Total Energies Half-Year Report 2024

Adjusted net operating income for the sectors was $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.

• Adjusted net income
• Adjusted net income (TotalEnergies share) was $9,784 million in the first half 2024 compared to $11,497 million a year earlier, mainly due to lower refining margins, and lower gas and LNG prices. Adjusted net income excludes the after-tax inventory effect, special items and impact of changes in fair value. Total net income adjustments were ($276) million in the first half 2024, consisting mainly of:
• $1.4 billion capital gain on disposal and revaluation of shares held and consolidated under the equity method, after the partial divestment of retail network in Belgium and Luxembourg and the full divestment in the Netherlands.
• ($0.6) billion impairment of the Company’s minority stake in Sunpower and Maxeon, based on their market value.
• ($0.6) billion effects of changes in fair value.
• ($0.2) billion in inventory effects. The effective tax rate for TotalEnergies was 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.
• Adjusted earnings per share
• Adjusted fully-diluted earnings per share was $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 58.7 million shares in the first half 2024 for $4 billion.
• Acquisitions – asset sales
• Acquisitions were $1,618 million in the first half 2024, related to the acquisitions of a 20% interest in the Dorado gas field in the United States, of the German renewable energy aggregator Quadra Energy, the acquisition of 1.5 GW of flexible gas capacity in Texas, the battery storage developer Kyon in Germany, and Talos Low Carbon Solutions, in the carbon storage industry in the United States. Divestments were $1,898 million in the first half 2024, related to the farmdown of the Seagreen offshore wind farm in the United Kingdom, the sale of petrochemical assets in Lavera, France, 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.
• Net cash flow
• TotalEnergies’ net cash flow was $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. In the first half 2024, cash flow from operations was $11,176 million compared to CFFO of $15,945 million, reflecting a $4.8 billion increase in working capital requirements, mainly due to the reversal of an exceptional working capital release in the fourth quarter 2023, the price and seasonal effect on tax liabilities and the effect of higher oil and petroleum products prices on inventories at the end of the first half of the year.