StockNews.AI
TTE
StockNews.AI
195 days

TotalEnergies SE: Fourth Quarter and Full-Year 2024 Results

1. TotalEnergies reported a 21% decline in adjusted net income for 2024. 2. Fourth quarter adjusted net income increased by 8% sequentially, despite lower oil prices. 3. Production ramp-ups in Brazil and the US are expected to support long-term growth. 4. Integrated LNG performance improved, driven by market volatility and higher prices. 5. TotalEnergies plans to grow electricity production by 20% in 2025.

156m saved
Insight
Article

FAQ

Why Bullish?

Despite lower overall income year-over-year, strong Q4 performance and future growth prospects are favorable. Similar past instances where quarterly recoveries have led to stock price boosts support this.

How important is it?

The article provides critical insights into operational success despite cyclical downturns and outlines future growth strategies, which are key for investor confidence.

Why Short Term?

The immediate recovery in Q4 suggests an upcoming upward trend in stock prices. Recent trends indicate that short-term boosts often align with strong performance reports.

Related Companies

TTEBPXOM
PARIS--(BUSINESS WIRE)--Regulatory News: TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE):   4Q24 Change vs 3Q24 2024 Change vs 2023 Adjusted net income (TotalEnergies share)(1)         - in billions of dollars (B$)   4.4   +8%   18.3   -21% - in dollars per share   1.90   +9%   7.77   -17% Net income (TotalEnergies share) (B$)   4.0   +72%   15.8   -26% Adjusted EBITDA(1) (B$)   10.5   +5%   43.1   -14% Cash flow from operations excluding working capital (CFFO)(1) (B$)   7.2   +5%   29.9   -17% Cash flow from operating activities (B$)   12.5   +74%   30.9   -24% The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on February 4, 2025, to approve the 4th quarter and the full-year 2024 financial statements. On the occasion, Patrick Pouyanné said: “During the fourth quarter, TotalEnergies leveraged its multi-energy integrated model, benefiting notably from strong performance in Integrated LNG and Integrated Power, with $4.4 billion of adjusted net income, up 8% compared to the third quarter, and $7.2 billion of CFFO, up 5%. In 2024, TotalEnergies reported adjusted net income of $18.3 billion and cash flow of $29.9 billion in a softer environment mainly affected by a sharp decline in refining margins, after two exceptional years. 2024 IFRS net income was $15.8 billion (€14.6 billion). The Company achieved nearly a 15% return on average capital employed in 2024, the best among the majors for the third consecutive year. TotalEnergies continued to implement its balanced growth strategy in a disciplined manner by investing $17.8 billion in 2024, of which one third was in new Oil & Gas projects and $4.8 billion in low-carbon energies, including $3.9 billion in Integrated Power. With $8 billion in share buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the Company’s strong financial health. In the Oil & Gas business, fourth quarter production was 2.43 Mboe/d, benefiting from the ramp up of projects commencing in 2024. With oil prices down $5/b compared to previous quarter, partially offset by higher gas prices, Exploration & Production delivered a strong quarter, with adjusted net operating income of $2.3 billion and cash flow of $3.9 billion. In 2024, TotalEnergies achieved five major projects start-ups (Mero-2 and Mero-3 in Brazil, Anchor in the United States, Fenix in Argentina and Tyra in Denmark) that support 2025 production growth of more than 3%. Exploration & Production generated adjusted net operating income of $10 billion and cash flow of $17 billion. During the year, the Company sanctioned major oil projects in Suriname, Brazil and Angola, driving an outstanding reserves replacement ratio (157%) and a proved reserves life index greater than 12 years, reflecting the depth of TotalEnergies’ Upstream portfolio. In 2024, TotalEnergies confirmed its low cost and low emission O&G model, with operating costs below $5/boe and GHG emissions† and notably methane emissions down 3% and 15%, respectively, over the year. Integrated LNG results meaningfully increased sequentially with adjusted net operating income and cash flow of $1.4 billion, up 35% and 63%, respectively, compared to the third quarter, driven by 6% production growth, average LNG prices above $10/Mbtu and LNG trading performance back to the level of the fourth quarter 2023, taking advantage of higher market volatility. For full-year 2024, Integrated LNG generated adjusted net operating income and cash flow of $4.9 billion. The Company enriched its portfolio in 2024 with the launch of Marsa LNG in Oman, Ubeta in Nigeria, the Sapura OMV acquisition in Malaysia and the acquisition of dry gas assets in the Eagle Ford basin in Texas. Moreover, TotalEnergies continued to successfully market its LNG volumes by signing several new medium-term sales contracts (6 Mt/ year) in Asia, mostly Brent-indexed. During the fourth quarter, Integrated Power continued its track record of strong performance throughout the year with a higher adjusted net operating income of $575 million and cash flow of $604 million. Full-year 2024 cash flow totaled $2.6 billion, up 19% year-on-year and in line with annual Company guidance, and with a ROACE of 10%. Net electricity production increased 23% year-on-year to 41 TWh and contributed to reducing the average lifecycle carbon intensity of all energy products sold by the Company to its clients (-17% vs. 2015). During 2024, TotalEnergies continued to deploy its differentiated Integrated Power model in key targeted markets through strategic acquisitions: Quadra Energy and VSB that strengthen the Company’s position in Germany, and gas-fired power plants in the United States and the United Kingdom that further enhance the Company’s flexible generation capacity. Thanks to its portfolio, TotalEnergies anticipates growing power production to more than 50 TWh in 2025, equivalent to 10% of its hydrocarbon production. During the fourth quarter, in a globally weak margin environment, Downstream adjusted net operating income was $680 million, up 12%, and cash flow was $1.4 billion, up 15%, following a $10/t increase in European refining margins. Full-year 2024 adjusted net operating income was $3.5 billion, down from 2023 levels due to a sharp decline (-44%) in European refining margins and downgraded operations in some units. Importantly, cash flow remained above $6 billion, demonstrating the resilience of the Company’s integrated Downstream model. In view of the free cash flow growth outlook and share buybacks executed in 2024 (5% of the share capital), the Board of Directors will propose at the Shareholders’ Meeting to be held on May 23, 2025, the distribution of a final 2024 dividend of €0.85/share, resulting in an increase of 7% for the 2024 dividend to €3.22/share, compared to the 2023 dividend. Furthermore, the Board of Directors confirmed a shareholder return policy for 2025 targeting >40% CFFO payout, which will combine interim dividends increasing by 7.6% to €0.85/share and $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions.” 1. Highlights (2) Upstream Closing of the acquisition of the Upstream gas assets of SapuraOMV, in Malaysia Production start-up of the Mero-3 oil field, for 180,000 b/d, in Brazil Launch, as part of GGIP, of the construction of an early gas treatment unit to stop flaring and supply gas-fired power plants in Iraq Integrated LNG Signature of an LNG sales contract for 2 Mt/year over 15 years with Sinopec delivered in China from 2028 Integrated Power Signature of an acquisition agreement of VSB, a German renewable energy developer Sale of a 50% interest in a 2 GW solar and BESS portfolio in the United States Sale of a 50% interest in West Burton CCGT to EPUKI, an affiliate of EPH, in the United Kingdom Award of a 300 MW solar project to TotalEnergies and Aljomaih Energy and Water Company, in Saudi Arabia Signature of an agreement with OQ Alternative Energy to develop 300 MW of renewable energy projects, in Oman Signature of a Clean Firm Power contract with STMicroelectronics for 1.5 TWh over 15 years Decarbonization and low-carbon molecules Decision to deploy continuous, real-time methane emissions detection equipment on all TotalEnergies operated upstream assets Launch by Northern Endurance Partnership of the first CCS project in the UK (TotalEnergies, 10%) Launch of a renewable hydrogen production project (bio H2) with Air Liquide at La Mède platform 2. Key figures from TotalEnergies’ consolidated financial statements (1) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars, except effective tax rate, earnings per share and number of shares   2024   2023   2024 vs 2023 10,529   10,048   +5%   11,696   Adjusted EBITDA (1)   43,143   50,030   -14% 4,992   4,635   +8%   5,724   Adjusted net operating income from business segments   20,566   25,107   -18% 2,305   2,482   -7%   2,802   Exploration & Production   10,004   10,942   -9% 1,432   1,063   +35%   1,456   Integrated LNG   4,869   6,200   -21% 575   485   +19%   527   Integrated Power   2,173   1,853   +17% 318   241   +32%   633   Refining & Chemicals   2,160   4,654   -54% 362   364   -1%   306   Marketing & Services   1,360   1,458   -7% 706   706   -   597   Contribution of equity affiliates to adjusted net income   2,669   3,000   -11% 41.3%   38.0%   -   37.7%   Effective tax rate (3)   39.4%   37.5%   - 4,406   4,074   +8%   5,226   Adjusted net income (TotalEnergies share) (1)   18,264   23,176   -21% 1.90   1.74   +9%   2.16   Adjusted fully-diluted earnings per share (dollars) (4)   7.77   9.40   -17% 1.78   1.58   +13%   2.02   Adjusted fully-diluted earnings per share (euros) (5)   7.18   8.70   -17% 2,282   2,310   -1%   2,387   Fully-diluted weighted-average shares (millions)   2,315   2,434   -5%               3,956   2,294   +72%   5,063   Net income (TotalEnergies share)   15,758   21,384   -26%               3,839   4,102   -6%   6,139   Organic investments (1)   16,423   18,126   -9% 24   1,662   -99%   (5,404)   Acquisitions net of assets sales (1)   1,406   (1,289)   ns 3,863   5,764   -33%   735   Net investments (1)   17,829   16,837   +6%               7,151   6,821   +5%   8,500   Cash flow from operations excluding working capital (CFFO) (1)   29,917   35,946   -17% 7,398   7,009   +6%   8,529   Debt Adjusted Cash Flow (DACF) (1)   30,614   36,451   -16% 12,507   7,171   +74%   16,150   Cash flow from operating activities   30,854   40,679   -24% Gearing (1) of 8.3% at December 31, 2024 vs. 12.9% at September 30, 2024 and 5.0% at December 31, 2023 3. Key figures of environment, greenhouse gas emissions and production 3.1 Environment – liquids and gas price realizations, refining margins 4Q24   3Q24   4Q24 vs 3Q24   4Q23     2024   2023   2024 vs 2023 74.7   80.3   -7%   84.3   Brent ($/b)   80.8   82.6   -2% 3.0   2.2   +34%   2.9   Henry Hub ($/Mbtu)   2.4   2.7   -9% 13.6   11.5   +18%   13.6   TTF ($/Mbtu)   11.0   13.1   -16% 14.0   13.0   +7%   15.2   JKM ($/Mbtu)   11.9   13.8   -14% 71.8   77.0   -7%   80.2   Average price of liquids (6),(7) ($/b)Consolidated subsidiaries   77.1   76.2   +1% 6.26   5.78   +8%   6.17   Average price of gas (6),(8) ($/Mbtu)Consolidated subsidiaries   5.54   6.64   -16% 10.37   9.91   +5%   10.28   Average price of LNG (6),(9) ($/Mbtu)Consolidated subsidiaries and equity affiliates   9.80   10.76   -9% 25.9   15.4   +68%   52.6   European Refining Margin Marker (ERM) (6),(10) ($/t)   39.5   71.0   -44% 3.2 Greenhouse gas emissions (11) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Scope 1+2 emissions (MtCO2e)   2024   2023   2024 vs 2023 9.6   8.8   +9%   7.9   Scope 1+2 from operated facilities (12)   34.3   34.6   -1% 7.9   7.4   +7%   7.2   of which Oil & Gas   29.4   30.3   -3% 1.7   1.4   +21%   0.7   of which CCGT   4.9   4.3   +14% 12.2   11.7   +4%   11.5   Scope 1+2 - equity share   46.4   48.9   -5%               4Q24   3Q24   4Q24 vs 3Q24   4Q23   Methane emissions (ktCH4)   2024   2023   2024 vs 2023 7   7   -   9   Methane emissions from operated facilities   29   34   -15% 9   8   +13%   11   Methane emissions - equity share   33   40   -18% Estimated quarterly emissions. In 2024, Scope 1+2 emissions from operated installations amounted to 34.3 million tons CO2e. 2024 methane emissions from operated facilities were down 15% compared to 2023 mainly due to a continuous decrease in flaring and fugitive emissions in Exploration & Production, which were down 55% compared to the 2020 reference level, reaching the objective of -50% one year early. In 2025, TotalEnergies therefore reinforces its ambition through a new methane emissions reduction objective of -60% vs. 2020. 2024 Scope 3 (13) Category 11 emissions are estimated to be 347 Mt CO2e vs. 355 Mt CO2e in 2023. 