Financial Performance - In 2024, TotalEnergies reported IFRS net income of $15.8 billion and adjusted net income of $18.3 billion, with cash flow from operating activities of $30.9 billion[39]. - Net income attributable to TotalEnergies' shareholders was $15,758 million in 2024, down 26% from $21,384 million in 2023[62]. - Adjusted net income for 2024 was $18,264 million, a decrease of 21% compared to $23,176 million in 2023[63]. - Cash flow from operating activities was $30,854 million in 2024, a decrease of 24% from $40,679 million in 2023[64]. - The consolidated net income for TotalEnergies in 2024 was $16,031 million, a decrease from $21,510 million in 2023[150]. - Adjusted EBITDA for TotalEnergies in 2024 was $43,143 million, down from $50,030 million in 2023[151]. - Total revenues from sales in 2024 were $195,610 million, down from $218,945 million in 2023[152]. Segment Performance - The Exploration & Production segment generated adjusted net operating income of $10 billion, with a reserves replacement ratio of 157% and a proved reserves life index greater than 12 years[40]. - Integrated LNG segment achieved adjusted net operating income of $4.9 billion, with cash flow from operating activities of $5.2 billion, and launched several new projects including Marsa LNG in Oman and Ubeta in Nigeria[41]. - Integrated Power segment cash flow from operating activities was $3.0 billion, with net electricity production increasing 23% year-on-year to 41 TWh, contributing to a 17% reduction in average lifecycle carbon intensity[42]. - Downstream adjusted net operating income was $3.5 billion, down 44% from 2023 due to declining European refining margins, but cash flow from operating activities remained above $6 billion[43]. - Integrated Power adjusted net operating income increased to $2,173 million in 2024, up nearly 20% compared to $1,853 million in 2023[116]. - The adjusted net operating income for the Refining & Chemicals segment in 2024 was $2,160 million, a decrease of 54% from $4,654 million in 2023, attributed to lower refining margins[131]. Production and Sales - TotalEnergies' hydrocarbon production was 2,434 kboe/d in 2024, a decrease of 2% from 2,483 kboe/d in 2023[62]. - TotalEnergies expects more than 40 Mt of LNG sales in 2025, with average LNG selling prices anticipated to be above $10/Mbtu in the first quarter[48]. - For full-year 2024, LNG sales were down 10% compared to 2023, with adjusted net operating income dropping to $4,869 million, down 21% from $6,200 million in 2023[105]. - Total petroleum product sales in the Marketing & Services segment decreased by 2% in 2024 compared to 2023, with adjusted net operating income at $1,360 million, a 7% decline from $1,458 million[142]. Investments and Acquisitions - The company made acquisitions totaling $4,646 million in 2024, including interests in renewable energy and gas fields[64]. - TotalEnergies' net cash flow after organic investments was $12,088 million in 2024, down from $19,109 million in 2023, a decrease of 36.7%[161]. - Net investments in 2024 amounted to $17,829 million, with acquisitions net of asset sales at $1,406 million[153]. - The company reported a significant increase in acquisitions in Integrated LNG, totaling $1,417 million in 2024, compared to $1,253 million in 2023, an increase of 13.1%[155]. Financial Health and Ratios - Gearing at the end of 2024 was below 10%, indicating strong financial health for TotalEnergies[39]. - Return on equity (ROE) was 15.8% in 2024, down from 20.4% in 2023[60]. - The Gearing ratio for TotalEnergies rose to 8.3% in 2024 from 5.0% in 2023, indicating a higher leverage position[167]. - The net-debt-to-capital ratio increased to 8.3% in 2024 from 5.0% in 2023, primarily due to changes in net debt[183]. Dividends and Shareholder Returns - TotalEnergies plans to distribute a final 2024 dividend of €0.85/share, resulting in a 7% increase for the 2024 dividend to €3.22/share compared to 2023[44]. - TotalEnergies repurchased 120,463,232 shares in 2024, with a total cost of $7.33 billion, compared to 144,700,577 shares for $9.00 billion in 2023[182]. Market Conditions and Pricing - TotalEnergies' average liquids price realization increased by 1% to $77.1/b in 2024, while average gas price realization decreased by 16% to $5.54/Mbtu[66]. - The Brent price averaged $80.8/b in 2024, a decrease of 2% from $82.6/b in 2023[66]. - The European Refining Margin Marker (ERM) was $39.5 per ton in 2024, down from $71.0 per ton in 2023[128]. Strategic Changes and Sanctions - The company has ensured no further capital will be provided for new projects in Russia, adhering to European sanctions[208]. - TotalEnergies has suspended its rights and obligations under contracts with Arctic LNG 2 following US sanctions imposed on November 2, 2023[223]. - The company stopped producing lubricants in Russia by the end of May 2022 and announced the sale of these activities in March 2023[224].

