TotalEnergies SE: Fourth Quarter and Full-Year 2024 Results

Companies

TotalEnergies SE (TTE)

UK 100

Latest directors dealings

10 hours ago ASOS
10 hours ago MJ Gleeson
10 hours ago Rolls-Royce Holdings
11 hours ago Crest Nicholson Holdings
11 hours ago Naked Wines

All directors dealings today

	4Q24	Change vs 3Q24	2024	Change vs 2023
Adjusted net income (TotalEnergies share)⁽¹⁾
- in billions of dollars (B$)	4.4	+8%	18.3	-21%
- in dollars per share	1.90	+9%	7.77	-17%
Net income (TotalEnergies share) (B$)	4.0	+72%	15.8	-26%
Adjusted EBITDA⁽¹⁾ (B$)	10.5	+5%	43.1	-14%
Cash flow from operations excluding working capital (CFFO)⁽¹⁾ (B$)	7.2	+5%	29.9	-17%
Cash flow from operating activities (B$)	12.5	+74%	30.9	-24%

4Q24	3Q24	4Q24 vs 3Q24	4Q23	In millions of dollars, except effective tax rate, earnings per share and number of shares	2024	2023	2024 vs 2023
10,529	10,048	+5%	11,696	Adjusted EBITDA ⁽¹⁾	43,143	50,030	-14%
4,992	4,635	+8%	5,724	Adjusted net operating income from business segments	20,566	25,107	-18%
2,305	2,482	-7%	2,802	Exploration & Production	10,004	10,942	-9%
1,432	1,063	+35%	1,456	Integrated LNG	4,869	6,200	-21%
575	485	+19%	527	Integrated Power	2,173	1,853	+17%
318	241	+32%	633	Refining & Chemicals	2,160	4,654	-54%
362	364	-1%	306	Marketing & Services	1,360	1,458	-7%
706	706	-	597	Contribution of equity affiliates to adjusted net income	2,669	3,000	-11%
41.3%	38.0%	-	37.7%	Effective tax rate ⁽³⁾	39.4%	37.5%	-
4,406	4,074	+8%	5,226	Adjusted net income (TotalEnergies share) ⁽¹⁾	18,264	23,176	-21%
1.90	1.74	+9%	2.16	Adjusted fully-diluted earnings per share (dollars) ⁽⁴⁾	7.77	9.40	-17%
1.78	1.58	+13%	2.02	Adjusted fully-diluted earnings per share (euros) ⁽⁵⁾	7.18	8.70	-17%
2,282	2,310	-1%	2,387	Fully-diluted weighted-average shares (millions)	2,315	2,434	-5%

3,956	2,294	+72%	5,063	Net income (TotalEnergies share)	15,758	21,384	-26%

3,839	4,102	-6%	6,139	Organic investments ⁽¹⁾	16,423	18,126	-9%
24	1,662	-99%	(5,404)	Acquisitions net of assets sales ⁽¹⁾	1,406	(1,289)	ns
3,863	5,764	-33%	735	Net investments ⁽¹⁾	17,829	16,837	+6%

7,151	6,821	+5%	8,500	Cash flow from operations excluding working capital (CFFO) ⁽¹⁾	29,917	35,946	-17%
7,398	7,009	+6%	8,529	Debt Adjusted Cash Flow (DACF) ⁽¹⁾	30,614	36,451	-16%
12,507	7,171	+74%	16,150	Cash flow from operating activities	30,854	40,679	-24%
Gearing ⁽¹⁾ of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023

4Q24	3Q24	4Q24 vs 3Q24	4Q23		2024	2023	2024 vs 2023
74.7	80.3	-7%	84.3	Brent ($/b)	80.8	82.6	-2%
3.0	2.2	+34%	2.9	Henry Hub ($/Mbtu)	2.4	2.7	-9%
13.6	11.5	+18%	13.6	TTF ($/Mbtu)	11.0	13.1	-16%
14.0	13.0	+7%	15.2	JKM ($/Mbtu)	11.9	13.8	-14%
71.8	77.0	-7%	80.2	Average price of liquids ^(6),(7) ($/b) Consolidated subsidiaries	77.1	76.2	+1%
6.26	5.78	+8%	6.17	Average price of gas ^(6),(8) ($/Mbtu) Consolidated subsidiaries	5.54	6.64	-16%
10.37	9.91	+5%	10.28	Average price of LNG ^(6),(9) ($/Mbtu) Consolidated subsidiaries and equity affiliates	9.80	10.76	-9%
25.9	15.4	+68%	52.6	European Refining Margin Marker (ERM) ^(6),(10) ($/t)	39.5	71.0	-44%