3.3 Production (14) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Hydrocarbon production   2024   2023   2024 vs 2023 2,427   2,409   +1%   2,462   Hydrocarbon production (kboe/d)   2,434   2,483   -2% 1,292   1,324   -2%   1,341   Oil (including bitumen) (kb/d)   1,314   1,388   -5% 1,135   1,086   +5%   1,121   Gas (including condensates and associated NGL) (kboe/d)   1,120   1,095   +2%               2,427   2,409   +1%   2,462   Hydrocarbon production (kboe/d)   2,434   2,483   -2% 1,445   1,466   -1%   1,506   Liquids (kb/d)   1,468   1,550   -5% 5,323   5,093   +5%   5,158   Gas (Mcf/d)   5,211   5,028   +4% Hydrocarbon production was 2,434 thousand barrels of oil equivalent per day in 2024, up 2% year-on-year (excluding the Canada disposal representing 3.5%) and was comprised of: +3% due to start-ups and ramp-ups, including Mero-2 and Mero-3 in Brazil, Absheron in Azerbaijan, Bloc 10 in Oman, Tommeliten Alpha in Norway, Akpo West in Nigeria, Fenix in Argentina and Anchor in the United States, +1% due to higher availability of production facilities, +1% portfolio effect related to entry into the producing fields of SARB Umm Lulu in the United Arab Emirates and Ratawi in Iraq and to the acquisition of interests in the Eagle Ford shale gas plays in Texas, -3% due to the natural field declines. 4. Analysis of business segments 4.1 Exploration & Production 4.1.1 Production 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Hydrocarbon production   2024   2023   2024 vs 2023 1,933   1,944   -1%   1,998   EP (kboe/d)   1,947   2,034   -4% 1,385   1,414   -2%   1,448   Liquids (kb/d)   1,408   1,492   -6% 2,924   2,830   +3%   2,946   Gas (Mcf/d)   2,880   2,900   -1% 4.1.2 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars, except effective tax rate   2024   2023   2024 vs 2023 2,305   2,482   -7%   2,802   Adjusted net operating income   10,004   10,942   -9% 207   183   +13%   130   including adjusted income from equity affiliates   742   539   +38% 50.5%   45.1%   -   47.7%   Effective tax rate (15)   47.8%   50.0%   -               2,104   2,330   -10%   3,117   Organic investments (1)   9,060   10,232   -11% (258)   (42)   ns   (4,306)   Acquisitions net of assets sales (1)   (207)   (2,706)   ns 1,846   2,288   -19%   (1,189)   Net investments (1)   8,853   7,526   +18%               3,945   4,273   -8%   4,690   Cash flow from operations excluding working capital (CFFO) (1)   17,049   19,126   -11% 4,500   4,763   -6%   5,708   Cash flow from operating activities   17,388   18,531   -6% In the fourth quarter 2024, for Exploration & Production: adjusted net operating income was $2,305 million, down 7% quarter-to-quarter, driven by lower oil prices that were partially compensated by increased production and higher gas realizations, cash flow from operations excluding working capital (CFFO) was $3,945 million, down 8% quarter-to-quarter for the same reasons. In 2024, adjusted net operating income was $10,004 million, down 9% year-on-year, and cash flow from operations excluding working capital (CFFO) was $17,049 million, down 11% year-on-year, mainly driven by lower oil and gas prices and by the impact of the disposal of the Canadian oil sands assets. 4.2 Integrated LNG 4.2.1 Production 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Hydrocarbon production for LNG   2024   2023   2024 vs 2023 494   465   +6%   464   Integrated LNG (kboe/d)   487   449   +8% 60   52   +14%   58   Liquids (kb/d)   60   58   +3% 2,399   2,263   +6%   2,212   Gas (Mcf/d)   2,331   2,128   +10%               4Q24   3Q24   4Q24 vs 3Q24   4Q23   Liquefied Natural Gas in Mt   2024   2023   2024 vs 2023 10.8   9.5   +14%   11.8   Overall LNG sales   39.8   44.3   -10% 3.8   3.8   +1%   4.0   incl. Sales from equity production*   15.5   15.2   +1% 9.4   8.4   +11%   10.8   incl. Sales by TotalEnergies from equity production and third party purchases   34.7   40.1   -14% * The Company’s equity production may be sold by TotalEnergies or by the joint ventures. Hydrocarbon production for LNG in the fourth quarter was up 6% quarter-to-quarter, notably due to the end of unplanned maintenance at Ichthys LNG, which occurred in the third quarter. LNG sales, although down year-on-year reflecting lower LNG demand in Europe, were up 14% quarter-to-quarter, notably due to increased spot volumes in a context of seasonal inventory replenishment. 4.2.2 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars, except the average price of LNG   2024   2023   2024 vs 2023 10.37   9.91   +5%   10.28   Average price of LNG ($/Mbtu) *Consolidated subsidiaries and equity affiliates   9.80   10.76   -9%               1,432   1,063   +35%   1,456   Adjusted net operating income   4,869   6,200   -21% 525   538   -2%   500   including adjusted income from equity affiliates   1,978   2,103   -6%               554   451   +23%   790   Organic investments (1)   2,169   2,063   +5% 1,116   65   x17.2   48   Acquisitions net of assets sales (1)   1,367   1,096   +25% 1,670   516   x3.2   838   Net investments (1)   3,536   3,159   +12%               1,447   888   +63%   1,763   Cash flow from operations excluding working capital (CFFO) (1)   4,903   7,293   -33% 2,214   830   x2.7   2,702   Cash flow from operating activities   5,185   8,442   -39% * Sales in $ / Sales in volume for consolidated and equity affiliates. Does not include LNG trading activities. In the fourth quarter 2024, for Integrated LNG: adjusted net operating income was $1,432 million, up 35% on the quarter, driven by higher hydrocarbon production for LNG, an average LNG selling price above $10/Mbtu and LNG trading results benefitting from higher market volatility, cash flow from operations excluding working capital (CFFO) was $1,447 million, up 63% on the quarter for the same reasons and due to a positive timing effect in dividend payments from some equity affiliates of around $150 million. In 2024, for Integrated LNG: adjusted net operating income was $4,869 million, down 21% year-on-year, mainly due to lower average LNG selling prices and low market volatility during the first three quarters that impacted gas trading results, cash flow from operations excluding working capital (CFFO) was $4,903 million, down 33% year-on-year for the same reasons. 4.3 Integrated Power 4.3.1 Productions, capacities, clients and sales 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Integrated Power   2024   2023   2024 vs 2023 11.4   11.1   +2%   8.0   Net power production (TWh) *   41.1   33.4   +23% 6.5   6.7   -4%   5.5   o/w production from renewables   26.0   18.9   +38% 4.9   4.4   +12%   2.5   o/w production from gas flexible capacities   15.1   14.5   +4% 21.5   21.6   -1%   17.3   Portfolio of power generation net installed capacity (GW) **   21.5   17.3   +24% 15.1   14.5   +4%   13.0   o/w renewables   15.1   13.0   +16% 6.5   7.1   -9%   4.3   o/w gas flexible capacities   6.5   4.3   +50% 97.2   89.6   +9%   80.1   Portfolio of renewable power generation gross capacity (GW) **,***   97.2   80.1   +21% 26.0   24.2   +8%   22.4   o/w installed capacity   26.0   22.4   +16% 6.1   6.0   +1%   5.9   Clients power - BtB and BtC (Million) **   6.1   5.9   +2% 2.8   2.8   -   2.8   Clients gas - BtB and BtC (Million) **   2.8   2.8   - 13.8   10.9   +26%   13.9   Sales power - BtB and BtC (TWh)   50.7   52.1   -3% 30.1   13.9   x2.2   30.7   Sales gas - BtB and BtC (TWh)   98.6   100.9   -2% * Solar, wind, hydroelectric and gas flexible capacities. ** End of period data. *** Includes 20% of Adani Green Energy Ltd’s gross capacity, 50% of Clearway Energy Group’s gross capacity and 49% of Casa dos Ventos’ gross capacity. Net power production was 11.4 TWh in the fourth quarter 2024, up 2% on the quarter due to the seasonal increase in power production from flexible capacities in Europe. Over the year, net power production was up 23%, at 41 TWh. Notably, production from renewables increased 38% and accounted for more than 60% of the electricity generated. Gross installed renewable power generation capacity reached 26 GW at the end of the fourth quarter 2024, up 1.8 GW quarter-to-quarter. 4.3.2 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 575   485   +19%   527   Adjusted net operating income   2,173   1,853   +17% (25)   29   ns   21   including adjusted income from equity affiliates   -   137   -100%               109   707   -85%   674   Organic investments (1)   2,355   2,582   -9% (662)   1,529   ns   532   Acquisitions net of assets sales (1)   1,514   2,363   -36% (553)   2,236   ns   1,206   Net investments (1)   3,869   4,945   -22%               604   636   -5%   705   Cash flow from operations excluding working capital (CFFO) (1)   2,555   2,152   +19% 1,201   373   x3.2   638   Cash flow from operating activities   2,972   3,573   -17% In the fourth quarter 2024, Integrated Power adjusted net operating income was $575 million, up 19% quarter-to-quarter. In 2024, Integrated Power adjusted net operating income and cash flow from operations excluding working capital (CFFO) were $2,173 million and $2,555 million, respectively, up nearly 20% year-on-year and in line with growth in the business. These results demonstrate the relevance of the integrated model, with all segments of the value chain contributing to achieving annual guidance (> $2.5 billion CFFO). 4.4 Downstream (Refining & Chemicals and Marketing & Services) 4.4.1 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 680   605   +12%   939   Adjusted net operating income   3,520   6,112   -42%               1,013   561   +81%   1,504   Organic investments (1)   2,662   3,105   -14% (172)   112   ns   (1,679)   Acquisitions net of assets sales (1)   (1,262)   (2,042)   ns 841   673   +25%   (175)   Net investments (1)   1,400   1,063   +32%               1,356   1,177   +15%   1,692   Cash flow from operations excluding working capital (CFFO) (1)   6,079   8,171   -26% 4,610   1,145   x4   6,584   Cash flow from operating activities   6,709   9,914   -32% 4.5 Refining & Chemicals 4.5.1 Refinery and petrochemicals throughput and utilization rates 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Refinery throughput and utilization rate   2024   2023   2024 vs 2023 1,432   1,539   -7%   1,381   Total refinery throughput (kb/d)   1,472   1,436   +2% 424   451   -6%   444   France   422   414   +2% 541   625   -13%   582   Rest of Europe   605   592   +2% 467   463   +1%   355   Rest of world   446   431   +3% 82%   86%     79%   Utilization rate based on crude only*   83%   81%   * Based on distillation capacity at the beginning of the year, excluding the African refinery SIR (divested) from 3rd quarter 2024 and the African refinery Natref (divested) during the 4th quarter 2024. 4Q24 3Q24 4Q24 vs 3Q24 4Q23 Petrochemicals production and utilization rate 2024 2023 2024 vs 2023 1,233 1,314 -6% 1,114 Monomers* (kt) 5,082 4,896 +4% 1,080 1,167 -7% 985 Polymers (kt) 4,433 4,130 +7% 79% 85% 60% Steam cracker utilization rate** 79% 69% * Olefins. ** Based on olefins production from steam crackers and their treatment capacity at the start of the year, excluding Lavera (divested) from 2nd quarter 2024. Refining throughput was down 7% quarter-to-quarter mainly due to a turnaround at the Leuna refinery in Germany. Over 2024, the utilization rate based on crude was 83%, below the annual objective of 85% due to unplanned shutdowns notably at the Normandy and Donges platforms, in France as well as at the Port-Arthur refinery in the United States. 4.5.2 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars, except ERM   2024   2023   2024 vs 2023 25.9   15.4   +68%   52.6   European Refining Margin Marker (ERM) ($/t) *   39.5   71.0   -44%               318   241   +32%   633   Adjusted net operating income   2,160   4,654   -54%               581   329   +77%   1,002   Organic investments (1)   1,711   2,040   -16% (92)   34   ns   (11)   Acquisitions net of assets sales (1)   (173)   (118)   ns 489   363   +35%   991   Net investments (1)   1,538   1,922   -20%               822   530   +55%   1,173   Cash flow from operations excluding working capital (CFFO) (1)   3,760   5,853   -36% 3,832   564   x6.8   4,825   Cash flow from operating activities   3,808   7,957   -52% * This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. Does not include oil trading activities. In the fourth quarter 2024, for Refining & Chemicals: adjusted net operating income was $318 million, up 32% quarter-to-quarter, thanks to a $10/t increase in European refining margins, cash flow from operations excluding working capital (CFFO) was $822 million, up 55% quarter-to-quarter, for the same reasons and thanks to dividends received from equity affiliates during the quarter. In 2024, for Refining & Chemicals, adjusted net operating income and cash flow from operations excluding working capital (CFFO) were both down, amounting to $2,160 million and $3,760 million, respectively, reflecting lower refining margins in Europe and the Rest of the World. 4.6 Marketing & Services 4.6.1 Petroleum product sales 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Sales in kb/d*   2024   2023   2024 vs 2023 1,312   1,383   -5%   1,341   Total Marketing & Services sales   1,342   1,375   -2% 724   795   -9%   755   Europe   752   776   -3% 587   588   -   587   Rest of world   591   599   -1% * Excludes trading and bulk refining sales. Sales of petroleum products in the fourth quarter 2024 were down 5% quarter-to-quarter, mainly due to seasonality of European fuel demand. 