Core Viewpoint - TotalEnergies SE (TTE) is investing in six battery storage projects with a total capacity of 221 megawatts (MW) and an investment of $172.5 million (€160 million) to enhance its clean energy portfolio and support the German power system [1][3]. Group 1: Investment and Project Details - TotalEnergies is investing in six battery storage projects with a total capacity of 221 MW and an investment of $172.5 million (€160 million) [1]. - The projects will utilize next-generation batteries supplied by Saft, a TotalEnergies affiliate, with construction starting in late 2024 and commissioning planned for early 2026 [2]. - These projects will significantly expand TotalEnergies' battery energy storage capacity in Germany, contributing to the resilience of the power system and accelerating renewable energy expansion [3]. Group 2: TotalEnergies' Clean Energy Strategy - TotalEnergies aims to reach net zero by 2050 by developing a competitive portfolio that combines flexible assets and renewable energy sources [5]. - By the end of 2024, TotalEnergies' gross renewable electricity generation installed capacity is expected to reach 26 GW, with plans to produce 35 GW by 2025 and over 100 terawatt-hours of net electricity by 2030 [6]. Group 3: Market Context and Competitors - The global battery energy storage market is projected to reach $25.6 billion by 2029, growing at a CAGR of 26.9%, driven by the increasing use of clean energy [7]. - Other companies, such as Canadian Solar Inc. (CSIQ), Emeren Group Ltd. (SOL), and SolarEdge Technologies Inc. (SEDG), are also focusing on battery storage projects and are likely to benefit from the expanding market [8]. Group 4: Stock Performance - In the past three months, TotalEnergies' shares have risen by 19%, outperforming the industry's growth of 11.9% [13].

Group 1 - TotalEnergies SE is an integrated multinational energy company involved in the entire oil and gas chain, including exploration, production, transportation, refining, trading, and marketing of petroleum products [2] - The company has diversified operations across various industries such as transportation, automotive, aerospace, energy, housing, and manufacturing, with a global presence in regions including Asia-Pacific, Africa, Europe, the Middle East, North America, and Central America [3] - The rebranding to TotalEnergies in May 2021 reflects the company's commitment to investing in green electricity production [3] Group 2 - The report on TotalEnergies provides insights into its technology activities, including digital transformation strategies, innovation programs, and technology initiatives [1][4] - Key topics covered in the report include technology initiatives, partnerships, product launches, ICT budgets, and major ICT contracts [6] - The report also highlights the company's venture arm, investments, acquisitions, and a network map of partnerships [6]

