefins, polymers.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Petroleum product sales by region (kb/d) 1H24 1H23
1H24
vs
1H23
1,840 1,774 1,709 +8% Europe 1,807 1,655 +9%
558 591 599 -7% Africa 575 633 -9%
989 1,033 918 +8% Americas 1,011 883 +14%
639 711 665 -4% Rest of world 675 644 +5%
4,026 4,109 3,892 +3% Total consolidated sales 4,068 3,815 +7%
397 401 424 -7% Includes bulk sales 399 405 -2%
2,266 2,397 2,070 +9% Includes trading 2,331 2,031 +15%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
Petrochemicals production* (kt) 1H24 1H23
1H24
vs
1H23
900 990 1,026 -12% Europe 1,890 2,073 -9%
756 645 619 +22% Americas 1,401 1,226 +14%
702 727 475 +48% Middle East and Asia 1,430 1,228 +16%
15 |
| 9.3 Integrated Power
9.3.1 Net power production
9.3.2 Installed power generation net capacity
1
(18) End-of-period data.
Net power production (TWh) Solar Onshore
Wind
Offshore
Wind Gas Others Total Solar Onshore
Wind
Offshore
Wind Gas Others Total
France 0.2 0.2 - 0.4 0.0 0.8 0.1 0.2 - 1.8 0.0 2.2
Rest of Europe 0.1 0.4 0.4 0.4 0.1 1.4 0.1 0.6 0.6 0.7 0.1 2.0
Africa 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0
Middle East 0.3 - - 0.2 - 0.5 0.2 - - 0.3 - 0.5
North America 0.9 0.6 - 1.2 - 2.8 0.5 0.5 - 0.7 - 1.8
South America 0.1 0.8 - - - 0.9 0.2 0.7 - - - 0.8
India 1.9 0.4 - - - 2.2 1.6 0.2 - - - 1.8
Pacific Asia 0.4 0.0 0.0 - - 0.5 0.3 0.0 0.1 - - 0.4
Total 3.9 2.3 0.5 2.2 0.1 9.1 2.9 2.3 0.7 3.6 0.1 9.6
2Q24 1Q24
Installed power generation net
capacity (GW) (18) Solar Onshore
Wind
Offshore
Wind Gas Others Total Solar Onshore
Wind
Offshore
Wind Gas Others Total
France 0.6 0.4 - 2.6 0.1 3.7 0.6 0.4 - 2.6 0.1 3.7
Rest of Europe 0.3 0.9 0.3 1.4 0.1 2.9 0.3 0.9 0.6 1.4 0.1 3.2
Africa 0.1 0.0 - - 0.0 0.1 0.1 0.0 - - 0.0 0.1
Middle East 0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.7
North America 2.3 0.8 - 1.5 0.4 5.0 2.2 0.8 - 1.5 0.3 4.9
South America 0.4 0.9 - - - 1.2 0.4 0.9 - - - 1.2
India 4.2 0.5 - - - 4.7 4.0 0.5 - - - 4.5
Pacific Asia 1.1 0.0 0.1 - 0.0 1.2 1.0 0.0 0.1 - 0.0 1.1
Total 9.3 3.5 0.4 5.8 0.7 19.6 9.0 3.5 0.7 5.8 0.6 19.5
2Q24 1Q24
16 |
| 9.3.3 Power generation gross capacity from renewables
1
(19) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos.
(20) End-of-period data.
Installed power generation gross
capacity from renewables (GW) (19),(20) Solar Onshore
Wind
Offshore
Wind Other Total Solar Onshore
Wind
Offshore
Wind Other Total
France 1.1 0.7 - 0.2 2.0 0.9 0.7 - 0.1 1.7
Rest of Europe 0.3 1.1 1.1 0.2 2.7 0.3 1.1 1.1 0.2 2.7
Africa 0.1 - - 0.0 0.1 0.1 0.0 - 0.0 0.2
Middle East 1.2 - - - 1.2 1.2 - - - 1.2
North America 5.2 2.2 - 0.7 8.1 5.2 2.2 - 0.6 8.0
South America 0.4 1.3 - - 1.6 0.4 1.2 - - 1.6
India 5.9 0.5 - - 6.5 5.8 0.5 - - 6.3
Asia-Pacific 1.5 - 0.3 - 1.8 1.5 0.0 0.3 0.0 1.8
Total 15.7 5.8 1.4 1.1 24.0 15.4 5.7 1.4 1.0 23.5
Power generation gross capacity from
renewables in construction (GW) (19),(20) Solar Onshore
Wind
Offshore
Wind Other Total Solar Onshore
Wind
Offshore
Wind Other Total
France 0.1 0.0 0.0 0.0 0.2 0.1 - 0.0 0.0 0.2
Rest of Europe 0.4 0.2 - 0.1 0.6 0.4 0.0 - 0.1 0.5
Africa 0.3 - - 0.1 0.4 0.3 - - 0.1 0.4
Middle East 0.1 - - - 0.1 0.1 - - - 0.1
North America 1.7 0.0 - 0.3 2.0 1.6 0.0 - 0.2 1.8
South America 0.0 0.6 - - 0.7 0.0 0.7 - 0.0 0.7
India 0.5 0.1 - - 0.5 0.6 0.1 - - 0.6
Asia-Pacific 0.0 0.0 0.4 - 0.4 0.1 0.0 0.4 - 0.4
Total 3.2 0.9 0.4 0.4 5.0 3.1 0.8 0.4 0.4 4.8
Power generation gross capacity from
renewables in development (GW) (19),(20) Solar Onshore
Wind
Offshore
Wind Other Total Solar Onshore
Wind
Offshore
Wind Other Total
France 1.4 0.4 - 0.1 1.9 1.2 0.4 - 0.0 1.6
Rest of Europe 4.4 0.8 8.9 2.2 16.4 4.4 0.5 7.4 1.8 14.2
Africa 0.7 0.3 - - 1.0 1.4 0.3 - 0.0 1.7
Middle East 1.8 - - - 1.8 1.7 - - - 1.7
North America 9.7 2.9 4.1 4.4 21.1 10.3 3.1 4.1 4.8 22.3
South America 2.1 1.2 - 0.2 3.4 1.5 1.2 - 0.1 2.8
India 4.5 0.2 - - 4.7 4.5 0.2 - - 4.7
Asia-Pacific 3.4 1.1 2.6 1.1 8.2 3.2 0.1 2.6 1.0 6.9
Total 28.0 6.8 15.6 8.0 58.5 28.2 5.8 14.1 7.7 55.9
2Q24 1Q24
2Q24 1Q24
2Q24 1Q24
17 |
| 10. Alternative Performance Measures (Non-GAAP measures)
10.1 Adjustment items to net income (TotalEnergies share)
2Q24 1Q24 2Q23 In millions of dollars 1H24 1H23
3,787 5,721 4,088 Net income (TotalEnergies share) 9,508 9,645
(274) 805 (377) Special items affecting net income (TotalEnergies share) 531 (536)
(110) 1,507 - Gain (loss) on asset sales 1,397 203
(11) - (5) Restructuring charges (11) (5)
- (644) (469) Impairments (644) (529)
(153) (58) 97 Other (211) (205)
(320) 124 (380) After-tax inventory effect : FIFO vs. replacement cost (196) (771)
(291) (320) (111) Effect of changes in fair value (611) (545)
(885) 609 (868) Total adjustments affecting net income (276) (1,852)
4,672 5,112 4,956 Adjusted net income (TotalEnergies share) 9,784 11,497
18 |
| 10.2 Reconciliation of adjusted EBITDA with consolidated financial statements
10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share)
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
3,787 5,721 4,088 -7% Net income (TotalEnergies share) 9,508 9,645 -1%
885 (609) 868 +2% Less: adjustment items to net income (TotalEnergies share) 276 1,852 -85%
4,672 5,112 4,956 -6% Adjusted net income (TotalEnergies share) 9,784 11,497 -15%
Adjusted items
67 100 61 +10% Add: non-controlling interests 167 135 +24%
2,977 2,991 2,715 +10% Add: income taxes 5,968 6,805 -12%
2,962 2,942 2,959 -
Add: depreciation, depletion and impairment of tangible assets
and mineral interests 5,904 5,985 -1%
87 92 92 -5% Add: amortization and impairment of intangible assets 179 191 -6%
725 708 724 - Add: financial interest on debt 1,433 1,434 -
(417) (452) (402) ns Less: financial income and expense from cash & cash equivalents (869) (775) ns
11,073 11,493 11,105 - Adjusted EBITDA 22,566 25,272 -11%
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
Adjusted items
49,183 51,883 51,458 -4% Revenues from sales 101,066 109,767 -8%
(31,314) (33,525) (33,379) ns Purchases, net of inventory variation (64,839) (70,858) ns
(7,664) (7,580) (7,754) ns Other operating expenses (15,244) (15,506) ns
(97) (88) (62) ns Exploration costs (185) (156) ns
146 240 116 +26% Other income 386 193 +100%
(37) (125) (164) ns
Other expense, excluding amortization and impairment of intangible
assets (162) (202) ns
433 282 401 +8% Other financial income 715 649 +10%
(213) (215) (173) ns Other financial expense (428) (356) ns
636 621 662 -4% Net income (loss) from equity affiliates 1,257 1,741 -28%
11,073 11,493 11,105 - Adjusted EBITDA 22,566 25,272 -11%
Adjusted items
(2,962) (2,942) (2,959) ns
Less: depreciation, depletion and impairment of tangible assets
and mineral interests (5,904) (5,985) ns
(87) (92) (92) ns Less: amortization of intangible assets (179) (191) ns
(725) (708) (724) ns Less: financial interest on debt (1,433) (1,434) ns
417 452 402 +4% Add: financial income and expense from cash & cash equivalents 869 775 +12%
