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TotalEnergies SE (symbol: TTE) is a French multinational integrated energy and petroleum company founded in 1924. As one of the world's seven supermajor oil companies, TotalEnergies is a key player in the global energy market. The company is involved in all aspects of the oil and gas industry, from exploration and production to refining and distribution.
In 2023, TotalEnergies recorded an impressive production rate of 1.6 million barrels of liquids and 5.0 billion cubic feet of natural gas per day. By the end of 2022, the company's reserves were estimated at 10.2 billion barrels of oil equivalent, with 56% being liquids. Additionally, TotalEnergies achieved LNG sales of 44.3 metric tons in 2023. The company also has significant interests in refining, with a daily capacity of nearly 2.0 million barrels, mainly located in Europe. These refineries enable TotalEnergies to distribute refined products across 65 countries.
Moreover, TotalEnergies is making significant strides in the renewable energy sector. By year-end, the company had installed a gross renewable power generation capacity of 22.4 gigawatts. This commitment to sustainability underscores TotalEnergies' dedication to transitioning toward cleaner energy sources.
Alongside its oil and gas operations, TotalEnergies is a major player in the chemical industry, manufacturing both commodity and specialty chemicals. The company’s diverse portfolio and continuous efforts in innovation and expansion reflect its robust financial health and strategic partnerships.
Stay informed with the latest updates and developments about TotalEnergies SE on StockTitan, where you can find detailed information and news about the company’s performance and projects.
TotalEnergies SE (TTE) has filed its financial report for the first half of 2024 with the French Financial Markets Authority on July 26, 2024. This report, which covers the company's financial performance for the first six months of the year, is now available for public access. Investors and interested parties can download and review the report from the company's official website, totalenergies.com, under the 'Investors' section, specifically in the 'Results and Investor presentations / Results' subsection. This release of financial information is a standard practice for publicly traded companies, allowing shareholders and potential investors to assess the company's financial health and performance.
TotalEnergies (TTE) has announced its second interim dividend for fiscal year 2024, set at €0.79 per share. This represents a 6.8% increase compared to the interim dividends paid for fiscal year 2023. The dividend amount is consistent with the final dividend for 2023 and the first interim dividend for 2024. This increase aligns with the shareholder return policy confirmed by the Board of Directors in February 2024 and reiterated at the Annual General Meeting in May 2024.
The dividend will be paid exclusively in cash, with ex-dividend dates set for January 2, 2025 for shareholders and December 31, 2024 for ADS holders. Payment dates are scheduled for January 6, 2025 for shareholders and January 21, 2025 for ADS holders.
TotalEnergies SE (NYSE:TTE) reported a net income of $3.8 billion for Q2 2024, a 34% decline from Q1 2024. Adjusted net income was $4.7 billion, down 9% from the previous quarter.
1H 2024 net income totaled $9.5 billion, a 1% dip year-on-year, while adjusted net income reached $9.8 billion, down 15%. Adjusted EBITDA for Q2 2024 was $11.1 billion, a 4% decrease from Q1. Cash flow from operations excluding working capital was $7.8 billion, down 5% from Q1.
Key developments included investment decisions in Angola, Brazil, Oman, and Nigeria, and acquisitions of CCGTs in Texas and the UK. The Board decided to maintain the 2nd interim dividend at €0.79/share and authorized a $2 billion share buyback in Q3 2024.
Despite robust results, the company faces challenges such as declining refining margins and lower LNG prices.
TotalEnergies has acquired a 50% stake in OranjeWind, a 795 MW offshore wind farm project in the Netherlands, from RWE. The company plans to use its share of renewable electricity to power 350 MW electrolyzer projects, producing about 40,000 tons per year of green hydrogen for decarbonizing its Northern European refineries. This initiative aims to reduce CO₂ emissions by approximately 400,000 tons per year, contributing to TotalEnergies' goal of a 40% reduction in net greenhouse gas emissions from its oil and gas operations by 2030.