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Scope 1+2 emissions (MtCO2e)	2024	2023	2024 vs 2023
9.6	8.8	+9%	7.9	Scope 1+2 from operated facilities ⁽¹²⁾	34.3	34.6	-1%
7.9	7.4	+7%	7.2	of which Oil & Gas	29.4	30.3	-3%
1.7	1.4	+21%	0.7	of which CCGT	4.9	4.3	+14%
12.2	11.7	+4%	11.5	Scope 1+2 - equity share	46.4	48.9	-5%

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Methane emissions (ktCH4)	2024	2023	2024 vs 2023
7	7	-	9	Methane emissions from operated facilities	29	34	-15%
9	8	+13%	11	Methane emissions - equity share	33	40	-18%
Estimated quarterly emissions.

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Hydrocarbon production	2024	2023	2024 vs 2023
2,427	2,409	+1%	2,462	Hydrocarbon production (kboe/d)	2,434	2,483	-2%
1,292	1,324	-2%	1,341	Oil (including bitumen) (kb/d)	1,314	1,388	-5%
1,135	1,086	+5%	1,121	Gas (including condensates and associated NGL) (kboe/d)	1,120	1,095	+2%

2,427	2,409	+1%	2,462	Hydrocarbon production (kboe/d)	2,434	2,483	-2%
1,445	1,466	-1%	1,506	Liquids (kb/d)	1,468	1,550	-5%
5,323	5,093	+5%	5,158	Gas (Mcf/d)	5,211	5,028	+4%

In millions of dollars	January 1, 2024	October 1, 2023	January 1, 2023
	December 31, 2024	September 30, 2024	December 31, 2023
Adjusted net income ⁽¹⁾	18,586	19,398	23,450
Average adjusted shareholders' equity	117,835	116,572	115,006
Return on equity (ROE)	15.8%	16.6%	20.4%

	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 - TTF	+/- 2 $/Mbtu	+/- 0.4 B$	+/- 0.4 B$
European Refining Margin Marker (ERM)	+/- 10 $/t	+/- 0.4 B$	+/- 0.5 B$

	4Q24						3Q24
Net power production (TWh)	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.2	0.3	-	1.4	0.0	1.9	0.2	0.1	-	0.6	0.0	0.9
Rest of Europe	0.1	0.6	0.4	2.1	0.0	3.2	0.1	0.4	0.2	1.3	0.1	2.1
Africa	0.0	0.0	-	-	-	0.0	0.0	0.0	-	-	-	0.0
Middle East	0.2	-	-	0.2	-	0.4	0.2	-	-	0.3	-	0.5
North America	0.9	0.5	-	1.1	-	2.5	1.2	0.4	-	2.2	-	3.8
South America	0.1	0.9	-	-	-	1.1	0.1	1.1	-	-	-	1.2
India	1.6	0.2	-	-	-	1.9	1.6	0.4	-	-	-	2.0
Pacific Asia	0.3	0.0	0.2	-	-	0.4	0.4	0.0	0.0	-	-	0.4
Total	3.4	2.5	0.6	4.9	0.1	11.4	4.0	2.4	0.3	4.4	0.1	11.1

	4Q24						3Q24
Installed power generation net capacity (GW) ⁽¹⁸⁾	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total	Solar	Onshore Wind	Offshore Wind	Gas	Others	Total
France	0.7	0.4	-	2.6	0.2	4.0	0.6	0.4	-	2.6	0.2	3.7
Rest of Europe	0.6	0.9	0.3	2.1	0.2	4.0	0.3	0.9	0.3	2.7	0.2	4.4
Africa	0.0	-	-	-	-	0.0	0.1	0.0	-	-	0.0	0.1
Middle East	0.4	-	-	0.3	-	0.8	0.4	-	-	0.3	-	0.8
North America	2.3	0.8	-	1.5	0.3	4.9	2.6	0.8	-	1.5	0.4	5.3
South America	0.4	0.9	-	-	-	1.3	0.4	0.9	-	-	-	1.2
India	4.8	0.6	-	-	-	5.3	4.3	0.5	-	-	-	4.9
Pacific Asia	1.1	0.0	0.2	-	-	1.3	1.1	0.0	0.1	-	0.0	1.2
Total	10.3	3.6	0.5	6.5	0.6	21.5	9.8	3.6	0.4	7.1	0.7	21.6