(2,977) (2,991) (2,715) ns Less: income taxes (5,968) (6,805) ns
(67) (100) (61) ns Less: non-controlling interests (167) (135) ns
(885) 609 (868) ns Add: adjustment (TotalEnergies share) (276) (1,852) ns
3,787 5,721 4,088 -7% Net income (TotalEnergies share) 9,508 9,645 -1%
19 |
| 10.3 Investments – Divestments (TotalEnergies share)
Reconciliation of Cash flow used in investing activities to Net investments
* Change in debt from renewable projects (TotalEnergies share and partner share).
10.4 Cash flow (TotalEnergies share)
Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital
(CFFO), to DACF and to Net cash flow
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts.
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
4,558 3,467 4,473 +2% Cash flow used in investing activities ( a ) 8,025 10,835 -26%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
(29) 3 18 ns Organic loan repayment from equity affiliates ( c ) (26) 12 ns
- - 35 -100% Change in debt from renewable projects financing ( d ) * - 38 -100%
97 103 64 +52% Capex linked to capitalized leasing contracts ( e ) 200 124 +61%
4 (1) 1 x4 Expenditures related to carbon credits ( f ) 3 2 +50%
4,630 3,572 4,591 +1% Net investments ( a + b + c + d + e + f = g - i + h ) 8,202 11,011 -26%
220 (500) 320 -31% of which acquisitions net of assets sales ( g-i ) (280) 3,307 ns
544 1,074 482 +13% Acquisitions ( g ) 1,618 3,738 -57%
324 1,574 162 +99% Asset sales ( i ) 1,898 431 x4.4
- - (35) -100% Change in debt from renewable projects (partner share) - (38) -100%
4,410 4,072 4,271 +3% of which organic investments ( h ) 8,482 7,704 +10%
101 145 328 -69% Capitalized exploration 247 533 -54%
589 538 366 +61% Increase in non-current loans 1,127 740 +52%
(178) (146) (84) ns
Repayment of non-current loans, excluding organic loan repayment from
equity affiliates (324) (313) ns
- - - ns Change in debt from renewable projects (TotalEnergies share) - - ns
2Q24 1Q24 2Q23
2Q24
vs
2Q23
In millions of dollars 1H24 1H23
1H24
vs
1H23
9,007 2,169 9,900 -9% Cash flow from operating activities ( a ) 11,176 15,033 -26%
1,669 (6,121) 1,720 -3% (Increase) decrease in working capital ( b ) * (4,452) (2,269) ns
(468) 125 (252) ns Inventory effect ( c ) (343) (754) ns
- - 35 -100% Capital gain from renewable project sales ( d ) - 38 -100%
(29) 3 18 ns Organic loan repayments from equity affiliates ( e ) (26) 12 ns
7,777 8,168 8,485 -8% Cash flow from operations excluding working capital (CFFO)
( f = a - b - c + d + e ) 15,945 18,106 -12%
(118) (143) (112) ns Financial charges (262) (265) ns
7,895 8,311 8,596 -8% Debt Adjusted Cash Flow (DACF) 16,207 18,371 -12%
4,410 4,072 4,271 +3% Organic investments ( g ) 8,482 7,704 +10%
3,367 4,096 4,213 -20% Free cash flow after organic investments ( f - g ) 7,463 10,402 -28%
4,630 3,572 4,591 +1% Net investments ( h ) 8,202 11,011 -26%
3,147 4,596 3,894 -19% Net cash flow ( f - h ) 7,743 7,095 +9%
20 |
| 10.5 Gearing ratio
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.
10.6 Return on average capital employed
10.7 Payout
In millions of dollars 06/30/2024 03/31/2024 06/30/2023
Current borrowings * 9,358 16,068 13,980
Other current financial liabilities 461 481 443
Current financial assets * , ** (6,425) (5,969) (6,397)
Net financial assets classified as held for sale * (61) (11) (41)
Non-current financial debt * 34,726 30,452 33,387
Non-current financial assets * (1,166) (1,165) (1,264)
Cash and cash equivalents (23,211) (25,640) (25,572)
Net debt ( a ) 13,682 14,216 14,536
Shareholders’ equity (TotalEnergies share) 117,379 118,409 113,682
Non-controlling interests 2,648 2,734 2,770
Shareholders' equity (b) 120,027 121,143 116,452
Gearing = a / ( a+b ) 10.2% 10.5% 11.1%
Leases (c) 8,012 8,013 8,090
Gearing including leases ( a+c ) / ( a+b+c ) 15.3% 15.5% 16.3%
Twelve months ended June 30, 2024
In millions of dollars Exploration &
Production
Integrated
LNG
Integrated
Power
Refining &
Chemicals
Marketing &
Services Company
Adjusted net operating income 11,157 5,172 2,146 3,633 1,363 23,030
Capital employed at 06/30/2023 68,530 34,598 17,804 9,698 8,796 137,372
Capital employed at 06/30/2024 65,809 38,708 21,861 8,728 6,954 140,180
ROACE 16.6% 14.1% 10.8% 39.4% 17.3% 16.6%
In millions of dollars 1H24 1H23 2023
Dividend paid (parent company shareholders) 3,756 3,686 7,517
Repayment of treasury shares 4,013 4,105 9,167
Payout ratio 45% 42% 46%
21 |
| GLOSSARY
Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used
in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the
allocation of cash flow used for growing the Company’s asset base via external growth opportunities.
Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly
comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and
intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity
affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare
the Company’s profitability with utility companies (energy sector).
Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net
Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment
items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special
items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating
results and to understand its operating trends by removing the impact of non-operational results and special items.
Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income.
Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment
items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income
can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and
understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return
on Average Capital Employed (ROACE) as explained below.
Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance
sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and
equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is
the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v)
Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable
tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or
its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE).
Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable
IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from
operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and
Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity
affiliates.
This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from
operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of
peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides
a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator
is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the
distribution to shareholders.
Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from
operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This
indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically
available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the
Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements.
Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash
flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital
minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with
non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates
operating cash flow generated by the business post allocation of cash for Organic Investments.
Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total
equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding
leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s
balance sheet.
Net cash flow is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities.
Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable
tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company
post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with
non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder
distribution or share buybacks.
Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing
activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests,
including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to
capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision
makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing,
when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the
organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the
Glossary.
Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing
activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling
22 |
| interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow
used by the Company to grow its asset base, excluding sources of external growth.
Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash
Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as
it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder.
Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating
Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a
valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed
in its business operations and is used by the Company to benchmark its performance internally and externally with its peers.
23 |
| Disclaimer
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees.
The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities.
This document does not constitute the half-year financial report, which will be separately published in accordance with article L. 451-1-2-III of the French
Code monétaire et financier and applicable UK law, and available on the website totalenergies.com. This press release presents the results for the second
quarter of 2024 and half-year 2024 from the consolidated financial statements of TotalEnergies SE as of June 30, 2024 (unaudited). The limited review
procedures by the Statutory Auditors are underway. The notes to the consolidated financial statements (unaudited) are available on the website
totalenergies.com.
This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also
contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and
carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not
depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking
words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”,
“targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions
prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and
those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence
of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes
in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations,
changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological
conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes
in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the
assessment of the recoverable value of assets and potential impairments of assets relating thereto. Readers are cautioned not to consider forward-looking
statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries
have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result
of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company
has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more
generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’
business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies
is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés
Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally, the developments of
environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are
subject to evolve independently of our will. Moreover, our disclosures on such issues, including climate-related disclosures, may include information that is
not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law.
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income),
return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder
rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between
periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In
general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs
or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have
occurred in prior years or are likely to occur in following years.
(ii) The inventory valuation effect
In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method
and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or
manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income.
Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method.
This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors.
In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is,
depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of
the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost
methods.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal
measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic
performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match
with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for
special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate
for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible
reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or
“resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in
the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense
Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website
sec.gov.
24 |
| TotalEnergies financial statements
Second quarter and first half 2024 consolidated accounts, IFRS
25 |
| CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
2
nd quarter 1
st quarter 2
nd quarter
(M$)(a) 2024 2024 2023
Sales 53,743 56,278 56,271
Excise taxes (4,560) (4,395) (4,737)
Revenues from sales 49,183 51,883 51,534
Purchases, net of inventory variation (32,117) (33,780) (33,864)
Other operating expenses (7,729) (7,643) (7,906)
Exploration costs (97) (88) (62)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,976) (2,942) (3,106)
Other income 3 1,758 116
Other expense (251) (315) (366)
Financial interest on debt (725) (708) (724)
Financial income and expense from cash & cash equivalents 408 472 510
Cost of net debt (317) (236) (214)
Other financial income 459 306 413
Other financial expense (213) (215) (173)
Net income (loss) from equity affiliates 627 18 267
Income taxes (2,725) (2,942) (2,487)
Consolidated net income 3,847 5,804 4,152
TotalEnergies share 3,787 5,721 4,088
Non-controlling interests 60 83 64
Earnings per share ($) 1.61 2.42 1.65
Fully-diluted earnings per share ($) 1.60 2.40 1.64
(a) Except for per share amounts.
26 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
2
nd quarter 1
st quarter 2
nd quarter
(M$) 2024 2024 2023
Consolidated net income 3,847 5,804 4,152
Other comprehensive income
Actuarial gains and losses 22 (2) 135
Change in fair value of investments in equity instruments 103 40 (1)
Tax effect (11) (8) (43)
Currency translation adjustment generated by the parent company (683) (1,506) (57)
Items not potentially reclassifiable to profit and loss (569) (1,476) 34
Currency translation adjustment 523 1,099 (49)
Cash flow hedge 593 807 689
Variation of foreign currency basis spread - (15) 11
share of other comprehensive income of equity affiliates, net amount (38) (76) 3
Other (2) 2 (4)
Tax effect (153) (219) (136)
Items potentially reclassifiable to profit and loss 923 1,598 514
Total other comprehensive income (net amount) 354 122 548
Comprehensive income 4,201 5,926 4,700
TotalEnergies share 4,134 5,870 4,676
Non-controlling interests 67 56 24
27 |
| CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
1
st half 1
st half
(M$)(a) 2024 2023
Sales 110,021 118,874
Excise taxes (8,955) (9,107)
Revenues from sales 101,066 109,767
Purchases, net of inventory variation (65,897) (72,215)
Other operating expenses (15,372) (15,691)
Exploration costs (185) (154)
Depreciation, depletion and impairment of tangible assets and mineral interests (5,918) (6,168)
Other income 1,761 457
Other expense (566) (666)
Financial interest on debt (1,433) (1,434)
Financial income and expense from cash & cash equivalents 880 903
Cost of net debt (553) (531)
Other financial income 765 671
Other financial expense (428) (356)
Net income (loss) from equity affiliates 645 1,227
Income taxes (5,667) (6,558)
Consolidated net income 9,651 9,783
TotalEnergies share 9,508 9,645
Non-controlling interests 143 138
Earnings per share ($) 4.04 3.88
Fully-diluted earnings per share ($) 4.02 3.86
(a) Except for per share amounts.
28 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
1
st half 1
st half
(M$) 2024 2023
Consolidated net income 9,651 9,783
Other comprehensive income
Actuarial gains and losses 20 138
Change in fair value of investments in equity instruments 143 3
Tax effect (19) (51)
Currency translation adjustment generated by the parent company (2,189) 1,409
Items not potentially reclassifiable to profit and loss (2,045) 1,499
Currency translation adjustment 1,622 (1,299)
Cash flow hedge 1,400 1,891
Variation of foreign currency basis spread (15) 8
share of other comprehensive income of equity affiliates, net amount (114) (95)