4.6.2 Results 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 362   364   -1%   306   Adjusted net operating income   1,360   1,458   -7%               432   232   +86%   502   Organic investments (1)   951   1,065   -11% (80)   78   ns   (1,668)   Acquisitions net of assets sales (1)   (1,089)   (1,924)   ns 352   310   +14%   (1,166)   Net investments (1)   (138)   (859)   ns               534   647   -17%   519   Cash flow from operations excluding working capital (CFFO) (1)   2,319   2,318   - 778   581   +34%   1,759   Cash flow from operating activities   2,901   1,957   +48% Marketing & Services adjusted net operating income was stable quarter-to-quarter at $362 million and cash flow from operations excluding working capital (CFFO) was $534 million. 5. TotalEnergies results 5.1 Adjusted net operating income from business segments Adjusted net operating income from business segments was: $4,992 million in the fourth quarter 2024 versus $4,635 million in the third quarter 2024, mainly due to increases in hydrocarbon production, gas prices and refining margins that were partially offset by lower oil prices, $20,566 million in 2024 versus $25,107 million in 2023, linked to lower oil & gas prices and refining margins and to low market volatility impacting gas & LNG trading. 5.2 Adjusted net income (1) (TotalEnergies share) TotalEnergies adjusted net income was $4,406 million in the fourth quarter 2024 versus $4,074 million in the third quarter 2024, for the same reasons. Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value. Adjustments to net income were ($ 0.5) billion in the fourth quarter 2024, consisting mainly of: ($0.4) billion related to impairments, $0.2 billion in inventory effects, ($0.3) billion related to the effect of changes in fair value. TotalEnergies’ average tax rate was: 41.3% in the fourth quarter 2024 versus 38.0% in the third quarter 2024, notably due to the higher relative weight of highly taxed North Sea assets in Exploration & Production, 39.4% in 2024 versus 37.5% a year ago, notably due to a higher weight of Exploration & Production in the Company’s results. 5.3 Adjusted earnings per share Adjusted diluted net earnings per share were: $1.90 in the fourth quarter 2024, based on 2,282 million weighted average diluted shares, compared to $1.74 in the third quarter 2024, $7.77 in 2024, based on 2,315 million weighted average diluted shares, compared to $9.40 in 2023. As of December 31, 2024, the number of diluted shares was 2,270 million. As part of its shareholder return policy, TotalEnergies repurchased: 32.9 million shares for cancellation in the fourth quarter 2024 for $2 billion, 121 million shares for cancellation in 2024 for $8 billion. 5.4 Acquisitions – asset sales Acquisitions were : $1,233 million in the fourth quarter 2024, primarily related to Sapura OMV in Malaysia and interests in dry gas fields operated by Lewis Energy in the Eagle Ford in Texas, $4,646 million in 2024, related to the above acquisitions as well as the acquisitions of a 20% interest from Lewis Energy Group in the Dorado (Eagle Ford) gas field in Texas, the German renewable energy aggregator Quadra Energy, 1.5 GW of flexible gas capacity in Texas, 1.3 GW of flexible gas capacity in the United Kingdom and interest in offshore wind in Germany in 2023 and in The Netherlands in 2024. Divestments were : $1,209 million in the fourth quarter 2024, primarily related to the farm down of renewable and flexible assets in the United States, the sale of a 50% interest in the West Burton plant in the United Kingdom as well as the sales of TotalEnergies EP Brunei, TotalEnergies’ interest in Total PARCO in Pakistan and a minority interest in the Natref refinery in South Africa. $3,240 million in 2024, related to the above divestments as well as to the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg and the Netherlands, the sale of a 15% interest in Absheron in Azerbaijan, the farm down of the Seagreen offshore wind farm in the United Kingdom, and the sale of petrochemical assets in Lavera, France. 5.5 Net cash flow (1) TotalEnergies’ net cash flow was: $3,288 million in the fourth quarter 2024 versus $1,057 million in the third quarter, reflecting the $330 million increase in CFFO and the $1,901 million decrease in net investments to $3,863 million in the fourth quarter 2024. $12,088 million in 2024 versus $19,109 million in 2023, reflecting the $6,029 million decrease in CFFO and the $992 million increase in net investments to $17,829 million in 2024. 2024 cash flow from operating activities was $12,507 million in the fourth quarter 2024 versus CFFO of $7,151 million, which reflects positive variation from a $5.4 billion working capital release, including around $1.5 billion related to exceptional items. 5.6 Profitability Return on equity was 15.8% for the twelve months ended December 31, 2024. In millions of dollars   January 1, 2024   October 1, 2023   January 1, 2023   December 31, 2024   September 30, 2024   December 31, 2023 Adjusted net income (1)   18,586 19,398 23,450 Average adjusted shareholders' equity   117,835 116,572 115,006 Return on equity (ROE)   15.8% 16.6% 20.4% Return on average capital employed (1) was 14.8% for the twelve months ended December 31, 2024. In millions of dollars   January 1, 2024   October 1, 2023   January 1, 2023   December 31, 2024   September 30, 2024   December 31, 2023 Adjusted net operating income (1)   19,974   20,701   24,684 Average capital employed (1)   135,174   142,195   130,517 ROACE (1)   14.8%   14.6%   18.9% 6. TotalEnergies SE statutory accounts Net income for TotalEnergies SE, the parent company, amounted to €15,275 million in 2024, compared to €11,232 million in 2023. 7. Annual 2025 Sensitivities (16)   Change   Estimated impact on adjustednet operating income   Estimated impact on cash flow from operations Dollar   +/- 0.1 $ per €   -/+ 0.1 B$   ~0 B$ Average liquids price (17)   +/- 10 $/b   +/- 2.3 B$   +/- 2.8 B$ European gas price - TTF   +/- 2 $/Mbtu   +/- 0.4 B$   +/- 0.4 B$ European Refining Margin Marker (ERM)   +/- 10 $/t   +/- 0.4 B$   +/- 0.5 B$ 8. Outlook At the beginning of 2025, Brent prices remain volatile between $70 and $80/b, supported by the willingness of OPEC+ countries to balance oil markets that are facing strong supply growth from non-OPEC countries (US, Guyana, Brazil). According to the IEA, global oil demand is anticipated to grow by 1.1 Mb/d in 2025, up from a 0.8 Mb/d increase in 2024. European gas prices increased at the end of 2024 and forward markets currently expect prices to be above $13/Mbtu in the first quarter of 2025, supported by high winter consumption and rapid inventory declines in Europe in the context of the interruption of Russian imports via Ukraine. Gas markets should remain in tension in 2025 due to very limited expected capacity additions related to delays of some projects. TotalEnergies expects more than 40 Mt of LNG sales in 2025. Given the evolution of oil and gas prices in the recent months and the lag effect on price formulas, TotalEnergies anticipates its average LNG selling price will be above $10/Mbtu in the first quarter 2025. In 2025, TotalEnergies anticipates its hydrocarbon production will grow more than 3%, benefiting from the ramp-up of 2024 start-ups and production start-ups, notably Ballymore in the Gulf of Mexico and Mero-4 in Brazil. First quarter 2025 hydrocarbon production is expected to be between 2.5 and 2.55 Mboe/d thanks to the ramp-up of 2024 start-ups and the closing of the acquisitions of SapuraOMV in Malaysia and of interests in the Eagle Ford shale gas play in Texas that occurred during the fourth quarter 2024. The Integrated Power segment is expected to expand in 2025 supported by electricity production growth greater than 20% to reach an annual net electricity generation of more than 50 TWh. Cash flow before working capital (CFFO) is expected to be between $2.5 and $3 billion in 2025. By combining hydrocarbon and electricity production growth, the Company expects to increase energy production by 5% in 2025. Integrated Power production will represent 10% of hydrocarbon production. For 2025, TotalEnergies expects net investments of $17 to $17.5 billion, of which $4.5 billion is dedicated to low carbon energies, mostly Integrated Power. Organic investments should amount to approximately $17 billion, focused on core growth projects to achieve 2030 production targets, down from the $18 billion guidance presented during the Strategy & Outlook in October 2024. * * * * To listen to the conference call with Chairman & CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire today at 3:00pm (Paris time), please log on to totalenergies.com or dial +33 (0) 1 70 37 71 66, +44 (0) 33 0551 0200 or +1 786 697 3501. The conference replay will be available on the Company's website totalenergies.com after the event. * * * * 9. Operating information by segment 9.1 Company’s production (Exploration & Production + Integrated LNG) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Combined liquids and gasproduction by region (kboe/d)   2024   2023   2024 vs 2023 589   556   +6%   592   Europe   569   565   +1% 437   452   -3%   451   Africa   450   471   -4% 790   799   -1%   788   Middle East and North Africa   807   764   +6% 401   388   +3%   376   Americas   375   426   -12% 210   214   -2%   256   Asia-Pacific   233   257   -9% 2,427   2,409   +1%   2,462   Total production   2,434   2,483   -2% 369   371   -1%   331   includes equity affiliates   361   335   +8%               4Q24   3Q24   4Q24 vs 3Q24   4Q23   Liquids production by region (kb/d)   2024   2023   2024 vs 2023 228   221   +3%   236   Europe   225   232   -3% 318   329   -3%   328   Africa   325   348   -6% 627   637   -1%   629   Middle East and North Africa   644   612   +5% 193   189   +2%   207   Americas   180   251   -28% 79   90   -13%   106   Asia-Pacific   94   107   -12% 1,445   1,466   -1%   1,506   Total production   1,468   1,550   -5% 151   154   -2%   141   includes equity affiliates   152   150   +2%               4Q24   3Q24   4Q24 vs 3Q24   4Q23   Gas production by region (Mcf/d)   2024   2023   2024 vs 2023 1,951   1,812   +8%   1,921   Europe   1,862   1,801   +3% 620   632   -2%   612   Africa   630   614   +3% 889   888   -   881   Middle East and North Africa   894   833   +7% 1,154   1,100   +5%   941   Americas   1,080   975   +11% 709   661   +7%   803   Asia-Pacific   745   805   -7% 5,323   5,093   +5%   5,158   Total production   5,211   5,028   +4% 1,181   1,190   -1%   1,027   includes equity affiliates   1,135   1,004   +13% 9.2 Downstream (Refining & Chemicals and Marketing & Services) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   Petroleum product sales by region (kb/d)   2024   2023   2024 vs 2023 1,820   1,932   -6%   1,789   Europe   1,842   1,734   +6% 614   585   +5%   610   Africa   587   624   -6% 970   1,091   -11%   1,055   Americas   1,021   942   +8% 975   747   +31%   697   Rest of world   768   652   +18% 4,380   4,355   +1%   4,151   Total consolidated sales   4,218   3,953   +7% 343   395   -13%   402   Includes bulk sales   384   405   -5% 2,725   2,578   +6%   2,408   Includes trading   2,492   2,173   +15%               4Q24   3Q24   4Q24 vs 3Q24   4Q23   Petrochemicals production* (kt)   2024   2023   2024 vs 2023 875   954   -8%   845   Europe   3,719   3,936   -6% 701   765   -8%   528   Americas   2,867   2,366   +21% 737   762   -3%   725   Middle East and Asia   2,929   2,724   +8% * Olefins, polymers. 9.3 Integrated Power 9.3.1 Net power production   4Q24   3Q24 Net power production (TWh)   Solar Onshore Wind Offshore Wind Gas Others Total Solar Onshore Wind Offshore Wind Gas Others Total France   0.2 0.3 - 1.4 0.0 1.9 0.2 0.1 - 0.6 0.0 0.9 Rest of Europe   0.1 0.6 0.4 2.1 0.0 3.2 0.1 0.4 0.2 1.3 0.1 2.1 Africa   0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.0 Middle East   0.2 - - 0.2 - 0.4 0.2 - - 0.3 - 0.5 North America   0.9 0.5 - 1.1 - 2.5 1.2 0.4 - 2.2 - 3.8 South America   0.1 0.9 - - - 1.1 0.1 1.1 - - - 1.2 India   1.6 0.2 - - - 1.9 1.6 0.4 - - - 2.0 Pacific Asia   0.3 0.0 0.2 - - 0.4 0.4 0.0 0.0 - - 0.4 Total   3.4 2.5 0.6 4.9 0.1 11.4 4.0 2.4 0.3 4.4 0.1 11.1 9.3.2 Installed power generation net capacity   4Q24   3Q24 Installed power generation net capacity (GW) (18)   Solar   OnshoreWind   OffshoreWind   Gas   Others   Total   Solar   OnshoreWind   OffshoreWind   Gas   Others   Total France   0.7 0.4 - 2.6 0.2 4.0 0.6 0.4 - 2.6 0.2 3.7 Rest of Europe   0.6 0.9 0.3 2.1 0.2 4.0 0.3 0.9 0.3 2.7 0.2 4.4 Africa   0.0 - - - - 0.0 0.1 0.0 - - 0.0 0.1 Middle East   0.4 - - 0.3 - 0.8 0.4 - - 0.3 - 0.8 North America   2.3 0.8 - 1.5 0.3 4.9 2.6 0.8 - 1.5 0.4 5.3 South America   0.4 0.9 - - - 1.3 0.4 0.9 - - - 1.2 India   4.8 0.6 - - - 5.3 4.3 0.5 - - - 4.9 Pacific Asia   1.1 0.0 0.2 - - 1.3 1.1 0.0 0.1 - 0.0 1.2 Total   10.3 3.6 0.5 6.5 0.6 21.5 9.8 3.6 0.4 7.1 0.7 21.6 9.3.3 Power generation gross capacity from renewables   4Q24   3Q24 Installed power generation gross capacity from renewables (GW) (19),(20)   Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France   1.2 0.7 - 0.2 2.1 1.1 0.7 - 0.2 2.1 Rest of Europe   0.6 1.1 1.1 0.3 3.1 0.3 1.1 1.1 0.2 2.8 Africa   0.1 - - 0.0 0.1 0.1 - - 0.0 0.1 Middle East   1.2 - - - 1.2 1.2 - - - 1.2 North America   5.4 2.2 - 0.7 8.2 4.9 2.2 - 0.7 7.7 South America   0.4 1.3 - - 1.7 0.4 1.3 - - 1.6 India   6.7 0.6 - - 7.3 6.1 0.6 - - 6.7 Asia-Pacific   1.6 0.0 0.6 0.0 2.2 1.6 0.0 0.4 0.0 2.0 Total   17.2 6.0 1.7 1.1 26.0 15.6 5.9 1.6 1.1 24.2     4Q24 3Q24 