TotalEnergies (TTE) Q4 2024 earnings summary

Executive summary

• Achieved $29.9B cash flow from operations in 2024, with strong performance in oil & gas and Integrated Power, despite a softer price environment compared to 2023.

• Maintained strategic consistency, disciplined capital allocation, and a robust balance sheet with gearing at 8.3%.

• Delivered resilient shareholder returns, increasing dividends by 7% to €3.22/share and executing $8B in share buybacks, with a payout ratio of 50%.

• Continued to reduce emissions, surpassing climate targets ahead of schedule, with methane emissions cut by 50% vs. 2020 and a new -60% target for 2025.

Financial highlights

• Adjusted net income for 2024 was $18.3B; IFRS net income $15.8B; adjusted EBITDA $43.1B; CFFO $29.9B.

• Return on equity reached 15.8%, and return on capital employed 14.8%, both leading among peers.

• Upstream production costs remained below $5/boe, maintaining industry-leading cost efficiency.

• Downstream cash flow was $6.1B, resilient despite a 45% drop in refining margins year-over-year.

• $15.7B returned to shareholders via $7.7B dividends and $8B buybacks.

Outlook and guidance

• 2025 targets include >3% upstream/hydrocarbon production growth, >20% electricity growth, and >5% total energy production growth.

• CapEx guidance for 2025 set at $17–$17.5B, with $4.5B–$4.8B for low-carbon energy and $1B flexibility.

• Committed to $2B per quarter in share buybacks, a 7% dividend increase, and payout ratio >40%.

• Integrated Power to reach 35 GW installed capacity and >50 TWh net generation by end-2025.