Other - (1)
Tax effect (372) (472)
Items potentially reclassifiable to profit and loss 2,521 32
Total other comprehensive income (net amount) 476 1,531
Comprehensive income 10,127 11,314
TotalEnergies share 10,004 11,226
Non-controlling interests 123 88
29 |
| CONSOLIDATED BALANCE SHEET
TotalEnergies
June 30,
2024
March 31,
2024
December 31,
2023
June 30,
2023
(M$) (unaudited) (unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 33,477 33,193 33,083 31,717
Property, plant and equipment, net 109,403 109,462 108,916 104,174
Equity affiliates : investments and loans 32,800 31,256 30,457 30,425
Other investments 1,740 1,895 1,543 1,190
Non-current financial assets 2,469 2,308 2,395 2,494
Deferred income taxes 3,568 3,165 3,418 3,649
Other non-current assets 4,235 4,328 4,313 2,573
Total non-current assets 187,692 185,607 184,125 176,222
Current assets
Inventories, net 20,189 20,229 19,317 18,785
Accounts receivable, net 20,647 24,198 23,442 22,163
Other current assets 20,014 20,615 20,821 23,111
Current financial assets 6,823 6,319 6,585 6,725
Cash and cash equivalents 23,211 25,640 27,263 25,572
Assets classified as held for sale 912 525 2,101 8,441
Total current assets 91,796 97,526 99,529 104,797
Total assets 279,488 283,133 283,654 281,019
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 7,577 7,548 7,616 7,850
Paid-in surplus and retained earnings 130,688 129,937 126,857 123,511
Currency translation adjustment (14,415) (14,167) (13,701) (12,859)
Treasury shares (6,471) (4,909) (4,019) (4,820)
Total shareholders' equity - TotalEnergies share 117,379 118,409 116,753 113,682
Non-controlling interests 2,648 2,734 2,700 2,770
Total shareholders' equity 120,027 121,143 119,453 116,452
Non-current liabilities
Deferred income taxes 12,461 11,878 11,688 11,237
Employee benefits 1,819 1,941 1,993 1,872
Provisions and other non-current liabilities 20,295 20,961 21,257 21,295
Non-current financial debt 42,526 38,053 40,478 40,427
Total non-current liabilities 77,101 72,833 75,416 74,831
Current liabilities
Accounts payable 36,449 37,647 41,335 32,853
Other creditors and accrued liabilities 33,442 32,949 36,727 38,609
Current borrowings 11,271 17,973 9,590 15,542
Other current financial liabilities 461 481 446 443
Liabilities directly associated with the assets classified as held for sale 737 107 687 2,289
Total current liabilities 82,360 89,157 88,785 89,736
Total liabilities & shareholders' equity 279,488 283,133 283,654 281,019
30 |
| CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
2
nd quarter 1
st quarter 2
nd quarter
(M$) 2024 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,847 5,804 4,152
Depreciation, depletion, amortization and impairment 3,080 3,036 3,195
Non-current liabilities, valuation allowances and deferred taxes (53) 292 81
(Gains) losses on disposals of assets 182 (1,610) (70)
Undistributed affiliates' equity earnings (250) 288 383
(Increase) decrease in working capital 2,013 (5,686) 2,125
Other changes, net 188 45 34
Cash flow from operating activities 9,007 2,169 9,900
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,699) (3,420) (3,870)
Acquisitions of subsidiaries, net of cash acquired (251) (759) (19)
Investments in equity affiliates and other securities (481) (488) (522)
Increase in non-current loans (621) (538) (366)
Total expenditures (5,052) (5,205) (4,777)
Proceeds from disposals of intangible assets and property, plant and equipment 44 337 31
Proceeds from disposals of subsidiaries, net of cash sold 213 1,218 38
Proceeds from disposals of non-current investments 56 34 133
Repayment of non-current loans 181 149 102
Total divestments 494 1,738 304
Cash flow used in investing activities (4,558) (3,467) (4,473)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 521 - 383
- Treasury shares (2,007) (2,006) (2,002)
Dividends paid:
- Parent company shareholders (1,853) (1,903) (1,842)
- Non-controlling interests (127) (6) (105)
Net issuance (repayment) of perpetual subordinated notes (1,622) - (1,081)
Payments on perpetual subordinated notes (50) (159) (80)
Other transactions with non-controlling interests (19) (17) (13)
Net issuance (repayment) of non-current debt 4,319 42 (14)
Increase (decrease) in current borrowings (5,453) 3,536 (4,111)
Increase (decrease) in current financial assets and liabilities (530) 271 990
Cash flow from (used in) financing activities (6,821) (242) (7,875)
Net increase (decrease) in cash and cash equivalents (2,372) (1,540) (2,448)
Effect of exchange rates (57) (83) 35
Cash and cash equivalents at the beginning of the period 25,640 27,263 27,985
Cash and cash equivalents at the end of the period 23,211 25,640 25,572
31 |
| CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
1
st half 1
st half
(M$) 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 9,651 9,783
Depreciation, depletion, amortization and impairment 6,116 6,382
Non-current liabilities, valuation allowances and deferred taxes 239 395
(Gains) losses on disposals of assets (1,428) (322)
Undistributed affiliates' equity earnings 38 34
(Increase) decrease in working capital (3,673) (1,294)
Other changes, net 233 55
Cash flow from operating activities 11,176 15,033
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (7,119) (8,838)
Acquisitions of subsidiaries, net of cash acquired (1,010) (155)
Investments in equity affiliates and other securities (969) (1,929)
Increase in non-current loans (1,159) (755)
Total expenditures (10,257) (11,677)
Proceeds from disposals of intangible assets and property, plant and equipment 381 99
Proceeds from disposals of subsidiaries, net of cash sold 1,431 221
Proceeds from disposals of non-current investments 90 182
Repayment of non-current loans 330 340
Total divestments 2,232 842
Cash flow used in investing activities (8,025) (10,835)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 521 383
- Treasury shares (4,013) (4,105)
Dividends paid:
- Parent company shareholders (3,756) (3,686)
- Non-controlling interests (133) (126)
Net issuance (repayment) of perpetual subordinated notes (1,622) (1,081)
Payments on perpetual subordinated notes (209) (238)
Other transactions with non-controlling interests (36) (99)
Net issuance (repayment) of non-current debt 4,361 104
Increase (decrease) in current borrowings (1,917) (5,385)
Increase (decrease) in current financial assets and liabilities (259) 2,384
Cash flow from (used in) financing activities (7,063) (11,849)
Net increase (decrease) in cash and cash equivalents (3,912) (7,651)
Effect of exchange rates (140) 197
Cash and cash equivalents at the beginning of the period 27,263 33,026
Cash and cash equivalents at the end of the period 23,211 25,572
32 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited)
Common shares issued Paid-in
surplus and
retained
earnings
Currency
translation
adjustment
Treasury shares Shareholders'
equity -
TotalEnergies
Share
Non-controlling
interests
Total
shareholders'
equity
(M$) Number Amount Number Amount
As of January 1, 2023 2,619,131,285 8,163 123,951 (12,836) (137,187,667) (7,554) 111,724 2,846 114,570
Net income of the first half 2023 - - 9,645 - - - 9,645 138 9,783
Other comprehensive income - - 1,576 5 - - 1,581 (50) 1,531
Comprehensive Income - - 11,221 5 - - 11,226 88 11,314
Dividend - - (3,868) - - - (3,868) (126) (3,994)
Issuance of common shares 8,002,155 22 361 - - - 383 - 383
Purchase of treasury shares - - - - (66,647,852) (4,705) (4,705) - (4,705)
Sale of treasury shares(a)
- - (396) - 6,461,256 396 - - -
Share-based payments - - 172 - - - 172 - 172
Share cancellation (128,869,261) (335) (6,708) - 128,869,261 7,043 - - -
Net issuance (repayment) of
perpetual subordinated notes - - (1,107) - - - (1,107) - (1,107)
Payments on perpetual
subordinated notes - - (151) - - - (151) - (151)
Other operations with
non-controlling interests - - 39 (28) - - 11 (38) (27)
Other items - - (3) - - - (3) - (3)
As of June 30, 2023 2,498,264,179 7,850 123,511 (12,859) (68,505,002) (4,820) 113,682 2,770 116,452
Net income of the second half 2023 - - 11,739 - - - 11,739 (12) 11,727
Other comprehensive income - - 411 (842) - - (431) 7 (424)
Comprehensive Income - - 12,150 (842) - - 11,308 (5) 11,303
Dividend - - (3,743) - - - (3,743) (185) (3,928)
Issuance of common shares - - - - - - - - -
Purchase of treasury shares - - - - (78,052,725) (4,462) (4,462) - (4,462)
Sale of treasury shares(a)
- - - - 2,170 - - - -
Share-based payments - - 119 - - - 119 - 119
Share cancellation (86,012,344) (234) (5,029) - 86,012,344 5,263 - - -
Net issuance (repayment) of
perpetual subordinated notes - - - - - - - - -
Payments on perpetual
subordinated notes - - (143) - - - (143) - (143)
Other operations with
non-controlling interests - - (9) - - - (9) 123 114
Other items - - 1 - - - 1 (3) (2)
As of December 31, 2023 2,412,251,835 7,616 126,857 (13,701) (60,543,213) (4,019) 116,753 2,700 119,453
Net income of the first half 2024 - - 9,508 - - - 9,508 143 9,651
Other comprehensive income - - 1,210 (714) - - 496 (20) 476
Comprehensive Income - - 10,718 (714) - - 10,004 123 10,127
Dividend - - (3,929) - - - (3,929) (133) (4,062)
Issuance of common shares 10,833,187 29 492 - - - 521 - 521
Purchase of treasury shares - - - - (58,719,028) (4,513) (4,513) - (4,513)
Sale of treasury shares(a)
- - (397) - 6,065,491 397 - - -
Share-based payments - - 356 - - - 356 - 356
Share cancellation (25,405,361) (68) (1,596) - 25,405,361 1,664 - - -
Net issuance (repayment) of
perpetual subordinated notes - - (1,679) - - - (1,679) - (1,679)
Payments on perpetual
subordinated notes - - (135) - - - (135) - (135)
Other operations with
non-controlling interests - - - - - - - (36) (36)
Other items - - 1 - - - 1 (6) (5)
As of June 30, 2024 2,397,679,661 7,577 130,688 (14,415) (87,791,389) (6,471) 117,379 2,648 120,027
(a)Treasury shares related to the performance share grants.
