TotalEnergies Announce first half 2024 results with close to $10 billion adjusted net income

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.”

Highlights
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

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