Strong cash flow underpins increased returns
2023 CFFO and cash flow allocation
B$
36 | Working capital* |
Downstream
Debt reduction
9 B$ Buybacks
23 B$ Adj. net income, TotalEnergies share
• 19% ROACE |
Integrated Power
Integrated LNG
Exploration & Production
16.5
16.8
2023 | |
Brent ($/b) | 83 |
Avg LNG price ($/Mbtu) | 10.8 |
TTF ($/Mbtu) | 13.1 |
VCM, Eur. refining ($/t) | 69 |
of which 1.5 B$ from Canada divestment
+
7.5 B$ Dividend
Capital investment
• 20% Return on Equity |
21 B$ IFRS net income
5% gearing at end-23
46% payout in 2023
vs 37% in 2022
- Includes ~2 B$ of exceptional fiscal debt variations related to the change of the gas and power price cap compensation system in France and the disposal of our German retail network to Alimentation Couche Tard
First quarter 2024 in line with guidance
2024 | 1Q24 | ||
More energy | objectives | results | |
Upstream production | 2.4-2.5 | 2.46 | |
+2% ex. Canada | +1.5% ex. Canada | ||
Upstream production costs (ASC 932) | 5 $/boe | 4.6 $/boe | |
LNG sales | > 40 Mt | 10.7 Mt | |
Renewables gross installed capacity | 28 GW | 23.5 GW | |
Less emissions | |||
Scope 1+2 from operated facilities | < 38.8 MtCO2e | 8.2 MtCO2e | |
Growing cash flow | |||
CFFO | ~34 B$* | 8.2 B$* | |
Net investments | 17-18B$ | 3.6 B$ | |
CFFO Payout | > 40% | 43% | |
- Objectifs 2024 : 80 $/b Brent, 10 $/Mbtu TTF, 50 $/t ERM; 1T24: 83 $/b Brent, 9 $/Mbtu TTF, 72 $/t ERM
Tyra, Danemark
2023 results supported by growth segments
Integrated LNG
LNG | LNG |
& Gas | |
assets | |
trading | |
Integrated Power
RenewablesFlexible generation
Power | Power & Gas |
trading | marketing |
Sales Mt
CFFO B$
NOI B$
Average LNG Price ($/Mbtu)
20212023
4244
5.47.3
5.66.2
8.810.8
Production TWh
o/w Renewables TWh
CFFO B$
NOI B$
20212023
2133
719
0.72.2
0.71.9
18% ROACE in 2023
10% ROACE in 2023
Growing steadily shareholder distributions
while deleveraging
Quarterly dividend | Gearing ratio | Buybacks |
€/share | Excluding leases, at year-end | B$ |
+20% 0.79
1.5 B$
from Canada
divestment
5%
Ranking on par with US majors
ROACE full-year 2023
%
19% Exxon
5-year Total shareholder return (TSR)
CAGR, 2019-2023
Exxon
12.6%
Chevron
BP Chevron Shell
Shell
BP
Proved reserves life index* | Sustainalytics rating | ||||
years | |||||
Exxon | |||||
12 | 27.3 | ||||
Chevron | Shell | ||||
BP | Shell | ||||
BP Chevron
Exxon
* At end-23
2024 Shareholders' Meeting
Governance
Jacques Aschenbroich
Lead Independent Director
Chairman of the Governance and Ethics committee
Duties of the Lead Independent Director
Ensuring balanced governance
Ensures corporate governance
Code and Board rules of procedures are respected
Chairs the Governance & Ethics
committee
Can call a Board meeting to discuss a given agenda
Leads the assessment
of the functioning of the Board
Chairs the Executive sessions (without the presence of the CEO)
Ensures prevention of
Directors' conflicts of
interests
Participates in relations with shareholders (Corporate government)
Attachments
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Disclaimer
TotalEnergies SE published this content on 27 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2024 11:10:06 UTC.