33 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2
nd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,416 1,986 4,464 24,516 21,358 3 - 53,743
Intersegment sales 9,796 2,111 369 8,203 164 77 (20,720) -
Excise taxes - - - (208) (4,352) - - (4,560)
Revenues from sales 11,212 4,097 4,833 32,511 17,170 80 (20,720) 49,183
Operating expenses (4,669) (2,922) (4,506) (31,647) (16,601) (318) 20,720 (39,943)
Depreciation, depletion and impairment of
tangible assets and mineral interests (1,907) (310) (105) (416) (208) (30) - (2,976)
Net income (loss) from equity affiliates and
other items 141 526 26 (13) (84) 29 - 625
Tax on net operating income (2,163) (251) (79) (60) (101) (23) - (2,677)
Adjustments (a) (53) (12) (333) (264) (203) (9) - (874)
Adjusted net operating income 2,667 1,152 502 639 379 (253) - 5,086
Adjustments (a) (874)
Net cost of net debt (365)
Non-controlling interests (60)
Net income - TotalEnergies share 3,787
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
2
nd quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 2,697 844 769 443 259 40 - 5,052
Total divestments 149 29 261 127 (78) 6 - 494
Cash flow from operating activities 4,535 431 1,647 1,541 1,650 (797) - 9,007
34 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1
st quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,318 2,659 7,082 24,533 20,671 15 - 56,278
Intersegment sales 9,735 3,495 790 8,143 269 63 (22,495) -
Excise taxes - - - (170) (4,225) - - (4,395)
Revenues from sales 11,053 6,154 7,872 32,506 16,715 78 (22,495) 51,883
Operating expenses (4,444) (4,784) (7,565) (30,888) (16,096) (229) 22,495 (41,511)
Depreciation, depletion and impairment of
tangible assets and mineral interests (1,917) (321) (97) (376) (206) (25) - (2,942)
Net income (loss) from equity affiliates and
other items 97 495 (615) 68 1,480 27 - 1,552
Tax on net operating income (2,261) (284) (40) (255) (108) 55 - (2,893)
Adjustments (a) (22) 38 (1,056) 93 1,530 (4) - 579
Adjusted net operating income 2,550 1,222 611 962 255 (90) - 5,510
Adjustments (a) 579
Net cost of net debt (285)
Non-controlling interests (83)
Net income - TotalEnergies share 5,721
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
1
st quarter 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 2,294 565 1,739 435 144 28 - 5,205
Total divestments 306 50 62 38 1,281 1 - 1,738
Cash flow from operating activities 3,590 1,710 (249) (2,129) (108) (645) - 2,169
35 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
2
nd quarter 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 1,434 2,020 6,249 24,849 21,712 7 - 56,271
Intersegment sales 10,108 2,778 670 8,630 201 64 (22,451) -
Excise taxes - - - (231) (4,506) - - (4,737)
Revenues from sales 11,542 4,798 6,919 33,248 17,407 71 (22,451) 51,534
Operating expenses (5,162) (3,797) (6,334) (32,042) (16,672) (276) 22,451 (41,832)
Depreciation, depletion and impairment of
tangible assets and mineral interests (2,117) (277) (51) (394) (241) (26) - (3,106)
Net income (loss) from equity affiliates and
other items (15) 472 (250) 3 64 (17) - 257
Tax on net operating income (1,889) (137) (41) (187) (162) (40) - (2,456)
Adjustments (a) 10 (271) (207) (376) (53) (40) - (937)
Adjusted net operating income 2,349 1,330 450 1,004 449 (248) - 5,334
Adjustments (a) (937)
Net cost of net debt (245)
Non-controlling interests (64)
Net income - TotalEnergies share 4,088
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
2
nd quarter 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 2,569 626 807 489 256 30 - 4,777
Total divestments 26 45 149 52 28 4 - 304
Cash flow from operating activities 4,047 1,332 2,284 1,923 665 (351) - 9,900
36 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1
sthalf 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 2,734 4,645 11,546 49,049 42,029 18 - 110,021
Intersegment sales 19,531 5,606 1,159 16,346 433 140 (43,215) -
Excise taxes - - - (378) (8,577) - - (8,955)
Revenues from sales 22,265 10,251 12,705 65,017 33,885 158 (43,215) 101,066
Operating expenses (9,113) (7,706) (12,071) (62,535) (32,697) (547) 43,215 (81,454)
Depreciation, depletion and impairment of
tangible assets and mineral interests (3,824) (631) (202) (792) (414) (55) - (5,918)
Net income (loss) from equity affiliates and
other items 238 1,021 (589) 55 1,396 56 - 2,177
Tax on net operating income (4,424) (535) (119) (315) (209) 32 - (5,570)
Adjustments (a) (75) 26 (1,389) (171) 1,327 (13) - (295)
Adjusted net operating income 5,217 2,374 1,113 1,601 634 (343) - 10,596
Adjustments (a) (295)
Net cost of net debt (650)
Non-controlling interests (143)
Net income - TotalEnergies share 9,508
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
1
sthalf 2024 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 4,991 1,409 2,508 878 403 68 - 10,257
Total divestments 455 79 323 165 1,203 7 - 2,232
Cash flow from operating activities 8,125 2,141 1,398 (588) 1,542 (1,442) - 11,176
37 |
| INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)
1
sthalf 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
External sales 3,388 6,892 14,804 49,704 44,071 15 - 118,874
Intersegment sales 20,836 8,777 2,355 17,691 321 121 (50,101) -
Excise taxes - - - (415) (8,692) - - (9,107)
Revenues from sales 24,224 15,669 17,159 66,980 35,700 136 (50,101) 109,767
Operating expenses (9,924) (13,242) (16,165) (63,934) (34,459) (437) 50,101 (88,060)
Depreciation, depletion and impairment of
tangible assets and mineral interests (4,183) (565) (98) (808) (465) (49) - (6,168)
Net income (loss) from equity affiliates and
other items 53 1,276 (320) 55 307 (38) - 1,333
Tax on net operating income (5,287) (342) (152) (512) (281) 23 - (6,551)
Adjustments (a) (119) (606) (396) (841) 73 (40) - (1,929)
Adjusted operating income 5,002 3,402 820 2,622 729 (325) - 12,250
Adjustments (a) (1,929)
Net cost of net debt (538)
Non-controlling interests (138)
Net income - TotalEnergies share 9,645
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the
Integrated LNG segment.
Effects of changes in the fair value of gas and LNG positions are allocated to the operating income of Integrated LNG segment.
Effects of changes in the fair value of power positions are allocated to the operating income of Integrated Power segment.