Power generation gross capacity from renewables in construction (GW) (19),(20)   Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France   0.3 0.0 0.0 0.0 0.3 0.2 0.0 0.0 0.0 0.2 Rest of Europe   0.5 0.2 0.8 0.0 1.4 0.4 0.1 0.8 0.1 1.4 Africa   0.4 0.1 - 0.1 0.6 0.3 - - 0.1 0.4 Middle East   0.1 - - - 0.1 0.1 - - - 0.1 North America   1.2 0.0 - 0.5 1.8 1.7 0.0 - 0.4 2.1 South America   0.4 0.6 - 0.2 1.2 0.3 0.6 - 0.2 1.1 India   3.2 - - - 3.2 3.9 - - - 3.9 Asia-Pacific   0.1 - 0.1 - 0.1 0.1 - 0.2 - 0.3 Total   6.2 1.0 0.8 0.9 8.9 6.9 0.8 1.0 0.7 9.5     4Q24 3Q24 Power generation gross capacity from renewables in development (GW) (19),(20)   Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total France   0.9 0.5 - 0.1 1.5 1.1 0.4 - 0.1 1.6 Rest of Europe   4.9 0.7 13.3 2.7 21.6 4.6 0.8 8.9 2.6 16.9 Africa   0.6 0.2 - - 0.8 0.7 0.3 - - 1.0 Middle East   2.3 0.2 - - 2.6 1.8 - - - 1.8 North America   10.3 3.1 4.1 4.4 21.9 8.8 3.3 4.1 4.9 21.0 South America   1.6 1.1 - 0.0 2.8 1.8 1.2 - 0.0 3.0 India   2.3 0.1 - - 2.5 2.2 0.1 - - 2.3 Asia-Pacific   3.4 1.1 3.0 1.2 8.6 3.6 1.1 2.6 1.1 8.4 Total   26.5 7.1 20.4 8.3 62.3 24.4 7.2 15.6 8.7 55.9 10. Alternative Performance Measures (Non-GAAP measures) 10.1 Adjustment items to net income (TotalEnergies share) 4Q24 3Q24 4Q23   In millions of dollars   2024 2023 3,956 2,294 5,063   Net income (TotalEnergies share)   15,758 21,384 (413) (1,337) 180   Special items affecting net income (TotalEnergies share)   (1,219) (1,105) (25) - 1,844   Gain (loss) on asset sales   1,372 2,047 (6) (10) (51)   Restructuring charges   (27) (56) (232) (1,100) (1,023)   Impairments   (1,976) (2,166) (150) (227) (590)   Other   (588) (930) 216 (359) (535)   After-tax inventory effect : FIFO vs. replacement cost   (339) (699) (253) (84) 192   Effect of changes in fair value   (948) 12 (450) (1,780) (163)   Total adjustments affecting net income   (2,506) (1,792) 4,406 4,074 5,226   Adjusted net income (TotalEnergies share)   18,264 23,176 10.2 Reconciliation of adjusted EBITDA with consolidated financial statements 10.2.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 3,956   2,294   +72%   5,063   Net income (TotalEnergies share)   15,758   21,384   -26% 450   1,780   -75%   163   Less: adjustment items to net income (TotalEnergies share)   2,506   1,792   +40% 4,406   4,074   +8%   5,226   Adjusted net income (TotalEnergies share)   18,264   23,176   -21%         Adjusted items       65   90   -28%   57   Add: non-controlling interests   322   274   +18% 2,872   2,369   +21%   3,004   Add: income taxes   11,209   12,939   -13% 2,715   3,048   -11%   3,060   Add: depreciation, depletion and impairment of tangible assets and mineral interests   11,667   12,012   -3% 107   103   +4%   115   Add: amortization and impairment of intangible assets   389   394   -1% 786   797   -1%   660   Add: financial interest on debt   3,016   2,820   +7% (422)   (433)   ns   (426)   Less: financial income and expense from cash & cash equivalents   (1,724)   (1,585)   ns 10,529   10,048   +5%   11,696   Adjusted EBITDA   43,143   50,030   -14% 10.2.2 Reconciliation of revenues from sales to adjusted EBITDA and net income (TotalEnergies share) 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023         Adjusted items       47,115   47,429   -1%   54,765   Revenues from sales   195,610   218,945   -11% (30,305)   (30,856)   ns   (36,651)   Purchases, net of inventory variation   (126,000)   (142,247)   ns (7,094)   (7,147)   ns   (6,956)   Other operating expenses   (29,485)   (29,808)   ns (242)   (101)   ns   (174)   Exploration costs   (528)   (575)   ns 280   59   x4.7   169   Other income   725   504   +44% (34)   (121)   ns   (150)   Other expense, excluding amortization and impairment of intangible assets   (317)   (288)   ns 296   293   +1%   276   Other financial income   1,304   1,221   +7% (193)   (214)   ns   (180)   Other financial expense   (835)   (722)   ns 706   706   -   597   Net income (loss) from equity affiliates   2,669   3,000   -11% 10,529   10,048   +5%   11,696   Adjusted EBITDA   43,143   50,030   -14%         Adjusted items       (2,715)   (3,048)   ns   (3,060)   Less: depreciation, depletion and impairment of tangible assets and mineral interests   (11,667)   (12,012)   ns (107)   (103)   ns   (115)   Less: amortization of intangible assets   (389)   (394)   ns (786)   (797)   ns   (660)   Less: financial interest on debt   (3,016)   (2,820)   ns 422   433   -3%   426   Add: financial income and expense from cash & cash equivalents   1,724   1,585   +9% (2,872)   (2,369)   ns   (3,004)   Less: income taxes   (11,209)   (12,939)   ns (65)   (90)   ns   (57)   Less: non-controlling interests   (322)   (274)   ns (450)   (1,780)   ns   (163)   Add: adjustment (TotalEnergies share)   (2,506)   (1,792)   ns 3,956   2,294   +72%   5,063   Net income (TotalEnergies share)   15,758   21,384   -26% 10.3 Investments – Divestments (TotalEnergies share) Reconciliation of Cash flow used in investing activities to Net investments 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 3,745   5,562   -33%   632   Cash flow used in investing activities ( a )   17,332   16,454   +5% -   -   ns   -   Other transactions with non-controlling interests ( b )   -   -   ns (2)   57   ns   3   Organic loan repayment from equity affiliates ( c )   29   (2)   ns (52)   -   ns   (3)   Change in debt from renewable projects financing ( d ) *   (52)   78   ns 152   119   +28%   71   Capex linked to capitalized leasing contracts ( e )   471   259   +82% 20   26   -23%   32   Expenditures related to carbon credits ( f )   49   48   +2% 3,863   5,764   -33%   735   Net investments ( a + b + c + d + e + f = g - i + h )   17,829   16,837   +6% 24   1,662   -99%   (5,404)   of which acquisitions net of assets sales ( g-i )   1,406   (1,289)   ns 1,233   1,795   -31%   698   Acquisitions ( g )   4,646   6,428   -28% 1,209   133   x9.1   6,102   Asset sales ( i )   3,240   7,717   -58% 26   -   ns   -   Change in debt from renewable projects (partner share)   26   (81)   ns 3,839   4,102   -6%   6,139   of which organic investments ( h )   16,423   18,126   -9% 122   148   -17%   214   Capitalized exploration   516   1,094   -53% 625   458   +36%   683   Increase in non-current loans   2,210   1,845   +20% (619)   (140)   ns   (91)   Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (1,083)   (524)   ns (26)   -   ns   (3)   Change in debt from renewable projects (TotalEnergies share)   (26)   (3)   ns * Change in debt from renewable projects (TotalEnergies share and partner share). 10.4 Cash flow (TotalEnergies share) Reconciliation of Cash flow from operating activities to Cash flow from operations excluding working capital (CFFO), to DACF and to Net cash flow 4Q24   3Q24   4Q24 vs 3Q24   4Q23   In millions of dollars   2024   2023   2024 vs 2023 12,507   7,171   74%   16,150   Cash flow from operating activities ( a )   30,854   40,679   -24% 5,072   871   x5.8   8,377   (Increase) decrease in working capital ( b ) *   1,491   5,526   -73% 282   (464)   ns   (724)   Inventory effect ( c )   (525)   (714)   ns -   -   ns   (0)   Capital gain from renewable project sales ( d )   -   81   -100% (2)   57   ns   3   Organic loan repayments from equity affiliates ( e )   29   (2)   ns 7,151   6,821   +5%   8,500   Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   29,917   35,946   -17% (247)   (188)   ns   (29)   Financial charges   (697)   (505)   ns 7,398   7,009   +6%   8,529   Debt Adjusted Cash Flow (DACF)   30,614   36,451   -16%               3,839   4,102   -6%   6,139   Organic investments ( g )   16,423   18,126   -9% 3,312   2,719   +22%   2,361   Free cash flow after organic investments ( f - g )   13,494   17,820   -24%               3,863   5,764   -33%   735   Net investments ( h )   17,829   16,837   +6% 3,288   1,057   x3.1   7,765   Net cash flow ( f - h )   12,088   19,109   -37% * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power segments’ contracts. 10.5 Gearing ratio In millions of dollars   12/31/2024   09/30/2024   12/31/2023 Current borrowings *   7,929   11,805   7,869 Other current financial liabilities   664   488   446 Current financial assets * , **   (6,536)   (5,780)   (6,256) Net financial assets classified as held for sale *   33   204   17 Non-current financial debt *   35,711   37,824   32,722 Non-current financial assets *   (1,027)   (1,307)   (1,229) Cash and cash equivalents   (25,844)   (25,672)   (27,263) Net debt ( a )   10,930   17,562   6,306       Shareholders’ equity (TotalEnergies share)   117,858   116,059   116,753 Non-controlling interests   2,397   2,557   2,700 Shareholders' equity (b)   120,255   118,616   119,453       Gearing = a / ( a+b )   8.3%   12.9%   5.0%       Leases (c)   8,272   8,338   8,275 Gearing including leases ( a+c ) / ( a+b+c )   13.8%   17.9%   10.9% * Excludes leases receivables and leases debts. ** Including initial margins held as part of the Company's activities on organized markets. 10.6 Return on average capital employed In millions of dollars   Exploration &Production   IntegratedLNG   IntegratedPower   Refining &Chemicals   Marketing &Services   Company Adjusted net operating income   10,004 4,869 2,173 2,160 1,360 19,974 Capital employed at 12/31/2023   63,870 36,048 21,511 6,043 7,674 132,222 Capital employed at 12/31/2024   64,430 41,477 21,739 5,564 6,870 138,125 ROACE   15.6% 12.6% 10.0% 37.2% 18.7% 14.8% 10.7 Payout In millions of dollars   2024   9M24   2023 Dividend paid (parent company shareholders)   7,717   5,719   7,517 Repayment of treasury shares   7,995   6,018   9,167       Payout ratio   50%   49%   46% GLOSSARY Acquisitions net of assets sales is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Acquisitions net of assets sales refer to acquisitions minus assets sales (including other operations with non-controlling interests). This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates the allocation of cash flow used for growing the Company’s asset base via external growth opportunities. Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. It refers to the adjusted earnings before depreciation, depletion and impairment of tangible and intangible assets and mineral interests, income tax expense and cost of net debt, i.e., all operating income and contribution of equity affiliates to net income. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure and compare the Company’s profitability with utility companies (energy sector). Adjusted net income (TotalEnergies share) is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income (TotalEnergies share). Adjusted Net Income (TotalEnergies share) refers to Net Income (TotalEnergies share) less adjustment items to Net Income (TotalEnergies share). Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and to understand its operating trends by removing the impact of non-operational results and special items. Adjusted net operating income is a non-GAAP financial measure and its most directly comparable IFRS measure is Net Income. Adjusted Net Operating Income refers to Net Income before net cost of net debt, i.e., cost of net debt net of its tax effects, less adjustment items. Adjustment items are inventory valuation effect, effect of changes in fair value, and special items. Adjusted Net Operating Income can be a valuable tool for decision makers, analysts and shareholders alike to evaluate the Company’s operating results and understanding its operating trends, by removing the impact of non-operational results and special items and is used to evaluate the Return on Average Capital Employed (ROACE) as explained below. Capital Employed is a non-GAAP financial measure. They are calculated at replacement cost and refer to capital employed (balance sheet) less inventory valuations effect. Capital employed (balance sheet) refers to the sum of the following items: (i) Property, plant and equipment, intangible assets, net, (ii) Investments & loans in equity affiliates, (iii) Other non-current assets, (iv) Working capital which is the sum of: Inventories, net, Accounts receivable, net, other current assets, Accounts payable, Other creditors and accrued liabilities(v) Provisions and other non-current liabilities and (vi) Assets and liabilities classified as held for sale. Capital Employed can be a valuable tool for decision makers, analysts and shareholders alike to provide insight on the amount of capital investment used by the Company or its business segments to operate. Capital Employed is used to calculate the Return on Average Capital Employed (ROACE). Cash Flow From Operations excluding working capital (CFFO) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Cash Flow From Operations excluding working capital is defined as cash flow from operating activities before changes in working capital at replacement cost, excluding the mark-to-market effect of Integrated LNG and Integrated Power contracts, including capital gain from renewable projects sales and including organic loan repayments from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to help understand changes in cash flow from operating activities, excluding the impact of working capital changes across periods on a consistent basis and with the performance of peer companies in a manner that, when viewed in combination with the Company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the Company’s business and performance. This performance indicator is used by the Company as a base for its cash flow allocation and notably to guide on the share of its cash flow to be allocated to the distribution to shareholders. Debt adjusted cash flow (DACF) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. DACF is defined as Cash Flow From Operations excluding working capital (CFFO) without financial charges. