TotalEnergies has published its fourth quarter and full year results for 2024, revealing a 21% drop in adjusted net income compared to 2023.
While the energy giant's Q4 income was up 8% on Q3, across the full year it netted $18.3billion (£14.64billion) - down 21% on 2023.
CEO 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 $4.4billion of adjusted net income, up 8% compared to the third quarter, and $7.2billion of CFFO, up 5%.
"In 2024, TotalEnergies reported adjusted net income of $18.3billion and cash flow of $29.9billion 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 $17.8billion in 2024, of which one third was in new oil and gas projects and $4.8billion in low-carbon energies, including $3.9billion in Integrated Power.
"With $8billion in share buybacks*, payout reached 50% of cash flow. TotalEnergies ended the year with gearing below 10%, highlighting the company’s strong financial health."
TotalEnergies’ average tax rate was 41.3% in the fourth quarter 2024 versus 38% in the third quarter 2024, "notably due to the higher relative weight of highly taxed North Sea assets in Exploration & Production".
Across the year, that figure was 39.4% in 2024 versus 37.5% a year ago, "notably due to a higher weight of Exploration & Production in the company’s results".
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