Financial Data and Key Metrics Changes - TotalEnergies reported a net adjusted income of $18.3 billion and an IFRS result of $15.8 billion, impacted by impairments and inventory valuation effects [26][29] - The company achieved a return on equity (ROE) of 15.8% and a return on capital employed (ROACE) of 14.8%, ranking first among peers in ROACE [27][55] - Free cash flow (FFO) generated was approximately $29.9 billion, with a cash flow from operations above 2.5%, reaching 2.6% in 2024 [23][28] Business Line Data and Key Metrics Changes - The Exploration & Production (E&P) segment generated a cash flow of $17 billion, benefiting from the startup of several oil projects [23] - Integrated LNG business cash flow was $4.9 billion, negatively impacted by lower average LNG prices but rebounded in Q4 [24][41] - Integrated Power achieved a cash flow of $2.6 billion, maintaining strong performance despite a softer price environment [22][25] Market Data and Key Metrics Changes - The company reported a reserve replacement ratio above 150%, indicating strong reserve replenishment capabilities [21][38] - The average LNG price was above $10 per MMBtu, with Q4 results reflecting improved market conditions [41][72] - The company anticipates a tighter gas market in 2025 due to colder weather and the end of the Russian-Ukrainian transit agreement [42][71] Company Strategy and Development Direction - TotalEnergies' strategy focuses on balanced growth in oil and gas, particularly LNG, and integrated power, with a commitment to free cash flow growth [17][21] - The company plans to allocate one-third of its 2024 CapEx to new oil and gas projects and $4.8 billion to low carbon energy [31][79] - The company aims for a 3% annual production growth through 2030, supported by a robust project pipeline [96][100] Management's Comments on Operating Environment and Future Outlook - Management noted a stable oil market with expected demand growth of 1.1 million barrels per day in 2025, driven by recovery in China and growth in India [65][66] - The gas market is expected to experience increased volatility and higher prices in 2025, benefiting TotalEnergies' position as a major energy exporter [72][74] - The company is focused on maintaining a strong balance sheet while increasing shareholder returns, with a dividend increase of 7.7% planned for 2025 [29][100] Other Important Information - TotalEnergies maintained a gearing ratio of 8.3% at year-end, reflecting a strong balance sheet [29] - The company executed a $2 billion buyback program per quarter, totaling $8 billion for 2024 [28] - The company is actively managing its portfolio through selective M&A and divestments, including exits from certain upstream assets [32][33] Q&A Session Summary Question: What are the expectations for oil demand in 2025? - Management expects an increase in oil demand of 1.1 million barrels per day, with significant contributions from India and China [65][66] Question: How is TotalEnergies positioned in the gas market for 2025? - The company anticipates a tighter gas market due to colder weather and reduced Russian gas supplies, which will create more competition and arbitrage opportunities [71][72] Question: What are the company's plans for shareholder returns? - TotalEnergies plans to increase dividends by 7.7% and maintain a strong focus on free cash flow generation [29][100]

Core Insights - TotalEnergies SE reported fourth-quarter 2024 operating earnings of $1.90 per share, exceeding the Zacks Consensus Estimate of $1.87 by 1.6%, but down 12% from $2.16 in the previous year [1][2] - Total revenues for the fourth quarter were $47.11 billion, a slight decline of 0.3% from $47.26 billion year-over-year, with a more significant year-over-year drop of 13.9% [3] Financial Performance - Hydrocarbon production averaged 2,427 thousand barrels of oil equivalent per day, down 1.4% year-over-year, attributed to natural field declines [4] - Liquid production averaged 1,445 thousand barrels per day, down 4% year-over-year, while quarterly gas production increased by 3.2% to 5,323 thousand cubic feet per day [4][5] - The realized price for Brent crude fell 11.4% to $74.7 per barrel, while the average realized liquid price decreased by 10.5% to $71.8 per barrel [6] Operational Highlights - Net power production reached 11.4 terawatt hours, up 42.5% year-over-year, with nearly 60% generated from renewable sources [7] - Net operating income was $4.99 billion, down 12.8% year-over-year due to lower refining margins, while interest expenses rose 19% to $786 million [7] - TotalEnergies repurchased 32.9 million shares for $2 billion in the fourth quarter, totaling 121 million shares for $8 billion in 2024 [8] Segment Performance - Exploration & Production's operating earnings were $2.30 billion, down 17.7% from $2.8 billion year-over-year [9] - Integrated LNG's operating income was $1.43 billion, down 1.6%, while Integrated Power's operating income increased by 9.1% to $575 million [10] Financial Position - Cash and cash equivalents as of December 31, 2024, were $25.84 billion, down from $27.26 billion a year earlier, with gearing increasing to 13.8% from 10.9% [11] - Cash flow from operating activities in 2024 was $30.85 billion, a decrease of 24% year-over-year [11] Future Guidance - TotalEnergies expects first-quarter 2025 hydrocarbon production to be in the range of 2,500-2,550 thousand barrels of oil equivalent per day, with planned investments of $17-$17.5 billion in 2025, including $4.5 billion for low carbon energies [12]