	4Q24					3Q24
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	1.2	0.7	-	0.2	2.1	1.1	0.7	-	0.2	2.1
Rest of Europe	0.6	1.1	1.1	0.3	3.1	0.3	1.1	1.1	0.2	2.8
Africa	0.1	-	-	0.0	0.1	0.1	-	-	0.0	0.1
Middle East	1.2	-	-	-	1.2	1.2	-	-	-	1.2
North America	5.4	2.2	-	0.7	8.2	4.9	2.2	-	0.7	7.7
South America	0.4	1.3	-	-	1.7	0.4	1.3	-	-	1.6
India	6.7	0.6	-	-	7.3	6.1	0.6	-	-	6.7
Asia-Pacific	1.6	0.0	0.6	0.0	2.2	1.6	0.0	0.4	0.0	2.0
Total	17.2	6.0	1.7	1.1	26.0	15.6	5.9	1.6	1.1	24.2

	4Q24					3Q24
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	0.3	0.0	0.0	0.0	0.3	0.2	0.0	0.0	0.0	0.2
Rest of Europe	0.5	0.2	0.8	0.0	1.4	0.4	0.1	0.8	0.1	1.4
Africa	0.4	0.1	-	0.1	0.6	0.3	-	-	0.1	0.4
Middle East	0.1	-	-	-	0.1	0.1	-	-	-	0.1
North America	1.2	0.0	-	0.5	1.8	1.7	0.0	-	0.4	2.1
South America	0.4	0.6	-	0.2	1.2	0.3	0.6	-	0.2	1.1
India	3.2	-	-	-	3.2	3.9	-	-	-	3.9
Asia-Pacific	0.1	-	0.1	-	0.1	0.1	-	0.2	-	0.3
Total	6.2	1.0	0.8	0.9	8.9	6.9	0.8	1.0	0.7	9.5

	4Q24					3Q24
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	0.9	0.5	-	0.1	1.5	1.1	0.4	-	0.1	1.6
Rest of Europe	4.9	0.7	13.3	2.7	21.6	4.6	0.8	8.9	2.6	16.9
Africa	0.6	0.2	-	-	0.8	0.7	0.3	-	-	1.0
Middle East	2.3	0.2	-	-	2.6	1.8	-	-	-	1.8
North America	10.3	3.1	4.1	4.4	21.9	8.8	3.3	4.1	4.9	21.0
South America	1.6	1.1	-	0.0	2.8	1.8	1.2	-	0.0	3.0
India	2.3	0.1	-	-	2.5	2.2	0.1	-	-	2.3
Asia-Pacific	3.4	1.1	3.0	1.2	8.6	3.6	1.1	2.6	1.1	8.4
Total	26.5	7.1	20.4	8.3	62.3	24.4	7.2	15.6	8.7	55.9

In millions of dollars	12/31/2024	09/30/2024	12/31/2023
Current borrowings *	7,929	11,805	7,869
Other current financial liabilities	664	488	446
Current financial assets * , **	(6,536)	(5,780)	(6,256)
Net financial assets classified as held for sale *	33	204	17
Non-current financial debt *	35,711	37,824	32,722
Non-current financial assets *	(1,027)	(1,307)	(1,229)
Cash and cash equivalents	(25,844)	(25,672)	(27,263)
Net debt ( a )	10,930	17,562	6,306

Shareholders’ equity (TotalEnergies share)	117,858	116,059	116,753
Non-controlling interests	2,397	2,557	2,700
Shareholders' equity (b)	120,255	118,616	119,453

Gearing = a / ( a+b )	8.3%	12.9%	5.0%

Leases (c)	8,272	8,338	8,275
Gearing including leases ( a+c ) / ( a+b+c )	13.8%	17.9%	10.9%
* Excludes leases receivables and leases debts.
** Including initial margins held as part of the Company's activities on organized markets.

In millions of dollars	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Company
Adjusted net operating income	10,004	4,869	2,173	2,160	1,360	19,974
Capital employed at 12/31/2023	63,870	36,048	21,511	6,043	7,674	132,222
Capital employed at 12/31/2024	64,430	41,477	21,739	5,564	6,870	138,125
ROACE	15.6%	12.6%	10.0%	37.2%	18.7%	14.8%

In millions of dollars	2024	9M24	2023
Dividend paid (parent company shareholders)	7,717	5,719	7,517
Repayment of treasury shares	7,995	6,018	9,167

Payout ratio	50%	49%	46%

⁽¹⁾		Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables.
*		Including coverage of employees share grant plans.
^†		Scope 1+2 of Oil & Gas operated activities
⁽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.
⁽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: 1.0681 in the 4^th quarter 2024, 1.0983 in the 3^rd quarter 2024, 1.0751 in the 4^th quarter 2023, 1.0824 in 2024, and 1.0813 in 2023.
⁽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 2021 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. For TotalEnergies in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers product sales (higher than production) and for the gas value chain, marketable gas production (higher than gas sales either as LNG or as part of direct sales to B2B/B2C).
⁽¹⁴⁾		Company production = E&P production + Integrated LNG production.
⁽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).
⁽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 2025. 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 70-80 $/b Brent environment.
⁽¹⁸⁾		End-of-period data.
⁽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.

CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)

(M$) ^(a)	4th quarter 2024	3rd quarter 2024	4th quarter 2023
Sales	52,508	52,021	59,237
Excise taxes	(5,393)	(4,592)	(4,472)
Revenues from sales	47,115	47,429	54,765

Purchases, net of inventory variation	(30,342)	(31,425)	(37,150)
Other operating expenses	(7,219)	(7,269)	(7,166)
Exploration costs	(242)	(572)	(174)
Depreciation, depletion and impairment of tangible assets and mineral interests	(2,715)	(3,392)	(3,539)
Other income	306	45	2,685
Other expense	(341)	(374)	(802)

Financial interest on debt	(786)	(797)	(660)
Financial income and expense from cash & cash equivalents	449	457	439
Cost of net debt	(337)	(340)	(221)

Other financial income	319	319	303
Other financial expense	(193)	(214)	(189)

Net income (loss) from equity affiliates	597	333	(136)

Income taxes	(2,929)	(2,179)	(3,339)
Consolidated net income	4,019	2,361	5,037
TotalEnergies share	3,956	2,294	5,063
Non-controlling interests	63	67	(26)
Earnings per share ($)	1.72	0.97	2.11
Fully-diluted earnings per share ($)	1.70	0.96	2.09
^(a) Except for per share amounts.

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Integrated Power	2024	2023	2024 vs 2023
11.4	11.1	+2%	8.0	Net power production (TWh) *	41.1	33.4	+23%
6.5	6.7	-4%	5.5	o/w production from renewables	26.0	18.9	+38%
4.9	4.4	+12%	2.5	o/w production from gas flexible capacities	15.1	14.5	+4%
21.5	21.6	-1%	17.3	Portfolio of power generation net installed capacity (GW) **	21.5	17.3	+24%
15.1	14.5	+4%	13.0	o/w renewables	15.1	13.0	+16%
6.5	7.1	-9%	4.3	o/w gas flexible capacities	6.5	4.3	+50%
97.2	89.6	+9%	80.1	Portfolio of renewable power generation gross capacity (GW) ,*	97.2	80.1	+21%
26.0	24.2	+8%	22.4	o/w installed capacity	26.0	22.4	+16%
6.1	6.0	+1%	5.9	Clients power - BtB and BtC (Million) **	6.1	5.9	+2%
2.8	2.8	-	2.8	Clients gas - BtB and BtC (Million) **	2.8	2.8	-
13.8	10.9	+26%	13.9	Sales power - BtB and BtC (TWh)	50.7	52.1	-3%
30.1	13.9	x2.2	30.7	Sales gas - BtB and BtC (TWh)	98.6	100.9	-2%
* 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.

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Refinery throughput and utilization rate	2024	2023	2024 vs 2023
1,432	1,539	-7%	1,381	Total refinery throughput (kb/d)	1,472	1,436	+2%
424	451	-6%	444	France	422	414	+2%
541	625	-13%	582	Rest of Europe	605	592	+2%
467	463	+1%	355	Rest of world	446	431	+3%
82%	86%		79%	Utilization rate based on crude only*	83%	81%
* Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3^rd quarter 2024 and the African refinery Natref (divested) during the 4^th quarter 2024.

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Petrochemicals production and utilization rate	2024	2023	2024 vs 2023
1,233	1,314	-6%	1,114	Monomers* (kt)	5,082	4,896	+4%
1,080	1,167	-7%	985	Polymers (kt)	4,433	4,130	+7%
79%	85%		60%	Steam cracker utilization rate**	79%	69%
* Olefins.
** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2^nd quarter 2024.

