Totalenergies Se · EURONEXT:TTE
Totalenergies — FY2024 Earnings Presentation
29 slides from Totalenergies's earnings presentation, Feb 5, 2025
Slide 1: Executing consistently our strategy, delivering accretive growth and resilient shareholder returns
Executing consistently our strategy, Delivering accretive growth and resilient attractive shareholder returns February 5, 2025
Slide 2: 2024 Results & 2025 Objectives
2024 Results & 2025 Objectives Executing consistently our strategy, Delivering accretive growth and resilient attractive shareholder returns 03 | Safety: core value 2024 2025 05 | 2024: a year of progress on our two pillars 14 | 2025 Oil and LNG key market drivers 06 | Attractive shareholder distrib
Slide 3: Safety: core value
Safety: core value Continuous progress in 2024, but one fatality – Objective: zero fatality Total recordable injury rate versus peers Integrated Power total recordable injury rate per million man-hours per million man-hours 1,5 1,5 > -20% > -50% in 5 Years in 5 Years 1,0 1,0 0.78 Peers: BP, Chevron,
Slide 4: Tyra, Denmark
Tyra, Denmark
Slide 5: 2024: a year of progress on our two pillars
2024: a year of progress on our two pillars Oil Gas & LNG Start-up of five major oil and gas projects Signature of > 6 Mtpa LNG LT sales contracts Acquiring flexible assets FID of four major oil projects (Suriname, Brazil Marsa LNG FID (Oman) (Texas, UK) to provide Clean and Angola) Acquisition of i
Slide 6: Attractive shareholder distributions while keeping a strong balance sheet
Attractive shareholder distributions while keeping a strong balance sheet 2024 Cash flow allocation B$ 35 34 33 32 Net debt increase 31 Working capital 30 29 28 27 Downstream 6.1 B$ 8 B$ Buybacks 29.9 B$ CFFO (1) 26 25 15.7 + 24 23 22 Integrated Power 2.6 B$ 7.7 B$ Dividend 18.3 B$ Adj. net income,
Slide 7: Disciplined Capex within guidance
Disciplined Capex within guidance Integrated Power Oil Maintenance Oil Low-carbon energies 17.8 B$ Low-carbon molecules 2024 Maintenance Gas New Oil & Gas projects LNG & Gas 2024 Results Capex = 16.4 B$ organic investments + 4.6 B$ acquisitions – 3.2 B$ divestments February 2025 – Results and O bjec
Slide 8: 2024 FIDs from our rich Upstream hopper
2024 FIDs from our rich Upstream hopper 3%/y production growth through 2030 while successfully replenishing portfolio 2024 Project sanctions Reserves replacements Oil Op. Production capacity Share First Oil Proved reserves life index years GranMorgu Suriname ● 220 kboe/d 40%* 2028 16 Kaminho Angola
Slide 9: Integrated LNG: 4Q24 benefiting from improved markets
Integrated LNG: 4Q24 benefiting from improved markets European gas inventories* Bcm 75 2024: Facing low volatility in European gas market 50 Mild winter 2023/24 leading to high stock levels in 2024 + low 2018–2022 range gas demand 2024 25 2025 forecast range +/- 1°C Low volatility Q1 Q2 Q3 Q4 Limite
Slide 10: 2024: Integrated Power model yielding results
2024: Integrated Power model yielding results Reaching our objective of > 2.5 B$ CFFO Growing flexible capacities Renewables Flexible generation Acquisition of gas-fired plants in the US (1.5 GW) and in the UK (1.3 GW) Acquisition of Kyon, a major player in the BESS market in Germany Power trading P
Slide 11: Steadily reducing emissions, ahead of objectives
Steadily reducing emissions, ahead of objectives 2015 2023 2024 Objectives Realizations Scope 1+2 Oil & Gas Vs 2015 - 34% - 36% Relentlessly tracking methane operated facilities Mt CO2 46 30.3 29.4 2024 achievements CCGT 0 4.3 4.9 - 50% target (vs. 2020) reached a year early Overall scope 1+2 46 35
Slide 12: Deep low cost portfolio delivering superior returns and shareholder distributions
Deep low cost portfolio delivering superior returns and shareholder distributions Proved reserves life index Upstream production costs(1) years $/boe 15 12.4 Increment from 2024 bookings Exxon 11.7 10 Exxon 10 2023 RLI Chevron Shell Shell Chevron BP 5 5 BP 4.9 End-23 End-24 End-24 End-24 End-23 0 0
Slide 13: 2025: Delivering accretive growth and resilient shareholder returns
TS TotalEnergies 2025 Delivering accretive growth and resilient shareholder returns
Slide 14: 2025 Oil and LNG market drivers
2025 Oil and LNG market drivers Oil Gas Oil price TTF Brent, $/b $/Mbtu 120 20 100 15 80 70 $/b budget assumption 12 $/Mbtu 60 10 budget assumption 40 5 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 ‘25 2023 2024 ‘25 Oil demand growth expected at 1.1 Mb/d in 2025 vs. 0.8 Mb/d in
Slide 15: Strong differentiated growth in 2025
Strong differentiated growth in 2025 2025 objectives More Energy production growth + 5%* energy Upstream production growth > + 3% Electricity net production > 50 TWh* Refining utilization rate > 85% LNG Sales > 40 Mt Renewables gross installed capacity 35 GW Less Scope 1+2 from operated facilities <
Slide 16: 2025: Streamlined capital investment to accretive growth opportunities