Financial Performance - TotalEnergies reported Q4 2024 sales of $52,508 million, a 1% increase from Q3 2024 but a 10% decrease compared to Q4 2023[5]. - Net income attributable to TotalEnergies' shareholders for Q4 2024 was $3,956 million, representing a 72% increase from Q3 2024 but a 26% decrease year-over-year[5]. - Adjusted EBITDA for Q4 2024 was $10,529 million, up 5% from Q3 2024 but down 14% from Q4 2023[5]. - Cash flow from operating activities in Q4 2024 was $12,507 million, a 74% increase from Q3 2024 but a 24% decrease compared to Q4 2023[5]. - TotalEnergies' net income for Q4 2024 was $3,956 million, compared to $2,294 million in Q3 2024, reflecting increased hydrocarbon production and gas prices[53]. - TotalEnergies reported consolidated net income of $4,019 million for Q4 2024, a 70% increase from $2,361 million in Q3 2024, but a decrease from $5,037 million in Q4 2023[119]. - The company reported a net income attributable to TotalEnergies' shareholders for 2024 of $16,031 million, a decrease of 25.4% from $21,510 million in 2023[125]. Production and Sales - Hydrocarbon production averaged 2,434 kboe/d in 2024, a 2% decrease year-over-year, excluding the impact of the Canada disposal[16]. - The Exploration & Production segment's hydrocarbon production was 1,933 kboe/d in Q4 2024, a 1% decrease from Q3 2024 and a 4% decrease from Q4 2023[28]. - Total petroleum product sales in Q4 2024 were 1,312 kb/d, down 5% quarter-over-quarter due to seasonal demand fluctuations in Europe[49]. - Total consolidated petroleum product sales increased by 1% to 4,380 kb/d in 4Q24 compared to 4,355 kb/d in 3Q24, and up 7% from 4,151 kb/d in 4Q23[78]. - The Americas region saw an 8% increase in petroleum product sales year-over-year, reaching 1,021 kb/d in 2024[78]. Investments and Expenditures - TotalEnergies' organic investments in Q4 2024 amounted to $2,104 million, a 10% decrease from Q3 2024[29]. - Cash flow used in investing activities for Q4 2024 was $3,745 million, a 33% decrease from Q3 2024, while total net investments were $3,863 million, down 33% from Q3 2024[89]. - Total expenditures in investing activities for 2024 amounted to $21,750 million, a decrease of 12.5% compared to $24,860 million in 2023[125]. - Total divestments in investing activities for 2024 were $4,418 million, down from $8,406 million in 2023[125]. Environmental and Sustainability Initiatives - Scope 1+2 greenhouse gas emissions from operated facilities were 9.6 MtCO2e in Q4 2024, a 9% increase from Q3 2024[9]. - TotalEnergies aims to reduce methane emissions by 60% compared to 2020 levels by 2025, having already achieved a 55% reduction in flaring and fugitive emissions[13]. - The portfolio of renewable power generation gross capacity increased to 97.2 GW, a 21% increase year-on-year[35]. - The Integrated Power segment achieved a net power production of 11.4 TWh in Q4 2024, a 2% increase from Q3 2024 and a 43% increase from Q4 2023[35]. Financial Ratios and Metrics - TotalEnergies' gearing ratio improved to 8.3% at December 31, 2024, down from 12.9% at September 30, 2024[5]. - The effective tax rate for TotalEnergies in Q4 2024 was 50.5%, compared to 45.1% in Q3 2024[29]. - Return on Average Capital Employed (ROACE) for the company was 14.8% for the twelve months ended December 31, 2024, with the highest segment being Refining & Chemicals at 37.2%[103]. - The payout ratio for 2024 was 50%, with dividends paid to parent company shareholders amounting to $7,717 million[104]. Market Outlook and Future Projections - Hydrocarbon production is expected to grow more than 3% in 2025, driven by new start-ups in the Gulf of Mexico and Brazil[67]. - TotalEnergies anticipates net investments of $17 to $17.5 billion in 2025, with $4.5 billion allocated to low carbon energies[69]. - The Integrated Power segment is projected to expand by over 20% in electricity production, aiming for more than 50 TWh in annual net generation[68]. - European gas prices are expected to remain above $13/Mbtu in early 2025, influenced by high winter consumption and limited capacity additions[66].

