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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