2025: Streamlined capital investment to accretive growth opportunities Integrated Power 2025 Organic Capex ~17 B$ Oil Maintenance Low-carbon energies Reduced Organic Capex from 18 B$ Oil guidance* to 17 B$ Focus on core growth projects, through 17-17.5 B$ Low-carbon molecules largely lumpsum EPC con
Slide 17: Ramp-ups and start-ups fueling 2025 production growth at > 3%
Ramp-ups and start-ups fueling 2025 production growth at > 3% New projects ~ +150 kboe/d in 2025 2024 2025 kboe/d share op. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Mero 2 Brazil 180 19.3% Anchor US 75 37.1% Fenix Argentina 70 37.5% l Mero 3 Brazil 180 19.3% Tyra Denmark 70 43.2% l SK408, Jerun Malaysia 160 40% l Al
Slide 18: Growing cash-accretive production
Growing cash-accretive production Upstream cash flow growth outpacing production growth SEC Production Upstream CFFO Mboe/d at 70 $/b Brent and 12 $/Mbtu TTF 3,0 B$ 20 > +8% > +3% 2,5 Upstream 15 CFFO 2,0 Upstream Gas CFFO* 1,5 10 1,0 Oil 5 0,5 2024 2025 2025 Objectives * 2024 Upstream CFFO rebased
Slide 19: Brazil: #1 in cash-flow in 2025 with more to come
Brazil: #1 in cash-flow in 2025 with more to come Production Strong accretive growth kboe/d 8 FPSOs in production, 1 start-up 200 expected in 2025, 2 under construction Further production growth expected Água Marinha CAGR > 20% from 2024 FIDs Sepia & Atapu 2, 2022–25 Sepia with start-ups in 2029 150
Slide 20: Namibia: advancing towards a first project
Namibia: advancing towards a first project Block 2913B at the heart of the system Better density, better permeability than neighboring blocks Tamboti Block One thick Oil in place 2912 Venus 300km from coast reservoir density 80-120 m 10-20 Mbo/km 2 bia ica Olympe ula mi Afr Mar Na uth So Target Expl
Slide 21: Integrated LNG: leveraging our strong Atlantic position in a tighter market
2025: leveraging our strong Atlantic position in a tighter market Integrated LNG CFFO B$ Target Execute our projects with low liquefaction costs, 6 6 B$ top-tier in the merit curve 0% Progress 100% 1st LNG Energia Costa Azul Mexico 2026 North Field East Qatar 2026 NLNG T7 Nigeria 2026 4 Rio Grande L
Slide 22: 2025: Reaching a sizeable Integrated Power business
2025: Reaching a sizeable Integrated Power business ~10% of the energy produced by TotalEnergies, halfway to 2030 objectives Electricity generation CFFO Company share B$ kboe/d TWh > 100 TWh >5 6 500 100 4 2.5-3 > 50 TWh* 250 50 Flexible 2 generation x 2.5 x 3.5 Renewables 2021 2025 2030 2021 2025 2
Slide 23: Restoring Downstream cash flow in 2025
Restoring Downstream cash flow in 2025 in a challenging environment ERM Downstream CFFO $/t B$ 160 8 150 140 130 Decrease 120 of Refining Margins 110 Operational performance 100 issues: 90 Donges, Normandie, 80 4 Port Arthur 70 60 50 40 30 Min-max 20 2018–2021 10 2022 2023 2024 2025 2023 ERM Operati
Slide 24: Strong track record of dividend growth and consistent buybacks pursued in 2025
Strong track record of dividend growth and consistent buybacks pursued in 2025 2024 dividend proposed at 3.22 €/share with final dividend increasing by 7.6% to 0.85 €/share Paid dividend Buybacks €/share B$ 3 3,5 > +20% 1.5 B$ 3.28 from Canada divestment 3,0 2 2,5 2,0 CAGR 2022 20232022 2024 2023 20
Slide 25: 2025: Delivering consistent superior shareholder returns
2025: Delivering consistent superior shareholder returns While maintaining a strong balance sheet to navigate an uncertain environment 2025 CFFO and cash flow allocation B$ 80 $/b <3% 30 Gearing increase at 70$/b Resilient superior shareholder returns 70 $/b Net debt Increase Buybacks 2024 dividend
Slide 26: More energy, less emissions, growing free cash flow
More energy, less emissions, growing free cash flow Energy production GHG emissions Free Cash Flow(3) Mboe/d B$ Low-carbon molecules Scope 1+2 from operated facilities MtCO2e ~20% Electricity +4%/y 3 40 > 10 B$ +5% -40% (1) 20 ~10% 20 40% Gas 2 2015 2024 2025 2030 70 $/b ~+3% Lifecycle carbon intens
Slide 27: Investing in TotalEnergies
More energy, less emissions, growing free cash flow Strategic consistency, growth and resilience De-risked high-margin growth LNG growth: de-risking Integrated Power: from deep upstream portfolio exposure to spot gas on the way to 12% ROACE > 40% payout through the cycles: growing dividend, sustaine
Slide 28: The terms “TotalEnergies”, “TotalEnergies company” and “Company” in this document are used to designate
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TotalEnergies. In addition to IFRS measures, certain alternative performance indicators are The terms “T
Slide 29: For more information go to
Corporate Communications TotalEnergies SE 2, place Jean-Millier 92400 Courbevoie, France Tel.: +33 (0)1 47 44 45 46 Share capital: €5,994,199,152.50 Registered in Nanterre: RCS 542 051 180 For more information go to