Group 1 - The oil sector valuations are not seen as demanding following a challenging year-end in 2024 [1] - TotalEnergies SE (NYSE: TTE) stock price has declined since the last update [1] - The analysis is conducted by buy-side hedge professionals focusing on fundamental, income-oriented, long-term analysis across sectors globally [1]

Group 1 - The energy sector is generally optimistic about its future, with TotalEnergies being a notable example of this sentiment [1] - The oil and gas industry is characterized as a boom-bust, cyclical market, indicating the need for patience and experience in navigating it [1] Group 2 - The article does not provide specific financial data or performance metrics related to TotalEnergies or the broader energy market [1]

TotalEnergies' Renewable Energy Projects in Oman - TotalEnergies SE (TTE) and OQ Alternative Energy (OQAE) signed agreements to develop 300 MW of renewable energy projects in Oman, including solar and wind farms [1] - The projects consist of a 100 MW solar project in northern Oman and two 100 MW wind farms in southern Oman, with construction starting in early 2025 and electricity production beginning in late 2026 [2] - These projects will generate over 1.4 TWh of renewable electricity annually [2] - TotalEnergies also contributed to the development of the largest solar photovoltaic system in Oman, powering a desalination plant in Sur [3] TotalEnergies' Clean Energy Strategy - TotalEnergies aims to reach net zero by 2050 by developing a cost-competitive portfolio combining flexible assets like gas turbines and storage with renewable energy sources [4] - By the end of 2024, TotalEnergies' gross renewable electricity generation capacity reached over 24 GW, with plans to produce 35 GW by 2025 and over 100 TWh of net electricity by 2030 [5] - In December 2024, TotalEnergies' Saudi developer signed a 25-year PPA for a 300 MW solar power project in Rabigh [5] Industry Trends in Renewable Energy - BP plans to reduce emissions by 30-35% by 2030 and develop 50 GW of renewable energy capacity by the same year [6] - ExxonMobil aims to achieve net-zero emissions by 2050 through electrification, lower-carbon power, and equipment upgrades [7] - Equinor is investing in solar and wind energy projects, targeting 4-6 GW of production capacity by 2026 and 12-16 GW by 2035 [8] Financial Performance and Market Trends - TotalEnergies' stock price declined by 17.9% in the past six months, compared to the industry's 14.2% decline [10] - BP's long-term earnings growth rate is 4%, with a projected 4.2% year-over-year decrease in 2024 sales [7] - ExxonMobil's long-term earnings growth rate is 3%, with a projected 2.9% year-over-year increase in 2024 sales [8] - Equinor's long-term earnings growth rate is 5.79%, with a projected 2.3% year-over-year decrease in 2024 earnings per share [9]

Core Viewpoint - TotalEnergies SE has signed a 25-year power purchase agreement for a 300 MW solar power project in Saudi Arabia, aligning with the country's Vision 2030 goals for renewable energy [1][2]. Group 1: Project Details - The Rabigh 2 solar project is part of Round 5 of the National Renewable Energy Program, aiming to reduce reliance on liquid fuels and achieve a balanced energy mix by 2030, with gas and renewables each contributing approximately 50% [2]. - TotalEnergies is also constructing a 119 MW solar power plant in Wadi Al Dawasir, expected to commence operations in early 2025 [3]. Group 2: TotalEnergies' Renewable Energy Strategy - TotalEnergies aims for net zero by 2050, developing a competitive portfolio that includes flexible assets and renewable sources like solar and wind to provide clean electricity [4]. - The company had an installed gross renewable power capacity of 22 GW by the end of 2023, with plans to increase this to 35 GW by 2025 and generate over 100 TWh of net electricity by 2030 [5]. Group 3: Industry Trends - Other major companies, including BP, ExxonMobil, and Equinor, are also focusing on reducing emissions and expanding renewable energy operations, with BP targeting 50 GW of net renewable capacity by 2030 [7]. - ExxonMobil plans significant investments in emission-reduction projects and aims for net-zero emissions by 2050 [8]. - Equinor is actively investing in solar and wind energy, expecting to reach a production capacity of 4-6 GW by 2026 and 12-16 GW by 2035 [9]. Group 4: Stock Performance - TotalEnergies' stock has declined by 18.8% over the past six months, compared to a 13.1% decline in the industry [11].