1
sthalf 2023 Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate Intercompany Total
(M$)
Total expenditures 6,621 1,821 2,041 714 415 65 - 11,677
Total divestments 57 94 298 60 329 4 - 842
Cash flow from operating activities 8,583 4,868 999 1,072 (8) (481) - 15,033
38 |
| Non GAAP Financial Measures
39 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1. Reconciliation of cash flow used in investing activities to Net investments
1.1 Exploration & Production
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
2,548 1,988 2,543 ns Cash flow used in investing activities ( a ) 4,536 6,564 -31%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - - ns Organic loan repayment from equity affiliates ( c ) - - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
90 90 56 61% Capex linked to capitalized leasing contracts ( e ) 180 106 70%
4 (1) 1 x4 Expenditures related to carbon credits ( f ) 3 2 50%
2,642 2,077 2,600 2% Net investments ( a + b + c + d + e + f = g - i + h ) 4,719 6,672 -29%
57 36 176 -68% of which net acquisitions of assets sales ( g - i ) 93 2,114 -96%
160 327 179 -11% Acquisitions ( g ) 487 2,125 -77%
103 291 3 x34.3 Assets sales ( i ) 394 11 x35.8
- - - ns Change in debt from renewable projects (partner share) - - ns
2,585 2,041 2,424 7% of which organic investments ( h ) 4,626 4,558 1%
88 136 325 -73% Capitalized exploration 225 529 -58%
67 42 17 x3.9 Increase in non-current loans 109 61 79%
(46) (15) (23) ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (61) (46) ns
- - -
ns
Change in debt from renewable projects (TotalEnergies
share)
- -
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.2 Integrated LNG
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
815 515 581 40% Cash flow used in investing activities ( a ) 1,330 1,727 -23%
ns Other transactions with non-controlling interests ( b ) ns
1 ns Organic loan repayment from equity affiliates ( c ) 1 2 -50%
ns Change in debt from renewable projects financing ( d ) * ns
7 12 6 17% Capex linked to capitalized leasing contracts ( e ) 19 14 36%
ns Expenditures related to carbon credits ( f ) ns
822 528 587 40% Net investments ( a + b + c + d + e + f = g - i + h ) 1,350 1,743 -23%
198 (12) 205 -3% of which net acquisitions of assets sales ( g - i ) 186 964 -81%
199 224 -11% Acquisitions ( g ) 199 993 -80%
1 12 19 -95% Assets sales ( i ) 13 29 -55%
ns Change in debt from renewable projects (partner share) ns
624 540 382 63% of which organic investments ( h ) 1,164 779 49%
13 9 3 x4.3 Capitalized exploration 22 4 x5.5
153 173 95 61% Increase in non-current loans 326 238 37%
(42) (37) (26) ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (79) (64) ns
ns
Change in debt from renewable projects (TotalEnergies
share) ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
40 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.3 Integrated Power
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
508 1,677 658 -23% Cash flow used in investing activities ( a ) 2,185 1,743 25%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - 16 ns Organic loan repayment from equity affiliates ( c ) - 22 ns
- - 35 ns Change in debt from renewable projects financing ( d ) * - 38 ns
- 1 2 ns Capex linked to capitalized leasing contracts ( e ) 1 4 -75%
- - - ns Expenditures related to carbon credits ( f ) - - ns
508 1,678 711 -29% Net investments ( a + b + c + d + e + f = g - i + h ) 2,186 1,807 21%
(88) 735 (42) ns of which net acquisitions of assets sales ( g - i ) 647 477 36%
142 736 45 x3.2 Acquisitions ( g ) 878 582 51%
230 1 87 x2.6 Assets sales ( i ) 231 105 x2.2
(35) ns Change in debt from renewable projects (partner share) (38) ns
596 943 753 -21% of which organic investments ( h ) 1,539 1,330 16%
- - - ns Capitalized exploration - - ns
239 305 182 31% Increase in non-current loans 544 345 58%
(31) (61) (11) ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (92) (132) ns
- - -
ns
Change in debt from renewable projects (TotalEnergies
share)
- -
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
1.4 Refining & Chemicals
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
316 397 437 -28% Cash flow used in investing activities ( a ) 713 654 9%
- - - ns Other transactions with non-controlling interests ( b ) - - ns
(29) 2 2 ns Organic loan repayment from equity affiliates ( c ) (27) (12) ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
287 399 439 -35% Net investments ( a + b + c + d + e + f = g - i + h ) 686 642 7%
(95) (20) (15) ns of which net acquisitions of assets sales ( g - i ) (115) (10) ns
26 9 27 -4% Acquisitions ( g ) 35 31 13%
121 29 42 x2.9 Assets sales ( i ) 150 41 x3.7
- - - ns Change in debt from renewable projects (partner share) - - ns
382 419 454 -16% of which organic investments ( h ) 801 652 23%
- - - ns Capitalized exploration - - ns
58 7 27 x2.1 Increase in non-current loans 65 38 71%
(3) (7) (8) ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (10) (16) ns
- - -
ns
Change in debt from renewable projects (TotalEnergies
share)
- -
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
41 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
1.5 Marketing & Services
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
337 (1,137) 228 48% Cash flow used in investing activities ( a ) (800) 86 ns
- - - ns Other transactions with non-controlling interests ( b ) - - ns
- - - ns Organic loan repayment from equity affiliates ( c ) - - ns
- - - ns Change in debt from renewable projects financing ( d ) * - - ns
- - - ns Capex linked to capitalized leasing contracts ( e ) - - ns
- - - ns Expenditures related to carbon credits ( f ) - - ns
337 (1,137) 228 48% Net investments ( a + b + c + d + e + f = g - i + h ) (800) 86 ns
151 (1,238) (4) ns of which net acquisitions of assets sales ( g - i ) (1,087) (238) ns
17 2 7 x2.4 Acquisitions ( g ) 19 7 x2.7
(134) 1,240 11 ns Assets sales ( i ) 1,106 245 x4.5
ns Change in debt from renewable projects (partner share) ns
186 101 232 -20% of which organic investments ( h ) 287 324 -11%
- - - ns Capitalized exploration - - ns
57 11 26 x2.2 Increase in non-current loans 68 37 84%
(53) (26) (12) ns
Repayment of non-current loans, excluding organic loan
repayment from equity affiliates (79) (51) ns
- - -
ns
Change in debt from renewable projects (TotalEnergies
share)
- -
ns
*Change in debt from renewable projects (TotalEnergies share and partner share)
2. Reconciliation of cash flow from operating activities to CFFO
2.1 Exploration & Production
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
4,535 3,590 4,047 12% Cash flow from operating activities ( a ) 8,125 8,583 -5%
182 (888) (317) ns (Increase) decrease in working capital ( b ) (706) (688) ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
4,353 4,478 4,364 ns
Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 8,831 9,271 -5%
42 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.2 Integrated LNG
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
431 1,710 1,332 -68% Cash flow from operating activities ( a ) 2,141 4,868 -56%
(789) 363 (469) ns (Increase) decrease in working capital ( b ) * (426) 987 ns
- - - ns Inventory effect ( c ) - - ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- 1
- ns Organic loan repayments from equity affiliates ( e ) 1 2 -50%
1,220 1,348 1,801 -32% Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 2,568 3,882 -34%
*Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
2.3 Integrated Power
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
1,647 (249) 2,284 -28% Cash flow from operating activities ( a ) 1,398 999 40%
1,024 (941) 1,844 -44% (Increase) decrease in working capital ( b ) * 83 129 -36%
- - ns Inventory effect ( c ) - - ns
- - 35 ns Capital gain from renewable project sales ( d ) - 38 ns
- - 16 ns Organic loan repayments from equity affiliates ( e ) - 22 ns
623 692 491 27% Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 1,315 931 41%
* Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts.