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it corresponds to the funds theoretically available to the Company for investments, debt repayment and distribution to shareholders, and therefore facilitates comparison of the Company’s results of operations with those of other registrants, independent of their capital structure and working capital requirements. Free cash flow after Organic Investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Free cash flow after Organic Investments, refers to Cash Flow From Operations excluding working capital minus Organic Investments. Organic Investments refer to Net Investments excluding acquisitions, asset sales and other transactions with non-controlling interests. This indicator can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates operating cash flow generated by the business post allocation of cash for Organic Investments. Gearing is a non-GAAP financial measure and its most directly comparable IFRS measure is the ratio of total financial liabilities to total equity. Gearing is a Net-debt-to-capital ratio, which is calculated as the ratio of Net debt excluding leases to (Equity + Net debt excluding leases). This indicator can be a valuable tool for decision makers, analysts and shareholders alike to assess the strength of the Company’s balance sheet. Net cash flow (or free cash-flow) is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow from operating activities. Net cash flow refers to Cash Flow From Operations excluding working capital minus Net Investments. Net cash flow can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow generated by the operations of the Company post allocation of cash for Organic Investments and Acquisitions net of assets sales (acquisitions - assets sales - other operations with non-controlling interests). This performance indicator corresponds to the cash flow available to repay debt and allocate cash to shareholder distribution or share buybacks. Net investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Net Investments refer to Cash flow used in investing activities including other transactions with non-controlling interests, including change in debt from renewable projects financing, including expenditures related to carbon credits, including capex linked to capitalized leasing contracts and excluding organic loan repayment from equity affiliates. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to illustrate the cash directed to growth opportunities, both internal and external, thereby showing, when combined with the Company’s cash flow statement prepared under IFRS, how cash is generated and allocated for uses within the organization. Net Investments are the sum of Organic Investments and Acquisitions net of assets sales each of which is described in the Glossary. Organic investments is a non-GAAP financial measure and its most directly comparable IFRS measure is Cash flow used in investing activities. Organic investments refers to Net Investments, excluding acquisitions, asset sales and other operations with non-controlling interests. Organic Investments can be a valuable tool for decision makers, analysts and shareholders alike because it illustrates cash flow used by the Company to grow its asset base, excluding sources of external growth. Payout is a non-GAAP financial measure. Payout is defined as the ratio of the dividends and share buybacks for cancellation to the Cash Flow From Operations excluding working capital. This indicator can be a valuable tool for decision makers, analysts and shareholders as it provides the portion of the Cash Flow From Operations excluding working capital distributed to the shareholder. Return on Average Capital Employed (ROACE) is a non-GAAP financial measure. ROACE is the ratio of Adjusted Net Operating Income to average Capital Employed at replacement cost between the beginning and the end of the period. This indicator can be a valuable tool for decision makers, analysts and shareholders alike to measure the profitability of the Company’s average Capital Employed in its business operations and is used by the Company to benchmark its performance internally and externally with its peers. Disclaimer: The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate TotalEnergies SE and the consolidated entities directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate and independent legal entities. This press release presents the results for the fourth quarter of 2024 and the full year of 2024 from the consolidated financial statements of TotalEnergies SE as of December 31, 2024 (unaudited). The audit procedures by the Statutory Auditors are underway. The consolidated financial statements (unaudited) are available on the website totalenergies.com. This document does not constitute the annual financial report (rapport financier annuel) within the meaning of article L.451.1.2 of the French monetary and financial code (code monétaire et financier). This document may contain forward-looking statements (including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995), notably with respect to the financial condition, results of operations, business activities and strategy of TotalEnergies. This document may also contain statements regarding the perspectives, objectives, areas of improvement and goals of TotalEnergies, including with respect to climate change and carbon neutrality (net zero emissions). An ambition expresses an outcome desired by TotalEnergies, it being specified that the means to be deployed do not depend solely on TotalEnergies. These forward-looking statements may generally be identified by the use of the future or conditional tense or forward-looking words such as “will”, “should”, “could”, “would”, “may”, “likely”, “might”, “envisions”, “intends”, “anticipates”, “believes”, “considers”, “plans”, “expects”, “thinks”, “targets”, “aims” or similar terminology. Such forward-looking statements included in this document are based on economic data, estimates and assumptions prepared in a given economic, competitive and regulatory environment and considered to be reasonable by TotalEnergies as of the date of this document. These forward-looking statements are not historical data and should not be interpreted as assurances that the perspectives, objectives or goals announced will be achieved. They may prove to be inaccurate in the future, and may evolve or be modified with a significant difference between the actual results and those initially estimated, due to the uncertainties notably related to the economic, financial, competitive and regulatory environment, or due to the occurrence of risk factors, such as, notably, the price fluctuations in crude oil and natural gas, the evolution of the demand and price of petroleum products, the changes in production results and reserves estimates, the ability to achieve cost reductions and operating efficiencies without unduly disrupting business operations, changes in laws and regulations including those related to the environment and climate, currency fluctuations, technological innovations, meteorological conditions and events, as well as socio-demographic, economic and political developments, changes in market conditions, loss of market share and changes in consumer preferences, or pandemics such as the COVID-19 pandemic. Additionally, certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto. Readers are cautioned not to consider forward-looking statements as accurate, but as an expression of the Company’s views only as of the date this document is published. TotalEnergies SE and its subsidiaries have no obligation, make no commitment and expressly disclaim any responsibility to investors or any stakeholder to update or revise, particularly as a result of new information or future events, any forward-looking information or statement, objectives or trends contained in this document. In addition, the Company has not verified, and is under no obligation to verify any third-party data contained in this document or used in the estimates and assumptions or, more generally, forward-looking statements published in this document. The information on risk factors that could have a significant adverse effect on TotalEnergies’ business, financial condition, including its operating income and cash flow, reputation, outlook or the value of financial instruments issued by TotalEnergies is provided in the most recent version of the Universal Registration Document which is filed by TotalEnergies SE with the French Autorité des Marchés Financiers and the annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”). Additionally, the developments of environmental and climate change-related issues in this document are based on various frameworks and the interests of various stakeholders which are subject to evolve independently of our will. Moreover, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily "material" under US securities laws for SEC reporting purposes or under applicable securities law. Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE), gearing ratio, operating cash flow before working capital changes, the shareholder rate of return. These indicators are meant to facilitate the analysis of the financial performance of TotalEnergies and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of TotalEnergies. These adjustment items include: (i) Special items Due to their unusual nature or particular significance, certain transactions qualifying as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent, or unusual. However, in certain instances, transactions such as restructuring costs or assets disposals, which are not considered to be representative of the normal course of business, may qualify as special items although they may have occurred in prior years or are likely to occur in following years. (ii) The inventory valuation effect In accordance with IAS 2, TotalEnergies values inventories of petroleum products in its financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its main competitors. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results under the FIFO and the replacement cost methods. (iii) Effect of changes in fair value The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TotalEnergies’ Executive Committee and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices. TotalEnergies, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in TotalEnergies’ internal economic performance. IFRS precludes recognition of this fair value effect. Furthermore, TotalEnergies enters into derivative instruments to risk manage certain operational contracts or assets. Under IFRS, these derivatives are recorded at fair value while the underlying operational transactions are recorded as they occur. Internal indicators defer the fair value on derivatives to match with the transaction occurrence. The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at the Company website totalenergies.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov. (1) Refer to Glossary pages 23 & 24 for the definitions and further information on alternative performance measures (Non-GAAP measures) and to page 19 and following for reconciliation tables. * Including coverage of employees share grant plans. † Scope 1+2 of Oil & Gas operated activities (2) Some of the transactions mentioned in the highlights remain subject to the agreement of the authorities or to the fulfilment of conditions precedent under the terms of the agreements. (3) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). (4) In accordance with IFRS rules, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bonds. (5) Average €-$ exchange rate: 1.0681 in the 4th quarter 2024, 1.0983 in the 3rd quarter 2024, 1.0751 in the 4th quarter 2023, 1.0824 in 2024, and 1.0813 in 2023. (6) Does not include oil, gas and LNG trading activities, respectively. (7) Sales in $ / Sales in volume for consolidated affiliates. (8) Sales in $ / Sales in volume for consolidated affiliates. (9) Sales in $ / Sales in volume for consolidated and equity affiliates. (10) This market indicator for European refining, calculated based on public market prices ($/t), uses a basket of crudes, petroleum product yields and variable costs representative of the European refining system of TotalEnergies. (11) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O, HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as described in the 2021 IPCC report. HFCs, PFCs and SF6 are virtually absent from the Company’s emissions or are considered as non-material and are therefore not counted. (12) Scope 1+2 GHG emissions of operated facilities are defined as the sum of direct emissions of greenhouse gases from sites or activities that are included in the scope of reporting (as defined in the Company’s 2023 Universal Registration Document) and indirect emissions attributable to brought-in energy (electricity, heat, steam), excluding purchased industrial gases (H2). (13) TotalEnergies reports Scope 3 GHG emissions, category 11, which correspond to indirect GHG emissions related to the end use of energy products sold to the Company’s customers, i.e., from their combustion, i.e., combustion of the products to obtain energy. The Company follows the oil & gas industry reporting guidelines published by IPIECA, which comply with the GHG Protocol methodologies. In order to avoid double counting, this methodology accounts for the largest volume in the oil, biofuels and gas value chains, i.e., the higher of the two production volumes or sales. For TotalEnergies in 2024, the calculation of scope 3 GHG emissions for the oil and biofuels value chains considers product sales (higher than production) and for the gas value chain, marketable gas production (higher than gas sales either as LNG or as part of direct sales to B2B/B2C). (14) Company production = E&P production + Integrated LNG production. (15) Effective tax rate = (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income). (16) Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about TotalEnergies’ portfolio in 2025. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals. (17) In a 70-80 $/b Brent environment. (18) End-of-period data. (19) Includes 20% of the gross capacities of Adani Green Energy Limited, 50% of Clearway Energy Group and 49% of Casa dos Ventos. (20) End-of-period data. CONSOLIDATED STATEMENT OF INCOME TotalEnergies (unaudited)         (M$) (a)   4th quarter 2024   3rd quarter 2024   4th quarter 2023 Sales   52,508   52,021   59,237 Excise taxes   (5,393)   (4,592)   (4,472) Revenues from sales   47,115   47,429   54,765   Purchases, net of inventory variation   (30,342)   (31,425)   (37,150) Other operating expenses   (7,219)   (7,269)   (7,166) Exploration costs   (242)   (572)   (174) Depreciation, depletion and impairment of tangible assets and mineral interests   (2,715)   (3,392)   (3,539) Other income   306   45   2,685 Other expense   (341)   (374)   (802)   Financial interest on debt   (786)   (797)   (660) Financial income and expense from cash & cash equivalents   449   457   439 Cost of net debt   (337)   (340)   (221)   Other financial income   319   319   303 Other financial expense   (193)   (214)   (189)   Net income (loss) from equity affiliates   597   333   (136)   Income taxes   (2,929)   (2,179)   (3,339) Consolidated net income   4,019   2,361   5,037 TotalEnergies share   3,956   2,294   5,063 Non-controlling interests   63   67   (26) Earnings per share ($)   1.72   0.97   2.11 Fully-diluted earnings per share ($)   1.70   0.96   2.09 (a) Except for per share amounts. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies (unaudited)         (M$)   4th quarter 2024   3rd quarter 2024   4th quarter 2023 Consolidated net income   4,019   2,361   5,037   Other comprehensive income             Actuarial gains and losses   (3)   3   (251) Change in fair value of investments in equity instruments   142   (141)   (17) Tax effect   36   29   42 Currency translation adjustment generated by the parent company   (5,125)   3,151   3,025 Items not potentially reclassifiable to profit and loss   (4,950)   3,042   2,799 Currency translation adjustment   3,594   (2,457)   (3,182) Cash flow hedge   1,732   (13)   701 Variation of foreign currency basis spread   (13)   (4)   (16) Share of other comprehensive income of equity affiliates, net amount   76   (208)   (144) Other   (1)   2   3 Tax effect   (441)   (1)   (212) Items potentially reclassifiable to profit and loss   4,947   (2,681)   (2,850) Total other comprehensive income (net amount)   (3)   361   (51)       Comprehensive income   4,016   2,722   4,986 TotalEnergies share   4,001   2,631   4,995 Non-controlling interests   15   91   (9) CONSOLIDATED STATEMENT OF INCOME TotalEnergies     (M$) (a)   Year 2024 (unaudited)   Year 2023 Sales   214,550   237,128 Excise taxes   (18,940)   (18,183) Revenues from sales   195,610   218,945   Purchases, net of inventory variation   (127,664)   (143,041) Other operating expenses   (29,860)   (30,419) Exploration costs   (999)   (573) Depreciation, depletion and impairment of tangible assets and mineral interests   (12,025)   (12,762) Other income   2,112   3,677 Other expense   (1,281)   (2,396)   Financial interest on debt   (3,016)   (2,820) Financial income and expense from cash & cash equivalents   1,786   1,801 Cost of net debt   (1,230)   (1,019)   Other financial income   1,403   1,285 Other financial expense   (835)   (731)   Net income (loss) from equity affiliates   1,575   1,845   Income taxes   (10,775)   (13,301) Consolidated net income   16,031   21,510 TotalEnergies share   15,758   21,384 Non-controlling interests   273   126 Earnings per share ($)   6.74   8.72 Fully-diluted earnings per share ($)   6.69   8.67 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TotalEnergies       (M$)   Year 2024 (unaudited)   Year 2023 Consolidated net income   16,031   21,510   Other comprehensive income           Actuarial gains and losses   20   (114) Change in fair value of investments in equity instruments   144   (11) Tax effect   46   (11) Currency translation adjustment generated by the parent company   (4,163)   2,573 Items not potentially reclassifiable to profit and loss   (3,953)   2,437 Currency translation adjustment   2,759   (3,277) Cash flow hedge   3,119   2,898 Variation of foreign currency basis spread   (32)   (11) Share of other comprehensive income of equity affiliates, net amount   (246)   (208) Other   1   (2) Tax effect   (814)   (730) Items potentially reclassifiable to profit and loss   4,787   (1,330) Total other comprehensive income (net amount)   834   1,107       Comprehensive income   16,865   22,617 TotalEnergies share   16,636   22,534 Non-controlling interests   229   83 CONSOLIDATED BALANCE SHEET TotalEnergies (unaudited)     (M$)   December 31, 2024 (unaudited)   September 30, 2024 (unaudited)   December 31, 2023   ASSETS         Non-current assets       Intangible assets, net   34,238   33,891   33,083 Property, plant and equipment, net   109,095   110,125   108,916 Equity affiliates : investments and loans   34,405   33,963   30,457 Other investments   1,665   1,656   1,543 Non-current financial assets   2,305   2,578   2,395 Deferred income taxes   3,202   3,727   3,418 Other non-current assets   4,006   4,170   4,313 Total non-current assets   188,916   190,110   184,125   Current assets       Inventories, net   18,868   18,532   19,317 Accounts receivable, net   19,281   18,777   23,442 Other current assets   23,687   21,933   20,821 Current financial assets   6,914   6,151   6,585 Cash and cash equivalents   25,844   25,672   27,263 Assets classified as held for sale   1,977   2,830   2,101 Total current assets   96,571   93,895   99,529 Total assets   285,487   284,005   283,654   LIABILITIES & SHAREHOLDERS' EQUITY         Shareholders' equity       Common shares   7,577   7,577   7,616 Paid-in surplus and retained earnings   135,496   130,804   126,857 Currency translation adjustment   (15,259)   (13,793)   (13,701) Treasury shares   (9,956)   (8,529)   (4,019) Total shareholders' equity - TotalEnergies share   117,858   116,059   116,753 Non-controlling interests   2,397   2,557   2,700 Total shareholders' equity   120,255   118,616   119,453   Non-current liabilities       Deferred income taxes   12,114   11,750   11,688 Employee benefits   1,753   1,890   1,993 Provisions and other non-current liabilities   19,872   20,290   21,257 Non-current financial debt   43,533   45,750   40,478 Total non-current liabilities   77,272   79,680   75,416   Current liabilities       Accounts payable   39,932   34,668   41,335 Other creditors and accrued liabilities   35,961   34,716   36,727 Current borrowings   10,024   13,853   9,590 Other current financial liabilities   664   488   446 Liabilities directly associated with the assets classified as held for sale   1,379   1,984   687 Total current liabilities   87,960   85,709   88,785 Total liabilities & shareholders' equity   285,487   284,005   283,654 CONSOLIDATED STATEMENT OF CASH FLOW       TotalEnergies       (unaudited)         (M$)   4th quarter 2024   3rd quarter 2024   4th quarter 2023   CASH FLOW FROM OPERATING ACTIVITIES         Consolidated net income   4,019   2,361   5,037 Depreciation, depletion, amortization and impairment   2,971   4,020   3,815 Non-current liabilities, valuation allowances and deferred taxes   44   (93)   (268) (Gains) losses on disposals of assets   (66)   (3)   (2,609) Undistributed affiliates' equity earnings   99   (13)   940 (Increase) decrease in working capital   5,201   836   8,308 Other changes, net   239   63   927 Cash flow from operating activities   12,507   7,171   16,150   CASH FLOW USED IN INVESTING ACTIVITIES         Intangible assets and property, plant and equipment additions   (3,680)   (4,110)   (5,076) Acquisitions of subsidiaries, net of cash acquired   (932)   (497)   (10) Investments in equity affiliates and other securities   (313)   (845)   (1,066) Increase in non-current loans   (658)   (458)   (683) Total expenditures   (5,583)   (5,910)   (6,835) Proceeds from disposals of intangible assets and property, plant and equipment   314   32   2,776 Proceeds from disposals of subsidiaries, net of cash sold   654   82   3,333 Proceeds from disposals of non-current investments   220   37   - Repayment of non-current loans   650   197   94 Total divestments   1,838   348   6,203 Cash flow used in investing activities   (3,745)   (5,562)   (632)   CASH FLOW FROM FINANCING ACTIVITIES         Issuance (repayment) of shares:       - Parent company shareholders   -   -   - - Treasury shares   (1,977)   (2,005)   (2,964) Dividends paid:       - Parent company shareholders   (1,998)   (1,963)   (1,869) - Non-controlling interests   (18)   (171)   (17) Net issuance (repayment) of perpetual subordinated notes   1,165   -   - Payments on perpetual subordinated notes   (82)   (23)   (54) Other transactions with non-controlling interests   (17)   (14)   (16) Net issuance (repayment) of non-current debt   91   3,080   (21) Increase (decrease) in current borrowings   (4,136)   911   (8,458) Increase (decrease) in current financial assets and liabilities   (965)   760   360 Cash flow from / (used in) financing activities   (7,937)   575   (13,039) Net increase (decrease) in cash and cash equivalents   825   2,184   2,479 Effect of exchange rates   (653)   277   53 Cash and cash equivalents at the beginning of the period   25,672   23,211   24,731 Cash and cash equivalents at the end of the period   25,844   25,672   27,263 CONSOLIDATED STATEMENT OF CASH FLOW     TotalEnergies           (M$)   Year 2024 (unaudited)   Year 2023   CASH FLOW FROM OPERATING ACTIVITIES       Consolidated net income   16,031   21,510 Depreciation, depletion, amortization and impairment   13,107   13,818 Non-current liabilities, valuation allowances and deferred taxes   190   813 (Gains) losses on disposals of assets   (1,497)   (3,452) Undistributed affiliates' equity earnings   124   649 (Increase) decrease in working capital   2,364   6,091 Other changes, net   535   1,250 Cash flow from operating activities   30,854   40,679   CASH FLOW USED IN INVESTING ACTIVITIES       Intangible assets and property, plant and equipment additions   (14,909)   (17,722) Acquisitions of subsidiaries, net of cash acquired   (2,439)   (1,772) Investments in equity affiliates and other securities   (2,127)   (3,477) Increase in non-current loans   (2,275)   (1,889) Total expenditures   (21,750)   (24,860) Proceeds from disposals of intangible assets and property, plant and equipment   727   3,789 Proceeds from disposals of subsidiaries, net of cash sold   2,167   3,561 Proceeds from disposals of non-current investments   347   490 Repayment of non-current loans   1,177   566 Total divestments   4,418   8,406 Cash flow used in investing activities   (17,332)   (16,454)   CASH FLOW FROM FINANCING ACTIVITIES       Issuance (repayment) of shares:     - Parent company shareholders   521   383 - Treasury shares   (7,995)   (9,167) Dividends paid:     - Parent company shareholders   (7,717)   (7,517) - Non-controlling interests   (322)   (311) Net issuance (repayment) of perpetual subordinated notes   (457)   (1,081) Payments on perpetual subordinated notes   (314)   (314) Other transactions with non-controlling interests   (67)   (126) Net issuance (repayment) of non-current debt   7,532   130 Increase (decrease) in current borrowings   (5,142)   (14,289) Increase (decrease) in current financial assets and liabilities   (464)   2,562 Cash flow from / (used in) financing activities   (14,425)   (29,730) Net increase (decrease) in cash and cash equivalents   (903)   (5,505) Effect of exchange rates   (516)   (258) Cash and cash equivalents at the beginning of the period   27,263   33,026 Cash and cash equivalents at the end of the period   25,844   27,263 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY TotalEnergies (Unaudited: Year 2024)   Common shares issued   Paid-in surplus and retained earnings   Currency translation adjustment   Treasury shares   Shareholders' equity -TotalEnergies share   Non-controlling interests   Total shareholders' equity (M$)   Number   Amount       Number   Amount       As of January 1, 2023   2,619,131,285   8,163   123,951   (12,836)   (137,187,667)   (7,554)   111,724   2,846   114,570 Net income 2023   -   -   21,384   -   -   -   21,384   126   21,510 Other comprehensive Income   -   -   1,987   (837)   -   -   1,150   (43)   1,107 Comprehensive Income   -   -   23,371   (837)   -   -   22,534   83   22,617 Dividend   -   -   (7,611)   -   -   -   (7,611)   (311)   (7,922) Issuance of common shares   8,002,155   22   361   -   -   -   383   -   383 Purchase of treasury shares   -   -   -   -   (144,700,577)   (9,167)   (9,167)   -   (9,167) Sale of treasury shares (1)   -   -   (396)   -   6,463,426   396   -   -   - Share-based payments   -   -   291   -   -   -   291   -   291 Share cancellation   (214,881,605)   (569)   (11,737)   -   214,881,605   12,306   -   -   - Net issuance (repayment) of perpetual subordinated notes   -   -   (1,107)   -   -   -   (1,107)   -   (1,107) Payments on perpetual subordinated notes   -   -   (294)   -   -   -   (294)   -   (294) Other operations with non-controlling interests   -   -   30   (28)   -   -   2   85   87 Other items   -   -   (2)   -   -   -   (2)   (3)   (5) As of December 31, 2023   2,412,251,835   7,616   126,857   (13,701)   (60,543,213)   (4,019)   116,753   2,700   119,453 Net income 2024   -   -   15,758   -   -   -   15,758   273   16,031 Other comprehensive Income   -   -   2,436   (1,558)   -   -   878   (44)   834 Comprehensive Income   -   -   18,194   (1,558)   -   -   16,636   229   16,865 Dividend   -   -   (7,756)   -   -   -   (7,756)   (455)   (8,211) Issuance of common shares   10,833,187   29   492   -   -   -   521   -   521 Purchase of treasury shares   -   -   -   -   (120,463,232)   (7,995)   (7,995)   -   (7,995) Sale of treasury shares (1)   -   -   (395)   -   6,071,266   395   -   -   - Share-based payments   -   -   556   -   -   -   556   -   556 Share cancellation   (25,405,361)   (68)   (1,595)   -   25,405,361   1,663   -   -   - Net issuance (repayment) of perpetual subordinated notes   -   -   (576)   -   -   -   (576)   -   (576) Payments on perpetual subordinated notes   -   -   (272)   -   -   -   (272)   -   (272) Other operations with non-controlling interests   -   -   -   -   -   -   -   (67)   (67) Other items   -   -   (9)   -   -   -   (9)   (10)   (19) As of December 31, 2024   2,397,679,661   7,577   135,496   (15,259)   (149,529,818)   (9,956)   117,858   2,397   120,255 INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     4th quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales   1,496   2,890   6,137   21,540   20,440   5   -   52,508 Intersegment sales   9,382   2,968   765   7,207   168   70   (20,560)   - Excise taxes   -   -   -   (193)   (5,200)   -   -   (5,393) Revenues from sales   10,878   5,858   6,902   28,554   15,408   75   (20,560)   47,115 Operating expenses   (4,754)   (4,431)   (6,536)   (27,616)   (14,772)   (254)   20,560   (37,803) Depreciation, depletion and impairment of tangible assets and mineral interests   (1,853)   (326)   (28)   (250)   (227)   (31)   -   (2,715) Net income (loss) from equity affiliates and other items   40   548   26   (90)   90   74   -   688 Tax on net operating income   (2,163)   (288)   (70)   (139)   (215)   (60)   -   (2,935) Adjustments (a)   (157)   (71)   (281)   141   (78)   (23)   -   (469) Adjusted Net operating income   2,305   1,432   575   318   362   (173)   -   4,819 Adjustments (a)                 (469) Net cost of net debt                 (331) Non-controlling interests                 (63) Net income - TotalEnergies share                 3,956   (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   4th quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures   1,983   1,904   529   630   458   79   -   5,583 Total divestments   295   247   1,038   132   106   20   -   1,838 Cash flow from operating activities   4,500   2,214   1,201   3,832   778   (18)   -   12,507 INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     3rd quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales   1,425   2,350   4,444   22,926   20,872   4   -   52,021 Intersegment sales   9,633   2,017   424   7,927   218   58   (20,277)   - Excise taxes   -   -   -   (213)   (4,379)   -   -   (4,592) Revenues from sales   11,058   4,367   4,868   30,640   16,711   62   (20,277)   47,429 Operating expenses   (5,257)   (3,393)   (4,329)   (30,273)   (16,082)   (209)   20,277   (39,266) Depreciation, depletion and impairment of tangible assets and mineral interests   (2,324)   (294)   (114)   (400)   (229)   (31)   -   (3,392) Net income (loss) from equity affiliates and other items   47   482   (274)   (79)   (29)   (38)   -   109 Tax on net operating income   (1,879)   (250)   (66)   40   (102)   117   -   (2,140) Adjustments (a)   (837)   (151)   (400)   (313)   (95)   (23)   -   (1,819) Adjusted Net operating income   2,482   1,063   485   241   364   (76)   -   4,559 Adjustments (a)                 (1,819) Net cost of net debt                 (379) Non-controlling interests                 (67) Net income - TotalEnergies share                 2,294   (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   3rd quarter 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures   2,251   599   2,291   388   329   52   -   5,910 Total divestments   90   99   70   69   19   1   -   348 Cash flow from operating activities   4,763   830   373   564   581   60   -   7,171 INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     4th quarter 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales   1,622   3,050   7,350   24,372   22,826   17   -   59,237 Intersegment sales   10,630   3,651   1,276   8,796   157   26   (24,536)   - Excise taxes   -   -   -   (216)   (4,256)   -   -   (4,472) Revenues from sales   12,252   6,701   8,626   32,952   18,727   43   (24,536)   54,765 Operating expenses   (5,084)   (5,289)   (7,787)   (32,367)   (18,289)   (210)   24,536   (44,490) Depreciation, depletion and impairment of tangible assets and mineral interests   (2,334)   (440)   (97)   (394)   (236)   (38)   -   (3,539) Net income (loss) from equity affiliates and other items   (370)   560   (17)   (158)   1,917   (71)   -   1,861 Tax on net operating income   (2,371)   (217)   (156)   76   (718)   91   -   (3,295) Adjustments (a)   (709)   (141)   42   (524)   1,095   (7)   -   (244) Adjusted Net operating income   2,802   1,456   527   633   306   (178)   -   5,546 Adjustments (a)                 (244) Net cost of net debt                 (265) Non-controlling interests                 26 Net income - TotalEnergies share                 5,063   (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   4th quarter 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures   3,080   855   1,241   1,011   588   60   -   6,835 Total divestments   4,362   28   32   22   1,754   5   -   6,203 Cash flow from operating activities   5,708   2,702   638   4,825   1,759   518   -   16,150 INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                 (unaudited)                     Year 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales   5,655   9,885   22,127   93,515   83,341   27   -   214,550 Intersegment sales   38,546   10,591   2,348   31,480   819   268   (84,052)   - Excise taxes   -   -   -   (784)   (18,156)   -   -   (18,940) Revenues from sales   44,201   20,476   24,475   124,211   66,004   295   (84,052)   195,610 Operating expenses   (19,124)   (15,530)   (22,936)   (120,424)   (63,551)   (1,010)   84,052   (158,523) Depreciation, depletion and impairment of tangible assets and mineral interests   (8,001)   (1,251)   (344)   (1,442)   (870)   (117)   -   (12,025) Net income (loss) from equity affiliates and other items   325   2,051   (837)   (114)   1,457   92   -   2,974 Tax on net operating income   (8,466)   (1,073)   (255)   (414)   (526)   89   -   (10,645) Adjustments (a)   (1,069)   (196)   (2,070)   (343)   1,154   (59)   -   (2,583) Adjusted Net operating income   10,004   4,869   2,173   2,160   1,360   (592)   -   19,974 Adjustments (a)                 (2,583) Net cost of net debt                 (1,360) Non-controlling interests                 (273) Net income - TotalEnergies share                 15,758   (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.                   Year 2024(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures   9,225   3,912   5,328   1,896   1,190   199   -   21,750 Total divestments   840   425   1,431   366   1,328   28   -   4,418 Cash flow from operating activities   17,388   5,185   2,972   3,808   2,901   (1,400)   -   30,854 INFORMATION BY BUSINESS SEGMENT                 TotalEnergies                                       Year 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total External sales   6,561   12,086   27,337   101,203   89,909   32   -   237,128 Intersegment sales   42,595   14,789   4,126   36,581   631   206   (98,928)   - Excise taxes   -   -   -   (841)   (17,342)   -   -   (18,183) Revenues from sales   49,156   26,875   31,463   136,943   73,198   238   (98,928)   218,945 Operating expenses   (20,355)   (21,569)   (28,763)   (130,899)   (70,497)   (878)   98,928   (174,033) Depreciation, depletion and impairment of tangible assets and mineral interests   (8,493)   (1,288)   (281)   (1,685)   (905)   (110)   -   (12,762) Net income (loss) from equity affiliates and other items   (307)   2,194   (345)   (42)   2,208   (28)   -   3,680 Tax on net operating income   (10,095)   (810)   (394)   (938)   (1,246)   271   -   (13,212) Adjustments (a)   (1,036)   (798)   (173)   (1,275)   1,300   (84)   -   (2,066) Adjusted Net operating income   10,942   6,200   1,853   4,654   1,458   (423)   -   24,684 Adjustments (a)                 (2,066) Net cost of net debt                 (1,108) Non-controlling interests                 (126) Net income - TotalEnergies share                 21,384   (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   The management of balance sheet positions (including margin calls) related to centralized markets access for LNG, gas and power activities has been fully included in the integrated LNG segment. Effects of changes in the fair values of gas and LNG positions are allocated to the operating income of integrated LNG segment. Effects of changes in the fair values of power positions are allocated to the operating income of integrated Power segment.   Year 2023(M$)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total Total expenditures   12,378   3,410   5,497   2,149   1,273   153   -   24,860 Total divestments   5,118   290   661   196   2,132   9   -   8,406 Cash flow from operating activities   18,531   8,442   3,573   7,957   1,957   219   -   40,679 Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 1. Reconciliation of cash flow used in investing activities to Net investments 1.1 Exploration & Production 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 1,688   2,161   (1,282)   ns Cash flow used in investing activities ( a )   8,385   7,260   15% -   -   -   ns Other transactions with non-controlling interests ( b )   -   -   ns -   1   -   ns Organic loan repayment from equity affiliates ( c )   1   -   ns -   -   -   ns Change in debt from renewable projects financing ( d ) *   -   -   ns 138   100   61   x2.3 Capex linked to capitalized leasing contracts ( e )   418   218   92% 20   26   32   -38% Expenditures related to carbon credits ( f )   49   48   2% 1,846   2,288   (1,189)   ns Net investments ( a + b + c + d + e + f = g - i + h )   8,853   7,526   18% (258)   (42)   (4,306)   ns of which net acquisitions ( g - i )   (207)   (2,706)   ns 11   36   39   -72% Acquisitions ( g )   534   2,320   -77% 269   78   4,345   -94% Assets sales ( i )   741   5,026   -85% -   -   -   ns Change in debt from renewable projects (partner share)   -   -   ns 2,104   2,330   3,117   -32% of which organic investments ( h )   9,060   10,232   -11% 119   140   208   -43% Capitalized exploration   483   1,081   -55% 41   46   61   -33% Increase in non-current loans   196   154   27% (26)   (11)   (17)   ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (98)   (92)   ns -   -   -   ns Change in debt from renewable projects (TotalEnergies share)   -   -   ns *Change in debt from renewable projects (TotalEnergies share and partner share) 1.2 Integrated LNG 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024 2023 2024 vs 2024   2024   2023   4th quarter 2023   2023 1,657   500   827   x2 Cash flow used in investing activities ( a )   3,487   3,120   12% -   -   -   ns Other transactions with non-controlling interests ( b )   -   -   ns -   2   -   ns Organic loan repayment from equity affiliates ( c )   3   2   50% -   -   -   ns Change in debt from renewable projects financing ( d ) *   -   -   ns 13   14   11   18% Capex linked to capitalized leasing contracts ( e )   46   37   24% -   -   -   ns Expenditures related to carbon credits ( f )   -   -   ns 1,670   516   838   99% Net investments ( a + b + c + d + e + f = g - i + h )   3,536   3,159   12% 1,116   65   48   x23.3 of which net acquisitions ( g - i )   1,367   1,096   25% 1,149   69   56   x20.5 