The OranjeWind project, located 53 km off the Dutch coast, is set to begin construction in 2026, with full commissioning expected in early 2028. The project will also support the stability of the Dutch grid with electric boilers and battery storage.
TotalEnergies has made a final investment decision for a 100 MW / 200 MWh battery storage project in Dahlem, North Rhine-Westphalia, Germany. This €75+ million project marks the first from the recently acquired Kyon Energy pipeline. Saft, TotalEnergies' battery affiliate, will supply the latest iShift LFP technology, with commercial operations expected to start in H2 2026.
The project demonstrates TotalEnergies' accelerated integrated development in the German electricity market, leveraging synergies between Saft, Kyon Energy, and Quadra Energy. It aligns with TotalEnergies' recent investments in Germany, including offshore wind farm leases totaling 4.5 GW and acquisitions of key players in renewable energy optimization and aggregation.
TotalEnergies SE (TTE) has reported its share repurchase transactions from July 15 to July 19, 2024, in accordance with shareholder authorizations. The company bought back a total of 1,912,659 shares at an average price of €63.040802 per share, for a total amount of €120,575,556.78. The purchases were made across various markets, including XPAR, CEUX, TQEX, and AQEU.
The daily volume of shares purchased ranged from 381,151 to 385,984, with daily weighted average purchase prices between €62.55 and €63.72 per share. These transactions are part of TotalEnergies' ongoing share buyback program, demonstrating the company's commitment to returning value to shareholders and managing its capital structure.
TotalEnergies (TTE) has announced the sale of its 10% interest in the SPDC JV licenses in Nigeria to Chappal Energies. The transaction, valued at $860 million, involves the sale of TotalEnergies EP Nigeria's participating interest in 15 oil-producing licenses and the transfer of its 10% interest in 3 gas-producing licenses. However, TotalEnergies will retain full economic interest in the gas-producing licenses, which currently account for 40% of Nigeria LNG gas supply.
The deal aligns with TotalEnergies' strategy to focus on offshore oil and gas assets in Nigeria. The company aims to concentrate its onshore presence on the integrated gas value chain, ensuring continuity of feed gas supply to Nigeria LNG. The transaction is subject to customary conditions, including regulatory approvals.
TotalEnergies SE (TTE) has released information regarding its total number of voting rights and shares in the share capital as of June 30, 2024. The company reported a total of 2,397,679,661 shares in its share capital. The number of theoretical voting rights also stands at 2,397,679,661, calculated based on all shares with attached voting rights, including suspended ones. However, the total number of exercisable voting rights is 2,309,888,272, after deducting 87,791,389 treasury shares. This information is disclosed in compliance with Article L.233-8-II of the French Commercial Code and article 223-16 of the AMF General Regulation.
TotalEnergies (TTE) and SSE have signed a binding agreement to create a joint venture called Source, aiming to become a major player in EV charging infrastructure in the UK and Ireland. The venture plans to deploy up to 3000 high-power charge points grouped in 300 'EV hubs' within the next 5 years, targeting a 20% market share. These charging hubs will be located in prime urban areas and powered by renewable energy.
The initiative aligns with the UK Government's zero vehicle emissions mandate and Ireland's goal of placing almost 1 million electric vehicles on roads by 2030. This development contributes to TotalEnergies' integrated power strategy in the UK and SSE's role in decarbonizing the UK and Ireland's power system. The agreement is subject to regulatory approvals.
TotalEnergies has released its main indicators and estimated financial information for the second quarter of 2024. Key points include:
- Brent crude price averaged $85.0/b, up from $83.2/b in Q1 2024
- Average liquids price rose to $81.0/b from $78.9/b in Q1
- European Refining Margin Marker decreased to $44.9/t from $71.7/t in Q1
- Hydrocarbon production expected to be close to 2.45 Mboe/d, at the high end of guidance
- Integrated Power results projected around $500 million
- Downstream results impacted by lower refining margins, offset partially by higher utilization and marketing results
The company also provided 2024 sensitivities to factors like oil prices and exchange rates.
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