4Q24	3Q24	4Q24 vs 3Q24	4Q23	Petroleum product sales by region (kb/d)	2024	2023	2024 vs 2023
1,820	1,932	-6%	1,789	Europe	1,842	1,734	+6%
614	585	+5%	610	Africa	587	624	-6%
970	1,091	-11%	1,055	Americas	1,021	942	+8%
975	747	+31%	697	Rest of world	768	652	+18%
4,380	4,355	+1%	4,151	Total consolidated sales	4,218	3,953	+7%
343	395	-13%	402	Includes bulk sales	384	405	-5%
2,725	2,578	+6%	2,408	Includes trading	2,492	2,173	+15%

4Q24	3Q24	4Q24 vs 3Q24	4Q23	*Petrochemicals production (kt)**	2024	2023	2024 vs 2023
875	954	-8%	845	Europe	3,719	3,936	-6%
701	765	-8%	528	Americas	2,867	2,366	+21%
737	762	-3%	725	Middle East and Asia	2,929	2,724	+8%
* Olefins, polymers.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)

(M$)	4th quarter 2024	3rd quarter 2024	4th quarter 2023
Consolidated net income	4,019	2,361	5,037

Other comprehensive income

Actuarial gains and losses	(3)	3	(251)
Change in fair value of investments in equity instruments	142	(141)	(17)
Tax effect	36	29	42
Currency translation adjustment generated by the parent company	(5,125)	3,151	3,025
Items not potentially reclassifiable to profit and loss	(4,950)	3,042	2,799
Currency translation adjustment	3,594	(2,457)	(3,182)
Cash flow hedge	1,732	(13)	701
Variation of foreign currency basis spread	(13)	(4)	(16)
Share of other comprehensive income of equity affiliates, net amount	76	(208)	(144)
Other	(1)	2	3
Tax effect	(441)	(1)	(212)
Items potentially reclassifiable to profit and loss	4,947	(2,681)	(2,850)
Total other comprehensive income (net amount)	(3)	361	(51)

Comprehensive income	4,016	2,722	4,986
TotalEnergies share	4,001	2,631	4,995
Non-controlling interests	15	91	(9)

CONSOLIDATED BALANCE SHEET
TotalEnergies
(unaudited)

(M$)	December 31, 2024 (unaudited)	September 30, 2024 (unaudited)	December 31, 2023

ASSETS

Non-current assets
Intangible assets, net	34,238	33,891	33,083
Property, plant and equipment, net	109,095	110,125	108,916
Equity affiliates : investments and loans	34,405	33,963	30,457
Other investments	1,665	1,656	1,543
Non-current financial assets	2,305	2,578	2,395
Deferred income taxes	3,202	3,727	3,418
Other non-current assets	4,006	4,170	4,313
Total non-current assets	188,916	190,110	184,125

Current assets
Inventories, net	18,868	18,532	19,317
Accounts receivable, net	19,281	18,777	23,442
Other current assets	23,687	21,933	20,821
Current financial assets	6,914	6,151	6,585
Cash and cash equivalents	25,844	25,672	27,263
Assets classified as held for sale	1,977	2,830	2,101
Total current assets	96,571	93,895	99,529
Total assets	285,487	284,005	283,654

LIABILITIES & SHAREHOLDERS' EQUITY

Shareholders' equity
Common shares	7,577	7,577	7,616
Paid-in surplus and retained earnings	135,496	130,804	126,857
Currency translation adjustment	(15,259)	(13,793)	(13,701)
Treasury shares	(9,956)	(8,529)	(4,019)
Total shareholders' equity - TotalEnergies share	117,858	116,059	116,753
Non-controlling interests	2,397	2,557	2,700
Total shareholders' equity	120,255	118,616	119,453

Non-current liabilities
Deferred income taxes	12,114	11,750	11,688
Employee benefits	1,753	1,890	1,993
Provisions and other non-current liabilities	19,872	20,290	21,257
Non-current financial debt	43,533	45,750	40,478
Total non-current liabilities	77,272	79,680	75,416

Current liabilities
Accounts payable	39,932	34,668	41,335
Other creditors and accrued liabilities	35,961	34,716	36,727
Current borrowings	10,024	13,853	9,590
Other current financial liabilities	664	488	446
Liabilities directly associated with the assets classified as held for sale	1,379	1,984	687
Total current liabilities	87,960	85,709	88,785
Total liabilities & shareholders' equity	285,487	284,005	283,654

CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)

(M$)	4th quarter 2024	3rd quarter 2024	4th quarter 2023

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income	4,019	2,361	5,037
Depreciation, depletion, amortization and impairment	2,971	4,020	3,815
Non-current liabilities, valuation allowances and deferred taxes	44	(93)	(268)
(Gains) losses on disposals of assets	(66)	(3)	(2,609)
Undistributed affiliates' equity earnings	99	(13)	940
(Increase) decrease in working capital	5,201	836	8,308
Other changes, net	239	63	927
Cash flow from operating activities	12,507	7,171	16,150

CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant and equipment additions	(3,680)	(4,110)	(5,076)
Acquisitions of subsidiaries, net of cash acquired	(932)	(497)	(10)
Investments in equity affiliates and other securities	(313)	(845)	(1,066)
Increase in non-current loans	(658)	(458)	(683)
Total expenditures	(5,583)	(5,910)	(6,835)
Proceeds from disposals of intangible assets and property, plant and equipment	314	32	2,776
Proceeds from disposals of subsidiaries, net of cash sold	654	82	3,333
Proceeds from disposals of non-current investments	220	37	-
Repayment of non-current loans	650	197	94
Total divestments	1,838	348	6,203
Cash flow used in investing activities	(3,745)	(5,562)	(632)

CASH FLOW FROM FINANCING ACTIVITIES

Issuance (repayment) of shares:
- Parent company shareholders	-	-	-
- Treasury shares	(1,977)	(2,005)	(2,964)
Dividends paid:
- Parent company shareholders	(1,998)	(1,963)	(1,869)
- Non-controlling interests	(18)	(171)	(17)
Net issuance (repayment) of perpetual subordinated notes	1,165	-	-
Payments on perpetual subordinated notes	(82)	(23)	(54)
Other transactions with non-controlling interests	(17)	(14)	(16)
Net issuance (repayment) of non-current debt	91	3,080	(21)
Increase (decrease) in current borrowings	(4,136)	911	(8,458)
Increase (decrease) in current financial assets and liabilities	(965)	760	360
Cash flow from / (used in) financing activities	(7,937)	575	(13,039)
Net increase (decrease) in cash and cash equivalents	825	2,184	2,479
Effect of exchange rates	(653)	277	53
Cash and cash equivalents at the beginning of the period	25,672	23,211	24,731
Cash and cash equivalents at the end of the period	25,844	25,672	27,263

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(Unaudited: Year 2024)
	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	Paid-in surplus and retained earnings	Currency translation adjustment	Number	Amount	Shareholders' equity - TotalEnergies share	Non-controlling interests	Total shareholders' equity
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 2023	-	-	21,384	-	-	-	21,384	126	21,510
Other comprehensive Income	-	-	1,987	(837)	-	-	1,150	(43)	1,107
Comprehensive Income	-	-	23,371	(837)	-	-	22,534	83	22,617
Dividend	-	-	(7,611)	-	-	-	(7,611)	(311)	(7,922)
Issuance of common shares	8,002,155	22	361	-	-	-	383	-	383
Purchase of treasury shares	-	-	-	-	(144,700,577)	(9,167)	(9,167)	-	(9,167)
Sale of treasury shares ⁽¹⁾	-	-	(396)	-	6,463,426	396	-	-	-
Share-based payments	-	-	291	-	-	-	291	-	291
Share cancellation	(214,881,605)	(569)	(11,737)	-	214,881,605	12,306	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(1,107)	-	-	-	(1,107)	-	(1,107)
Payments on perpetual subordinated notes	-	-	(294)	-	-	-	(294)	-	(294)
Other operations with non-controlling interests	-	-	30	(28)	-	-	2	85	87
Other items	-	-	(2)	-	-	-	(2)	(3)	(5)
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 2024	-	-	15,758	-	-	-	15,758	273	16,031
Other comprehensive Income	-	-	2,436	(1,558)	-	-	878	(44)	834
Comprehensive Income	-	-	18,194	(1,558)	-	-	16,636	229	16,865
Dividend	-	-	(7,756)	-	-	-	(7,756)	(455)	(8,211)
Issuance of common shares	10,833,187	29	492	-	-	-	521	-	521
Purchase of treasury shares	-	-	-	-	(120,463,232)	(7,995)	(7,995)	-	(7,995)
Sale of treasury shares ⁽¹⁾	-	-	(395)	-	6,071,266	395	-	-	-
Share-based payments	-	-	556	-	-	-	556	-	556
Share cancellation	(25,405,361)	(68)	(1,595)	-	25,405,361	1,663	-	-	-
Net issuance (repayment) of perpetual subordinated notes	-	-	(576)	-	-	-	(576)	-	(576)
Payments on perpetual subordinated notes	-	-	(272)	-	-	-	(272)	-	(272)
Other operations with non-controlling interests	-	-	-	-	-	-	-	(67)	(67)
Other items	-	-	(9)	-	-	-	(9)	(10)	(19)
As of December 31, 2024	2,397,679,661	7,577	135,496	(15,259)	(149,529,818)	(9,956)	117,858	2,397	120,255

