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TotalEnergies Q4 Earnings Surpass Estimates, Revenues Fall Y/Y
TTETotalEnergies(TTE) ZACKS·2025-02-05 17:35

Core Insights - TotalEnergies SE reported fourth-quarter 2024 operating earnings of 1.90pershare,exceedingtheZacksConsensusEstimateof1.90 per share, exceeding the Zacks Consensus Estimate of 1.87 by 1.6%, but down 12% from 2.16inthepreviousyear[1][2]−Totalrevenuesforthefourthquarterwere2.16 in the previous year [1][2] - Total revenues for the fourth quarter were 47.11 billion, a slight decline of 0.3% from 47.26billionyear−over−year,withamoresignificantyear−over−yeardropof13.947.26 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 71.8perbarrel[6]OperationalHighlights−Netpowerproductionreached11.4terawatthours,up42.571.8 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 786million[7]−TotalEnergiesrepurchased32.9millionsharesfor786 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 2.8billionyear−over−year[9]−IntegratedLNG′soperatingincomewas2.8 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 575million[10]FinancialPosition−CashandcashequivalentsasofDecember31,2024,were575 million [10] Financial Position - Cash and cash equivalents as of December 31, 2024, were 25.84 billion, down from 27.26billionayearearlier,withgearingincreasingto13.827.26 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 17−17-17.5 billion in 2025, including $4.5 billion for low carbon energies [12]