TotalEnergies SE TTE reported fourth-quarter 2024 operating earnings of $1.90 (€1.78) per share, which surpassed the Zacks Consensus Estimate of $1.87 by 1.6%. The bottom line declined 12% from the year-ago figure of $2.16 (€2.02).

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TotalEnergies' earnings per share for 2024 were $7.77 (€7.18) compared with $9.40 (€8.70) reported in 2023.

TTE’s Total Revenues

Total revenues for the fourth quarter were $47.11 billion, which declined from the year-ago reported figure of $47.26 billion by 0.3%. Revenues were down 13.9% year over year.

TTE’s Production

In the fourth quarter, hydrocarbon production averaged 2,427 thousand barrels of oil equivalent per day, down 1.4% year over year. This year-over-year decrease was due to natural field declines, offset by contributions from startups and ramp-ups. The hydrocarbon production volumes were near the middle of the guided range of 2,400-2,450 thousand barrels of oil equivalent per day.

In the reported quarter, liquid production averaged 1,445 thousand barrels per day, down 4% year over year.

Quarterly gas production was 5,323 thousand cubic feet per day, up 3.2% year over year. This can be attributed to higher gas output from all regions across the globe where TotalEnergies has natural gas operations.

TTE’s Realized Price

The quarterly realized price for Brent was down 11.4% to $74.7 per barrel from $84.3 in the year-earlier period. The average realized liquid price was $71.8 per barrel, down 10.5% year over year.

Realized gas prices were up 1.45% year over year to $6.26 per thousand British thermal units (Btu).

Realized LNG prices were up 0.9% year over year to $10.37 per thousand Btu.

Highlights of TTE’s Release

Net power production were 11.4 terawatt hours in the fourth quarter of 2024, up 42.5% year over year. Nearly 60% of the power generated came from renewable sources.

Net operating income was $4.99 billion, down 12.8% year over year due to lower refining margins.

Interest expenses were $786 million, up 19% from the prior-year period.

In the fourth quarter of 2024, TotalEnergies acquired assets worth $1.23 billion and sold assets worth $1.20 billion.

It repurchased 32.9 million shares in the fourth quarter of 2024 for $2 billion. TotalEnergies repurchased 121 million shares in 2024 for $8 billion.

TTE’s Segmental Details

Exploration & Production’s operating earnings were $2.30 billion, down 17.7% from $2.8 billion in the year-ago period.

Integrated LNG’s operating income was $1.43 billion, down 1.6% from $1.45 billion in the year-earlier quarter.

Integrated Power’s operating income was $575 million, up 9.1% from $527 million in the year-ago quarter.

Refining & Chemicals’ operating income of $318 million declined 49.8% from $633 million in the prior-year quarter.

Marketing & Services’ operating income of $362 million increased 18.3% from $306 million in the fourth quarter of 2023.

TTE’s Financial Update

Cash and cash equivalents as of Dec. 31, 2024 were $25.84 billion compared with $27.26 billion as of Dec. 31, 2023. Gearing, including leases, was 13.8% at the end of the fourth quarter of 2024 compared with 10.9% at the fourth-quarter 2023-end.

Cash flow from operating activities in 2024 was $30.85 billion down 24% year over year.

TTE’s Guidance

TotalEnergies expects first-quarter 2025 hydrocarbon production in the range of 2,500-2,550 thousand barrels of oil equivalent per day. The guidance considers benefits from the ramp-ups of 2024 start-ups, closing of acquisitions of SapuraOMV in Malaysia and interest in Eagle Ford shale gas plays in Texas during the quarter.

TTE anticipates investing in the range of $17-$17.5 billion in 2025, of which $4.5 billion dedicated to low carbon energies.

TTE’s Zacks Rank

TotalEnergies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Devon Energy Corporation DVN is slated to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at $1 per share, which indicates a year-over-year decline of 29.08%. DVN’s long-term (three to five years) earnings growth rate is 6.6%. The firm delivered an average earnings surprise of 4.99% in the trailing four quarters.

Occidental Petroleum Corporation OXY is slated to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at 67 cents per share, which indicates a year-over-year decline of 9.46%.The company delivered an average earnings surprise of 18.71% in the trailing four quarters.

BP Plc BP is slated to report fourth-quarter results soon. The Zacks Consensus Estimate for earnings is pegged at 56 cents per share, which indicates a year-over-year decline of 47.66%. BP’s long-term earnings growth rate is 4%. The firm delivered an average earnings surprise of 1.86% in the trailing four quarters.

 

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