INFORMATION BY BUSINESS SEGMENT
TotalEnergies
(unaudited)

4th quarter 2024 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	1,496	2,890	6,137	21,540	20,440	5	-	52,508
Intersegment sales	9,382	2,968	765	7,207	168	70	(20,560)	-
Excise taxes	-	-	-	(193)	(5,200)	-	-	(5,393)
Revenues from sales	10,878	5,858	6,902	28,554	15,408	75	(20,560)	47,115
Operating expenses	(4,754)	(4,431)	(6,536)	(27,616)	(14,772)	(254)	20,560	(37,803)
Depreciation, depletion and impairment of tangible assets and mineral interests	(1,853)	(326)	(28)	(250)	(227)	(31)	-	(2,715)
Net income (loss) from equity affiliates and other items	40	548	26	(90)	90	74	-	688
Tax on net operating income	(2,163)	(288)	(70)	(139)	(215)	(60)	-	(2,935)
Adjustments ^(a)	(157)	(71)	(281)	141	(78)	(23)	-	(469)
Adjusted Net operating income	2,305	1,432	575	318	362	(173)	-	4,819
Adjustments ^(a)								(469)
Net cost of net debt								(331)
Non-controlling interests								(63)
Net income - TotalEnergies share								3,956

^(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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.

4th quarter 2024 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	1,983	1,904	529	630	458	79	-	5,583
Total divestments	295	247	1,038	132	106	20	-	1,838
Cash flow from operating activities	4,500	2,214	1,201	3,832	778	(18)	-	12,507

INFORMATION BY BUSINESS SEGMENT
TotalEnergies


Year 2023 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
External sales	6,561	12,086	27,337	101,203	89,909	32	-	237,128
Intersegment sales	42,595	14,789	4,126	36,581	631	206	(98,928)	-
Excise taxes	-	-	-	(841)	(17,342)	-	-	(18,183)
Revenues from sales	49,156	26,875	31,463	136,943	73,198	238	(98,928)	218,945
Operating expenses	(20,355)	(21,569)	(28,763)	(130,899)	(70,497)	(878)	98,928	(174,033)
Depreciation, depletion and impairment of tangible assets and mineral interests	(8,493)	(1,288)	(281)	(1,685)	(905)	(110)	-	(12,762)
Net income (loss) from equity affiliates and other items	(307)	2,194	(345)	(42)	2,208	(28)	-	3,680
Tax on net operating income	(10,095)	(810)	(394)	(938)	(1,246)	271	-	(13,212)
Adjustments ^(a)	(1,036)	(798)	(173)	(1,275)	1,300	(84)	-	(2,066)
Adjusted Net operating income	10,942	6,200	1,853	4,654	1,458	(423)	-	24,684
Adjustments ^(a)								(2,066)
Net cost of net debt								(1,108)
Non-controlling interests								(126)
Net income - TotalEnergies share								21,384

^(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 values of gas and LNG positions are allocated to the operating income of integrated LNG segment.
Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.

Year 2023 (M$)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	Intercompany	Total
Total expenditures	12,378	3,410	5,497	2,149	1,273	153	-	24,860
Total divestments	5,118	290	661	196	2,132	9	-	8,406
Cash flow from operating activities	18,531	8,442	3,573	7,957	1,957	219	-	40,679

4^th quarter	3^rd quarter	4^th quarter	4^th quarter 2024 vs	(in millions of dollars)	2024	2023	2024 vs
2024	2024	2023	4^th quarter 2023	(in millions of dollars)	2024	2023	2023
1,688	2,161	(1,282)	ns	Cash flow used in investing activities ( a )	8,385	7,260	15%
-	-	-	ns	Other transactions with non-controlling interests ( b )	-	-	ns
-	1	-	ns	Organic loan repayment from equity affiliates ( c )	1	-	ns
-	-	-	ns	Change in debt from renewable projects financing ( d ) *	-	-	ns
138	100	61	x2.3	Capex linked to capitalized leasing contracts ( e )	418	218	92%
20	26	32	-38%	Expenditures related to carbon credits ( f )	49	48	2%
1,846	2,288	(1,189)	ns	Net investments ( a + b + c + d + e + f = g - i + h )	8,853	7,526	18%
(258)	(42)	(4,306)	ns	of which net acquisitions ( g - i )	(207)	(2,706)	ns
11	36	39	-72%	Acquisitions ( g )	534	2,320	-77%
269	78	4,345	-94%	Assets sales ( i )	741	5,026	-85%
-	-	-	ns	Change in debt from renewable projects (partner share)	-	-	ns
2,104	2,330	3,117	-32%	of which organic investments ( h )	9,060	10,232	-11%
119	140	208	-43%	Capitalized exploration	483	1,081	-55%
41	46	61	-33%	Increase in non-current loans	196	154	27%
(26)	(11)	(17)	ns	Repayment of non-current loans, excluding organic loan repayment from equity affiliates	(98)	(92)	ns
-	-	-	ns	Change in debt from renewable projects (TotalEnergies share)	-	-	ns
*Change in debt from renewable projects (TotalEnergies share and partner share)

