(AOF) – TotalEnergies (-2.45% to 57.69 euros) posted one of the biggest declines in the CAC 40 index. Its third quarter accounts disappointed investors this morning. The oil company faces “volatile oil prices amid modest global economic growth and geopolitical tensions in the Middle East.” Due to the sharp decline in refining margins and the fall in oil prices, its adjusted net profit stood at $4.1 billion in this third quarter, a drop of 13% compared to the second quarter.
Adjusted diluted net income per share was $1.74 in the third quarter of 2024 compared to $1.98 in the second quarter of 2024.
Its net profit fell 39% to $2.3 billion and adjusted Ebitda fell 9% to $10 billion.
TotalEnergies' net cash flow stood at $1.06 billion in the third quarter of 2024 compared to $3.15 billion in the previous quarter, taking into account the $956 million drop in cash flow from operations (CFFO). and the $1.13 billion increase in net investments to $5.76 billion in the third quarter of 2024.
In this third quarter, the Integrated LNG sector achieved adjusted net operating income of $1.06 billion, a decline of 8% compared to the second quarter. “The low volatility of the markets does not favor gas and LNG trading activities,” reports TotalEnergies.
The oil company confirms its guidance on net investments at $17-18 billion in 2024 against a consensus of $16.9 billion.
Hydrocarbon production is expected between 2.4 and 2.45 Mboe/d in the fourth quarter of 2024 compared to a consensus of 2.49 million barrels of oil equivalent per day (Mboe/d).
Third interim dividend and share buyback
In parallel with the presentation of its third quarter results, the group's Board of Directors decided to distribute a third interim dividend for the 2024 financial year in the amount of 0.79 euros per share, in increase of 6.8% compared to the installments paid for the 2023 financial year and identical to the first and second installments for the 2024 financial year.
This increase is in accordance with the shareholder return policy for the year 2024 as confirmed by the board of directors in February 2024 and reiterated at the general meeting of May 24, 2024.
The board also authorized share repurchases of $2 billion in the fourth quarter of 2024, in order to reach $8 billion for the year.
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