The following is a summary of the TotalEnergies SE (TTE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TotalEnergies reported Q1 2024 adjusted net income of $5.1 billion, a sequential decrease of 2%, and cash flow from operations excluding working capital of $8.2 billion.

• The company set net investment projections between $17-$18 billion for 2024 and raised its interim dividend by 7% compared to the previous year.

• Return on average capital employed was 16.5%, the highest among major energy corporations despite lower-return integrated power investments.

Business Progress:

• TotalEnergies realized the successful start of hydrocarbon productions in Nigeria, Denmark, and Brazil, and acquired upstream natural gas assets from Lewis Energy Group in the Eagle Ford.

• Its integrated power unit marked 4 quarters of successive growth with adjusted net operating income growing 16% quarter-to-quarter.

• The company has targeted final investment decisions for projects in Angola, Suriname, and Namibia between 2024 and 2025.

• TotalEnergies has a growth strategy based on oil and gas and integrated power, and is considering a U.S. listing.

• They procured SapuraOMV, securing an important position in Malaysia for future energy developments.

• The company remains committed to cost management, it has discussed increased costs with contractors and taken strategic decisions to delay or consolidate projects.

• There is diversification towards other energy sources, with offshore wind projects contributing around 10% to the Integrated Power strategy by 2030.

• The company has plans for explorations within hydrogen under its refining approach, and increased capacities for CO2 storage in the U.S.

More details: TotalEnergies IR

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