(In millions of dollars)	Exploration & Production	Integrated LNG	Integrated Power	Refining & Chemicals	Marketing & Services	Corporate	InterCompany	Company
Adjusted net operating income 4^th quarter 2024	2,305	1,432	575	318	362	(173)	-	4,819
Adjusted net operating income 3^rd quarter 2024	2,482	1,063	485	241	364	(76)	-	4,559
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 ( a )	10,004	4,869	2,173	2,160	1360	(592)	-	19,974


Balance sheet as of December, 31 2024
Property plant and equipment intangible assets net	83,397	27,654	13,034	11,956	6,632	660	-	143,333
Investments & loans in equity affiliates	3,910	15,986	9,537	3,984	988	-	-	34,405
Other non-current assets	3,732	1,952	1,316	646	1,116	111	-	8,873
Inventories, net	1,456	1,475	547	12,063	3,327	-	-	18,868
Accounts receivable, net	5,845	8,412	7,466	16,362	7,167	581	(26,552)	19,281
Other current assets	6,663	10,198	4,086	2,208	2,870	2,342	(4,680)	23,687
Accounts payable	(6,632)	(8,888)	(9,222)	(32,204)	(8,642)	(805)	26,461	(39,932)
Other creditors and accrued liabilities	(10,241)	(11,060)	(3,363)	(4,992)	(5,329)	(5,747)	4,771	(35,961)
Working capital	(2,909)	137	(486)	(6,563)	(607)	(3,629)	-	(14,057)
Provisions and other non-current liabilities	(24,271)	(4,252)	(1,663)	(3,343)	(1,113)	903	-	(33,739)
Assets and liabilities classified as held for sale - Capital employed	571	-	1	-	70	-	-	642
Capital Employed (Balance sheet)	64,430	41,477	21,739	6,680	7,086	(1,955)	-	139,457
Less inventory valuation effect				(1,116)	(216)			(1,332)
Capital Employed at replacement cost ( b )	64,430	41,477	21,739	5,564	6,870	(1,955)	-	138,125


Balance sheet as of December 31, 2023
Property plant and equipment intangible assets net	84,876	24,936	12,526	12,287	6,696	678	-	141,999
Investments & loans in equity affiliates	2,630	13,905	9,202	4,167	553	-	-	30,457
Other non-current assets	3,451	2,720	1,027	677	1,258	141	-	9,274
Inventories, net	1,463	1,784	689	11,582	3,798	1	-	19,317
Accounts receivable, net	6,849	10,183	7,601	20,010	9,024	683	(30,908)	23,442
Other current assets	6,218	9,782	6,963	2,383	3,465	1,817	(9,807)	20,821
Accounts payable	(6,904)	(11,732)	(8,114)	(33,864)	(10,693)	(798)	30,770	(41,335)
Other creditors and accrued liabilities	(9,875)	(11,653)	(6,985)	(6,152)	(5,707)	(6,300)	9,945	(36,727)
Working capital	(2,249)	(1,636)	154	(6,041)	(113)	(4,597)	-	(14,482)
Provisions and other non-current liabilities	(25,152)	(3,877)	(1,790)	(3,706)	(1,267)	854	-	(34,938)
Assets and liabilities classified as held for sale - Capital employed	314	-	392	137	881	-	-	1,724
Capital Employed (Balance sheet)	63,870	36,048	21,511	7,521	8,008	(2,924)	-	134,034
Less inventory valuation effect				(1,478)	(334)			(1,812)
Capital Employed ( c )	63,870	36,048	21,511	6,043	7,674	(2,924)	-	132,222

ROACE as a percentage ( a / average ( b + c ))	15.6%	12.6%	10.0%	37.2%	18.7%			14.8%