43 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
2.4 Refining & Chemicals
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
1,541 (2,129) 1,923 -20% Cash flow from operating activities ( a ) (588) 1,072 ns
788 (3,526) 788 ns (Increase) decrease in working capital ( b ) (2,738) (1,395) ns
(393) 108 (192) ns Inventory effect ( c ) (285) (607) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
(29) 2 2 ns Organic loan repayments from equity affiliates ( e ) (27) (12) ns
1,117 1,291 1,329 -16% Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 2,408 3,062 -21%
2.5 Marketing & Services
2
nd quarter 1
st quarter 2
nd quarter
2
nd quarter 2024
vs
(in millions of dollars)
6 months 6 months 6 months
2024 vs
2024 2024 2023 2
nd quarter 2023 2024 2023 6 months
2023
1,650 (108) 665 x2.5 Cash flow from operating activities ( a ) 1,542 (8) ns
1,066 (604) (31) ns (Increase) decrease in working capital ( b ) 462 (1,073) ns
(75) 17 (60) ns Inventory effect ( c ) (58) (147) ns
- - - ns Capital gain from renewable project sales ( d ) - - ns
- - - ns Organic loan repayments from equity affiliates ( e ) - - ns
659 479 756 -13% Cash flow from operations excluding working capital
(CFFO) ( f = a - b - c + d + e ) 1,138 1,212 -6%
44 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
3. Reconciliation of capital employed (balance sheet) and calculation of ROACE
(In millions of dollars)
Exploration
&
Production
Integrated
LNG
Integrated
Power
Refining
&
Chemicals
Marketing
&
Services
Corporate InterCompa
ny
Company
Adjusted net operating income 2 nd quarter 2024 2,667 1,152 502 639 379 (253) - 5,086
Adjusted net operating income 1 st quarter 2024 2,550 1,222 611 962 255 (90) - 5,510
Adjusted net operating income 4 th quarter 2023 2,802 1,456 527 633 306 (178) - 5,546
Adjusted net operating income 3 rd quarter 2023 3,138 1,342 506 1,399 423 80 - 6,888
Adjusted net operating income ( a ) 11,157 5,172 2,146 3,633 1,363 (441) - 23,030
Balance sheet as of June 30, 2024
Property plant and equipment intangible assets net 84,754 24,936 14,078 11,987 6,476 649 - 142,880
Investments & loans in equity affiliates 3,463 15,294 8,921 4,122 1,000 - - 32,800
Other non-current assets 3,803 2,424 1,147 731 1,224 214 - 9,543
Inventories, net 1,486 1,495 577 12,822 3,809 - - 20,189
Accounts receivable, net 6,432 5,526 4,766 20,755 8,940 1,073 (26,845) 20,647
Other current assets 6,497 7,876 4,797 2,146 3,141 7,313 (11,756) 20,014
Accounts payable (6,984) (6,429) (5,653) (33,025) (10,387) (775) 26,804 (36,449)
Other creditors and accrued liabilities (8,785) (8,614) (4,989) (6,082) (5,762) (11,007) 11,797 (33,442)
Working capital (1,354) (146) (502) (3,384) (259) (3,396) -
(9,041)
Provisions and other non-current liabilities (24,947) (3,800) (1,807) (3,467) (1,207) 653 -
(34,575)
Assets and liabilities classified as held for sale - Capital
employed 90 - 24 - - - - 114
Capital Employed (Balance sheet) 65,809 38,708 21,861 9,989 7,234 (1,880) - 141,721
Less inventory valuation effect (1,261) (280) (1,541)
Capital Employed at replacement cost ( b ) 65,809 38,708 21,861 8,728 6,954 (1,880) - 140,180
Balance sheet as of June 30, 2023
Property plant and equipment intangible assets net 85,184 24,341 7,587 11,637 6,518 624 - 135,891
Investments & loans in equity affiliates 2,589 13,441 9,599 4,237 559 -
- 30,425
Other non-current assets 2,051 2,978 433 702 1,109 140 - 7,413
Inventories, net 1,550 1,202 678 11,483 3,872 -
- 18,785
Accounts receivable, net 6,291 8,030 5,838 18,170 8,717 1,741 (26,624) 22,163
Other current assets 5,685 11,503 8,197 2,310 3,130 5,344 (13,058) 23,111
Accounts payable (6,242) (9,086) (5,149) (27,385) (10,090) (1,372) 26,471 (32,853)
Other creditors and accrued liabilities (9,381) (13,998) (8,224) (6,440) (4,743) (9,033) 13,211 (38,608)
Working capital (2,097) (2,349) 1,340 (1,862) 886 (3,320) -
(7,402)
Provisions and other non-current liabilities (24,793) (3,917) (1,282) (3,723) (1,191) 502 -
(34,404)
Assets and liabilities classified as held for sale - Capital
employed 5,596 104 127 87 1,243 -
-
7,157
Capital Employed (Balance sheet) 68,530 34,598 17,804 11,078 9,124 (2,054) - 139,080
Less inventory valuation effect (1,380) (328) (1,708)
Capital Employed at replacement cost ( c ) 68,530 34,598 17,804 9,698 8,796 (2,054) - 137,372
ROACE as a percentage ( a / average ( b + c )) 16.6% 14.1% 10.8% 39.4% 17.3% 16.6%
45 |
| Alternative Performance Measures (Non-GAAP)
TotalEnergies
(unaudited)
4. Reconciliation of consolidated net income to adjusted net operating income
(in millions of dollars)
2
nd quarter 1
st quarter 2
nd quarter 6 months 6 months
2024 2024 2023 2024 2023
Consolidated net income ( a ) 3,847 5,804 4,152 9,651 9,783
Net cost of net debt ( b ) (365) (285) (245) (650) (538)
Special items affecting net operating income (256) 792 (449) 536 (616)
Gain (loss) on asset sales (110) 1,507 - 1,397 203
Restructuring charges (11) - (5) (11) (5)
Impairments - (644) (469) (644) (529)
Other (135) (71) 25 (206) (285)
After-tax inventory effect : FIFO vs. replacement cost (327) 107 (377) (220) (768)
Effect of changes in fair value (291) (320) (111) (611) (545)
Total adjustments affecting net operating income ( c ) (874) 579 (937) (295) (1,929)
Adjusted net operating income ( a - b - c ) 5,086 5,510 5,334 10,596 12,250
46 |
Exhibit 99.14
|
PRESS
RELEASE |
TotalEnergies announces the second interim dividend
of
€0.79/share for fiscal year 2024,
an increase close to 7% compared to
2023
Paris,
25 July 2024 - The Board of Directors meeting on July 24, 2024 under the chairmanship of Mr. Patrick Pouyanné, Chairman
and Chief Executive Officer, decided the distribution of the second 2024 interim dividend of 0.79 €/share, an increase of 6.8% compared
to the three interim dividends paid for fiscal year 2023 and identical to the final dividend for fiscal year 2023 and to the first 2024
interim. This increase is in line with the shareholder return policy confirmed by the Board of Directors in February 2024 and reiterated
at the Annual General Meeting of May 24, 2024.
This interim dividend will be paid in
cash exclusively, according to the following timetable:
| |
Shareholders | |
| ADS
holders | |
| |
| |
| | |
Ex-dividend
date | |
January 2,
2025 | |
| December
31, 2024 | |
| |
| |
| | |
Payment
date | |
January 6,
2025 | |
| January
21, 2025 | |
____
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies:
oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as
many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations : +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations : +33 1 47 44 46 46 l ir@totalenergies.com
|
|
@TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”,
“us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate and independent legal entities.
This
document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies.
This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including
with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies,
it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally
be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”,
“could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”,
“anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”,
“targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based
on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be
reasonable by TotalEnergies as of the date of this document.
These
forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives, or
goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference
between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive
and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural
gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability
to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations
including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and
events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and
changes
in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates
particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Readers
are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the
date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim
any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events,
any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified,
and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more
generally, forward-looking statements published in this document.
The
information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including
its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in
the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des
Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Cautionary
Note to U.S. Investors – U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File
N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex,
France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s
website sec.gov.
Exhibit 99.15
|
PRESS
RELEASE |
TotalEnergies
publishes its financial report for first half 2024
Paris, 26 July,
2024 – The financial report of TotalEnergies SE for the first half 2024
was filed with the French Financial Markets Authority (Autorité des marchés financiers) on July 26, 2024. It
can be consulted and downloaded from the website totalenergies.com, under the heading Investors
/ Results and Investor presentations / Results.
***
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies:
oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as
many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its operations.
|
|
@TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
Cautionary note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document
are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise,
the words “we”, “us” and “our” may also be used to refer to these entities or to their employees.
