2024: a year of progress on our two pillars
TotalEnergies' strategy is based on two pillars: Oil & Gas and Integrated Power.
Oil & Gas
The main achievements in Oil are:
- Start-up of five major oil and gas projects
- Final Investment Decision (FID) of four major oil projects (Suriname, Brazil and Angola)
- Namibia: progressing towards first development
The main achievements in gas and LNG are:
- Signature of > 6 Mtpa LNG LT sales contracts
- Marsa LNG FID (Oman)
- Acquisition of interests in upstream gas assets in the Eagle Ford, Texas (US) and of SapuraOMV (Malaysia)
To sum up:
The 2024 FIDs ensure value-generating production growth of +3%/year over the 2025-2030 period.
The rate for reserve renewal is 157%.
Integrated Power
The main achievements in Integrated Power are:
- Acquiring flexible assets (Texas, UK) to provide Clean Firm Power to customers
- Building Integrated Power value chain in Germany
Integrated Power generated a CFFO of 2,6 G$
Attractive shareholder distributions while keeping a strong balance sheet
The slide shows the breakdown of cash flow in 2024
Cash-flow generation:
- Exploration & Production: 17 B$
- Integrated LNG: 4.9 B$
- Integrated Power: 2.6 B$
- Downstream: 6.1B$
Cash-flow allocation:
17.8 B$: Capital Investment
15.7 B$: 8 B$ in Buybacks et 7,7 B$ in dividends
2024 key figures :
- 29.9 B$ CFFO
- 18.3 B$ Adjusted net income, TotalEnergies share
- 14.8% ROACE
- 15.8% Return on Equity
- 15.8 B$ IFRS net income
- 8.3% Net income at the end of 2024, and 9.5% normalized gearing
- 15.7 B$ of dividends + buybacks
Steadily reducing emissions, ahead of objectives
The slide shows emission reductions figures.
Scope 1+2 operated (MtCO2e)
- -36% in 2024 versus 2015, reference year (-3% in 2023)
- Overall scope 1+2 : 34 Mt CO2e versus 46 in 2015, reference year
Methane (scope operated) in kt CH4
- -55% in 2024 (versus 2020), target of 50% exceeded
Lifecycle carbon intensity (Scope 1+2+3) in gCO2e/MJ
-17% in 2024, target exceeded (-14%)
More information on tracking methane leaks:
2024 achievements
- Target of -50% (versus 2020) reached a year early
- Gabon: routine flaring eliminated, 2 years early
- Decision to deploy continuous detection systems across all operated upstream sites
2025: improved targets -60 %
- Deployment of ~13 000 equipment for continuous methane tracking
- Further technological improvements: switch gas instrument to air, flare tips replacement, etc.
Deep low-cost portfolio delivering superior returns and shareholder distributions
The slide shows four graphs comparing TotalEnergies to its pairs (BP, Chevron, Exxon, Shell)
Proved reserves life index (by number of years)
BP: around 7 (end of 2023)
Chevron: around 7.5 (end of 2024)
Shell: around 8 (end of 2024)
TotalEnergies: 12.4 with increment from 2024 bookings (end of 2024)
Exxon: around 12 (end of 2023)
ROACE (Full year 2024)
Chevron: around 11%
Shell: around 11.5%
BP: around 12% (on the last 12 months until Q3 2024)
Exxon: around 13.5%
TotalEnergies: 14.8%
Upstream production costs (en $/bep)
TotalEnergies: 4,9
BP: around 5,5
Shell: around 8
Chevron: around 10
Exxon: around 12
Dividend per share (Growth 2024 vs. 2019)
Chevron: around +35%
TotalEnergies: +25%
Exxon: around +10%
BP: around -18% (Q3 2019 versus Q3 2024)
Shell: around -20%