Acquisitions ( g )   1,417   1,253   13% 33   4   8   x4.1 Assets sales ( i )   50   157   -68% -   -   -   ns Change in debt from renewable projects (partner share)   -   -   ns 554   451   790   -30% of which organic investments ( h )   2,169   2,063   5% 3   8   6   -50% Capitalized exploration   33   13   x2.5 269   214   179   50% Increase in non-current loans   809   570   42% (214)   (79)   (20)   ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (372)   (131)   ns -   -   -   ns Change in debt from renewable projects (TotalEnergies share)   -   -   ns *Change in debt from renewable projects (TotalEnergies share and partner share) Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 1.3 Integrated Power 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024 2023 2024 vs 2024   2024   2023   4th quarter 2023   2023 (509)   2,221   1,209   ns Cash flow used in investing activities ( a )   3,897   4,836   -19% -   -   -   ns Other transactions with non-controlling interests ( b )   -   -   ns 7   10   1   x7 Organic loan repayment from equity affiliates ( c )   17   27   -37% (52)   -   (3)   ns Change in debt from renewable projects financing ( d ) *   (52)   78   ns 1   5   (1)   ns Capex linked to capitalized leasing contracts ( e )   7   4   75% -   -   -   ns Expenditures related to carbon credits ( f )   -   -   ns (553)   2,236   1,206   ns Net investments ( a + b + c + d + e + f = g - i + h )   3,869   4,945   -22% (662)   1,529   532   ns of which net acquisitions ( g - i )   1,514   2,363   -36% 72   1,565   535   -87% Acquisitions ( g )   2,515   2,739   -8% 734   36   3   x253.6 Assets sales ( i )   1,001   376   x2.7 26   -   -   ns Change in debt from renewable projects (partner share)   26   (81)   ns 109   707   674   -84% of which organic investments ( h )   2,355   2,582   -9% -   -   -   ns Capitalized exploration   -   -   ns 300   135   318   -6% Increase in non-current loans   979   870   13% (323)   (24)   (28)   ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (439)   (177)   ns (26)   -   (3)   ns Change in debt from renewable projects (TotalEnergies share)   (26)   (3)   ns *Change in debt from renewable projects (TotalEnergies share and partner share) 1.4 Refining & Chemicals 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 498   319   989   -50% Cash flow used in investing activities ( a )   1,530   1,953   -22% -   -   -   ns Other transactions with non-controlling interests ( b )   -   -   ns (9)   44   2   ns Organic loan repayment from equity affiliates ( c )   8   (31)   ns -   -   -   ns Change in debt from renewable projects financing ( d ) *   -   -   ns -   -   -   ns Capex linked to capitalized leasing contracts ( e )   -   -   ns -   -   -   ns Expenditures related to carbon credits ( f )   -   -   ns 489   363   991   -51% Net investments ( a + b + c + d + e + f = g - i + h )   1,538   1,922   -20% (92)   34   (11)   ns of which net acquisitions ( g - i )   (173)   (118)   ns -   42   1   -100% Acquisitions ( g )   77   32   x2.4 92   8   12   x7.7 Assets sales ( i )   250   150   67% -   -   -   ns Change in debt from renewable projects (partner share)   -   -   ns 581   329   1,002   -42% of which organic investments ( h )   1,711   2,040   -16% -   -   -   ns Capitalized exploration   -   -   ns 1   33   28   -96% Increase in non-current loans   99   79   25% (16)   (17)   (8)   ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (43)   (33)   ns -   -   -   ns Change in debt from renewable projects (TotalEnergies share)   -   -   ns *Change in debt from renewable projects (TotalEnergies share and partner share) Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 1.5 Marketing & Services 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 352   310   (1,166)   ns Cash flow used in investing activities ( a )   (138)   (859)   ns -   -   -   ns Other transactions with non-controlling interests ( b )   -   -   ns -   -   -   ns Organic loan repayment from equity affiliates ( c )   -   -   ns -   -   -   ns Change in debt from renewable projects financing ( d ) *   -   -   ns -   -   -   ns Capex linked to capitalized leasing contracts ( e )   -   -   ns -   -   -   ns Expenditures related to carbon credits ( f )   -   -   ns 352   310   (1,166)   ns Net investments ( a + b + c + d + e + f = g - i + h )   (138)   (859)   ns (80)   78   (1,668)   ns of which net acquisitions ( g - i )   (1,089)   (1,924)   ns 1   83   67   -99% Acquisitions ( g )   103   84   23% 81   5   1,735   -95% Assets sales ( i )   1,192   2,008   -41% -   -   -   ns Change in debt from renewable projects (partner share)   -   -   ns 432   232   502   -14% of which organic investments ( h )   951   1,065   -11% -   -   -   ns Capitalized exploration   -   -   ns 19   16   99   -81% Increase in non-current loans   103   152   -32% (20)   (10)   (12)   ns Repayment of non-current loans, excluding organic loan repayment from equity affiliates   (109)   (82)   ns -   -   -   ns Change in debt from renewable projects (TotalEnergies share)   -   -   ns *Change in debt from renewable projects (TotalEnergies share and partner share) 2. Reconciliation of cash flow from operating activities to CFFO 2.1 Exploration & Production 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 4,500   4,763   5,708   -21% Cash flow from operating activities ( a )   17,388   18,531   -6% 555   491   1,018   -45% (Increase) decrease in working capital ( b )   340   (595)   ns -   -   -   ns Inventory effect ( c )   -   -   ns -   -   -   ns Capital gain from renewable project sales ( d )   -   -   ns -   1   -   ns Organic loan repayments from equity affiliates ( e )   1   -   ns 3,945   4,273   4,690   -16% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   17,049   19,126   -11% Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 2.2 Integrated LNG 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 2,214   830   2,702   -18% Cash flow from operating activities ( a )   5,185   8,442   -39% 767   (56)   939   -18% (Increase) decrease in working capital ( b ) *   285   1,151   -75% -   -   -   ns Inventory effect ( c )   -   -   ns -   -   -   ns Capital gain from renewable project sales ( d )   -   -   ns -   2   -   ns Organic loan repayments from equity affiliates ( e )   3   2   50% 1,447   888   1,763   -18% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   4,903   7,293   -33% * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. 2.3 Integrated Power 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 1,201   373   638   88% Cash flow from operating activities ( a )   2,972   3,573   -17% 604   (253)   (66)   ns (Increase) decrease in working capital ( b ) *   434   1,529   -72% -   -   -   ns Inventory effect ( c )   -   -   ns -   -   -   ns Capital gain from renewable project sales ( d )   -   81   -100% 7   10   1   x7 Organic loan repayments from equity affiliates ( e )   17   27   -37% 604   636   705   -14% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   2,555   2,152   19% * Changes in working capital are presented excluding the mark-to-market effect of Integrated LNG and Integrated Power sectors’ contracts. Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 2.4 Refining & Chemicals 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 3,832   564   4,825   -21% Cash flow from operating activities ( a )   3,808   7,957   -52% 2,758   413   4,161   -34% (Increase) decrease in working capital ( b )   433   2,641   -84% 243   (335)   (507)   ns Inventory effect ( c )   (377)   (568)   ns -   -   -   ns Capital gain from renewable project sales ( d )   -   -   ns (9)   44   2   ns Organic loan repayments from equity affiliates ( e )   8   (31)   ns 822   530   1,173   -30% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   3,760   5,853   -36% 2.5 Marketing & Services 4th quarter   3rd quarter   4th quarter   4th quarter 2024 vs (in millions of dollars)   2024   2023   2024 vs 2024   2024   2023   4th quarter 2023       2023 778   581   1,759   -56% Cash flow from operating activities ( a )   2,901   1,957   48% 205   63   1,457   -86% (Increase) decrease in working capital ( b )   730   (215)   ns 39   (129)   (217)   ns Inventory effect ( c )   (148)   (146)   ns -   -   -   ns Capital gain from renewable project sales ( d )   -   -   ns -   -   -   ns Organic loan repayments from equity affiliates ( e )   -   -   ns 534   647   519   3% Cash flow from operations excluding working capital (CFFO) ( f = a - b - c + d + e )   2,319   2,318   0% Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 3. Reconciliation of capital employed (balance sheet) and calculation of ROACE (In millions of dollars)   Exploration & Production   Integrated LNG   Integrated Power   Refining & Chemicals   Marketing & Services   Corporate   InterCompany   Company Adjusted net operating income 4th quarter 2024   2,305   1,432   575   318   362   (173)   -   4,819 Adjusted net operating income 3rd quarter 2024   2,482   1,063   485   241   364   (76)   -   4,559 Adjusted net operating income 2nd quarter 2024   2,667   1,152   502   639   379   (253)   -   5,086 Adjusted net operating income 1st quarter 2024   2,550   1,222   611   962   255   (90)   -   5,510 Adjusted net operating income ( a )   10,004   4,869   2,173   2,160   1360   (592)   -   19,974                                 Balance sheet as of December, 31 2024                 Property plant and equipment intangible assets net   83,397   27,654   13,034   11,956   6,632   660   -   143,333 Investments & loans in equity affiliates   3,910   15,986   9,537   3,984   988   -   -   34,405 Other non-current assets   3,732   1,952   1,316   646   1,116   111   -   8,873 Inventories, net   1,456   1,475   547   12,063   3,327   -   -   18,868 Accounts receivable, net   5,845   8,412   7,466   16,362   7,167   581   (26,552)   19,281 Other current assets   6,663   10,198   4,086   2,208   2,870   2,342   (4,680)   23,687 Accounts payable   (6,632)   (8,888)   (9,222)   (32,204)   (8,642)   (805)   26,461   (39,932) Other creditors and accrued liabilities   (10,241)   (11,060)   (3,363)   (4,992)   (5,329)   (5,747)   4,771   (35,961) Working capital   (2,909)   137   (486)   (6,563)   (607)   (3,629)   -   (14,057) Provisions and other non-current liabilities   (24,271)   (4,252)   (1,663)   (3,343)   (1,113)   903   -   (33,739) Assets and liabilities classified as held for sale - Capital employed   571   -   1   -   70   -   -   642 Capital Employed (Balance sheet)   64,430   41,477   21,739   6,680   7,086   (1,955)   -   139,457 Less inventory valuation effect         (1,116)   (216)       (1,332) Capital Employed at replacement cost ( b )   64,430   41,477   21,739   5,564   6,870   (1,955)   -   138,125                                 Balance sheet as of December 31, 2023                 Property plant and equipment intangible assets net   84,876   24,936   12,526   12,287   6,696   678   -   141,999 Investments & loans in equity affiliates   2,630   13,905   9,202   4,167   553   -   -   30,457 Other non-current assets   3,451   2,720   1,027   677   1,258   141   -   9,274 Inventories, net   1,463   1,784   689   11,582   3,798   1   -   19,317 Accounts receivable, net   6,849   10,183   7,601   20,010   9,024   683   (30,908)   23,442 Other current assets   6,218   9,782   6,963   2,383   3,465   1,817   (9,807)   20,821 Accounts payable   (6,904)   (11,732)   (8,114)   (33,864)   (10,693)   (798)   30,770   (41,335) Other creditors and accrued liabilities   (9,875)   (11,653)   (6,985)   (6,152)   (5,707)   (6,300)   9,945   (36,727) Working capital   (2,249)   (1,636)   154   (6,041)   (113)   (4,597)   -   (14,482) Provisions and other non-current liabilities   (25,152)   (3,877)   (1,790)   (3,706)   (1,267)   854   -   (34,938) Assets and liabilities classified as held for sale - Capital employed   314   -   392   137   881   -   -   1,724 Capital Employed (Balance sheet)   63,870   36,048   21,511   7,521   8,008   (2,924)   -   134,034 Less inventory valuation effect         (1,478)   (334)       (1,812) Capital Employed ( c )   63,870   36,048   21,511   6,043   7,674   (2,924)   -   132,222                 ROACE as a percentage ( a / average ( b + c ))   15.6%   12.6%   10.0%   37.2%   18.7%       14.8% Alternative Performance Measures (Non-GAAP) TotalEnergies (unaudited) 4. Reconciliation of consolidated net income to adjusted net operating income 4th quarter   3rd quarter   4th quarter (in millions of dollars)   2024   2023 2024   2024   2023     4,019   2,361   5,037 Consolidated net income ( a )   16,031   21,510 (331)   (379)   (265) Net cost of net debt ( b )   (1,360)   (1,108) (425)   (1,360)   113 Special items affecting net operating income   (1,249)   (1,384) (25)   -   1,844 Gain (loss) on asset sales   1,372   2,047 (6)   (10)   (51) Restructuring charges   (27)   (56) (227)   (1,107)   (1,070) Impairments   (1,978)   (2,297) (167)   (243)   (610) Other   (616)   (1,078) 209   (375)   (549) After-tax inventory effect : FIFO vs. replacement cost   (386)   (694) (253)   (84)   192 Effect of changes in fair value   (948)   12 (469)   (1,819)   (244) Total adjustments affecting net operating income ( c )   (2,583)   (2,066) 4,819   4,559   5,546 Adjusted net operating income ( a - b - c )   19,974   24,684

Related News