The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit 99.16
|
PRESS
RELEASE |
South Africa: TotalEnergies exits from offshore Blocks
11B/12B and 5/6/7
Paris, July 29,
2024 – Following the decision of the partner CNRI to withdraw from Block 11B/12B,
TotalEnergies also announces its withdrawal from this block, off the Southern coast of South Africa, in which its affiliate TotalEnergies
EP South Africa holds a 45% interest.
TotalEnergies entered into Block 11B/12B in 2013
and made two gas discoveries, Brulpadda and Luiperd, which could however not be turned into a commercial development as it appeared to
be too challenging to economically develop and monetize these gas discoveries for the South African market.
TotalEnergies has also decided to exit from offshore
exploration Block 5/6/7 where TotalEnergies EP South Africa currently holds a 40% interest.
***
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies:
oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as
many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its operations.
About TotalEnergies in South Africa
TotalEnergies has been present in South Africa since 1954, when it started distributing
petroleum products. Today the company is a leading player Fuel Marketing & Services, Lubricants Blending, Exploration & Production
and Renewables. For seventy years, TotalEnergies has been committed to the energy development of South Africa. Through a diverse portfolio,
TotalEnergies boasts a network of 550 retail sites and LPG distribution nationwide for all domestic energy needs. TotalEnergies holds
Exploration Rights together with its various joint venture partners, over Blocks Deep Water Orange Basin and Orange Basin Deep (west coast),
Outeniqua South (south coast), and the recent entry in Block 3B/4B east of DWOB. TotalEnergies is also developing a 700MW portfolio of
renewable energy projects in South Africa, including the 86MW Prieska solar plant operational since 2016. In 2023, TotalEnergies signed
CPPAs with Sasol and Air Liquide for the supply of 260MW capacity (wind and solar) and launched the construction of a 216MW solar plant
with 500MWh battery storage.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
|
|
@TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company”
or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly
controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate
legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number
of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information
or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information
concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal
Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit
99.17
Disclosure of Transactions in Own Shares
Paris, July 29, 2024 – In
accordance with the authorizations given by the shareholders’ general meeting on May 24, 2024, to trade on its shares and pursuant
to applicable law on share repurchase, TotalEnergies SE (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares
(FR0000120271) from July 22 to July 26, 2024:
Transaction Date |
Total daily volume
(number of shares) |
Daily weighted
average purchase
price of shares
(EUR/share) |
Amount of
transactions (EUR) |
Market (MIC Code) |
22/07/2024 |
265,195 |
63.085956 |
16,730,080.10 |
XPAR |
22/07/2024 |
97,932 |
63.084322 |
6,177,973.82 |
CEUX |
22/07/2024 |
9,998 |
63.084807 |
630,721.90 |
TQEX |
22/07/2024 |
9,998 |
63.089227 |
630,766.09 |
AQEU |
23/07/2024 |
231,047 |
62.645677 |
14,474,095.73 |
XPAR |
23/07/2024 |
136,000 |
62.535293 |
8,504,799.85 |
CEUX |
23/07/2024 |
10,000 |
62.653535 |
626,535.35 |
TQEX |
23/07/2024 |
10,000 |
62.644069 |
626,440.69 |
AQEU |
24/07/2024 |
286,977 |
62.067746 |
17,812,015.54 |
XPAR |
24/07/2024 |
90,000 |
61.993803 |
5,579,442.27 |
CEUX |
24/07/2024 |
7,000 |
61.939911 |
433,579.38 |
TQEX |
24/07/2024 |
7,000 |
61.952327 |
433,666.29 |
AQEU |
25/07/2024 |
266,895 |
61.414470 |
16,391,214.97 |
XPAR |
25/07/2024 |
111,000 |
61.422322 |
6,817,877.74 |
CEUX |
25/07/2024 |
8,500 |
61.345831 |
521,439.56 |
TQEX |
25/07/2024 |
8,500 |
61.347860 |
521,456.81 |
AQEU |
26/07/2024 |
295,636 |
62.305792 |
18,419,835.12 |
XPAR |
26/07/2024 |
199,000 |
62.305493 |
12,398,793.11 |
CEUX |
26/07/2024 |
15,000 |
62.340577 |
935,108.66 |
TQEX |
26/07/2024 |
20,000 |
62.311018 |
1,246,220.36 |
AQEU |
Total |
2,085,678 |
62.287689 |
129,912,063.35 |
|
Transaction details
In accordance with Article 5(1)(b) of Regulation (EU) No
596/2014 (the Market Abuse Regulation) a full breakdown of the individual trades are disclosed on the TotalEnergies website: https://totalenergies.com/investors/shares-and-dividends/total-shares/info/company-share-transactions
About TotalEnergies
TotalEnergies is a global integrated
energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more
than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more
sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
TotalEnergies Contacts
Media Relations:+33 (0)1 47 44 46 99l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations:+33 (0)1 47 44 46 46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are
directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may
also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding
are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain
forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive
and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies
SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that
may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF),
and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
Exhibit
99.18
|
PRESS RELEASE |
Renewables: TotalEnergies
Acquires a Portfolio of Hydropower Projects in Africa to Deploy its Multi-Energy Strategy
Paris, July 30, 2024 - TotalEnergies has
signed an agreement with Scatec, a Norwegian renewable energy company, to acquire 100% of its subsidiary SN Power, which holds interests
in renewable hydropower projects in Africa, through a joint venture (51% SN Power) with Norfund and British International Investment (BII).
As a result of this transaction, which is subject
to certain previous conditions, TotalEnergies will acquire a 28.3% stake in the Bujagali hydropower plant currently in operation in Uganda.
With a capacity of 250 MW, it covers more than 25% of the country's peak electricity demand.
TotalEnergies will also acquire minority stakes
in two projects under development in Rwanda (260 MW) and Malawi (360 MW).
“This acquisition of renewable hydroelectric
assets and projects in Africa reflects our desire to contribute to the continent's energy transition by bringing electricity to the people
of African countries. In particular, we are delighted to be able to become a player in hydro power in Uganda, a country where we are also
developing a major oil project. This is another example of TotalEnergies’ ability to implement its multi-energy strategy in oil-producing
countries to support them in their energy transition,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“We are pleased to announce today’s
transaction, as we believe TotalEnergies will be a strong asset owner going forward, with the ability to further develop the projects
and contribute to the energy transition in Africa. We would like to thank the entire hydropower team for their hard work and dedication
over the years, you have made a significant impact. In addition, our gratitude goes to our joint venture partners, host governments, and
lenders for the support since 2020,” said Terje Pilskog, CEO of Scatec.
To
date, TotalEnergies has interests in a number of hydropower projects with a gross capacity of 3.7 GW worldwide:
§
218 MW installed in France (19 MW), Portugal (33 MW) and Turkey (166 MW)
§
1.5 GW under development in Mozambique (Mphanda
Nkuwa project)
§
2 GW under development by Adani Green in India
***
TotalEnergies
and electricity
As part of its ambition
to get to net zero by 2050, TotalEnergies is building a world class cost-competitive portfolio combining renewables (solar, onshore and
offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. At the end of 2023, TotalEnergies’
gross renewable electricity generation installed capacity was 22 GW. TotalEnergies will continue to expand this business to reach 35
GW in 2025 and more than 100 TWh of net electricity production by 2030.
About TotalEnergies
TotalEnergies is
a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its
projects and its
operations.
TotalEnergies Contacts
Media Relations: +33 (0)1 47 44 46 99
l presse@totalenergies.com l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46
46 l ir@totalenergies.com
|
@TotalEnergies | |
TotalEnergies | |
TotalEnergies | |
TotalEnergies |
|
Cautionary Note
The terms “TotalEnergies”,
“TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our”
may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns
a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate
in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results
or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies
SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).
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