French oil company TotalEnergies has reported adjusted net income of $4.07bn in the third quarter of 2024 (Q3 2024), down 13% from $6.45bn during the same period in 2023.
Adjusted diluted net earnings per share were $1.74 for the quarter and $5.87 for the first nine months of 2024.
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The decline was attributed to the decrease in oil prices and lower refining margins.
During the three months under review, the company’s revenues from sales were down 4% to $47.42bn from $49.18bn year-on-year.
Upstream production stood at 2.41 million barrels of oil equivalent per day (mboe/d).
TotalEnergies’ expenditures during the quarter decreased to $5.91bn from $6.34bn in Q3 2023.
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By GlobalDataThe company reported a return on capital employed of 15.6%.
In the three months that ended 30 September, the company commenced production from the Mero-3 oilfield in Brazil, the Anchor oil project in the US and the Fenix gas project in Argentina.
The company also launched the GranMorgu project in Suriname, aiming to support a production growth target of 3% per year through 2030.
The integrated liquefied natural gas (LNG) segment achieved an adjusted net operating income of $1.1bn and cash flow of $0.9bn, with gas and LNG trading not fully capitalising on low market volatility.
The downstream segment faced a decrease in refining margins, resulting in an adjusted net operating income of $0.6bn and cash flow of $1.2bn, a roughly 40% drop quarter-to-quarter.
Marketing and trading activities helped to compensate for the decline in refining.
In the first three quarters, the company’s adjusted net income fell 23% to $13.85bn and revenue was $148.49bn.
TotalEnergies’ net cash flow was $1.05bn for the quarter and $8.8bn for the first nine months of 2024.
The company repurchased 29.3 million shares for $2bn in Q3 and 88.1 million shares for $6bn in the first nine months of 2024.
European gas prices are expected to remain high, with TotalEnergies anticipating an average LNG selling price of around $10 per million British thermal units in Q4 2024.
Hydrocarbon production for Q4 is expected to be between 2.4 and 2.45mboe/d. The company confirms net investment guidance of $17–18bn in 2024.
